I am planning to buy at lest 3 to 5 well located properties by downtown and rent as short term executive rentals. Anyone have experience doing this and have you ever used Corporate Housing by owner?Does it help?Can you get a lot more mone doing corporate furnished rentals vs unfurnished?I want to increase cash flow but DONT want to do the 2 days airbnb thing…sick of that.
Corporate housing around here gets top dollar. Speaking again about the Boston area, the places must be furnished and furnished with nice stuff. There must be all matching dishes with no chips or discoloration, polished silverware, high count linens, enough towels that all match, very comfortable mattresses, side tables with proper lighting, etc. Fitting out a corporate housing apartment is not inexpensive at all and of course, one has to be quickly able to replace wine glasses, chipped plates, burnt pots, etc.
Most companies seem to use a broker to locate housing for their employees. You might see if you can find such a broker and get their suggestions about how to outfit your homes. Back in the day, these brokers had a checklist of everything that was expected to be available in the kitchen, living room, bath, and bedrooms. Very helpful… you might forget to buy a can opener or martini shaker.
I’m going to be retired so I will be managing the corporate rentals. It will be quite a bit easier than Airbnb in my opinion because I will not have to flip the room 10 times in one month. Also corporate housing brokers charge an arm and a leg to manage if I am already in the same city I Can do that myself and save that money
I wasn’t suggesting that you hire them, only get their “amenities” checklist.
My Winston Salem, NC, USA rentals are a blend of corporate rentals for “new to the area” new hires or promotions, travel medical professionals (90 day), “just sold my house; need a place to stay while I purchase another one”, and traditional Airbnb short stays.
I definitely earn more with less work on the longer term corporate rentals.
@smtucker is correct. It is a different market with higher expectations. For example, one guest complained that my wine glasses were the generic all purpose type instead of having different styles for different wines, plus were not of a very high quality.
I don’t remember if @smtucker mentioned the housekeeping expectations can be high and need to be clearly defined at the beginning of the rental.
I think part of the reason for the higher quality/amenity expectations is because it is the home standard to which they are accustomed. Company paid relocations tend to be the higher paid employees.
My last corporate guests purchased a huge, luxurious home in a beautiful neighborhood. My condo is very humble compared to their home. My goal is to provide a place that is comfortable, safe & meets their short term needs.
I hope you have a successful venture. BTW-thank you mentioning the Corporate Housing by Owers website. I looked at it & it is appealing.
Thankyou for your response. I feel that Airbnb has thrown me under the bus by making my listing basically non existent overnight. I no longer want to be at their mercy. I think I will do fine at Corporate rentals.Im researching now ;Im selling property soon and will have to reinvest a lot to avoid taxes.I have lots of equity so it should be easy to see large profits if I stay on top of the business. I will be retired so I can put in the time that is needed…