Remote work skyrocketed during the COVID-19 pandemic. It continues to reshape the American workforce today.
However, many jobs still require travel. For longer stays in locations with other offices or clients, businesses have corporate housing rentals.
There are many benefits to these. For starters, they are a cost-effective alternative to temporary lodging, like hotels.
They also come with a different set of expectations. Managing these can be a challenge.
This article covers the many benefits of corporate housing rental management. Keep reading to find out how outsourcing services can save you time, money, and hassle down the road.
Why Businesses Rent Corporate Housing
One of the main reasons companies secure housing rental is employee relocation. Other situations include visiting clients, speakers, or other guests.
There are many different types of corporate housing. These can include apartments and single-family homes.
Most often they come furnished and offer a variety of amenities and services. These might include housekeeping, free parking, and exercise facilities. A typical perk in more urban areas is proximity to local attractions.
For positions that have a lot of travel, corporate housing can be a major hiring incentive. Good businesses understand that comfortable housing can attract better applicants. It also can boost morale among existing employees.
Responsibilities of Corporate Housing Rentals
If you own or operate a corporate rental, the goal is to provide services and amenities that make it attractive to prospective tenants. This can involve a lot of time, planning, and work.
You have to do market research on competitive rental prices. You must advertise it and screen clients.
It means communicating with residents on a regular basis. It also involves regular upkeep of the building and grounds.
This might include capital improvements, as well as repairs and regular maintenance. Ensuring reliable HVAC, electrical, and plumbing is the tip of the iceberg. Clients may expect you to change lightbulbs or address internet connectivity issues.
Advantages of Hiring Corporate Housing Rental Management
There are several benefits to hiring a corporate housing rental management company. First, they can fill in the gaps while allowing you to make final decisions about important matters.
Management companies can put together creative marketing ideas and an advertising campaign. They can screen tenants and write up a lease agreement.
Managers can also keep up with the day-to-day maintenance and operations of the property. You can have them respond to tenant requests that do not require your input.
Property owners would make decisions about all aspects of the property. These include ones dealing with renovations and improvement projects. However, managers could request bids from contractors and present that information to you.
Managers can also handle rent collection. They can take on budgeting and accounting responsibilities. This means you almost always have information about revenue and expenses at your fingertips.
Find Corporate Housing Rental Management Near You
Now that you understand how corporate housing rental management works, you can determine if the arrangement is right for you. A good management company can further advise you on the best setup for your investment property goals.
At PMI Fox Valley, our agents have extensive knowledge and experience with Winnebago County real estate. We offer a variety of services, including corporate rental administration. Reach out to us to schedule a free consultation today.