A Look at the Annual Corporate Housing Report
Admin
Published Date: 2018-06-27
Are you on the fence about joining the CHBO Program and ensuring your corporate and extended stay rental properties get the kind of premium marketing they need? It makes sense to worry about every business expense, but if you look at the most recent corporate housing report data, you'll see precisely how and why the Certified Program will pay off exponentially.
If you compare data reported in our last corporate housing report and most recent figures, you'll understand that any corporate housing investments are savvy. Yet, you also see that many are finding optimized marketing their ultimate key to success. Just consider:
- Marketing Trends. Previous data indicated that "37% of respondents say they spent $500 or more on their annual marketing efforts", and in Corporate Housing Rental Report 2016 that figure has actually decreased, with the caveat that most owners indicated "they were less satisfied with their results than in previous years". In other words, spending less on marketing has left many unhappy with their returns (or lack thereof).
- Marketing Resources. Roughly 80% say they had professional photos taken of their corporate properties and 34% say they have a dedicated website for their properties - the latter figure is down from previous years. This is because many have started to rely on three key marketing resources, with CHBO as the preferred option rather than the more laborious and less effective dedicated website/social media method.
- Marketing Results. The majority of “by owner” landlords say they use the Internet to promote their corporate properties. Most find the best qualified leads using CBHO (77%) as well as obtaining the most renters from Internet marketing.
- Internet Reservations. In 2013, the report asked how the “by owner” segment feels about real-time booking reservations, in which the corporate property is leased through a computer website and the property owner has no interaction with the tenant. 23% of respondents say they have used one of these programs. However, it is now only 36% responding “no,” they would never rent their corporate property without talking to the tenant first (down substantially from 48% in 2013).
- CHBO Services. Of the respondents using the services within the CHBO Certified Program, most use the following CHBO tools the most: (1) The property listings (2) The Property Owner Handbook (3)The MyCHBO documents page (4) Background checks.
