Insurance companies looking for furnished STR

2 Replies

I am sure those of you renting STRs in cities get many inquiries from "relocating services companies" paid by insurance companies to find housing for families who had water damage, fire, etc... In my case that is actually seasonal, mid August being one of the 2/3 periods of they year when these inquiries surge. I think it's because my calendar shows larger number of vacancies in September , so I get these inquiries mid August. The same happens early January, right after holidays (maybe also in April).

But despite a large number of inquiries since years, I have not closed one single deal from them. (not that I know, unless those monthly tenants that I close from time to time come from that source without me knowing).  Got the impression they justify their "search" to get paid by the insurance for providing a list of possible units/houses, and then they walk away. Not sure how it works. I should ask them next time.

Anyone here has a good experience with them and actually renting through these relocating companies? 

If so how does that work for you?

Who signs the agreement? Who pays the rent? 

How to make sure they leave after the period paid by insurance? How not to deal with them just like ordinary tenants by screening, credit checking, etc... (needless to say, since they usually stay longer than a month, it becomes legally LTR even if the contact is initiated through VRBO most of the time).

I'm 52.  My maintenance guys nephews house caught on fire.  I went to high school with him and partied with him 35 years ago.  He is a computer programmer.  State Farm put him and his wife up in a motel.  He got tired of it within 48 hours.  Him, me and the insurance company all talked.  Within a day or two he was in one of my furnished houses.  Insurance paid me the full weekly rate for 3 months.  They moved out after that to a house they found.  

It's my opinion that the insurance company just plans to put people up in a motel for 3 months.  That's their standard order of business.  You'd need to find people in a motel on the insurance companies dime and convince them to stay with you.

This is not a practical business model.  The rentals will be few and far in between.

Originally posted by @Paul Sandhu:

I'm 52.  My maintenance guys nephews house caught on fire.  I went to high school with him and partied with him 35 years ago.  He is a computer programmer.  State Farm put him and his wife up in a motel.  He got tired of it within 48 hours.  Him, me and the insurance company all talked.  Within a day or two he was in one of my furnished houses.  Insurance paid me the full weekly rate for 3 months.  They moved out after that to a house they found.  

It's my opinion that the insurance company just plans to put people up in a motel for 3 months.  That's their standard order of business.  You'd need to find people in a motel on the insurance companies dime and convince them to stay with you.

This is not a practical business model.  The rentals will be few and far in between.

 Thanks Paul.

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