How to Rent My House to Corporate Housing – Tips

Commercial housing is a great option for homeowners looking to rent out their house on a short- term base while they’re down. Renting to commercial housing companies provides stability and ease compared to renting on your own through spots like Airbnb.. In this article, we will give tips on how to effectively rent your house to commercial housing and make the utmost of this occasion.

Decide if Corporate Housing is Right for Your Home

Before reaching any commercial housing companies, take some time to assess if your home is suitable for this type of reimbursement. Then are some crucial factors to consider:

Location

Your home needs to be conveniently located near corporate clients. Ideal areas tend to be business districts, hospital campuses, and universities where travel contractors frequent.

Amenities

Commercial renters anticipate a completely furnished home with all essential amenities like kitchen appliances linens, toiletries, WIFI etc. Your home needs to meet introductory accommodation standards.

Minimum Stay Requirements

utmost commercial housing companies have minimal booking periods ranging from 30 days to 6 months. Your home needs to be available for sufficient longer term bookings.

Home Size

Larger 3+ bedroom, 2+ bathroom homes tend to work best for corporate groups. Families and multi-person bookings require adequate living space.

If your home meets these criteria, corporate housing could be a good option. Those who only need occasional short term stays may be better off with individual rentals.

Prepare Your Home Properly

To attract corporate clients and bookings, your home needs to be fully furnished and equipped:

Furnishings

Fully furnish your home with beds, linens, towels, kitchenware, furniture etc. Pay attention to details and opt for neutral durable items.

Amenities

Stock up on essentials like toilet paper, soap, coffee/tea. Provide WiFi, cable TV, washer/dryer if possible. These conveniences make renters feel at home.

Cleanliness

Deep clean your entire home inside out before listing. Maintain cleanliness standards through professional cleanings between bookings.

Informational Materials

Provide welcome folders detailing home features, neighborhood guides, transit maps and local listings for services, parking, shopping etc.

Photos

Hire a photographer to capture high quality interior and exterior photos showcasing your home’s appeal and amenities. Good photos help attract bookings.

By properly furnishing and preparing your home upfront, you set the stage for a smooth corporate housing experience.

Partner with Reputed Housing Companies

Instead of independently reaching out to corporate clients, partner with established housing management companies. Here are some benefits:

Reliable Bookings

Companies have large networks of regular corporate clients they can direct consistent bookings from based on your home details.

Hassle-Free Management

They handle all reservations, check-ins, maintenance requests during tenant stays so you don’t have to be actively involved.

Vetted Renters

Companies thoroughly screen applicants and only approve qualified renters reducing risk of damages or unwanted tenant issues.

Marketing Muscle

Well-known platforms promote your home on their sites and databases ensuring great visibility and maximizing bookability.

Revenue Potential

Larger client bases allow companies to fill your home effectively and negotiate optimal nightly rates for maximum earning potential.

Do thorough research to partner with reputed local and national housing providers like Oakwood, Furnished Quarters etc. for steady bookings.

Negotiate An Agreement

Once you’ve chosen a company, take time to carefully review and negotiate the rental agreement:

Fees Structures

Understand application, vacancy and maintenance fees charged per booking in addition to nightly rates. Ask for waivers if possible.

Reservations

Clarify minimum and maximum booking periods allowed along with cancellation policies and charges on both ends.

Damages

Discuss security deposits, how costs for repairs or replacements will be determined and covered in case of tenant issues.

Responsibilities

Clearly define cleaning, maintenance and repair obligations of tenant, owner and company to avoid misunderstandings later.

Payments

Negotiate payment timelines and mechanisms – credit card, check, direct deposit etc. Request first month’s rent in advance if possible.

Get legal review of all terms before signing. Ask for revisions till fully comfortable with agreement structure.

Maintain Your Property

Even with a management company overseeing bookings, as the property owner you need to:

Availability Calendar

Communicate clearly booked and available dates on a shared calendar to avoid double bookings and reject unnecessary reservations.

Repairs

Address any maintenance issues that arise promptly to retain full functioning of amenities and appliances for tenants.

Deep Cleanings

program professional deep cleanings between bookings as per the agreed cleaning program in the warranty.

Inspections

Do periodic walkthroughs with the company to monitor property condition and address wear/tear before it escalates to damage claims.

Capital Improvements

Plan periodic renovations like repainting, refurnishing to keep your property upgraded and appealing over time.

Proactive maintenance keeps rentals running smoothly and positions your property favorably with tenants and company.

Market Your Property Strategically

Apart from relying solely on the company’s marketing, promote your property through additional avenues:

Social Media

Create listings on Facebook, Instagram highlighting photos and amenities to expand organic reach.

Industry Forums

Join corporate housing specific online communities and industry associations to pitch your property directly to members.

Referral Program

Offer existing happy tenants referral bonuses for bringing in new long-term bookings from colleagues.

Events

Sponsor local activities, fairs, expos related to corporate travel/relocation to directly get in front of potential clients.

PR

Partner with local journalists, bloggers for features showcasing your prime rental property in neighborhoods.

Strategic self-marketing supplements formal listings raising brand awareness and increasing occupancy rates further.

Conclusion

Renting your home to corporate housing through reputed providers offers a reliable revenue stream with reduced hassle of formal leasing. Careful property preparation, thorough contract negotiations and ongoing maintenance maximizes earnings potential and returns significantly. With the right planning and partnership, homeowners can take full advantage of this growing short-term rental market.