The demand for rental properties that are fully furnished and let on flexible terms is high in today’s fast-moving corporate world. Corporate lets have exploded in popularity as the answer for business travellers, people moving to a new area, and companies that need temporary accommodation.
The effective management of this type of rental can yield significantly greater income for the property owner, but this entails having expert knowledge in corporate let management. This blog looks at what landlords need to know about corporate lets and how most benefits are to be had from professional management of this type of rental profile.
What are Corporate Lets?
Corporate lets are fully furnished, short to medium-term rental properties let to corporate clients, professionals, and those working relocation contracts. Unlike other let periods, corporate lets often comprise utilities, high-speed internet, and other support such as cleaning and concierge services. The attraction of corporate lets lies in the high degree of convenience.
The tenants can move in with the minimum of hassle, enjoying a high standard of living without long-term commitments. The owner sees the best of reliable tenants, high rental income, and longer stays than with ordinary short-term rentals.
Why Corporate Lets Are Increasingly Popular in the UK
Many factors account for the rise of corporate lets in the UK:
- Business Travel & Relocations: There are thousands of professional people moving in the UK each year. These businesses prefer that their people be housed in fully managed properties to avoid the worry of the usual complications of renting property.
- Flexibility: Corporate lets give flexibility through shorter rental agreements, which lessens the possibility of having long empty properties.
- Higher Rental Yields: Corporate lets receive higher monthly rents compared with ordinary long-term rentals, as they have accommodations and conveniences usually taken for granted but included in the rents they receive.
- Professional Tenants: The corporate tenant is typically a company or professional entity that appreciates prompt rent payments, is mindful of the property, and conducts itself in a responsible manner as a tenant.
Thus, with such advantages, there are more rental property owners looking for assistance in corporate let management services, which will allow them to partake in this profitable business.
What Is Corporate Let Management?
Corporate let management is the professional management and control of corporate lettings of property. This means everything, from the means taken in the management of the property, finding tenants, respecting and controlling the various leases of the property, and having everything done as smoothly as the purpose of thought can conceive.
Corporate let management services offered include:
- Property Marketing: Advertising your property through corporate lettings agencies and specialised marketing channels.
- Tenant Sourcing & Screening: Finding corporate tenant clients and checking that businesses or job sites are bona fide.
- Rent Collection & Financial Management: Collecting rents on time and looking after any invoicing or hashing.
- Property Maintenance & Furnishing: Regular inspections, cleaning, and ensuring that properties receive adequate furnishing and care.
- Compliance & Legal Guidance: Ensuring that tenancy agreements and rental laws are in accordance with UK property law.
Professional standard management of your corporate lettings ensures that landlords are free to concentrate on their investments and that experts are left to look after the day-to-day running of income from greater rentals and goodwill from tenants.
Benefits of Professional Corporate Let Management
Partnering with a professional management company provides multiple advantages for property owners:
- Maximised Rental Income: Experts can assess your corporate letting correctly and thereby earn the maximum rent.
- Reduced Vacancies: This enables the property to be permanently occupied more easily as a result of teamwork and proven methods of marketing and tenant screening.
- Peace of Mind: The property owner is free from looking after the tenants, any maintenance requirements or legal problems
- Enhanced Property Value: This will ensure that properties are kept in an acceptable condition at all times by way of regular attention and constant professional control.
- Tailored Services: Management companies, in various instances, are to consider the tenant requirements as a matter of priority and to give a service that may include the furnishing and the utility services, etc.
The benefits of investing in professional management of corporate lets will make your rental situation far more profitable and effective.
Tips for Managing Corporate Lets Successfully
Even with professional management, a landlord can do things to improve their corporate lets:
- Invest in Quality Furnishings: Corporate tenants expect well-furnished kitchens, good-quality furniture and workspaces.
- Include Essential Amenities: High-speed internet, (internet) telephones and laundry facilities, for instance, are essentials providing for your corporate tenants.
- Offer Flexible Lease Terms: Short-term or rolling contracts are appealing to relocating professionals or companies.
- Maintain High Standards of Cleanliness: Professional cleaning before move-in sets the right impression.
- Communicate Clearly: Prompt responses to tenant queries improve satisfaction and encourage long-term occupancy.
Following these pieces of advice in conjunction with professional management of corporate lets will mean that your accommodation is tipped to be competitive in the market of corporate letting.
Locations in the UK Ideal for Corporate Lets
Some UK cities and regions are particularly suitable for corporate lets due to business hubs and corporate activity:
- London: Because of the high demand by both large businesses and by relocating individuals, corporate lets are in high demand.
- Manchester: An expanding commercial centre with corporate tenants, requiring temporary accommodation like corporate lets.
- Birmingham: Because of the expansion of the corporate world in this area and business travel, Birmingham is an area well-suited to letting out accommodation on a short-term basis.
- Cambridge & Oxford: Because of the universities and the technology associated with them, there is a high demand for furnished accommodation.
- Edinburgh & Glasgow: Corporate relocation and consultancy projects drive rental needs.
Strategic positioning of your corporate let in regions that are in demand will enhance the percentage of properties let and improve the rental yield.
How GrowYourBnB Can Help with Corporate Let Management
At GrowYourBnb, we specialise in managing corporate lets across the UK. Our services include:
- Tenant sourcing and vetting full service
- Property marketing on the major corporate let sites
- Regular maintenance and management of the furnishings
- Financial reporting and collection of rents incurred
- Legalities and management of tenancies
By using our professional service of corporate let management, landlords can enjoy higher levels of rental yield, decreased vacancies and worry-free ownership of their properties.
The corporate let market in the UK seems to be growing based on the flexibility and the availability of fully furnished accommodation offered by companies and others. For property owners, corporate let management is essential to maximise rental income, ensure high occupancy and provide a seamless experience to the tenant.
The services offered by GrowYourBnb allow landlords to benefit from this lucrative corporate let market, and in return, the landlord is given peace of mind and financial benefits. If you are keen on letting more out of your property, then corporate let management is vital.
Ready to maximise your rental income? Contact GrowYourBnb today
