Do it yourself industries are nothing new. But just because you can do-it-yourself, does it mean you should?
I read an article recently about Lowes Co. beginning to offer a series of workshops to teach the do-it-yourself home improvers some tricks of the trade. Apparently Lowes had done away with these workshops because people were paying contractors to do the work – but with the recession, do-it-yourself fixing is back in business.
In the corporate housing world, do-it-yourself property management isn’t as common although it’s definitely on the rise. A typical property manager charges 35 – 50% of the total rent – and they work very hard for that commission. They secure tenants (and in corporate housing, it might be anywhere from 1-12 tenants per year!) and then they handle transition between tenants, maintenance and general tenant and property management.
These responsibilities take effort, know-how and time. However the biggest challenge is how to find the right tenants. You’ve probably been here before:
You know of a large company 10 minutes away and your property would be a perfect corporate rental for its traveling execs. But you tried calling the HR folks to pitch your property and they wouldn’t even take your call! If you could just connect with them you know you could get your property rented.
This scenario is very real because property management companies that focus on managed corporate housing already have relationships with HR departments. But it’s possible for individual owners to reach these companies; they just need to use the right marketing tools, like using an online tool that connects them with both corporate HR departments and individual renters.
Attempting to do-it-yourself? Check out these resources:
I highly recommend that anyone attempting to manage their own corporate rental make sure they have the time to do it and that they do their homework! These two things are essential to finding success.
For those willing to take the time to manage their own properties and learn how to do it well, there are several resources we’d like to recommend:
1) Check out our website
We allow you to download our User Manual Handbook for free – giving you all the tools and tips from the experts of do-it-yourself landlording.
2) Check out the Complete Landlord
While the site is not specific to corporate housing property management, it does offer a ton of free and premium information about finding success in landlording.
3) Corporate Housing Providers Association (CHPA).
CHPA is the official association for corporate housing providers and the site is chocked full of news about the industry and tips for success.
Another good way to do your homework is to talk to professional and do-it-yourself property managers. Assess the responsibilities involved and how much time it will take you to do it all.
Don’t want to do-it-yourself?
And if you find out you’re not up to doing it yourself, hire a property manager to do all the work for you. A good way to identify a property manager includes checking listings on Find a Property Manager
Also, if you’re a typical property manager and would be interested to learn more about “managed corporate housing” there is a new program called Avenue West Global Franchise that you can join to add a true corporate housing program to your company. For more information contact Angela Healy at Angela@awch.com or directly at 303.800.1381.