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.
The fifth most commonly used resource is the CHBO corporate housing report as it directs owners towards the most viable resources and methods. If you are interested in applying the information from the report to your efforts, we recommend joining the CHBO Certified Program.
There are many reasons that travelers make extended stays in specific cities or regions. Though many might experience a “knee jerk reaction” of thinking about booking their stay in some sort of hotel or property designed for extended stays, many are reconsidering. Instead, the ever-increasing trend is toward booking stays in CBHO or corporate housing by owner properties. There are many reasons, and these include:
- Hotels and extended stays are typically far more expensive.
- Most extended stays are designed for convenience and for business travelers only, this can make them extremely cold, generic and very uncomfortable. For example, imagine eating, sleeping, and relaxing all on one big space for weeks or months on end. Imagine uncomfortable and un-homelike furnishings.
- Essential services are not part of the rate of most extended stays and this means that, in addition to already being more expensive, there are further costs. For example, laundry means going to a Laundromat yourself or paying someone a high amount to do it. With furnished rentals, the machines are there and you can do loads as you watch TV and make a delicious home-cooked meal
- Travelers in CHBO properties begin their stay with a friendly greeting by a property owner or local. This is much more sincere and appealing than the front desk people who may have a sort of “canned” smile and who must be polite as it is part of the job. With CBHO, you meet a host who looks after your needs and puts a much more humane face on everything from service calls to departures.
- A CHBO property is not a “branded” property. The owner is not trying to sell anything extra, and so your weeks or months are just as they are at home, and without a constant flood of brands and products being promoted at every turn.
- CHBO properties are often much larger and roomier. Whether on your own or with fellow travelers, an authentic home provides you with a lot more living space with both indoor and outdoor living spaces.
- Most CHBO properties also allow you to bring pets, and this can be a tremendous advantage whether traveling alone or with a group; further ensuring it feels like a home away from home.
- Finally, hotels and extended stays are always chosen for their convenient locations. Close to business parks or major business areas, they may not be the nicest places to remain for weeks or months at a time. CHBO properties typically appear in actual housing areas including apartments, neighborhoods and subdivisions.
Travelers have consistently proven that they like the idea of a hotel’s customer service, but on almost all other points, they would rather be in a more private, home-like environment. This is why there has been such a surge of interest in CHBO properties. They let visitors enjoy the same convenient locations but in much roomier, more comfortable and more appealing settings, ensuring a stay is as satisfying as possible.