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Market Auditing
This is not so much a business plan as an assessment of the
'buy-to-let' market in your chosen area, together with a serious
evaluation of what if achieveable. You should :
- Check out the oppostition. Compare on a 'like-for-like basis'
similar properties in similar locations. Find out what the 'oppostion'
are charging and relate this to the quality they provide. Begin by
looking at internet advertising, properties promoted in magazinesand
newsprint and through estate agents and local small ads. This should
provide an overview. When that is in place, begin to study your market
'on the ground'. This means making a collection of promotional
material and personally checking out some of the properties to let.
- Seriously comsider becoming a holiday tenant yourself. Surprisingly
few people enter the buy-to-let market do this, which is every bit as
sensible as buying a car without a test drive.
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