A Letter from our CEO, Kimberly Smith:
Happy New Year! We worked hard during the year to bring you useful information that can make you more successful in the rental and management of your Corporate Housing Rental. One of the biggest lessons I have learned during this recession is it is not just the money you make that makes you successful, but rather the money you save. What I mean is that it is so important to pay attention to the little items that add up to big expenses.
I’ll never forget one of my personal corporate rental properties in San Francisco; it had been rented consistently for five years and then all of a sudden it sat vacant for a month. I was living in another state at the time and flew to San Francisco to take a look at the property. I realized a lot had changed in five years style-wise. I took the entire weekend to update the art, organize the unit, throw out some outdated stuff , paint a few walls and add a flat screen TV to the bedroom. After making a few changes and updates, the property rented immediately for $750 more per month than I had been getting for the past five years! My epiphany: The little things really do matter!!
Another important change I needed to make was in regards to the photos I used to market the property. I took new photos showing off the freshly painted walls and updated home that included new lighting and staging elements. I also updated the wording of my listing. If you need help with your listing’s wording, call one of our Property Specialists to help you.
Also, pay attention to how fast you respond to leads. You can set up “Lead Texting” and get immediate texts when someone inquires about your listing. The faster you respond, the better chances you’ll snag a new tenant before someone else!
Also, if your unit is available immediately, you can turn on the “Available Now” button, which puts a flashing button on your listing for 72 hours and puts you at the top of the natural listing list. You can turn it on whenever you need it.
Remember, CHBO has all sorts of resources to help you make more money in 2011. There is a free Corporate Housing Handbook that you can download and you can read our annual reports to learn about trends in the industry. Also be sure to read some of our great press of late, including features in the New York Times, SmartMoney.com, and MSNBC.com. And don’t forget to learn from other’s success stories by reading our case studies and testimonials. You never know when you’ll learn something new from someone else who has been there, done that!
And, of course, if you want a third-party assessment of your listing, you can always call 877.333.2426 to talk to a Property Specialist and have them review your property. The best way to start is to register and upload your property information and photo (no fee) so the property specialist can really help you out.
Remember, by simply paying attention to a few little items in your property and how you market it, 2011 will be a more profitable year for you. Have a great year and please let us know how we can help!