A Guide to Renting Your House to Corporate Housing

Renting your house through a corporate housing provider is one of the easiest ventures. Corporate housing is a term used in the real estate market to indicate a type of furnished rental property that is typically rented out to businesses, government agencies, and large organizations for longer-term stays. These are often used as temporary accommodations for relocated employees or as a base for a project. 

Step 1: Understand The Market

Before you dive into the corporate housing market, it's essential to understand its dynamics. Research the demand for corporate housing in your area. Look at the types of businesses operating in your vicinity, the frequency of corporate visitors, and the existing corporate housing options. This will help you gauge the potential success of your venture.

Step 2: Prepare Your Property

Corporate housing is typically high-end, fully furnished, and comes with all the amenities one would need for a comfortable extended stay. This includes a fully equipped kitchen, high-speed internet, a workspace, and sometimes, access to a gym and pool. Ensure your property meets these standards. Remember, the better the amenities, the higher the rent you can charge. Some corporate housing providers offer a furnishing service that takes care of all of this for you!

Step 3: Set A Competitive Price

Pricing your property correctly is crucial. Too high, and you risk having your property sit vacant; too low, and you might not make a profit. Research similar properties in your area to get an idea of the going rate. Consider the cost of maintaining the property, including cleaning, repairs, and utilities, when setting the price. Alternatively, you can work with a corporate housing provider who has this all down to a science.

Step 4: Market Your Property

Effective marketing can make or break your corporate housing venture. List your property on reputable corporate housing websites. Take high-quality photos showcasing the best features of your house. Write a compelling description highlighting the amenities and convenience of your property. Working with a corporate housing provider to list your home will often take care of this for you as well. 

Step 5: Draft A Solid Lease Agreement

A lease agreement is a legal document that outlines the terms and conditions of the rental. It should include the rental price, the lease term, the responsibilities of each party, and any other conditions you wish to include. It's advisable to have a lawyer review the agreement.

Step 6: Provide Excellent Customer Service

Once you've rented your property, your job isn't over. You need to provide excellent customer service to your tenants. This includes responding promptly to any issues, maintaining the property, and being available to answer questions. Alternatively, you can list your home with a local corporate housing provider and they take care of customer service from start to finish. 

Renting your house to corporate housing can be a profitable venture if done right or by using the right company. By understanding the market, preparing your property, setting a competitive price, marketing effectively, screening tenants, drafting a solid lease agreement, and providing excellent customer service, you can succeed in the corporate housing market. Happy renting!