Executive rentals

7 Replies

I have found an amazing 3600sf house that looks like the White House. Does anyone have experience with providing Executive Rentals? The property is Pre-Civil War and has a very regal look to it.

I do not have "experience" per say but that is the next route that I really want to go. I have been studying vrbo, homeaway and airbnb extensively to see the rental price, and vacancy. The one thing with judging vacancy is there is no way to see why it is not available whether personal use or paying customer.

If I was going to "Really" do this model. I would make a flyer up and send it to all the local big business HR or travel department. This would especially work in areas where hotel per night is high.

Thank you Elizabeth. The property is between Madison and Chicago and near the interstate so an executive could be visiting either area. My thoughts were that an exec would prefer a gorgeous huge house with beautiful yard over an apartment or condo. Even with the updates needed it would be under $100K.

@Lori H. - That is a 2.5 hour drive - in the middle is Rockford where hotels are cheap and commuting to Chicago or Madison would be a strech

Hi Brianna, I understand what you are saying, but what I am looking for is anyone with experience either staying at or owning Home Rentals specific to Executive usage. Anyone can stay at a Hotel/Motel but I believe there are some who prefer a better experience that is why I am asking for input on pricing, expectations with amenities, personal assistants, transportation needs, long term/short term stays, etc. If you have that info I would appreciate it.

Lori,

I have experience with Airbnb/HomeAway in the Miami Market.

The problem with what you want to do is that if you are 2 hours away from where people want to be, It won’t work. Short term rentals and executive rentals need to be close to where the executives would normally stay. In addition, most executive housing is relatively small. Executives aren’t known for going out of their way to stay in a large home.

That location may work for short term rentals, but look into another market. Is your area close to an amusement park, hospital or other place families visit?

Maybe you could tailor your location to suit the needs of the people coming to that area.

Message me if I can be of any help!

Martha

I agree with the crowd on this one. It's probably not great for an executive rental in the way it's being framed. Most people traveling for business want to be close to their place of business. It could however work really well for an executive retreat. Where there's a will there's a way. If it's a good deal and you're creative you can make it work!

Originally posted by @Lori H. :

Hi Brianna, I understand what you are saying, but what I am looking for is anyone with experience either staying at or owning Home Rentals specific to Executive usage. Anyone can stay at a Hotel/Motel but I believe there are some who prefer a better experience that is why I am asking for input on pricing, expectations with amenities, personal assistants, transportation needs, long term/short term stays, etc. If you have that info I would appreciate it.

I report to multiple executives in IT Consulting. I travel a few times a month for work myself. You know what executives and junior executives are looking for? The least amount of time that disrupts their day. There is very little chance you will rent to an "executive" for this property, unless that area caters to certain businesses in a 20-30 minute drive, or less.

Think about this -- you want your executive to fly into O'Hare or Midway, then drive 2 hours out to your property, then drive 2 hours back into the city for clients or meetings or whatever it is they are doing? Snow has a better chance of falling in Florida -- it might happen once a year, but otherwise, don't bet on it. Your plan not only slices the available rental market down to a tiny fraction of the population, but also requires your potential tenant to be silly enough to drive several hours to and from their business interests. I don't know many executives who have that kind of time to be sitting in a car. Not to mention, most executives are flying in and out, perhaps same day. My boss spends 5 days a week on the road and he's in 3 different cities, on average. He can't build a 4 hour commute and a stay in some swank place. He's flying to O'Hare, driving to Bannockburn, driving back to O'Hare, and getting the heck out usually same or next day.

Unless your area has some significant business entities (e.g. large corporations) in a 20-30 minute drive or less, and I do stress entitieS, as in more than one, I think you'll sit vacant for long periods of time.

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