Did you know that the market size of corporate housing in the U.K. is estimated at £575 million, upwards?
That’s a lucrative market to get into, especially if you’re a Built to Rent (BTR) owner like Vertus. Even if you don’t want to delve into it wholeheartedly, it’s worth considering starting with a trial period with a few of your assets and then slowly growing your portfolio in this market.
But, to tap into that requires access to the proper channels, the right technology and knowledge of the right steps.
To help give you an upper edge on entering the corporate market, today at TrustedStays, we will provide some insider knowledge about why you should and how to access the corporate market as a BTR owner.
What are the benefits to a BTR owner like me?
There are more advantages to opening your property to the corporate market than you think. By simply reaching out to corporate tenants, you could gain the following:
Build a community of guests and tenants
With corporate tenants, you’ll have more of a clue of who you will get staying with you. Working professionals who are looking for flexible lets to accommodate their work-life are more likely to be reliable, and you can fully vet them first.
Unlike other platforms like Airbnb, you know who you’re getting to stay in your property in advance. Not only do you have full control over your rental, but you’re also less likely to face disturbance by children or tenants wanting to host parties in your property. Professionals are easier to trust.
While flexible rentals may have a higher turnover of guests, they’re more profitable per night than long term rentals. With them, you can charge more for shorter stays than you do per nightly stay with a long term rentals.
By using platforms like ours at TrustedStays, you get greater exposure of your developments at no extra cost. For instance, if you have professionals staying with you for a few weeks, this could convert into a longer arrangement in the future. Similarly, they may speak positively about your properties, referring them to other professionals, acting as a form of word of mouth marketing.
Filling voids and empty assets
You’ll have the opportunity to fill your assets when they’re usually empty. Therefore you can add to your annual income from the quieter periods alone.
You have full control
When listing your development, you are free to state your own terms for potential tenants. The requirements you set, like minimum duration and cut-off time for bookings, will allow you to have bookings that compliment your financial interests.
For instance, you won’t need to worry about your guests staying for a couple of days or that extra housework for that matter, as you’ll set your own minimum stay terms. And, if you do want to open your property for a shorter duration over a few days or up to months, you can still do that with TrustedStays.
You can also state the tenant type, bills, payment methods, etc. As the owner, you have the final say on who enters your property, which assets of yours are open to flexible lets and any restrictions you want to enforce for short-term guests. For instance, you might want to provide only certain guests with access to the onsite swimming pool or gym.
How to access the corporate market
Here are some practical steps to follow if you want to open up to the corporate sector:
1. Partner with a property management company
It could be worthwhile for you to team up with property managers like Under The Doormat and Guestready. That’s if you’re not familiar with, or do not have the time and resources to manage flexible lets.
Property management companies like these streamline your day-to-day management of flexible rentals by offering services under one umbrella, such as housekeeping, check-ins, guest communications and more. Doing this can save you time to focus on the other core areas of your business.
2. Furnish your property
To attract corporate tenants, you must make your assets look attractive. Therefore you’ll want to furnish them with the basics such as kitchen utensils, equipment, decorations, bedding, household items and more.
You’ll want your prospective tenants to be able to envision themselves staying in your property. The more comfortable you make it look, the more likely they will want to rent it, filling up your quieter periods.
3. Select the right assets
There are a few things you should take on board when deciding which assets to move from long-term tenants to flexible lets. For instance, you may want to think about separating your flexible rental guests from long term tenants by selecting assets in certain areas of your developments for flexible letting. Trialling flexible lets on less lucrative assets is also a proven strategy, or you can focus on filling voids in your developments. You have the scope to see which strategy is the best for your business.
What property management companies can do for you?
By having the right property management company, you can save a lot of time and money while offering flexible rentals. They do this by helping you with the following:
Help select the right distribution channels
Property managers would regularly upload and update their portfolios on platforms dedicated to corporate clients and other audiences you’re interested in. You gain greater exposure, and a higher chance of your flexible let being rented than if you were to do this on your own.
Owning check-ins & guest relations
Property management companies often use cloud-based software that helps you manage your reservations, bookings, billing and reporting from one place. They would handle your guest communication from pre-booking during their stay and give them onsite support.
Help increase your ROI
Property management companies help manage your occupancy rates and strive to increase them. You would work together to hit the targets and ROI that you are aiming for. As a result, you are likely to see a growing rate of success.
Keep on top of existing legislation
It can be incredibly time-consuming and exhaustive to keep on the maintenance and ensure the right checks are conducted for your properties. For instance all the updated safety checks, fire regulations, electrical system checks, maintenance, repairs, deposits and more, can make it tiring to do. Property managers can remove this burden by doing this for you.
How can TrustedStays help?
At TrustedStays, we have a track record for providing Built to Rent owners opportunities to increase their capacity and revenue stream. We’re not your typical platform and we’re proud of that. In partnership with the Short Term Accommodation Association (UKSTAA) and the UK Apartment Association (UKAA), TrustedStays only accepts verified professional and accredited companies and operators in order to deliver quality, safe and accredited properties to the corporate market.
Plus, our reach is extensive; we have an ever-growing database full of national and international corporate companies which we serve. Some of our companies and professionals we work with are:
- Relocation partners
- Government workers
Therefore, simply showcasing your assets to our customers guarantees you get a working professional to stay in your property and maximise your occupancy during quieter periods. And on top of that, you don’t have to pay any set-up or listing fees for any of your properties! As well as listing your properties, TrustedStays can connect you to a suitable, professional and accredited property management company who is part of UKSTAA.
To summarise, by collaborating with us, you get greater exposure to the corporate market through our platform and help with finding a professional property manager. You save money and time as your daily tasks are streamlined. Most importantly, you stay in control and can still dictate your own terms for your rental.
Take that next step towards gaining greater exposure to corporate customers by choosing TrustedStays today.
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