If you wish to rent your house as corporate housing, you need to understand a few things before doing so. These include understanding why renting your house as corporate is a good idea.
If you decide to rent as corporate housing, you’ll earn more profit. Landlords can charge higher rent because businesses usually ask for specific requirements for their employees’ needs.
You can justify a rent increase if you meet these specific requirements and standards. The rent can be more than 2 or 3 times the usual asking price making corporate apartment leasing a good business venture considering that the market growth rate is 4.44%.
So, what should you know to successfully rent your house as corporate housing? Here’s a step-by-step guide that will prepare your house for corporate clients.
1. Understand Corporate Housing Concept
Understanding the concept of corporate housing is the first step to successfully attracting the right business. Corporate housing involves providing fully furnished housing to corporate customers.
The housing should include housewares, furniture, electricity, cable, water, and phone. The tenure of occupation can range for 30 or more days. Landlords can look for corporate clients or work with corporate housing companies to find customers.
Corporate housing enables employees to work from any location while experiencing life in a new city. We all know how difficult it is to find suitable accommodation in big cities, be it for relocation or training. It is during times like this that corporate housing options come in as a god-sent. A company can organize for its employees to relocate to big cities like New York by searching for corporate apartments New York. A search of this kind leads to the best apartments in the city.
These apartments also cater to the unique needs of employees and their families, allowing them to adapt to their new environment. This gives employees peace of mind as they settle into their new jobs.
2. Know Your Target Market
Knowing your target market helps you find clients who can afford your rates and take care of your property. For example, targeting demographics will help attract the best and most qualified tenants.
Focusing on demographics also leads to clients from the demographics necessary for corporate rental apartments. Have a formal process for accepting the right clients and continuing ones.
A formal process that enables you to get the best customers is important for business continuity. This is because the wrong clients can drive away good ones. That’s why knowing your target market will help you reach the right customers.
3. Market Your House as a Corporate Housing
Marketing your house for corporate housing first involves finding businesses in your area that need your services.
After thoroughly researching, decide whether you will market to them directly or through corporate housing companies. If you want to market directly, consider the following.
Know the Location of Your Property
Understand the location of your property and the benefits of that location. If your property is in a big financial district, you should focus your marketing and advertisements on publications and business websites.
Write a Listing
After identifying companies that need housing for their employees, you can email the company’s HR. LinkedIn is a good platform for reaching out to companies and their HR.
Write a listing to HR depending on the kind of clientele you are targeting. For example, if you’re marketing your property to medical professionals, you can describe the property’s surroundings and accessibility.
Is it located in a quiet, peaceful, and convenient environment? The environment should be suitable for people working long hours and sometimes under pressure.
If you are marketing corporate apartments for rent to tourists, explain how the apartments are near exciting sites that are probable tourist visiting spots.
Reach out to Clients Online and Offline
Targeting tenants’ demographic allows you to know where they hang out. Identify the social media platform where most of your clients spend their time and engage them with details about benefits of your corporate housing.
Spend time with potential clients online and offline. Identify the things they like and their habits that will help you understand their needs better.
Understand Customer Needs
Understanding your customers’ needs helps to provide the best customer experience and increases your customer base. According to statistics, 72% of satisfied customers will spread the word to 6 other customers who need your services.
More recommendations from satisfied customers lead to higher sales. For example, find out the prerequisite adjustments your house needs to match the standards of the company you are serving. This helps improve customer experience. Some companies may require you to:
- Stock your kitchen with basics like beverages and specific food
- Provide household supplies like toiletries
- Offer cleaning services
- Provide internet and TV
4. Consider Luxury Apartment Needs
Some companies may have high-profile employees, and their needs might be different. For example, your property may need luxurious items like a gym or pool and services like transportation options. Other services include security, mail delivery services, and organizing for food delivery or chef services.
Luxury apartments may also require designer furniture and specific decor with your client taste in mind. Offering such luxury housing services will cost you more, but you can always charge a premium, which increases your profit.
5. Agree on Adjustments and Price
After a client expresses interest and commits to corporate apartment leasing, you need to agree on the total price.
Renting your house should include the cost of adjustments or house upgrades. This includes the amount of money you spend on upgrading fixtures.
6. Provide Productivity Oriented Space
Corporate apartment leasing mostly targets professionals who might need to work from home. Make sure your home has a productivity space that employees can enjoy.
Some employees might be attending training while other clients might be relocating. These two reasons account for more than 54% of the corporate housing market.
Professionals in technology have a higher demand for corporate housing, so make sure you understand your customers’ needs. Well-designed office space will cater to these needs.
7. Offer Flexible Rates
Flexibility allows you to charge rates according to market activity. The varying prices resulting from changes in demand and supply enable customers to find a price they can afford.
This pricing strategy should allow for negotiation of your services for basic, mid, or luxury level apartments. Consider offering your clients flexible rates.
8. Make Tenants Feel at Home
Providing privacy and security makes corporate rental apartments feel like home. Let the tenants enjoy the safety and warmth of the house. This means providing efficient property management.
The assurance of a dedicated manager who is available 24/7 gives your customers peace of mind. If there’s any problem, tenants know they can reach a professional property manager anytime.
9. Expect More Success
Targeted marketing and providing what customers need leads to more success. Conducting a targeted marketing campaign means you get more qualified applicants.
These are high-quality prospects who are ready to engage your services. You save time identifying and engaging qualified prospects and catering to their needs.
Providing your house or corporate apartments for rent is a great way to make a good income, but you should know the requirements. The first step is understanding the concept of corporate housing and knowing how to market your business.
After finding a customer, you need to understand their needs and provide an excellent experience. Remember to maintain a good relationship with your customers, so they become your brand ambassadors.