Important Criteria to Consider When Evaluating Property Management Companies

property management services

It may seem that managing furnished rentals would be a pretty easy job, but most who attempt it as a DIY venture soon come to regret doing so. This is because it can be quite overwhelming, and even just owning and operating one or two furnished rentals or corporate suites can quickly take over your days and nights. It is truly a non-stop activity, and even those who are great at time management struggle to make it work. This is why many decide to work with a property management company.

property management services

Choosing Your Provider

As you might already know, no two businesses are alike and where property management companies go, you have to spend some time determining which among them is the best fit for your needs. Let’s look at some of the criteria you should consider when hiring a firm to help with your furnished rentals and/or corporate suites:

What is their actual workload?

A company that seeks to take on your furnished rentals should have no problem admitting to you the number of properties they currently manage. If they keep this a secret, look elsewhere. You need to know how many people they have available at any time to help with your corporate suites or other rentals. A recommended ratio is to have one trained staff member to every 30 or so furnished rentals.

Will they be able to screen and choose tenants based on your goals or needs?

You should have an idea of what you want done before renting the property. A good property management firm will listen to what you say and then explain whether that works with their model. For example, you may say you want background checks on identity, rental histories and credit scores. If they are unwilling or unable to handle that, you need to move to your next candidate.

Which steps in the rental process do they handle?

Are they top to bottom managers; interviewing, screening and working with tenants as they move in? Because you are going to want to be hands-off, you need to know that they are going to be good at communicating and working with tenants, handling issues, managing rent collection and more.

What are their costs?

We all know that there is a lot of truth in the saying that you get what you pay for, and when you are searching for a good property management firm, you just cannot start with the costs or fees associated with their work. You also have to consider factors that demonstrate their value. For instance, are they incredibly busy? It is a sign they are good at what they do and popular with other land owners. Do they have low occupancy rates? If so, that too is another good sign.

What it boils down to is simple: If you take the time to find a skilled and flexible provider of property management services, you see better profits and enjoy peace of mind; knowing both your properties and tenants are in good hands at all times.

How to Welcome Pets in Fully Furnished Apartments for Rent

Pet friendly apartments

As someone with fully furnished apartments for rent, you may balk at the idea of allowing a constant stream of renters with pets to stay in your properties. Yet, national corporate housing statistics reveal that roughly 40% of rentals are pet friendly, and this has helped them to remain fully booked, or booked more often than before.

Pet friendly apartments

Naturally, there are a few ways to approach the issue, and ensure that the fully furnished apartments for rent emerge without any need for in-depth cleaning, repairs or replacements due to pet damages.

Advice from national corporate housing owners typically includes the following steps to ensure the best results when you rent a furnished apartment to someone with pets:

  • Limitations are fine and allowing one small dog and up to two cats is a good policy
  • Security fees are anticipated, so be sure you calculate a reasonable deposit per pet or rental
  • Think about the possibilities, beginning from the floor and upward. You can do a lot to protect flooring, furnishings, walls and moldings from any damages. Consider the finishes on the floors, add door mats to catch debris caught in paws and shoes and even treat more rugged upholstery with stain blocking agents.
  • Think fragility. You may like offering fully furnished apartments for rent that feature your collections of trinkets, books or other unique items. However, they are breakable or tempting to pets. It’s best to leave those out of the mix.

With just those few steps, you can make your apartments for rent welcoming to pets and to your bank account, avoiding damages and potential issues for all.

How to Delight Guests of Your Corporate Furnished Apartment

Corporate housing rental keys

When people travel for work, there’s often a stressful reason behind it. For example, it could be for an important project, relocation, training assignment, or a medical professional or professor bringing a particular expertise. Small wonder then, that tenants looking for their own short-term housing tend to look for the least stressful option. They want something close to work, with the amenities they need and convenient shopping. For corporate renters, it’s even more important, then, to create a relaxing environment that not only meets their needs, it exceeds them. And in a market with significant competition, the little things you do to delight your guests can make your property memorable and earn great reviews and repeat customers. Here are some steps you could take throughout the process to really wow your guests.

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The Executive Stay Pre-Booking Process

It starts with a well thought out, professional offering. Have you chosen a property convenient to tech, medical, and universities districts? These are the most common types of tenants and by doing so you’ll have the best chance of giving tenants a short commute. Be sure your listing is thorough, includes a professional description and plenty of certified photos. Clearly communicate your properties amenities and your expectations of tenants.

Another good idea is to provide details of local activities, events, restaurants, and culture. You could create a general guide with a map of locations or a walking tour, guiding your guest to local or “off the beaten path” stops – including why they are important to you and to the area. Remember that you know your city better than they do, so they’ll appreciate your local expertise and the time you took.

When a lead emails or calls about your property, be available. The best bet is to answer your call, but at the least plan to call back within an hour. When the lead wants to make a reservation, the easier it is for them to pay, the more confidence they’ll have in your professionalism.

After-Booking and During the Stay

Now that you know a bit about your guests and why they are staying in your city, you can personalize their visit. Visitors with pets could be guided to local dog parks, families with babies could arrive to a stock of diapers; those with kids pointed to child-friendly activities, singles could be guided to the best places to make new friends. The point is to put a personal and thoughtful touch on their experience. It doesn’t need to be expensive, but it does need to add to the sense of “home” that they are seeking by booking a corporate apartment instead of a hotel.

Just before their arrival, check in with your guests to make sure they are all set and have what they need, and let them know you’re looking forward to their arrival! When they arrive, this is the key moment where you can truly impress them with a warm welcome. A gift basket, note, bottle of wine, or other gesture makes a great first impression.

During their time in your furnished apartment, try to show guests that you go the extra mile. That could mean better furnishings and consumables such as high thread count sheets or high quality cookware, or it could mean making sure your property is turned over well – cleaned and fully maintained to minimize the chance of arriving to a still-dirty home or to a broken appliance that was promised. If there are questions, comments, or concerns that the tenant has, listen and respond quickly and meaningfully.

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After A Stay in Your Corporate Apartment

Ask for feedback within a few days of your guests’ departure. They’ll appreciate the chance to let you know what went right or wrong, and even more so if you are genuine about righting any wrongs they experienced or simply trying to improve your offerings.

Ask for a review from clients you’ve delighted – referrals and reviews are a powerful engine for ensuring re-bookings and new leads. Loyal customers will return and see you made positive changes based on their feedback.

It’s The Little Things!

Taking small steps like these doesn’t have to time consuming or expensive. But doing so can make the difference in a happy client who will sing the praises of your executive rental, and one who will make sure no one else make the same mistake. Find tips like these and so much more in the CHBO Corporate Housing Handbook, a $30 value available free to download.