As a new corporate housing landlord, you’re eager to begin generating a robust stream of revenue by targeting traveling businesspeople seeking fully furnished accommodations. However, to succeed in this area of real estate, it’s critical that you understand how to make the most of this unique investing model, according to business expert Brian Ferdinand in a recently released article. Let’s take a peek at what you can do to increase your chances of success in the corporate housing investing world.
In the recent article, Brian Ferdinand, the managing partner of CorpHousing Group, explains that a major reason why travelers choose corporate housing over other types of housing, like hotels, is that it offers ample space for spreading out during an extended trip. However, even a large space that you offer to tenants through your corporate housing business will be frowned upon if it’s not up to your tenants’ cleaning standards.
The reality is, few things are worse than opening the door to a rental unit and seeing how unclean it is. For this reason, it’s paramount that you get your unit professionally cleaned after each guest stay. This will add a professional service touch to your property—one that will keep your tenants feeling comfortable time and time again.
Getting your property professionally cleaned is especially important during the current COVID-19 pandemic, as many travelers won’t stay in your property unless they know that you are following Centers for Disease Control and/or local public health guidelines for sanitizing accommodations.
Mastering Your Market
The market for corporate housing today features great variety. Thus, it’s paramount that you concentrate on a particular demographic if you want to excel in this market.
For instance, you may want to target the construction worker who will have to spend two weeks in a new area completing a project. Alternatively, you could target a high-profile attorney who plans to spend a few months litigating a big case in the city where you own a corporate housing rental unit.
The type of client you target will ultimately dictate the types of amenities you offer. Likewise, it will have an impact on the design and style you choose for your property’s décor. In addition, your target client will influence your property’s price point.
The more precise you are in targeting a specific type of client, the greater your chances of experiencing constant revenue flow in the months and years ahead.