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May 29, 2017 Value of Corporate Housing 4 Comments

Why use CHBO to market your rental property?

There are many factors to consider when you decide to make your property available for rental. To whom will you market, for what duration of stay, and at what rental cost? How will you market the property? How will ensure it’s maintained and ready to turnover with each new guest? There are a lot of things to consider, and your decisions will have a major impact on the success of your executive rental. Fortunately, a decision to market your corporate rental with CHBO takes some of the guesswork and uncertainty out of this process. How?

Value of Corporate Housing by Owner

  • Corporate short or long term rentals are the best path to maximizing your rental rate. Traditional leases yield 8-10 times lower rent on average versus the rates that corporate renters are able to offer for high quality executive rental accommodations. Large companies looking for executive rentals seek a higher quality experience than a hotel can offer, providing a better of quality of life and a feeling of “home” for their clients, and therefore will pay a premium for executive rental properties that can deliver. Rates can be bench marked against local hotel nightly rates to ensure your property is appropriately priced.

 

  • Vacation rental sites can also yield higher rates, but with major drawbacks. Short stays of a week or less, compared to the corporate rental clients who tend to stay 30 days or even months at a time, mean more work associated with turnover as well as fewer booked days. Another benefit of corporate rental clientele is that the tenants present less risk. This is manifested in a couple of different ways. First, corporate or executive clients travelling on business take better care of your property as they are representing their employers or their company. Secondly, fewer rental guests means less turnover, less paperwork, and fewer instances that inventory will need to be replaced or new guests will need to be vetted.

 

  • There are more opportunities for exposure with corporate rentals. For example, traveling doctors or nurses, employee relocations, traveling salesmen and real estate agents, insurance adjusters, military personnel, and professors are among the large variety of clients needing high quality corporate rental properties.

 

CHBO’s network leverages years of experience in the executive rental market targeting large companies with the resources and high quality client base to help take the guesswork out of marketing your property and ensure success.  Get started marketing your property with CHBO today!

May 16, 2017 CHBO General, Corporate Housing, Corporate Housing 101, Ideas & Tips, Value of Corporate Housing Post a Comment

Trends in Corporate Housing

Corporate Housing is an ever-changing market. While there will always be a market for great locations and great values, economic and generational trends have a big impact on demand.  As our society and the people in it change and grow, our needs and wants change with it. One of the keys to success for corporate housing owners is to understand and adapt to these trends.

Corporate Housing Trends

One trend is a greater level of certainty in choosing a rental property. Today’s corporate clients are more likely to remain in housing longer while making sure they’re satisfied with their housing choice. More and more time is being spent in researching nearby schools, neighborhoods, entertainment, and conveniences. To best adapt, you should play up the advantages of your specific property, whether it is a short commute to work, a scenic location, great schools, or local entertainment.

More specific to that last point, today’s tenants are more aware of work-life balance, and this is leading to a greater awareness of the types of recreational options that are found in the area. When describing entertainment and recreation in the area, be sure to note a variety of different types of recreation around your property. For example, point out parks, trails, beaches, bike paths, notable restaurants, shopping, fitness centers, museums and art galleries, etc. to give interested renters an idea of the types of fun and relaxing activities your home’s area has to offer.

Millennials surpasses Generation X

In 2015, Millennials eclipsed Generation X as the largest part of the workforce. Many of today’s corporate rental tenants are Millennials. As a generation, they have experienced greater access to different styles of housing than generations before. Millennials also tend to be more individualistic on the whole; and this has led to greater demand for uniqueness in rental housing. The “one size fits all” approach isn’t working, so consider unique architectural and interior design styles and decorative elements.

Another aspect is the ever-increasing amount of information out there. Corporate renters and clients have access to a wealth of information on housing options, and are spending more time researching options online. It is important, therefore, to stand out by emphasizing the good points about your rental and being more visible online via SEO and Content marketing. CHBO can help to make sure your property is as visible as it can be in major search engines.

One thing is certain, times change. As an owner of corporate rental property, it is vital to look for trends like these and adapt your property to meet the needs of your audience.

 

Feb 23, 2016 Corporate Housing 101, Real Estate Investing, Value of Corporate Housing Post a Comment

Trends: Corporate Housing Real Estate Report

After two decades in the corporate housing real estate sector, I’ve come to appreciate and respect the importance of watching trends and studyinAnnual Real Estate Surveyg data. As you look for ways to be more successful with your rentals and capitalize on emerging trends, our 2015 Corporate Housing Real Estate Report can help. This report contains the results from our annual corporate housing real estate survey — now in its seventh year.

Once again, we received hundreds of responses. I’d like to thank everyone who took the time to complete our survey. We appreciate your input! – Kimberly

The Need for Corporate Housing Real Estate 

As you’ll see in the coming posts, there continues to be a strong need for professional corporate housing real estate rentals from independent property owners and managers like you. And personally, I believe the clients who need this type of lodging are very different from those who want a shared rental or an extended stay hotel.

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