Breaking News!
CHBO Earns #1 Ranking!
Corporate Housing by Owner, (CHBO) a listing service for fully furnished private residences, now in its first year of operation, recently earned the ranking as the most popular directory of corporate housing listings in the United States. CHBO president, Eric Smith commented, "It is quite an achievement to go from being a brand new Web site to the rank of #1 for United States in just six months' time. This accomplishment is a boost for unit owners on our site who will get more exposure for their listings because of this ranking and for prospective renters who will have a growing number of attractive units to choose from."
On December 1st, 2006 Corporate Housing by Owner ranked number 59,288 by alexa.com, which outranks all other corporate housing companies. Alexa.com powered by Amazon.com is a traffic ranking web-site that ranks the amount of traffic to individual web-sites.
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10 Questions Every Renter Should Ask (and Every Owner Should Be Prepared to Answer)
Looking for the right unit - whether in your own city or far away - can be a challenge. Your best defense against unpleasant surprises is to ask the questions that are going to clear up grey areas before you seal the deal.
Owners who are prepared with satisfactory answers to these questions help rent their unit faster and keep it rented on a more consistent basis.
1. Do You Have a Unit Layout/Floor Plan? Look at digital photos of as many rooms as possible. Examine the interior, and exterior. This will give you an idea of what the property looks like inside and out - as well as the yard (if applicable). Obtain neighborhood information too. Find out if the rental is near a business district, shopping center, school, hospital - whatever it is you want close at hand. What are the unique features for the particular neighborhood? What gives it the charm you are looking for? If you do not desire to be in a trendy and busy area, it is best to know upfront before renting. Do a quick search to determine what the local chamber of commerce or convention and visitor's bureau has to say about the area as well. If you do your research, you can avoid such problems as heavily trafficked areas, train tracks running beside the unit and even nearby slums or red light districts.
2. Are all the rooms fully furnished; if so, are there linens, towels, silverware, etc. included? Are the items rented or owned? What is the style? When was it last updated? Determine if you are able to change or update items if the style does not suit your fancy. Inquire about the electronics - TV, stereo, etc. - that are included.
3. Is a cleaning service preparing the place and how often do they clean (if applicable)? Who cleans before you arrive - will the same service clean after you depart? What if you prefer to have cleaning services while you are there - is the service available? Will the carpets be cleaned before arrival and after departure? Determine if you will be charged extra for these types of services.
4. What else is included at the unit? Find out if the unit is equipped with high-speed Internet access, cable or telephone. Determine if parking is included and how convenient it is for you and your visitors. See if the rental includes access to a pool or fitness facility. It also pays to ask what security is offered on the premises.
5. What are average utility bills (to help prepare budgets)? Does the owner set a cap for all of the utilities or is everything included? Will utilities be working when you get there or do you need to set them up yourself? Are there additional fees for overages?
6. What are the arrival arrangements? Determine directions to the location and if there is a specific arrival time. Will you be given maps and neighborhood information? What do you do if there is a problem - who should you call?
7. How will the keys be picked up - and how many copies are there? How and when will you get them? What should you do if you get locked out?
8. Is there more than one contact number in case you have an issue moving-in? Who should you call in an emergency or with a basic request? How soon will they respond? What support system do you have in case of emergency? What is the turn around time on basic maintenance?
9. Is this an empty unit? Is this a roommate situation? Are pets allowed and is there an extra fee?
10. Are there references/reviews of this unit available from past renters? Often, comments and experiences provided by previous renters are an excellent indicator of what it's like to rent from an owner.
By asking the right questions prospective tenants dramatically increase their chances of having a positive rental relationship. On the other hand, it pays for owners to anticipate and be prepared to answer questions like these. The better responses you are able to provide, the more consistently you will be able to rent your unit to desirable tenants.
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Corporate Housing:
An Idea That's Time Has Come
Whether you're a unit owner looking to list a unit as corporate housing or a human resources director or renter wanting to find a suitable unit, things couldn't be better in the corporate housing market. Recent statistics compiled by the Highland Group for their 2006 - Corporate Housing Industry Report paint a rosy picture:
Data from providers nationwide reflects that corporate housing was a $1.99 billion industry in 2005, and is projected to increase by 23% in 2006 to 2.46 billion. The national occupancy average is 91 percent.
What units comprise the industry's rentals?
7% Studios; 48% 1 Bedroom; 37% 2 Bedrooms; 6% 3 Bedrooms; 1% other
The national average length of stay is 82 days and the average rate charged is $100 per night. Ninety percent of all units offer high-speed Internet access and pet fees/deposits are common throughout the industry.
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CHBO COMPLETE© - the Universal Symbol of a Well-Equipped Unit
Tenants and owners alike love the CHBO Complete unit qualification. CHBO COMPLETE© is a program for quantifying and standardizing the quality and consistency of owner-managed units that is exclusive to CHBO, and new to the corporate housing industry. The program adds value to a unit  by verifying a list of standard items, certifying that it is well furnished, well equipped, and comfortable. Unit Owners wishing to promote their units with a CHBO COMPLETE© rating follow a detailed INVENTORY LIST and quality PREPARATION LIST. In addition, tenants will be able to post their own reviews online for the benefit of future tenants.
One of the biggest complaints corporations have with renting units from private owners is that they never know what they are going to get because everyone defines "furnished" differently. CHBO Complete is a free tool, available to everyone, that gives unit owners and corporate tenants a common list of expectations.
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Tips for Improving Your Rent/Lease Success Online It's a competitive rent/lease market in almost every area of the country - even if you are listing your unit online. The good news is there's a lot you can do to rise to the top in your market. It starts by following some easy to implement suggestions.
The right photos - shoot to sell
High quality photos of your unit are essential to impressing prospective renters and closing the deal. This is no time to scrimp. Use a good digital camera. Make sure rooms are well lit and immaculately clean. Even consider using a professional photographer to get the best shots possible. Don't pull out some old shots with family sitting in the room and think they will be great on the Web site. To put your best foot forward, you need top quality shots of super clean, attractive rooms.
Word smarts
The right text is also critical to keeping your unit consistently rented. Make every word count. Tell the things renters want to know. "Close to schools. Quiet cul de sac. Near downtown." Keep it informative and powerful. Avoid adjectives that seem unbelievable or opinion-driven. Since renters are usually taking the unit without an on-site visit, strong sales copy and clear photos are essential to success.
All-important key words
Did you know that prospective tenants can now search for units based on "Key Words" located in your unit description? This relatively new capability means it is essential to have a complete and thorough unit description. For instance, if your unit is located near a major corporation like Intel, mention the company by name in your description to attract people who need to be located near the company. Most importantly, make sure your unit is properly and fully described. Your unit will be successful as a corporate housing unit if you meet the expectations of the tenant and their expectations start to be formed from your description.
Monitor your stats
Are you getting the "hits" you want on your unit listing? You can find out at any time by monitoring your listing statistics. After you update your unit listing, be sure to monitor your "Statistics" to see if your changes are making a positive difference on how often your unit is viewed, bookmarked and emailed. To find your statistics Login; go to Review Current Listings; select Property Stats; statistics are updated weekly.
There is a science to listing your unit and getting "bites" from prospective customers. Follow these tips and you will most likely see a lift in response almost immediately.
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Answers to questions from unit owners and prospective renters
How do I rent a unit I see on CHBO?
There's no middleman when you rent a unit listed on the CHBO Web site. You deal directly with the owner. Simply create a Free user ID and name. Then, send an email that goes directly to the unit owner.
How do I know if my unit is right for corporate housing?
When it comes to corporate housing, location is everything. If your unit is located near a corporate or business center, or if you are situated near a hospital where nurses might train, or near easy commuter routes, your unit is more likely to have appeal as corporate housing. Of course, in addition to location, you need to be sure your unit offers amenities and furnishings suitable for a high-end rental. By qualifying for CHBO Complete, renters can be sure you have the basics covered.
How much money can I make if I list my home as corporate housing?
Your income from your unit depends on several factors. Location, abundance of available units in your area and the condition of the unit are three considerations. To get a better idea of the profit potential, call local extended stay facilities in your area and ask for their rates. Or, for more information, contact CHBO.
If you have questions you would like to have answered in this column, send them to Kimberly at Kimberly@CHBO.biz
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CHBO Power Owner- Click on the logo to see all the properties listed by one property owner. Owners can utilize this complimentary feature to enhance their listings. If an owner posts more than one property on CHBO their properties can feature the Power Owner logo. By clicking on the Power Owner logo a potential tenant can look at all the properties an owner has listed in the system. This is especially valuable if a tenant has had a good experience with a property and a property owner and wants to do business with them again.
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The CHBO Difference - Experience
Husband-and-wife team, Kimberly and Eric Smith, founded Corporate Housing by Owner (CHBO) in early 2006. It was the logical extension of their considerable experience in the corporate housing market. Prior to forming CHBO, the Smiths worked hands-on with furnished investment owners for over 12 years in the Denver, Colorado Springs and San Francisco markets helping them successfully prepare and manage their own units, market those units, and attract consistent high-caliber guests. The Internet brought an opportunity to expand their services in a new and exciting way: CHBO.
 Kimberly describes the situation, "After years of only being able to service a small portion of the investment owners who contact us daily, we are excited to share our knowledge and experience with investment owners throughout North America. We can easily talk with dozens of new investment owners every day. I have always been frustrated that our management services were limited to such a small area. Now were are finally able to say `Yes, we can help you.' "
According to Kimberly Smith,"For the unit owner, the key is to know how to adapt a unit to the standards expected of corporate housing and maintain high annual occupancy. High annual occupancy is the key to producing the financial returns investors are looking for. The average corporate housing tenant's stay is 2 to 3 months, depending on the market, so it is vital for unit owners to consistently market their unit throughout the year to assure the next tenant is lined up. CHBO offers annual marketing listing to help our clients maintain consistent rentals."
Colleen Cameron, an account executive with American Airlines based in the Seattle area, says the Smiths helped her turn a mother-in-law unit into a sound investment unit. "They counseled me on how to make it a comfortable living environment. I've been able to attract the type of renter I want and have had good success." She continues,"They told me what to do, what not to do, and how much [money and effort] to invest."
Elaine Quiroz, corporate housing coach and president of Corporate Housing Strategies, says,"Of anyone to launch this business model, I'm glad it's Kimberly and Eric Smith.They won't let owners list a unit without the guidance on what to do. And they have always set the highest standard in the industry for what they provide."
For more information on CHBO, it's advantages and listing opportunities, visit CorporateHousingByOwner.com.
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