Want to increase your cash flow? Tips for turning your home or rental property into corporate housing
Are you currently renting out an unfurnished apartment, unfurnished condo, or an unfurnished home to an individual or family on a six month or yearly basis — and just “breaking even”? There are alternatives to increase your profit margin and gain a high caliber lease holder — and the financial rewards can help put money in the bank, instead of just being used to pay the utility bills.
During this economic slowdown, there are handfuls of opportunities to utilize your available unit or home as a turn-key temporary housing option. Hotel stays require business travelers to pay to eat out at restaurants and for laundry services; as a result, most companies now only offer their associates the option to stay in corporate housing or serviced apartments (if you rent to international folks, you will soon learn they will refer to it as such).
Savings to the bottom line for these companies has been exponential, and these same companies are turning to private owners to house their traveling consultant or relocating employee (while in between homes). There is no question that this is a win-win for all parties involved.
Many private owners can’t imagine taking such a leap, concerned RE: the hoops to jump through in order to make their unit ‘turn-key’. If your apartment, condo, or home is currently unfurnished, CORT Furniture Rentals, or AFR (American Furniture Rentals) would be a great place to start in terms of getting furnishings and/or housewares leased and delivered to your property.
Other items to consider are that business travelers and relocating families are willing to pay extra for the conveniences they’ve come to expect. The earning potential could really add up, as you mark up the rental cost of a plasma TV, the latest video console/games, high tech kitchen appliances, high speed DSL, and/or maid service. Each of these line items will significantly impact your profits, and travelers are willing to bite the bullet to have them.
As the owner of a property or unit that is – or about to be – vacant, I believe it is prudent to consider being flexible enough to consider leasing out your property or unit on a temporary basis ‘as’ corporate housing. You could, literally (and hundreds of people do), make a business out of transitioning your home or apartment to corporate housing. And, the bonus is that a few weeks before it’s ready to go “live”, post it on The Corporate Housing Network; there’s no cost for the 1st 14 days, and you can decide if TCHNetwork.com is the right fit for your property!