Could you make money from corporate rentals?
New Smoke Alarm Awareness Campaign for Landlords and Letting Agents
West Yorkshire Fire and Rescue Service has launched a campaign called ‘Let it, don’t forget it’ to raise awareness among landlords and letting agents. This campaign encourages them to ensure that smoke and carbon monoxide alarms are properly installed in rented properties.
The Benefits of Corporate Tenants for Landlords
Corporate tenants come with a number of advantages for landlords, such as the security of regular payments from a reliable source. The company is usually responsible for paying the rent, which lowers the risk of arrears or disputes. These tenants are typically on fixed-term contracts, which means they’re likely to stay in the property for two to three years. If you’re a landlord, this can provide stability and a consistent rental income, making corporate lets an attractive option.
What Do Corporate Tenants Expect from Your Property?
Corporate tenants come with high expectations for the properties they rent. They expect top-notch quality and excellent value for their money. While they may not be paying the rent themselves, they still want to feel that the property is worth the cost. High-quality décor, fixtures, and fittings are a must, and many prefer furnished properties. This is where providing the wow factor becomes crucial to standing out in a competitive rental market.
The Importance of Location and Amenities for Corporate Renters
Location plays a significant role in attracting corporate tenants. Families moving to the UK or other countries often look for easy access to local transport links, schools, and other essential amenities. If you’re renting out a property to corporate tenants, you’ll want to ensure it’s located in an area with convenient access to these services, as this is a key factor in securing long-term tenants.
How Well-Maintained Properties Attract Corporate Tenants
Corporate tenants expect well-maintained properties, and they rely on having a reliable point of contact to resolve issues quickly. To meet these expectations, landlords should ensure that their properties are in top condition and ready for occupancy. Having a dedicated property manager or a reliable maintenance service can make all the difference in attracting and retaining corporate tenants, as these renters appreciate having someone available to address their needs promptly.
Why Excellent Property Management Is Essential for Corporate Lets
When managing a corporate let, excellent property management is crucial. Tenants expect a hassle-free living experience, and this is where having a property manager comes into play. A professional property manager ensures that the property is well-maintained and that tenants’ concerns are addressed promptly. Additionally, offering services such as an on-site concierge or 24/7 support can give your property the edge over competitors, making it a more attractive option for corporate renters.
Planetrent Properties
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.