Brian Wright, a professional author and speaker from Chandler, Arizona, decided to rent out his furnished condo (property ID #3791) as a corporate and vacation rental to help generate additional income for his property. Finding the right tenant for his home was of the utmost concern for Brian since he wanted to ensure his home would be well taken care of when he was not living in it.
“The quality of tenants I get with a furnished corporate rental is a lot higher than a typical rental property. And I always find that quality tenant on CHBO!” he says.
We asked Brian to tell us three key things he learned as a DIY corporate housing landlord. He says:
Managing Expectations from Tenants: Probably the most interesting part about renting out my place was getting used to other people’s (sometimes) unrealistic expectations, whether they were objections over price, the community pool being heated, items they think I should have in the unit which I don’t normally use myself, etc. Being willing to accommodate others is certainly very important, but it is equally important to recognize the difference between a reasonable request and an unreasonable one.
Don’t Giveaway Your Rental: I would say don’t be afraid to ask for your price and stick with it whenever it is prudent to do so. If you have a really nice unit, you should NOT give it away for half price or give in when it isn’t profitable for you to do so. Don’t be afraid to turn away a renter if you don’t have a good vibe about the situation.
Inform Neighbors: Tell your neighbors that you are renting out your place so they know you aren’t around, and so they can tell you if anything unusual needs to be addressed.