Tips to Make Your Rental Property a Corporate Rental


October 19, 2018

Do you have a newly built or recently renovated property in an urban city? Is it near the city center, financial district, major attractions, public transit, hospitals, the airport and entertainment venues? If you are considering leasing your property, pursuing the corporate housing option might be a good fit for you, especially if you answered yes to these questions. Leasing your property as a corporate rental can be more profitable than going the traditional route. And with the value of your rental being higher because of its location, you can charge higher prices. Lastly, business travelers tend to treat rentals with care, which results in less wear and tear on your property.  Here are some tips for converting your property into a corporate rental.

 

Furnish the apartment

The decision to take your property rental and convert it into a corporate rental means it must be furnished. If the apartment is already furnished then consider making some upgrades and bringing in more amenities. Additionally, buying new furniture pieces and updating the decor and design of your place is also a wise decision. Future renters who are traveling for business and other types of professions, choose corporate housing because it’s comfortable and feels like home to them. Rather than staying in a hotel for weeks or months at a time, a corporate rental offers more square footage, more amenities, and complete customer service. A home away from home if you will.

Upgrades and amenity ideas:

  • Washer and dryer
  • Jacuzzi tub or a rain shower head
  • New kitchen appliances
  • Home office or workspace
  • New flooring

Design and decor ideas:

  • Make the decor gender neutral
  • Avoid selecting white-colored furniture pieces
  • Choose practical, comfortable, and modern furniture that is high quality
  • Add flat screen TV’s to the living room area and master bedroom
  • Use tasteful colors to paint the walls
  • Include art pieces throughout the home
  • Buy all new bedding, towels, rugs, bathroom and kitchen essentials

 

Create a property manual

man in blue button down shirt holds a large open book and reads through a manual with his finger on the page

The majority of your target renters are likely coming from a city or state other than where your rental is located. It might even be the first time they have visited your city, let alone lived there. For these reasons, creating a helpful manual for them to navigate your property as well as the city is an important step to take. This will enhance how move-in ready your property is.

To complete your manual, consider including some of the following suggestions.

  • A “how-to” section: provide instructions about connecting to the internet, using the remote controls, the thermostat, any complicated appliances or other devices.
  • General property information: where and when to take the trash out, whether there are recycling bins available for use, parking space number and fob/sticker for accessing the parking garage, hours of the on-site gym, spa and pool if applicable.
  • Neighborhood profile: include a list of transportation options, local parks, grocery stores, restaurants and bars, pilates and yoga studios, running and biking trails, urgent care centers, and hospitals. Also, including a neighborhood map would be useful as well.
  • Activities: include a list and the addresses of sporting event venues, movie theaters, concert halls, shopping malls, other entertainment options, and local recommendations and advice.

 

Make sure everything works

man with brown hair wearing a blue and white plaid shirt is replacing the battery and fixing a smoke detector that is attached on the wall

After you’ve made the necessary upgrades and additions to your rental apartment take some time to see if everything works and operates as intended. Walk around the house and perform the following tasks.

  • Replace the batteries in the remote controls, the wall clocks, and anything else that requires a battery. Also, include some extra batteries in the house somewhere for your tenant to use should they be needed.
  • Plug electronics in, turn on and test out the appliances, flip on all the light switches to make sure the bulbs are still shining brightly.
  • Run the dishwasher with the new dishware and silverware you purchased to make sure it works and there are no leaks or issues.
  • Wash the new sheets and towels you purchased to test out the efficacy of the washer and dryer.
  • Connect your phone to the WiFi to ensure the internet is on and working at optimum speed.

 

Consider working with a property manager

One of the benefits of corporate housing for tenants is the customer service and management that comes along with the monthly rate. You know it’s time to consider working with a property management company like Blueground when any of these situations apply to you.

  • Have several other properties or rental units.
  • You don’t live in close proximity to the property.
  • Don’t enjoy the management aspect of renting your properties.
  • You don’t have a lot of free time.

Having a corporate rental can be lucrative and attract some very professional and considerate tenants. Conversely, this kind of rental might only attract short-term tenants, compared to a traditional rental with a 12-month lease term. Some landlords may not like the idea of gaps in rental income. However, when you rent your property with Blueground, we are responsible for keeping your rental occupied, with a guaranteed rent payment. Blueground gets your apartment space ready for senior business executives by bringing in premium furnishings, pairing up your apartment to our Blueground App (with a neighborhood guide) and providing round-the-clock customer service.


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