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PF Meets Tim Woods from Rethink Living
December 5, 2018Article by Kirsty Rose
In this issue of PF Meets… we speak with Tim Woods from Rethink Living – the team behind Rethink @ Park Central Residence Serviced Apartments in Bradford.
Can you tell us a little about your experience in the Serviced Apartment market?
Rethink Living provide high end Serviced Accommodation throughout the UK. The past few years have seen the company expand its product offerings to partner with investment landlords and provide higher yields on their investment.
What makes Rethink Living different from other operators?
Rethink Living are not just managing agents – we have a portfolio of Serviced Apartments which we operated as landlords. Our day to day operation runs smoothly due to the measures and procedures put in place regardless of the type of guest staying with us. This combined with our first-class communication, interior design and marketing makes us a truly top-class company trusted to run Serviced Apartments on behalf of investors.
What services are offered to make Rethink Living stand out from the competition?
Our service and attention to detail is what makes us stand out from our competitors. We have a very minimalist and modern look across our suite of apartments and work tirelessly to ensure guests have their needs catered for.
In addition to the items provided in a standard hotel room i.e. linens, towels toiletries – guests have full access to a kitchen with all the amenities provided to utilise during their stay. Any special requests are catered for such as airport transfers or late check out’s etc. where ever possible but whatever the request our team is on hand to assist.
What makes Bradford such a great location for Serviced Apartments?
Bradford as a city has been undergoing significant redevelopment work over the past couple of years – with redevelopment comes growth for business and tourism alike. Hence the need for new, quality Serviced Apartments like Rethink @ Park Central Residences. Click HERE to find out more about Rethink@Park Central Residence.
Have you operated apartments in the Bradford area before?
Currently Rethink do not manage apartments in Bradford, as until now the right development for us had not materialised.
It is our policy to only take on exceptional developments in a city – ensuring that we select the right development in the correct location to get the best returns for our investors. Our decision to select only the best is why we have chosen to partner with Property Frontiers at Rethink @ Park Central Residences development.
Why do you feel Rethink@ Park Central Residences will be so attractive to those looking to stay in Bradford?
The location is ideally located opposite the redeveloped Westfield shopping centre, right in the centre of the city within a short distance of transport, shopping, restaurants, bars and entertainment options – all of which are needed for serviced accommodation to work well.
Is there a typical guest who would stay at Park Central Residences?
There will be a mix of business and holiday tourist guests looking to stay at Park Central Residences. We foresee it being an incredible option for relocation agents who are looking to put staff members in short term accommodation before moving them into a permanent residence or they are moved to other assignments. The apartments are also a great option for visiting family and holiday makers looking for a stop off on the way to other places.
Can you tell us a little more about the shared revenue model? How does it work?
The shared revenue model gives investors the maximum opportunity of receiving the very highest returns on their investment property. Essentially each investor will enter into a joint revenue share with Rethink Living, the investor will receive an 80% (and Rethink Living 20%) split of the monthly generated revenue. By structuring the deal in this way, it gives incentive for Rethink Living to promote and gain the maximum occupancy for each apartment, this is because the revenue split means the company only gets paid based upon revenue generated rather than any fixed monthly cost, in our experience we find incentives allow operations to perform to their very best ability.
Are there any additional costs landlords should budget for?
The operational costs such as Online Travel Agencies fees, Card Processing Fees, Linen Hire, Utility Bills, Rates, Housekeeping services, consumables (shampoo, tea, coffee etc.) and maintenance along with guest cleaning fees are all subtracted from the investors 80%.
Click HERE To find more about Rethink Living or if you would like to find out more about Serviced Apartment investing please email firstname.lastname@example.org or call us on 0207 993 8888 and our Investment Consultants will be glad to assist.