Are Tenants Responsible for a Corporate Rental’s Maintenance?

As a tenant in a rental property, you may think you’re off the hook when it comes to taking care of or maintaining your rental property, after all, you don’t own it.  Chances are, however, you are dead wrong! While a rental property’s owner is responsible for most maintenance issues, you have a responsibility, as a tenant, too. Let’s talk about what the property owner and the property tenant are each responsible for: Property Owner’s Responsibilities The property owner is responsible for the property’s plumping, structural integrity, wiring, lighting, smoke detectors and ventilation. Further, a corporate housing landlord is...

Addressing Travel Insurance Objections with Tenants

You know it’s in your tenant’s best interest to buy travel accidental rental damage insurance, but few do it for various reasons. That’s when it’s the landlord’s job to coach their future tenants on their options. As a corporate housing landlord, here are some common objections you’ll get from tenants and how you can respond to each objection: Objection 1:  I haven’t experienced problems in the past. This is where you should remind them that their past experiences don’t predict future incidents. Just because you didn’t need it for past trips and previous rental stays doesn’t mean you won’t...

Sick of Paying Security Deposits? Here’s how to avoid ’em

This blog post is for the renter or tenant who is tired of paying expensive security deposits. As you know, security deposits often tie up a large chunk of money for an extended period of time, and, on top of that, it can be stressful to ensure your security deposit’s safe return. To avoid the security deposit fiasco altogether, consider purchasing Accidental Rental Damage Insurance (ARDI). ARDI eliminates the needs for a security deposit altogether, and provides peace of mind protection to both you and your landlord. Here’s how it works: 1. In lieu of paying a security deposit...

Require a Mailbox Key Deposit for Corporate Housing Tenants

Locked mailboxes are becoming more and more popular today – especially in condo buildings and new construction. The issue is now what becomes of the mail key. If your corporate housing tenant is staying for a short period of time and doesn’t expect mail (ie, a business consultant staying in your home M-F during the week only), then we recommend you don’t give him your mail key. Most tenants will use another address to receive mail if they are staying at your property for only a temporary period of time. That said, some tenants will need mail delivery (especially for long-term...

Most Corporate Housing Landlords Require Security Deposits; Few Require Insurance

We’re continuing our blog series to share key findings from the 2011 “By Owner” Corporate Housing Report, an annual survey sponsored by CHBO to better understand the “by owner” rental marketplace. The latest report was released in January 2012 based on 2011 trends. How do you protect your property from potential loss? How do you entice a company or tenant to rent your property when a deposit is required, when these travelers can stay in hotel housing without having to pay those types of fees? It’s essential to understand what the industry standards are – and how to protect...

CHBO’s New Insurance Offering Takes the Hassle Out of Security Deposits

In today’s competitive rental marketplace, offering your guests a travel insurance protection plan is a must. That’s why CHBO has teamed with Travel Guard, the name known and trusted every year by millions of travelers and thousands of companies nationwide. As you may have heard, we at CHBO have partnered with Travel Guard to provide your guests with a positive experience with your rental property and you. But with common travel problems like flight delays, travel injuries and illnesses, unpredictable weather and lost or stolen luggage more common than ever before, a guest may end up remembering you for...

Top 5 Mistakes Made by New Property Owners and How to Avoid Them

When you choose to become a Corporate Rental Owner, you are essentially starting your own business. There are many factors to be considered in terms of compliance, tenant selection, and finances. Here are some of the most common pitfalls new property owners can fall into and the best bets for avoiding them. Using a generic or outdated rental agreement. It is all too easy to find a free, downloadable rental agreement online yet using one could do you more harm than good if you run into trouble with your tenants.  Your best bet is to work with a real...

Security Deposit 101 for your Corporate Rental

Security deposits are one of the most important tools a landlord has to protect his or her rental property. However, CHBO found that only 84% of “by owner” landlords regularly collect a security deposit, according to a 2010 by owner survey conducted by CHBO (down from 92% in 2009). Let’s discuss some of your common security deposit questions: Wondering what other “by owner” landlords are charging? Thirty four percent say they charge one month’s rent as a meaningful security deposit, while 24% charge between $500-$1000 and 22% charge between $100-500. Corporate housing companies charge, on average, $682 according to...