Do you own a property that you spend very little time in? Consider renting it out this spring to produce a fresh stream of income. Specifically, you might want to turn your property into a corporate housing rental, according to Brian Ferdinand, a leading business expert in a recently published article. Here’s why.
Renting Out a Corporate Housing Property
In his recent article, Brian Ferdinand, who is the managing partner of SoBeNY and its parent company CorpHousing Group,emphasizes thatcorporate housing rentals are fully furnished spaces designed to accommodate travelers on extended trips, especially business trips. When you rent out corporate housing, you can avoid dealing with individual strangers and instead work directly with businesses who wish to use your property for their traveling employees.
The benefit of working with an employer versus individual tenants is that you’re more likely to receive payments on time when they are due. After all, if large companies are using your services, they likely have the resources to keep paying you on a consistent basis. This beats having to worry about individual tenants trying to evade paying rent.
In addition, because your tenants will be representing their employers, they’re more likely to respect your property rather than causing damage and complications. You also increase your chances of receiving steady business by working with employers versus reaching out to individual travelers.
Enlist the Help of a Property Manager First
Before you make the leap to create a corporate housing unit from your existing property, be sure to hire a property management company to help you. A property manager can perform several key functions to ensure a smooth landlord experience for you, according to Brian Ferdinand.
For example, a property management company can conduct strict screenings of potential guests as needed. This vetting process can help to guarantee your homestead’s safety in the years ahead. In addition, the property manager can monitor your guests, hire/schedule cleaners, and even advertise your corporate housing unit for you. Simply put, the company will maintain your rental property for you, thus preventing you from having to deal with rental headaches when they arise.
With the right property and a top-tier property management company, you can quickly put yourself in a position to generate more cash flow this year. You can simply allow the professionals to deal with your rental property’s nuances while you sit back and watch your bottom line grow.