Unlocking The Potential Of Serviced Accommodation For Human Resource Needs

In today's world, staying away from home has become a common experience for many individuals due to the increasing impact of globalisation. This paradigm shift has given rise to the mainstream adoption of short- to mediumterm serviced accommodation across various regions. With the rapid advancement of technology, particularly the advent of highspeed internet at the millennium turning point, the landscape of this industry has transformed significantly. Online platforms such as AirBnB and Booking.com, which have gained immense popularity in recent years, now offer sophisticated listings, information, and booking facilities. The exponential growth of these platforms showcases the remarkable pace at which technology has evolved. AirBnB, founded in 2008, experienced widespread proliferation from around 2014, while Booking.com had already paved the way a decade earlier.

The convergence of property management technology with customerfacing applications has revolutionised the serviced accommodation sector. Property owners and operators have harnessed the power of AI and other emerging technologies to automate and enhance the management of their offerings. As a result, the range of accommodation options has expanded, with brands showcasing unique styles and locations to entice guests. Notably, the utilisation of residential units for short stays through online agencies has emerged as a more comfortable and cost-effective alternative in many cases.

The range of available choices span from traditional hotels with kitchenettes, commonly known as aparthotels or extended stay hotels, to professionally managed serviced apartments or private homes, both in part and whole, catering to stays ranging from a night to several months. While the latter option offers a broader selection of locations, it also brings variability in management standards, often dependent on the property manager, who is frequently a private landlord.

Operators in the serviced accommodation industry exhibit significant diversity, ranging from experienced hotel chains with wellestablished brands and loyal customer bases, to professional managers serving both leisure and corporate clientele, as well as holiday rental businesses and private/home share owners. Recently, there has been a growing focus on private/home share rentals, driven by tempting financial returns, but at the same time there is a concern about the impact they have made on local housing supplies. Property owners are increasingly opting for short stays to achieve higher yields on their residential property investments when compared to long-term rentals. However, it is crucial to acknowledge that if landlords fail to achieve reasonable returns, increasingly more difficult with higher interest rates and property prices, they may well exit the market, exacerbating the existing housing shortage issue.

When it comes to sourcing accommodation, the process has become easier in some sectors, but more challenging in others, so making a good provider choice is key. In my view, the leading companies for leisure and holiday stays are Booking. com and AirBnB. Booking.com offers loyalty use bonuses and allows owners to filter guest gradings, providing insights into the reputation of potential property options. Similarly, AirBnB enables owners to also grade guests, fostering a mutual understanding of each other's reputation. Another reputable choice for UK holiday stays is Sykes Holidays.

Although availability can be challenging, particularly during special events such as sporting tournaments or conferences that generate high demand in specific periods, great opportunities abound outside these peak periods. Savvy travellers can secure favourable deals and fully immerse themselves in the offerings of their chosen destination.

For direct bookings, hotel chains provide the option to book directly through their websites or via platforms like Booking.com. Personally, I find it helpful to explore the location on a map and assess the available options to make a more informed decision, so branding takes second place in the search, but helps in the selection if there is a known option.

Finally, when it comes to corporate business or relocation needs, there is no doubt that relying on well-established agencies like Silverdoor or SITU is the optimal choice. These agencies possess the expertise, product knowledge and infrastructure required to cater to corporate requirements effectively. They are well-versed in billing systems, safety and security protocols, sustainability screening, and provide exceptional customer support, which may not be easily accessible through IT-only platforms.

Ultimately though, what truly matters is the quality of the operator and product, despite the rapidly changing landscape of this industry, with all the bells and whistles technology brings, a clean, welcoming, and comfortable place to live or stay in hasn’t changed in terms of making your day/stay one you will enjoy. Picking carefully, and maybe also selecting flexible terms where possible, will help you stay in control and give you some guarantee.

Charlie Mccrow

Charlie McCrow, CEO of Executive Roomspace Ltd, has been involved in the serviced apartment sector since the 1980s. He is the founder of The Apartment Service, the industry specialist agency for extended stays in 1991, the founder of the Roomspace Brand of corporate housing in 1995 catering for business clients and he received the Industry Inspiration award in 2017 at the Serviced Apartment Awards. Charlie is also a founding member of UK’s ASAP (Association of Serviced Apartment Professionals), a long-standing member of the USA’s CHPA (Corporate Housing Providers Association) and publisher and contributor of the internationally recognised Global Serviced Apartment Industry Reports (GSAIR).