If you have an investment apartment, you will naturally be looking for a good financial return, that is why you bought it. So, just find a tenant and watch the cash flow into your bank account. Simple, right?
Experienced landlords have discovered that it is far from simple and a good return is not guaranteed.
Few will have considered the corporate rental option. Many of those that have, have benefited from a great return and expert property management. The corporate housing industry is still young in our markets, about 20 years in Australia and just 10 in Manila (our company was the first). There are still investors who have not discovered this option, and they should consider it.
So, let’s start by explaining what corporate housing is. Like so many innovations, it started in the USA and is a well-established accommodation option, mainly for business travellers, and typically with stays of no less than 28 days. For a more fulsome description, there’s a link to Wikipedia at the bottom of this article.
It is a lower cost, yet higher quality, extended stay option than hotels and traditional serviced apartments. Due to the relatively long stay and the lower overheads, our clients can lodge their employees in a normal residential environment at low cost, and with lower risk than a direct lease. Also, because we have hundreds of apartments at various locations around our cities, we can locate the person close to their project.
The benefits to the company and the employee are manifold, but the purpose of this article is to communicate the benefits of renting your apartment to a corporate housing provider, which I will expand on here.
Financial return
We pay our landlords somewhat more than the prevailing market rent for comparable apartments. Also, what we pay is what you get. There are no commissions or fees of any kind. So, in addition to the rental premium, there are no agents’ deductions. We pay promptly when the apartment is occupied, and the administration is simple.
However, we are very selective about the apartments that we list. The location, the building and the floor plan will have to qualify.
Expert property management
Over 20 years we have learned a thing or two about managing property, so that the guest has a comfortable and problem-free stay. This involves sophisticated software and a preemptive approach to maintenance. You will get your apartment back in the same or better condition than when we acquired it.
Book the apartment for yourself
Many of our landlords book their own apartments when visiting the city or attending events such as the Australian Open Tennis or the Grand Prix. If the apartment is available, simply book it and have a free Convido experience yourself.
Trouble-free
Our landlords do not get involved with guest or property management. The whole process is controlled by Convido. Those that have dabbled in Airbnb will know that managing arrivals and departures, inspecting, maintaining, cleaning and stocking an apartment, at the frequency required by short-stays is hard work and expensive. Just leave all of that to us.
Reputation
Convido is well regarded by building management and owners corporations in the properties where we are present, unlike the short-stay operators, who are universally disliked. Our guests are well-behaved business travellers with a 28-day minimum stay, and we insist that the property’s rules are respected.
So, participating in the corporate housing market can be easy, financially rewarding and hassle-free. Contact us today to see if your apartment qualifies.
