You have contemplating investing in long-term rental properties or even Airbnb models for a while now. But a relentless voice inside of you keeps telling you that perhaps a better way of making money in real estate exists. Listen to that voice, says travel and business guru Brian Ferdinand in a recently published article on corporate housing. Instead of investing in properties that have to be rented out for more than a year or for a few days at a time, you can invest in properties that can be rented out for a month at a time.
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CHALLENGES WITH OTHER TYPES OF ACCOMMODATION
The challenge that comes with long-term rental properties is that a person may start out as an ideal tenant but then become a hellacious one. For instance, your tenant could end up being a hoarder or acquiring pets that damage your property over time. In addition, assessing your unit’s condition is difficult when your tenant remains at the property for an extended period of time.
Meanwhile, the challenge that comes with renting out an Airbnb property, for example, is that it does not typically involve conducting background checks on potential tenants. As a result, you may end up with an unscrupulous tenant who ultimately damages your property.
However, reputable providers of corporate housing units usually conduct tenant background checks. This helps to reduce the risk that comes with approving tenants blindly.
BENEFITS OF CORPORATE HOUSING
Brian Ferdinand, the managing partner of CorpHousing Group, explains in the recent article that now couldn’t be a better time to invest in corporate housing for several other reasons besides its security benefits.
As a general rule of thumb, reputable firms that provide corporate housing offer rock-solid accommodations along with highly transparent service. This has earned them a strong reputation among employers and the employees they send to complete projects or training in other cities. And thus, if you choose the corporate housing route, you’ll likely have no problem with finding clients, especially in large cities, such as New York City or Los Angeles.
Also, the kinds of tenants who use corporate housing are typically organized, and they have allocated budgets to cover their rentals. As a result, everything pertaining to their rental transactions will be extremely clear from the start. You can’t ask for a better situation as you seek to expand your bottom line by delivering top-rate guest service for today’s busiest travelers.