The business of short term lets for the Olympics

It is estimated that in the next three months over 100,000 home owners in London will be cashing in on private letting of rooms, flats and whole houses. With rents running up to 35 times the norm, is anyone surprised?

Not that renting a property is straightforward. There are legal obligations, finance, tax, insurance and safety issues to consider. For many this can be daunting - which is where Olympic Short Let hope to help.

Jeremy Lee, CEO of Olympic Short Let (OSL), points out that Olympic rental websites only go so far as to list properties, find tenants and hold deposits. They do not provide managed tenancy services. A recent customer stated their situation like this...’We were surprised to find a tenant - now we have to learn how to be a landlord’.

Jeremy says "We created OSL to simplify the process and offer common-sense advice, templates and essential services all in one package. To demonstrate, OSL provide a free rental agreement and advise on the cheapest way to secure public liability and contents insurance through existing policies."

OSL began by securing service agreements with London’s best property service partners. We realised that our reputation stands or falls on the quality of service that people receive. We elected Aspect to provide 24hr Emergency Call-out Services, and BLC property services for testing and inventory services.

OSL have distilled their range of services into three service plans (from £95.00) created to suit typical landlord types - from low budget DIY to a comprehensive plan for those who prefer to leave everything to the experts. Unique to OSL, all three Service Plans automatically calibrate to the customers property profile - made in just a few clicks. Jeremy says "This is one way we can help people quickly assess products according to their budget and needs".

OSL claim to make every effort to remove jargon from copy - it is important you know; what each service does, what it costs, and a guide to whether it is essential or merely an optional extra. This distinguishes OSL from other property management services - where products can be complicated, inflexible and expensive - especially for shorter lets. "I believe the 2012 London Olympics will kick-start a trend for ongoing private home rentals and for this reason OSL plan to continue long after 2012" Jeremy is a property consultant with 15yrs experience and a personal interest in simplifying home rentals. He says "OSL is an idea started by friends and family who are all renting homes - our collective experiences helped shape this business."

So will the London Olympics create part-time landlords as a new breed? Olympic Short Let certainly believes it will - and their views are shared by the leading Olympic letting agent www.AirBNB.com whose bookings in the UK have increased by 748%. Only time will tell - but it is good to know that OSL are here to help Londoners through this stage.

Olympic Short Let (OSL) is a trading name of Art & Industry (UK) Ltd. 5 Albemarle Way, London ECIV 4JB. Tel: 0800 298 7061.

BT Business advises SMEs to prepare for London 2012 economic boost or risk missing out

BT Business has revealed that a lack of preparation could see some of the UK's small and medium sized enterprises (SMEs) miss out on an economic boost from the London 2012 Olympic and Paralympic Games.

Nearly a third (30 per cent) haven't yet taken basic measures according to new research by BT.

The new survey conducted by BT of 600 UK SMEs finds overall attitudes are positive despite tough economic conditions.

Fifteen per cent of SMEs said they are already involved in London 2012 and of those, 58 per cent are supplying products and services to the organisers. Even if they don't expect to be directly affected themselves, more than two in five (41 per cent) said they have customers in London who will be affected by the Games - and that this in turn will affect their organisation.

Around one in five expects to profit from the Games. 33 per cent in the private sector anticipate a sales hike and SMEs in the public sector expect service quality to improve. More than one in five (22 per cent) expect new international business opportunities both during and after London 2012.

64 per cent of SMEs expect some negative effects, with supply chain disruption, higher hotel costs, staff attendance and a knock to productivity high among concerns. More than one third of SMEs expect resourcing difficulties when staff want time off or are not able to get to work. Positively, more than three quarters (76 per cent) of the largest SMEs already have flexible working policies in place and one in ten will be asking logistics staff not to take leave during London 2012.

Asked about the impact on supply chains, 64 per cent expect some disruption but 40 per cent of these (25 per cent of the total) are not doing anything, seemingly leaving their business continuity to chance.

These issues could threaten hopes of a business boost in light of previous BT research on the Vancouver 2010 Winter Olympic Games, which found that roughly half (49 per cent) of local companies felt they could have done better from the event or missed out on opportunities.

Colin Hansen, the former British Columbia Minister responsible for the Vancouver 2010 Winter Olympic Games, said: "British SMEs should be optimistic because the Olympics had a huge economic benefit in Vancouver and across Canada as a whole. But the scale of the event was much bigger than anybody expected and many companies just weren't geared up for how big the opportunity would be."

Graham Sutherland, managing director, BT Business said: "Despite the tough economic times, our customers tell us that they're positive about the opportunity to grow and develop their businesses during the Games. With less than seven months to go, we encourage them to prepare now to make the most of the potential profits on offer, by putting systems and processes in place that allow them to deliver an exemplary service to their customers."

For more information see http://business.bt.com/london-2012.

Enquiries for London holiday rental properties for summer 2012 131 times greater than for 2011

Figures from HomeAway.co.uk, UK arm of the market leader of the online holiday rentals industry, reveal that London homeowners are benefiting from an unprecedented demand for holiday rentals during the London Games. Demand for rental properties in London for the Olympic summer of 2012 has increased by 131 times as compared to the previous year.

It is expected home owners looking to cash in on the leap of interest could generate an average of £4,500 by renting their home during the 16 day-long event; an average of £2,000 per week. Londoners thinking about doing this can now find out how much a property similar to theirs could make using HomeAway.co.uk’s interactive Olympic Rental Map.

The Map calculates the average income you could expect to make from your home; taking into account the rental rate increase the Olympics is expected to spark as well as proximity to sporting venues and transport hubs.

The Olympics has the potential to earn millions in rental income for homeowners in the Capital. There are currently over 700 London properties available for rent on www.HomeAway.co.uk and the company is expecting weekly rental rates for those properties to increase by almost 150% on average, echoing a trend for price spikes seen during the 2010 World Cup in Johannesburg.

Tim Boughton, UK General Manager, HomeAway.co.uk said: “We have observed a steady increase in tourists looking for holiday rentals, with particularly high peaks in demand around major global sporting events. These latest figures confirm that London will be no exception. Enquiries for London properties have skyrocketed, particularly those properties in close proximity to the key Olympics sites and with good transport links to London’s top attractions. This, combined with the expected repetition of the 150% increase in rental prices seen at the 2010 World Cup, means savvy Londoners will truly be going for gold next summer.”

www.HomeAway.co.uk

Accommodation for 2012 Olympic Games to be provided by new service

A new service, providing accommodation during the London Olympic Games, has been launched by London Property Rental 2012. The properties provide accommodation for both families and groups and are located within fifteen minutes by train of Central London.

Set up by experienced property professional Carol Fox, London Property Rental 2012 provides a home-from-home experience by offering fully vetted, high quality private homes in highly desirable areas of London – all within walking distance of excellent transport links. The properties, owned by affluent families who have chosen to be away from the capital during the games, are comfortably furnished, well-equipped and provide added benefits of free parking, fast broadband and digital TV.

According to Carol Fox, Director of London Property Rental 2012, “We were approached by a friend in the United States who asked if he could rent our house during the Olympics. We saw immediately how families and groups would benefit by renting a quality family home during the 2012 Olympics rather than standard hotel rooms - especially those groups who need multiple rooms and have arranged their own travel and tickets to the London Games.”

Up to 350,000 foreign tourists are expected to visit London during the eight weeks of the 2012 Games, estimates the European Tour Operators Association, while Lord Coe has talked of up to ‘a million’ extra visitors. This far outstrips London’s estimated capacity of 100,000 hotel beds.

Says Fox, “Families and groups who want to stay together may find it difficult to find accommodation during the Olympic Games that offers the benefit of an intimate environment but which is also cost-effective. In setting up London Property Rental, we will provide a quality ‘home-from-home’ experience where guests can relax and unwind away from the games yet still be in the centre of London within a 15-minute train journey, to explore tourist attractions or access the Olympic venues.”

She added: “It’s not too late for Londoners to put their property with us for rent during 2012 Olympic Games. We are always on the look-out for high quality family homes in excellent locations with good transport to add to our portfolio.

“We are finding that a large number of London home-owners are opting to go away during the Olympics and are accessing our service to earn money by making their property available for a 2012 managed let during July and August next year. And, in a lot of cases, the rental income generated will more than cover the cost of their summer holiday.”

FACTFILE:
London Property Rental 2012 offers private homes available for rent near the Olympic venues in Dulwich and across South London for visitors to the 2012 London Olympic Games.

London Property Rental 2012 is part of the Fox Vision family, a privately owned company run by Carol Fox and her husband Nick that has been trading for over 10 years. Based in Dulwich, Fox Vision provides a range of services including London property rentals, Home Energy Inspections, floor plans, lease plans and Energy Performance Certificates.

Fox Vision has launched London Property Rental 2012 to showcase private houses available for let in Dulwich for visitors to the London Olympic Games during July and August 2012.

For further information visit www.London-Property-Rental-2012.com

Website for employers staffing up around London 2012 Games has launched

Businesses and organisations who are considering taking on extra staff in the lead up to the London 2012 Olympic Games can now have access to a pool of enthusiastic and available talent, who are all looking for roles related to the Games.

Created in response to the overwhelming demand from jobseekers for information about jobs with London 2012 sponsors, contractors and suppliers, Adecco, the official recruitment services provider of the Olympic and Paralympic Games, has launched www.jobsforthegames.co.uk.

Employers can now access a dedicated ‘Recruiter Zone’ of the site, where they can register and begin posting available roles and vacancies and browse through relevant CVs, using a collection of search and matching tools to identify future employees.

Organisations can also take advantage of a range of advertising opportunities, including job and brand advertising on the site.

www.jobsforthegames.co.uk is designed to directly link employers with those searching for work with London 2012 sponsors, contractors and suppliers. Employers who are looking to fill roles related to the Games are urged to sign up now to secure the best possible talent. Job seekers already registered on the site are looking for a wide range of roles, from catering and tourism to security and cleaning work, plus technical and professional roles.

Steve Girdler, Adecco’s Director of London 2012 Partnerships, said, “Employers big and small will be looking take maximum advantage of the business opportunities provided by the London 2012 Games. In order to do so they will need to staff up and inevitably the pool of talented people is finite. The job board provides employers with a captive audience of keen and available jobseekers. In the first week of the website going live for job seekers, over 45,000 people interested in securing a role related to the London 2012 Games registered their interest, uploading their CVs and signing up for email alerts to keep them updated with new, relevant roles as they become available.

“Via www.jobsforthegames.co.uk we can offer employers a dedicated, central source of talent, enabling them to secure new and additional staff via a fast and effective route. With over 45,000 people who are interested in supporting the Games already registered, and that figure is increasing on a daily basis, we expect the site to prove an essential tool for employers and job seekers alike.”

With the London Organising Committee (LOCOG) predicting that tens of thousands of new jobs will be created by London 2012 sponsors, suppliers and other businesses that will be staffing up around the Games, www.jobsforthegames.co.uk is expected to prove a key tool for HR managers, across the UK. Adecco will be highlighting all the fantastic job opportunities created by the London 2012 Games to the East London Host Boroughs, thereby helping to support LOCOG’s local recruitment initiatives in these areas.