Say goodbye to vacation rentals and long-term tenants for a more profitable option. Corporate housing rental management could boost your rental property performance. However, the expectations are higher, demanding more of landlords.
So, when is the right time to bring in the pros? We will explore the signs to look for. Then, explain the benefits of hiring a property management company.
First Time Landlord
As a first-time landlord, having an experienced property manager for guidance is invaluable. They can explain the next steps after you buy the property. They will also alert you to potential costly pitfalls hindering your ROI.
You can also leverage their established vendor network. This will include cleaning, maintenance, and furnishing services.
Struggling to Attract Tenants
An experienced property manager in corporate housing rentals understands corporate clients' needs. They can check your current marketing efforts and provide improvement suggestions.
The Dallas-Fort Worth labor market is steadily rising. The potential tenant market is continually growing.
However, you must understand what these people want in a corporate rental. Then, highlight those qualities in your rental property.
A successful property manager can suggest creative marketing ideas to attract high-quality tenants. They can arrange for professional images and written ad content. Then, manage your online property advertising on the best websites.
Managing a corporate rental takes time. Expect higher standards for corporate clients. If you're short on time, hire a property manager. They handle marketing, paperwork, cleaning, and maintenance.
Your property manager can also handle all client communications. This improves tenant satisfaction and relationships.
Lack of Technology
About 16% of people who moved last year did so because of their job. It could be temporary housing for a business trip. Or, it could be a transition home for a permanent move. This movement represents a prime niche market.
Because there are fewer available rentals, you can charge more in rent. Yet, corporate clients expect more than the regular tenants.
While residential tenants will work with your antiquated processes. Large companies will not.
Clients expect you to be tech-savvy. Use a professional website that has a tenant portal. Working with a property manager enables you to provide this level of service.
Corporate clients can book online on their own when they are ready. You can process leasing paperwork through the tenant portal, streamlining the process. This reduces the time required to manage your rental.
Negative Cash Flow
If your furnished home rentals aren't making money, it's time for a change. An experienced property manager can pinpoint the problems. This boosts your rental's performance in the short-term housing market.
Corporate housing often has short-term tenants, like business travelers or relocating individuals. The higher tenant turnover means more marketing, cleaning, and maintenance costs. You need to account for these elevated costs in your rental pricing.
Corporate Housing Rental Management
Maximize your ROI with the guidance of a corporate housing rental management team. They assist with marketing efforts to meet the specific needs of corporate clients. Additionally, they can provide the latest technology for a professional online presence.
Let our skilled corporate property management team make your rental profitable