You may have thought of getting into the rental market and renting your home to tenants. If you are interested in short-term rentals, you have another option other than renting to tourists. You could also rent your home for corporate housing. This is a great idea if you have a luxury home or condo and have thought of using it as an investment property. You could opt to buy a secondary home to use as an investment as well.
Here is some information on how you can rent your home for corporate housing.
Find Your Market Niche
The first step you need to take before renting your home as corporate housing is to determine what your market niche is. You could cater to construction companies who need to house their workers on major projects for months, or you could offer services for high-end corporate clients whose workers need to stay for weeks or even months in a city to complete projects.
Once you know what market niche you are targeting, you should get to know your target clients and their needs. Do some research on the type of housing your niche market clientele usually rent, and then organize your home to match their needs.
Once you have a good understanding of your market niche, then you need to market your home to those clients. You can do this through a real estate agency, a corporate housing service, or on your own if you wish.
Once you have your marketing set up and your home in perfect renting condition, you need to find clients. Do a search in your area for your market niche clients. Make a list of a few companies you would like to contact to see if they would be willing to contract with you. If you go through a real estate agency, they can help you with contacting clients or even recommend some to you.
Write letters and direct them to the Human Resources department of each company and let them know what you are offering and why they should choose your home to rent instead of other options. You can find companies also through networking sites like LinkedIn, Facebook, or other websites.
Know Your Terms But Be Willing To Negotiate
Once you start talking to potential clients about renting your home for corporate housing, you should know what your contract terms will be. Does the company need to rent your home for a certain period of time? Are you going to offer a stocked kitchen or food delivery services? Does your rental price include cleaning or car service? These are items you can present to potential clients that could appeal to them.
While it's a good idea to have set terms, be willing to negotiate on certain things as well. Talk to each company and get a feel for what their needs are. You might be willing to offer discounts if the company will have tenants there long-term, or they might need a car service and is willing to pay extra for it.