3 rules to creating a profitable and more successful rental property!
Attention to detail is a MUST!
At CHBO, we believe your ability to attract and retain tenants depends on each customer‘s experience with you and your property. Careful attention to detail is critical.
To help you create a profitable corporate rental and more successful corporate rental business, remember to follow these three crucial elements:
1. Properly prepare your property: How you physically set up your property (such as your furniture, utilities, linens, etc.) is of the utmost importance. A clean unit is the first step to creating a “first impression” that will get you the strong positive reputation you seek. If you want to charge market rates comparable to professional corporate housing companies, then your unit must reflect that rate from the first day. Even if you list your property below market rates, don’t expect that any tenant will put up with mold in the bathroom, worn carpet or a dirty kitchen. Document: Inventory Checklist.
2. Continuously market your property: To get the annual occupancy you want, it’s critical to strategically and continuously market your rental property. Take the time to create a marketing plan and treat your rental like a business. In addition to marketing online through CHBO, consider advertising in local publications, promoting your property on your social networking sites, advertising your property in your email signature and forging a network of real estate agents that can bring you quality tenant leads.
3. Maintain great tenant relations: Forging strong tenant relations opens the door to referrals, repeat business and positive reviews on your listing’s page. Make sure you start off your relationship on the right foot by promptly returning a client’s phone call or email. Have your rental documentation ready from the start to ensure a smooth and quick process. Also, be sure to prepare the property and serve your clients’ needs throughout their stays, as well as properly close your relationship with the tenant through a positive and professional departure process.
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