After 10 years of blogging the number one blog post of all time is the rental lease used for corporate housing. So we always know this is a popular topic on our CHBO Annual Report.
Corporate Housing: Rental Documents
Having profitable real estate has a lot to do with:
- Setting and meeting expectations with your renters and
- Having the written documentation you need to confirm and support these transactions and expectations
Real estate laws and regulations are always changing. They’re regulated and established on a state-by-state basis, and the rules apply differently if you’re an individual managing your own property versus a real estate agent representing someone else. In addition, laws are very different for vacation rentals that are offered for leases of less than 30 days versus corporate housing property rentals of 30 days or more.
Tip! CHBO continues to develop useful documents to help you with your rental property. On our website, you can find them in your personalized CHBO dashboard in the section called Resources.
Rental documents: Where do you get them?
(Check all that apply*)
* More than one option could be chosen; thus % is the % of respondents, not the % of the whole
|None – I don’t use any||6%||3%||3%||4%|
|Myself – I wrote my own||37%||34%||35%||34%|
|Internet – Found some on the Internet||32%||35%||36%||38%|
|Lawyer – Paid to have documents drafted||15%||16%||13%||16%|
|Real estate agent||14%||19%||20%||20%|
|CHBO – Used documents from CHBO Dashboard||35%||23%||23%||25%|
Because we are frequently asked for more documents, we thought it would be useful to learn about all the resources that individual property owners use to handle these needs.
In the “other” category in 2015, respondents listed:
- Apartment Association
- Condo Association
- Legal Zoom
- LinkedIn Chat
- NOLA – Office Depot
- NOLO Press
- Property Manager
- Realtors Association
Similar to the last question, this is a much shorter “other” list than in 2014 when respondents specified: Apartment Owners Association Membership; Blumberg lease agreements and tenant application form; borrowed a lease application from the real estate industry; Bradford Publishing; building provides lease; corporate housing management companies; customized versions of template documents from city; Ezlandlordforms.com; local GLVAR documents because I’m a realtor; modified a document purchased at Office Depot; modified my long-term lease and merged it with a furnished short-term; my financial planner; NOLO books; Oscar; RHOL.com; Staples; state documents; used a document from another landlord; vacation rental sites.
In the full-service corporate housing industry, 70% of all leasing is done without a renter ever touring a specific property. With that in mind, we like to track how the independent corporate housing real estate segment compares.
This year, 50% of respondents say they meet their clients face to face before leasing their properties.
In addition, 44% say they provide tours to potential tenants before renting their properties. This is a higher percentage than with the full-service corporate housing companies. Full-service companies tend to conduct fewer tours because their sources of renters are more consistent.
In 2015, email and phone communication increased with potential renters.
In the “other” category for communication in 2015, respondents listed:
- High resolution photos
- Property website
Whereas in 2014, respondents listed: FaceTime, Skype and texting.
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