You hear the name Philadelphia and think of early American history. Ben Franklin, the Liberty Bell and the Constitution are all concepts directly related to the city, and yet it is one of the most thriving places in terms of economic expansion, education and growth. In fact, according to one set of statistics, Philly’s job growth is currently “enjoying the longest period of economic expansion in the last 50 years. In 2017, the city added 10,700 jobs.”
Though it might seem as if that growth would focus on limited segments of the overall market, it is in fact quite diverse. As that same set of data relates, the market includes business and financial services, information services, real estate, education, health services, education, hospitals and more. For instance, “15 colleges and universities and five hospitals, [account] for 20% of Center City employment. Entertainment, leisure, hospitality and retail provide 16% of downtown jobs…[and] Federal, state and
local government employment provides 12% of Center City jobs.”
This makes it a very wise market for investment in corporate housing. In fact, that is supported by the statistics relating to new homes in the city, with “the construction of 2,680 new apartments, single-family homes and condominiums” appearing in 2017 alone. Most point towards the downtown and Center City area as the best choice. Not only is there where so much of the city’s business and tourism activities occur, but also because it is home to much of the historical and cultural life of the city.
Landlords lose money when their rental properties go unoccupied, but they risk losing even more if the empty property is burglarized. And tenants want to feel safe and secure in their rental homes. Modern security systems can satisfy both: They make it easy to monitor rental properties and they also have the added convenience of remote management of locks, temperature control, and much more. Here are a few basic features landlords and renters should keep in mind when choosing a system to help secure their furnished rental home.
Do you know how to properly photograph your fully furnished rentals to their best advantage? Most property owners are unfamiliar with the long list of tips and tricks that can make even a small room look amazing. While we don’t recommend that you ever try to use a bit of visual trickery to enhance the appearance of a corporate rental (as this could lead to a negative review), we strongly urge anyone with fully furnished rentals to do their best to photograph them effectively.
It is why CHBO offers clients access to professional photographers for their corporate rental listings, and why virtual tours are also strongly recommended. In fact, you can use the site as your one-stop resource for the best photos and YouTube and online videos that give website visitors a virtual tour of the entire property.
Is it worth the effort? In an article from a few years ago, we mentioned that “81% of U.S. tenants use Virtual Tours as a resource when they are considering a rental property. And that only 15% tour the property in-person.” In that same article, we went over the reasons that your property listings for fully furnished rentals shouldn’t really be considered complete without that sort of enhanced view of the property.
Online Open House
As we pointed out, not all potential renters have the ability to pay a real world visit. In fact, since you are offering a corporate rental, the renter may be hundreds or even thousands of miles away. The use of the virtual tour gives them a very realistic experience of a walk through, and allows them to get an accurate feel of the entire space.
This could be the key to having your fully furnished rentals booked more regularly than listings with only a few static, still shots. In the article on virtual tours, we explained that you could use a smartphone or video device to do your own walk through and then just use the YouTube site to create a link to your tour. You can also use dedicated apps that offer panoramic views.
The point here is that whether you choose the DIY options with apps or rely on the full services of a firm like CHBO, it is important to use virtual tours for any corporate rental. Give yourself a bit of an advantage, let your clients get a more accurate experience of the property, and see how just that little bit of time and effort can really pay off with more frequent rentals.