Has anyone dealt with corporate rentals?

[Tyson Hosey]

I just bought a property and it’s about half a mile from a giant development of huge corporate buildings, restaurants, apartments etc. has anyone dealt with leasing to a company for their traveling employees, or selling to one? I still have to rehab the property before any of that, but it’s definitely going to exponentially increase my value.

[Channon Dade]

Greetings @Tyson Hosey!

I am new to Bigger Pockets but going from renting a home to making it a corporate rental is how I drastically increased my RE game from netting $500 to $2400/month. I have a house in Houston, Texas that is close to downtown and it has been rented out consistently since I made it a Corp Rental about a year ago. I used Corporate Housing By Owner and used a discount code I found on line to get the Silver Package so it came out to be about $350 for the year. The advantage of CHBO is that they list with lots of other insurance companies and other marketing companies (like homeaway and sublet etc...) that market your property to those looking for monthly, short term rentals.  I had a family in their 32 days after I listed it on the sight (who ended up staying for 6 months)....CHBO also will give you a 30 day guarantee...so if no one books your rental within 30 days of listing it, they will extend your membership for an additional 6 months for free...yeah I got that deal too. 

I also listed it with VRBO.com which has been good for the in-between monthly rentals ( I find they typically book a weekend to 6 weeks stay)  but they do take a hefty fee when people book through them. You have have to stay on top of synching your calendars and a few other things, but overall it has bee pretty good for me. 

I have not taken the Realtor route yet because they take what is equal to first month rent for their fee and if I only have the renters in there for a month then I make nothing, however if you could work something out with your RE agent -take a smaller percentage- that would be ideal for your situation. 

I recently just joined Furnished Finder that alerts you when traveling nurses (I am near tons of medial facilities) are looking in your area. FYI this is great for 1 bedroom or 2 bedroom since nurses usually travel solo and I have a 3 bedroom house but this might be a good option for you. 

I would also suggest talking to the midsize level companies near by (I found bigger corporations usually have their own real estate that they house their employee in) and see where you would begin to get on their radar as a housing option. 

So bottom line I am finding that it is all about marketing, especially to the specific industries near by and getting your place in front of as many potential customers as possible. I have spent approx $700 in marketing this past year but made several fold over just from that.

I hope this helps some......I would love to know what is working for you and what is not. 

Kindest-Channon