A corporate rental property can be a great way to make additional income, but there’s just one issue – property management can be a challenge even when you’re local. Managing the safety, security, and maintenance of a property can require specialized expertise and hands-on maintenance.
Homes are made up of complex and interdependent systems that need monitoring and, at times, urgent attention. You must have a proactive mindset and be available to clients when issues and needs arise. And all that is if you are local. Remote corporate rentals have the same level of complexity, with the added difficulty that you aren’t there to attend to these needs. Fortunately, whether your corporate rental is a few hours distant or across the country, you do have options for remote property management.
Your can either to hire a property management company, or manage it remotely yourself, assembling a “team” of local contacts. Property Management companies are abundant in most areas. If you choose this route, be sure to contact at least three to get a baseline idea of expected charges. These firms will either staff or aggregate service provider contacts from landscapers, repairmen, snow removal and maid services that can take care of cleaning, preventative maintenance, and emergency repairs. You benefit from the convenience of a one-stop shop that handles your corporate rental, and from the economies of scale that a firm can provide. Plus, they can help in screening tenants and are typically available 24-7. However, there is a regular fee for this management that will have a measurable impact on your investment. Whether you choose to hire out a property management company, or manage your remote rental property yourself, here are five tips that can help you manage your rental successfully.
Managing keys can be a logistical challenge and a security issue. Remote Locks are a great way to manage access to your corporate rental from afar. Create codes for renters to use during the rental period that expire when they leave. When maintenance, repairs, and cleaning are needed, open the door remotely yourself or provide repairmen or cleaners a code good only during a specified recurring time. You can also get SMS messages verifying when the property is being accessed. Remote locks can be programmed to activate heating and cooling systems, lighting, and even music, giving you even more flexibility.
Designate Local Emergency Contacts
Just in case any emergency occurs on or with the property it is a good idea to provide clients a local contact, or list of local contacts that can help at any time of day or night.
Provide Contact Information for Local Service Contacts
You will want to include your property management company contact details, or the numbers of your local caretaker, handymen, plumbers, electricians, HVAC, and cleaners if you are self-managing. This will prevent unnecessary calls to the owner and save time in addressing the issue.
Use the CHBO “Find-A-Property Manager” Tool
If you want to hire a professional property management service, Corporate Housing By Owner has partnered with All Property Management to help you locate a property manager near you. Use the “find-a-property manager” tool
to find the perfect match for your property!
A welcome book is a collection of information designed to smooth and enhance the experience of your client. In addition to it being a great way to communicate your local points of service contact, you can guide renters to local services, shopping, dining, and entertainment in your area that you recommend.
As technology evolves, many of listings on CHBO are now managed remotely. If you have questions or need assistance with managing a property remotely, contact CHBO to help guide you.