When you are building a property to rent, you want to ensure you make the most from your property. You build intending to make as much profit as possible and then continue to build your property portfolio. After all, you want to make a success from the new building that you plan to rent out for residents and there are multiple ways to maximise your profit.
Another thing you should think about is the type of renter you want on your property. It’s important to have a stable, secure resident who provides you with a decent income from the property. You could look at going down the flexible corporate rental world route. It’s a growing market with the trend being a lucrative option. As a build to rent owner, you can gain a vast income with those renting in the corporate world taking on your property. Companies want their employees near their business quarters and will opt to place employees in corporate rentals which allows them easy access to their workplace.
It’s definitely an appealing option with a lot of BTR (build to rent) owners heading into this field due to the potential profit earned in this industry. For starters, these types of corporate rentals offers a higher rental fee. Those in the corporate world are willing to pay a higher rate which means a larger profit in return. Additionally, you will have professionals staying in your properties. They are here for work purposes so are less likely to have parties and create a mess in your property. They have reputations to withhold and will want a quiet, stress-free experience while in their corporate rental. Also, with corporate rentals, it’s much easier to find further renters. Through word of mouth, you will soon have more professionals staying from the same company and in the field. Therefore, less marketing will be required with corporate rentals.
However, if you are going to consider this field, you need to take a few steps first. In fact, here are five top tips for build to rent accessing flexible corporate rentals.
1. Gain the proper accreditation
If you want to assess flexible corporate rentals, you need to seek the proper accreditation. This is so important to ensure you have the reputation that corporate rentals need to stay in your property. They will feel a lot more reassured with this proper accreditation. This certification can show your accommodation is suitable for this type of corporate travel. You can gain this easily via a company that will complete an audit and inspection. With one of these for your BTR properties, you will find it much easier to market your property as a corporate rental. It gives your home the seal of approval it needs and will leave those in business feeling rest assured that they can have a safe and secure stay in your property.
You will find that your bookings will likely increase with the accreditation. If they see you have applied and received the accreditation, you will be able to advertise with them as an official property that has accreditation. You will soon find you can place your property at a higher rate with one of these accreditations.
2. Use proper property management
If you are going to access the flexible corporate rental route, you need to make sure you are doing everything to come across as a high-end, professional business, offering the highest level of service from your BTR. One way you can ensure everything goes smoothly is to work with a professional property management company. With these companies experienced at dealing with flexible corporate rentals, they can help you to have the resources you need to make a success in this industry.
After all, you want to ensure everything goes to plan and your corporate renters pass on their good reviews to fellow professionals. A professional property management company will take over all your flexible rentals and will manage all the day-to-day business. From booking in renters to dealing with any issues that come up, they can sort it all out for you. They can help you to plan the time better and ensure your property has better resources.
3. Ensure the property is up to the necessary standard
Flexible corporate rentals are a great way to earn a higher rate with those professionals willing to pay more for the property. But if they are going to spend a higher rate, they are expecting a property which is up to a high standard. Therefore, if you are looking to move into the corporate rentals world, make sure it’s top class. From keeping it in prime condition to making sure it’s cleaned to perfection, you need to ensure they think the property is worth it.
Putting in extras that will be suited to employees is a good idea. From desks to storage, they will appreciate these added extras from the accommodation if you are going down the flexible corporate rental route.
4. State your terms clearly
You need to make sure you make it clear you are going down the flexible corporate rental route by stating your terms clearly. You want to advertise your property with this information with your terms stated clearly for professionals. For instance, if you only want renters staying for a minimum of 7 days, you need to put this clearly.
You need to write precise instructions so there is no confusion. The professionals need a good idea of exactly what you are offering for your place so that they don’t make an error of booking if they will be unable to follow the terms.
5. Price it competitively
You need to do some research when accessing flexible corporate rentals. Look at the different prices of corporate rentals in the area and beyond so that you gain an average of what properties like yours are renting out for. That way, you know exactly how much you gain from accessing flexible corporate rentals.
As we have discussed before, the higher the rate corporates are willing to pay when staying in these types of rentals. So take this into account when looking into this type of accommodation. But saying this, don’t charge your flexible rental units too highly, especially if you are entering the corporate rental world now. Build up your flexible rental reputation first then start to raise your prices.
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