Transforming Your Property into a Corporate Let – Tips for Property Owners

As a landlord, a key decision is which market you want to target. One of the most profitable can be the corporate lettings market where rents can be as much as double or triple the usual rental average. It’s good to know that corporate travel is now picking up since the downturn caused by the pandemic.

But targeting the corporate market isn’t as simple as just a label. Although corporate lets can deliver higher incomes, they also demand higher standards of detail in accommodation, décor, facilities and services and so will need to be adapted accordingly. Below are 6 key tips to ensure you successfully transform your property into a corporate let.

Check That There Is Demand For Corporate Lets In Your Area

First, consider whether your property is suitable for the corporate let market and whether there is local demand, as well as the scale of local competition. Location is key. Is it central? Fashionable? Are you near to the city centre or the headquarters of large businesses? Since you will effectively be competing against local hotels and Airbnbs for your clientele, checking the demand for these could also be a good start. You might also make your property available to insurance companies who need to house displaced families. Remember, we can support you in your search for suitable property anywhere in Cambridgeshire, Lincolnshire and Northamptonshire.

Consider What Your Target Market Wants

You will be renting to businesses rather than the general public, with those corporates then using your property to house their workers or clients. Because of this, their reputation is key, and they will want to make a good impression. This means the corporate customer will generally demand higher quality finishes and facilities, but this can vary depending on the market. For some, such as high-end clients who are in town for a conference, luxury might be at the top of their list. Others, such as workers on longer-term assignments, may want more of a home-from-home feel. These demands will not only influence what you should offer but also the premium you can attract.

Put Quality At The Top Of Your List

Whatever your target market, you will need to fully furnish your property to a high standard, investing in quality furnishings that will last as well as the extra special touches that will help your property stand out. This may range from quality, tasteful artwork on the walls to a top-of-the-range coffee machine. Again, consider what a luxury hotel might offer and how you compare. This increased initial investment can prove daunting and renting items may allow you to determine whether you have pitched what you are offering correctly before the you go to the outlay of buying.

Add Extra Services

The corporate customer will be more demanding of what’s on offer. Excellent Wi-Fi and communications are a must for this market, as are high-quality cleaning and maintenance services and nice-to-have extras such as laundry services. They will also want the ability to relax, so options such as a large TV with the appropriate entertainment packages will be appreciated. We’d expect your corporate customer is unlikely to be watching the Disney channel, for example, although nothing is impossible!

Make Yourself Known

Marketing your property will be key and that’s one of the areas where we excel. For example, we’ll target a list of HRs of local businesses that may have workers looking for corporate housing. We also keep an eye on local projects that may demand workers relocate for short periods – such as the building of a new shopping centre – as these can also help maximise your corporate let opportunities. We stay aware of large construction projects in the area, in case your property might suit workers on long-term assignments away from home.

Dedicate Time To Manage Effectively

The closer attention to detail of corporate tenants will mean the need to be more closely involved in the management of your property. You also need to consider the higher turnover of your clients, considering seasonality and the fact that vacancy rates will also be higher, and factor those into your plan accordingly. To make your life easier, we can do all that on your behalf.

We Can Help

In summary, corporate lets can generate a high level of income, should be fully furnished to a high standard, and have good amenities with regular maintenance and cleaning. At Progressive Lets, we aim to take the stress out of letting and managing your property, no matter who your target market may be. We can help with property sourcing, property refurbishment, property management and lettings. Please get in touch to find out more.