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  10 Jul 2022
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Guide To Proper Corporate Housing Management


You may be curious about what you should do to manage your space for renters if you are new to letting corporate housing.

Whether you're leasing a house or an apartment for just a short or long period of time, planning is essential. The environment should be as comfy and tidy as a hotel room.

While a trip to the sauna or the nearby spa and wellness center is a popular weekend treat, providing them with the same level of excellent body treatment in the comfort of their own home can help them relax.

Therefore the more you do to make your corporate residences the right setting, the better your guests will feel. This can lead to longer stays and new tenant referrals.

What is corporate housing management?

You may be curious about what you should do to manage your space for renters if you are new to letting corporate housing.

Whether you're leasing a house or an apartment for just a short or long period of time, planning, and management is essential. The environment should be as comfy and tidy as a hotel room.

Therefore the more you do to effectively manage your corporate residences, the better your profitability will be. This can result in longer stays and prospective tenant referrals.

Why is it important to manage your corporate housing properly?

The most important reason for managing corporate housing, or any rental business at all is customer satisfaction.

Assignees are not only hard workers, but also hard players. And they prefer to be pampered, or at the very least enjoy the benefits and perks that their hard work has earned them.

Differences between managing a corporate housing and a hotel

There are several possibilities when it comes to exploring outside the typical hotels. What is the distinction between managing corporate housing and managing hotels though?

The most significant distinction is that, unlike corporate housing, hotel rentals often cater to shorter stays. Furthermore, there are a few additional distinctions to consider like:

  1. Size: The typical hotel room is not so big. There just isn't enough space to stretch out, arrange things, or entertain a visitor. You may anticipate corporate housing to be twice or thrice this size.

However, the overall effort of managing a whole hotel as a building may require more than that of corporate housing.

  1. Pets: You are not permitted to bring your pets to most hotels. Corporate housing providers are often more accommodating.

While renting the flat, you may be billed a security deposit or a pet fee, which is still below what a hotel would charge.

So when managing corporate housing, landlords and managers need to have pets in mind.

  1. Kitchens - If a guest books an extended stay hotel, they may be given a tiny kitchenette. However, these are frequently small and lack all of the necessary culinary items.

Corporate housing has fully equipped kitchens, allowing guests to prepare food at their disposal and save money on groceries.

As a result of this, corporate housing managers have to pay attention to the proper management kitchens.

Generally speaking, hotels are usually located in high-traffic regions, such as airports or commercial centers, which means that customers change frequently.

These kinds of communities have corporate units. This provides a much more casual, homey atmosphere, allowing the guest to live as a local.

Essential corporate housing management checklist

Cleaning

First impressions may lead to positive feedback and increased sales. You may collaborate with corporate housing housekeeping professionals to develop a thorough cleaning checklist for you or your service staff.

Considering cleanliness is more important than ever, corporate housing hosts must commit to an improved cleaning process.

Before cleaning, you or your commercial cleaners should check with your local government for recommendations on how long you should wait until you go into the place.

Safety and security

Corporate rental management, like any other successful business initiative, is not without its pitfalls.

Property management businesses should take precautions before welcoming visitors, in order to reduce their facilities' vulnerability to damages and, obviously, potential accidents to individuals staying there.

Competent corporate housing hosts can guarantee a pleasant and safe stay in the following ways:

1. Evaluate your guests

As a caution, you should look up each prospective renter who contacts you via an OTA and compare their profile to their social media profiles.

Check the account's creation date and whether other hosts have posted positive opinions about the guest.

2. Choose a lock that doesn't require a key.

Keyless door locks are an asset in addition to saving you time by removing the necessity for in-person key handovers. It allows flexible check in and check outs.

With passwords that automatically expire when your guests check out, you won't have to worry about copied or stolen keys and you'll know that the only people in your home at any moment are those who have paid for their stay or their guests.

3. Make a well-stocked first-aid kit available.

Get ready for the worst while hoping for the best. It's critical to keep a first-aid kit with all the necessities on hand in case your guests get hurt while staying at your property.

4. Prevent fire accidents

To prevent fires, give guests specific instructions on how to operate any heating devices that they may not be familiar with.

For example, a gas cooker. If your building is in a region where wildfires are common, make sure visitors are informed of any limitations on the use of particular things in outdoor areas.

5. Make an emergency exit strategy.

Your guests may not be familiar with your properties as well as you are. Provide extensive information to your guests upon check-in.

Include a map of all the building's exits and a breakdown of the most feasible exit routes from each part of the building, in acknowledgment of the bitter truth that inevitable crises do occur.

6. Insurance

While many property booking platforms provide liability, or host protection insurance, these services usually have significant limits.

Therefore, It is recommended that you acquire a corporate housing rental insurance coverage that will cover you in the case of theft, accident, damage, or loss of revenue.

Smart technology

Over the last few years, corporate housing has become more advanced. Aside from specific luxury items designed to delight and personalize your guests' stay, smart home technology is essential.

There seems to be no escaping cloud based communications, smart gadgets, IoTs, and other digital disruptions that may be both a source of tension and pleasure unless you partake in self-imposed exile.

So it is advised to up the smart technology game for your corporate housing, it speaks volumes about class, productivity, and advancement, three things that assignees look out for.

High end appliances

To guests, old appliances may indicate poor performance and malfunctions and that is not good for your corporate housing. Things like non-gas dryers and dishwashers result in higher utility expenses.

When you, as a landlord or property manager, decide to upgrade your property's appliances, the apartment becomes more rentable to better guests.

It's surprising how sensitive some renters are to the type and quality of the kitchen and laundry room appliances, but that's exactly why appliance improvements are essential.

Remember that as the number of appliance negatives grows, high-quality tenant applications begin to withdraw. Guests want more in this day and age of high apartment rental fees, and good corporate housing tenants are attracted to good appliances.

Regular maintenance and replacement of appliances

Creased cables, damaged components, and leaking liquid coolant on operated appliances that use energy are all major problems. It's not a good way of treating your cherished renters.

Every appliance must be examined, as time-consuming as this may seem. If your property provides it, it must function properly.

Consider it this way: whatever happens, you'll have to address all of your apartment's repairs. It's preferable to identify any concerns by doing a comprehensive appliance examination rather than waiting for a guest to bring it up.

Property manual/ welcome book

A Corporate Housing Welcome Book may assist you in creating the ideal welcome package for your visitors. There are a few things that your guests should know as soon as they arrive, regardless of where your property is located.

When someone books corporate housing, they probably want to feel like they're staying in a home away from home.

However, they are guests in your property and it is not their home. It is your responsibility to provide them with any data that is critical to their stay and to leave them feeling like a valued guest. After all, you're aiming for a positive rating.

Corporate Housing Property Management Services

The customer care and administration that come with the monthly payment are one of the advantages of corporate accommodation for renters. When any of the following scenarios apply to you, it's time to think about partnering with a property management business:

  • You have one or several other properties or rental units.

  • You don’t live in close proximity to the property.

  • You don’t enjoy the management aspect of renting your properties.

  • You don’t have a lot of free time.

The Cost Of Corporate Housing Maintenance

The cost of decent property management is never distasteful, the services and prices may vary depending on location, remote or on site management, features and so on.

With the right evaluation and choice, money spent on corporate housing management will always be worth it.

By constantly improving your unit and reducing needless management fees, Booking Ninjas Property Management Systems ensures that you save money.

Many businesses feel that if they want to avoid hiring expensive all-inclusive property management services, they must retain apartment management on site.

This is not exactly true. Booking Ninjas allows you to concentrate on your core activity while efficiently managing your properties remotely.

You may take advantage of our In-House reporting and analytics tools, room rate controller (RRC), reservation system, rooms availability status grid, integrated accounting system, well-defined procedures, and years of experience and advancement, while saving money month after month.

Key Takeaways

Corporate housing management is a crucial part of an effective hosting strategy. We have provided comprehensive information.

Either you are trying to become a successful property manager or you want to establish your own management business.

Additionally, it's worth mentioning that corporate housing isn't just for professionals. It is now a popular option for students, freelancers, travelers, and those who want quality, temporary, lodging.

By choosing corporate housing, guests may reduce the worry and stress of preparing a long vacation while also saving time and resources. Be sure to keep everybody in mind when managing corporate housing properties.