New Relocation Trend – Medical Marijuana

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I live in Colorado where first we made Medical Marijuana legal and now Marijuana in general is becoming legal.  They are still trying to figure out all the details like what is the definition of “driving while too high.”  For myself and the average observer the issue of medical marijuana is just an interesting news cycle but for others it is a life changing or life affirming requirement.human-body-and-marijuana-150x150

Have you seen this headline? “Sick Family Needs to Relocate to a Medical Marijuana State.”  Each year in the CHBO Annual Report we ask about WHY renters stay in corporate housing and last year 15% of respondents say they had tenants as the result of Medical Treatment  but this topic of Medical Marijuana never occurred to me.

Last week “The Weed Blog” was talking about the need to relocate for Medical Marijuana… “We’ve decided that it is best that we move to a Western state with a medical marijuana program. We know that this move will not turn our lives around overnight but moving to a state that is cannabis friendly will offer us access to grades and varieties of cannabis to treat our medical conditions. More importantly, relocating gives us a chance at a fresh start that will allow us to begin rebuilding our lives, while at the same time I can explore the employment potentials that the burgeoning cannabis markets provide potentially avoiding the limitations SSDI and SSI place upon individuals“

Do you have any unusual reasons people need corporate housing?

Record Rent? $125,000 a month

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Don’t worry you don’t have to spend $125,000 to spend the summer in Malibu – CHBO Property #8830 is on the beach with a pool and a steal at $19,000 per month.

Malibu Beach House with Pool - a real deal at $19,000 per month

Malibu deal at $19,000 per month

Word is that director Steven Spielberg — “Saving Private Ryan,” “Indiana Jones,” “Lincoln” — has nudged his Malibu beach compound on the rental market, quietly asking $125,000 a month for his 7,237-square-foot Craftsman-style main house and accompanying two-bedroom guesthouse.

Sure, it sounds like a lot of money to spend every 30 days on just 1.08 acres, but the spread, which includes 130 feet of beach frontage, a massage room, and (duh) a screening room (and, let’s face it, Spielberg has been known to go hog wild with his screening rooms), looks like a downright bargain compared to the houses down the block.

In fact, this particular estate, on Malibu’s Broad Beach — home to the likes of Dustin Hoffman, Danny DeVito, and Goldie Hawn — is half the amount Pierce Brosnan demanded for his Broad Beach palace last summer — not to mention the fact that the nearby Gehry-designed Borman House is currently asking $57.5 million.steve

Property Upgrades = Increased Rent$

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News tip: Corporate housing is in high demand right now.  I talked to one provider yesterday who just leased 6 properties back to back on Friday.  She told me one of her tips for getting these properties rented  is the really started managing their availability calendar on CHBO and they found the number and quality of the tenant leads increased!

Another way to a attract more renters, increase rental rates and have happy renters who stay longer is take a minute to do a few upgrade.

Upgrades can be divided into three main categories: Must do now, make it look good and preventative.  To keep your rental property looking good and running smoothly you will need to create a checklist of tasks that need to be performed on a routine basis, which we will cover in the next chapter on maintenance.  Right now we want to take a look at the concept of upgrades on your property and remember the goal is not to break the bank.

Spruce It Up – You wouldn’t go to a job interview or a blind date with wrinkled, mismatched fashion or disheveled hair, would you?  Dress it up! There are properties that never see a day of vacancy while others properties simple languish on the market… While a property’s location and amenities have a lot to do with it, a little internal sprucing up can do wonders for improving a rental property’s occupancy rate.

Items you may want to think about would be replacing linoleum flooring with tile or new stylish laminate.  Replacing old kitchen counters can make a big impact.  Think about the tenants first impression of the property and you may want to upgrade the front door or doorknob.  Light switches can often get dirty and hard to clean, think about switching out light switches with nicer looking rocker switches.  There is nothing worse than a shower head that has 10 years of grime and mineral buildup on it, switch them out for new low flow heads this will make the bathroom look nicer and save you on the water bill.  Lighting is another easy upgrade, you can change the entire feel of a room with a new light fixture.  You may also want to consider adding ceiling fans if you are in a warmer climate.

Paint – Add some color contrast to your walls – don’t just stick with plain old white. Check out pictures in magazines or go to real estate open houses on the market to get some ideas.  One or two walls of an accent color can really freshen up a property and take something that looks plain and make it the property they want to live in.

Have fun and for more ideas on how to improve your rental take a look at The Corporate Housing Handbook.

Breaking News from Moscow: Putin, wife divorcing

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Divorce and Corporate Housing are a true longterm relationship!

After the big announcement,  “We are getting a divorce,” the next step is to find out who gets what.  Who is going to stay in the house and who is going to be staying in corporate housing or is everybody going to be living in corporate housing for the next 6 – 12 months while the lawyers fight out the details in court.

You may have never thought about it, but those of us in the Corporate Housing Industry see divorce as a good consistent client for us.  According to the 2012 CHBO Annual Report 17% of property owners said they had renters because of a divorce.

The Mistress: My first experience with divorce came when a corporate CEO called me up to explain he was getting a divorce and needed the right place to stay as soon as possible.  We drove around for the day in his Porche convertible looking at all my high-end executive rentals.  His final choice was a two-story, 3 bedroom townhouse located in walking distact to the most trendy shopping district in town.  My fist thought was to support him through this challenging time in his life.  Then, the next day, I met his mistress and understood the situation a lot more.

The Swinger: We have all heard stories about Dads living in unfinished basements or spending months on a buddies couch.  The great news is divorce in now much more dignified than it used to be and most divorcees choose to live an exciting life in trendy lofts with extra large big screen televisions.   I once rented a property to an Major League Baseball player who was enjoying his new single status way too much and the woman doing the maid service on his property refused to clean up all his toys.

The Reconciliation: Sometimes during these transitions people make passionate choices that when things cool down may leave them with new opportunities.  On one such occasions a soon to be bachelor bought a new condo to setup his perfect bachelor pad only to reconcile a few months later with his wife.  SOLUTION:  Don’t worry he turned his bachelor pad into a corporate rental.

The Mom: Sometime the stories are more challenging like the Mother of 3 who sold her house to move to a new state to be with her family, get a new job and begin the process of starting over.  WARNING:  Get it in writing!! Bummer, she only got the verbal approval from her ex-husband to move and he changed his mind and refused to let the children leave the state. They stayed in a Corporate Rental for almost a year before the lawyers came to deal and she was able to move.

I guess that is one of the reasons we have fun with corporate housing, each day, each renter gives us a new story, a new opportunity to help provide a home away from home.

What is your story?

America’s Cup + San Francisco = Crazy Housing Demand

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and it hasn’t even started yet!

America’s Cup 2013 July 4th – September 21st.  I happen to own a corporate housing rental at the Parc Telegraph right there on the wharf in San Francisco and weekly I am getting updates about road closures, special concerts and huge influx of people.  Personally I really wanted to attend last week’s Sting and Imagine Dragons Concerts at the new America’s Cup Pavilion.

But what events like this do to the city really is a love and hate situation.  Property owners are told by the press they will get $10,000 a week to rent their home and renters pouring into the city try desperately to find a place to stay.  Having provided housing for dozens of special event I have learned a few things.  First, Rates.  Yes, there will be a few properties that might go for $10,000 a week, but lets get real, even if there is no other place available how many people can really afford $10,000 a week.  So don’t expect to retire early just yet.  Secondly, WATCH OUT for Sept 22nd!  If your property is a fulltime rental, take the time to realize the entire city will empty out on Sept 22nd.  Right now regular business executives are doing everything possible to avoid the city so they don’t have to pay the inflated rates and after the event it will take them time to come back.  There is nothing worse than the property owner who kicks out a great long term tenant and tries to capitalize on those few weeks of high rent only to have their property sit vacant for October, November, December, January and February.  Be smart, think about the long term returns on your rental property.

TIP: Want to know what the Government will pay for housing? Take a look at their per diem rates based on your property’s zip code!  

Properties: Need a property in San Francisco take a look at this CITY SEARCH SAN FRANCISCO.

Traveling Nurses Love Corporate Housing!

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and we love you!

According to the “by Owner” Corporate Housing Annual Report:  18% of  Property Owners report they have had renters who are Healthcare Professionals &  Traveling Nurses and 15% say they have had rents in need of Medical Treatment.  For example families waiting for an organ transplant or specialized treatments can often rent corporate housing for multiple months.

Traveling Healthcare professionals are a great sub-culture of the healthcare industry.  With today’s shortage in healthcare professionals there is a demand for qualified people to travel around the United States following the best jobs and the best pay.  For these guys and gals travel and work are a great adventure that allows them to see the country, experience new cities and get paid the best rates.

One of my favorite publications is Healthcare Traveler.  This publication consistently covers industry trends, city life and gives great tips for the traveler.  Today they sent me a “Help Wanted” email.  I thought you might find this interesting or maybe even find a new career.

CHBO Dallas Property 6637 is a building with multiple corporate housing rentals that was designed specifically for healthcare renters.  ”This complex is perfect for medical staff needing to be close to Medical City, Baylor, Texas Presbyterian, Children’s Medical, and UT Southwestern, or professionals commuting to downtown.”

Healthcare travelers generally rent for 6 – 12 months and frequently travel with their dogs as this is not just a business trip, it is a way of life.  Did you know 48% of CHBO Property Owners accept pets?

TIP:  If your rental property is located near a hospital or medical facility, make sure you have that name in your property description to make it easier for the Healthcare Traveler to find you.

 

Oops I Sold my house, Now What?

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It is official, the era of the “Accidental Landlord,” is DEAD!

There have been a lot of signs we were moving in that direction, but until today I wasn’t ready to declare the Accidental Landlord Era over.  Now I am sure :)  Last fall my Mother-in-law moved into our house for a month because oops she sold her townhouse.  She was excited about moving into a new senior housing development and worried it might take a while for her townhouse to sell, she listed the property for sale a few months prior to the construction on the new property being complete.  Guess What?  Her townhouse sold in 72 hours.  She stayed with a friend for a month, she stayed with us for a month and she also stayed in a corporate housing condominium for a month before the new property was ready to move in.  Don’t worry, she loves the new property!

Last week the NBC Today Show ran an article about a California woman who had been out-bid on numerous homes in the past few months and finally paid $100,000 over the asking price to get the home she finally purchased.  On October 18th, 2009 NBC Today Show featured www.CorporateHousingbyOwner.com as a place to market your real estate as a corporate housing rental.  Today you can use CHBO as a solution when you are homeless because you accidentally sold your home.

What really closed the deal for me, in deciding to end the ERA of the Accidental Landlord, is that in the last two days I have heard of 3 friends who have sold their properties in less than 24 hours.  Welcome, you are all now corporate housing renters as you transition into the next phase of your life.  Really corporate housing is the perfect answers anytime life throws you a curve ball and you just need a place to call home.  You can learn more about being a tenant at “Tenant FAQs” on CHBO.

Do you have an “Oops I sold” story to share?  Let us know your real estate sales story…