Bigbid
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- Feb 22, 2010
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Because the economy is so slow, this was the first year we converted 2 of our 3 buildings, 13 rooms, to female student housing during the college year. Our main 12 room inn stayed as an inn all year. Renting to students is something we swore we would never do but we are next door to a university and finances forced our hand. We needed to cut a few weeks of our Shakespeare Festival bookings (that runs through the summer and is our high season) to do this but we then had revenue for a full 8 months of the school year from students. We also did not need to pay utilities on these buildings for 8 months which was nice.
And now the girls have moved out and here are the results. We increased our bottom line by a little over 30K for those 8 months and after inspecting all of the rooms, not too bad. A few marks here and there but about $200 will get us back in shape. We traded out some nicer furniture and now need to repeat the process but overall, we will do it again until the economy turns around.
If anyone is considering something like this, screen, screen, screen your applicants and have a good contract and a hefty cleaning fee. We had great girls which turned out to be the key.
And now the girls have moved out and here are the results. We increased our bottom line by a little over 30K for those 8 months and after inspecting all of the rooms, not too bad. A few marks here and there but about $200 will get us back in shape. We traded out some nicer furniture and now need to repeat the process but overall, we will do it again until the economy turns around.
If anyone is considering something like this, screen, screen, screen your applicants and have a good contract and a hefty cleaning fee. We had great girls which turned out to be the key.