Atlanta, Denver among most searched cities for corporate, furnished rentals

We have our pulse on the furnished rental market and temporary housing trends!

Below is a list of the top 25 cities searched on CorporateHousingbyOwner.com. Atlanta, Denver, San Diego and Dallas top the list of the most queried cities for temporary, furnished apartments.

What this means to you? If you're offering a traditional rental in any of these markets, consider converting it to a corporate, furnished rental because demand is on the rise and you may be in for a more lucrative rental experience.

Top searched cities on CorporateHousingbyOwner.com (CHBO)

1. Atlanta
2. Denver
3. San Diego
4. Dallas
5. Chicago
6. San Francisco
7. Las Vegas
8. Phoenix
9. Los Angeles
10. Philadelphia
    
11. Washington DC
12. Seattle
13. Portland
14. Minneapolis
15. Austin
16. Houston
17. Boston
18. Sacramento
19. Colorado Springs
20. Miami
21. San Antonio
22. New York
23. New Orleans
24. Charlotte
25. Detroit

What's all the "by owner" buzz about?

There has been a lot of buzz about "by owner" corporate rentals. Should you work with a property management company or should you do it yourself? This is a question many of today's landlords and real estate investors are asking themselves.

If you decide to do it yourself, CorporateHousingbyOwner.com is committed to helping you become a successful landlord. Here is our commitment to you:

1) Our job is to send you quality rental leads. If you have a great property, furnished appropriately and in a quality location - and if you list your property following our detailed instructions - leads will most likely find you! If not, contact our specialists who will assess your listing and offer suggestions.

2) We like to share what we have learned - there are no secrets to what we do. Read the hundreds of articles on our blog or our detailed owner's manual (watch for the 2010 update) and be empowered to be your own landlord!

3) Our goal is if we can't help you, we will point you in the right direction so you can find the resources you need to successfully manage your rental property. We want you to succeed! Check out our long list of landlord and housing resources on our website. If you have a housing-related resource, website or link you'd like you'd like to share with others, please submit it on our site as well!

Helping Your Renter Save Money with a Fully Stocked Kitchen

Staying in a corporate rental can save a traveler a lot of money - especially considering the cost of eating out these days! To help your renter eat-in, make sure you stock your kitchen will all amenities your renters will need to prepare meals for themselves.

What kitchen supplies should you provide in your corporate rental? Here's a checklist to help you get your kitchen up to par:

Place Settings:
Studio apartments - dishes/table setting for 6
1-2 bedrooms - dishes/table setting for 8
3+ bedrooms - dishes/table setting for 10

Kitchen - Accessories:
Blender
Broom/Dust Pan
Coffee Maker
Dishwasher
Fire Extinguisher
Garbage Disposal
Icemaker
Microwave
Mixer
Mop
Oven
Refrigerator
Scissors
Stove
Tea Pot
Toaster
Trash Can

Kitchen - Cooking:
Baking Dish
Broiler Pan
Can Opener
Colander
Cookie Sheet
Corkscrew (Wine)
Cutting Board
Fork/Tongs
Grater
Ice Cream Scoop
Knife Set
Ladle
Measuring Spoon set
Measuring Cup/Set
Mixing Bowls
Pizza Cutter
Salt & Pepper
Spatula-flipper
Spatula-scraper
Spoon–slotted
Spoon–cooking
Tupperware
Utensil Holder
Vegetable Peeler
Water Pitcher

Kitchen – Drinking:
Coffee Mugs
Drinking Glass Set
Wine Glasses

Kitchen – Plates:
Large Plates
Small Plates
Bowls

Kitchen – Pots and Pans:
Large Frying Pan
Small Frying Pan
Large Sauce Pot
Small Sauce Pot
Large Pasta Pot

Kitchen – Cutlery:
Cutlery Tray
Forks
Spoons
Knives
Steak Knives

Kitchen – Linen:
Dish Towel
Dish Cloth
Potholder
Placemat Set
Napkin Sets

For more details on how to furnish your corporate rental, please refer to the Corporate Housing by Owner User's Manual.

Seattle Couples Converts Mother-in-Law Suite into Furnished Rental and Makes $10k Per Year!

In July 2003, Colleen Cameron and her soon-to-be-husband, Michael, were looking to buy a house in the North Shoreline area of Seattle. While house-hunting for their dream house the couple stumbled upon a beautiful chateau that had everything they wanted… and then some.

“It just so happened that the house we fell in love with also offered great income-producing potential as it had an 800 sq. ft. mother-in-law suite in the basement,� says Colleen.

After the married coupled settled into their new home, they decided that rather than rent out their mother-in-law suite as a “regular� rental (which was plentiful in their area already), they would convert their mother-in-law suite into a furnished, corporate rental. They spent about $4,000 to finish the basement and convert it into a full-fledged rental property.

“We knew by offering our mother-in-law suite as a furnished, short-term rental, we could reach a different niche and have less competition in the rental marketplace,� says Colleen. “Plus, furnishing the property was easy since we both brought furnishings into the marriage – we had two of everything so we were able to furnish our downstairs apartment without spending a lot on furnishings.�

To find renters, the couple lists their mother-in-law suite on Craigslist.org and CorporateHousingbyOwner.com – both sites, say Colleen, have brought her solid leads, although she says with Craigslist the process is more manual because she has to post her property daily. With CorporateHousingbyOwner, she says, her listing is always front-and-center.

“In five years of renting out our furnished mother-in-law suite, we have only had one month with no renter,� she says. “In fact, our most successful renter stayed for two years. He was a divorcee who needed flexible housing to get him through his life transition.�

Benefits Galore

Colleen says that there are many great benefits to renting out part of their home as a corporate rental.

For one, she says she is able to command a higher rent because the basement apartment is fully furnished and offers flexible month-to-month rental terms. Colleen says her mother-in-law suite has been so profitable that she has been able to supplement her family’s income by about $10,000 per year, with the potential to bring in more.

“Renting out a part of your home is definitely worth doing if you have a basement apartment with a separate entrance,� says Colleen. “The main reason is you can instantly diversify your income stream. While my husband and I are gainfully employed, there’s always the risk that one or both of us could lose our job. We have this extra income to fall back on, just in case.�

Also, Colleen says she enjoys not being tied to any one renter for 12 or more months in case things didn’t work out. She also likes the fact that her renters only bring along their necessities and that they don’t move large furniture in and out of her basement, which means less wear and tear on her home.

Another huge benefit to renting out her basement suite, Colleen says, is that she lives on-site. “I can conveniently take care of requests and keep an eye on the place.�

Plus, because the couple is already paying for amenities like cable, water, electricity, trash, wireless Internet, etc., it doesn’t cost them a whole lot extra to provide amenities to the basement apartment.

“We’re able to offer our home at a low, all-inclusive rental rate because we don’t incur a lot of extra fees ourselves,� says Colleen.

A Word to the Wise

Colleen says that renting out a furnished apartment isn’t for everyone.

“You do have someone living in your house and you have to continually be on the look out for your next renter,� says Colleen. “It can be time-consuming to market your home.�

She also advises that someone shouldn’t buy a home with a mother-in-law suite unless they can afford the full mortgage payments themselves.

“We are fortunate that we can afford our mortgage. Any income we make from the mother-in-law suite is a bonus. I tell people looking to do what I’m doing to make sure they’re not dependent on income from their rental suite because they’re putting themselves at unnecessary risk.�

Overall, Colleen says because they have found so much success renting out a part of their home they may never go back to not renting it out. “It’s a peace of mind for us. We don’t have to think twice about money since we supplement our income with our greatest asset – our home!�

Saving Money While On the Road or Traveling for Business

Extended travel can be expensive and the last thing you want to do is blow the budget on food.

Consider this: A sit-down meal at a restaurant can cost anywhere from $10-$25 per meal. Multiple that by three meals per day for 30 days straight and you're looking at a food bill of $900 - $2,250! A family of four may not even spend $900 on groceries per month.

Sometimes spending this amount of money is unavoidable because travelers have had little options when it comes to meal time. Most of today's hotels do not provide full sized kitchens, making eating out or room service the norm.

But smart families and business travelers who opt to stay in corporate or vacation rentals are finding it easy to ease the financial burden.

Corporate and vacation rentals are fully furnished and offer a full-sized kitchen will all the amenities of a common kitchen, including a stove top, microwave, fridge, pots and pans, dishes, etc. This is good news for travelers who want to take a bite out of their exploding food budget. They can simply go to the grocery store, buy cereal and milk, cold cuts, spaghetti, hamburgers and prepare their meals themselves.

Since a corporate rental means you won't have to blow your budget on food, you'll have more money in your pocket to enjoy a nice night out or upgraded flight amenities, etc. Score!

Traveling for Business - Your Diet Doesn't Have to Go Out the Window

When we travel for business we often find ourselves faced with a lifestyle of constant fast food, take-out meals, room service and steak dinners. But this kind of eating may make you pack on the pounds fast - after just one week you may find yourself already 5 pounds heavier! Plus, you may not be eating as healthily as you should be, which could make you sick or susceptible to illness and decrease your energy levels.

To prevent yourself from getting "traveler's gut" - try these ideas to keep your diet on track when traveling for an extended period of time.

1. Grocery shop each week. It's important that you plan your week's meals and stock your kitchen with fresh meats, fruits, veggies, whole grain cereals, low fat milk and other staples to keep you track.

2. Brown bag it. Buy bread, lunch, meat, chips and fruit so you can bring your own brown bag meals each day. You'll eat much healthier and save money too!

3. Keep it simple. Prepare for your stay by coming up with a handful of simple dinner recipes you can easily prepare in your corporate rental. Perhaps you like baked chicken or tortilla soup - make enough for two nights so you don't spend a lot of time cooking. Whatever you like, try to keep your diet on track by preparing simple meals for yourself and eating in.

4. Limit dining out to 1-2 per week. When you're traveling for business, it's tempting to go out to dinner every night. Eating out usually means you'll consume way more calories than you intended because portions are large and you don't always know what's going into your food. Limit how much you eat out and remember, if you're meal is huge, take home half of it, put it in your fridge, and enjoy it for dinner the following night.

5. Ignore meal stipends. Many business travelers get into the mentality that they have to spend their meal stipends or they lose it. This mentality will surely help you pack on the pounds because you'll be tempted to eat out more. Company money should not factor into how much and what you eat when traveling.

Keeping your diet on track when traveling can be challenging, but it's made a whole lot easier when you stay in a furnished corporate rental with a full sized kitchen vs. a tiny hotel room that forces you to eat out. Corporate rentals enable you to enjoy the creature comforts of home and keep your diet on track!

Corporate Housing's Brush with The Blind Side

With all the hype surrounding the new Sandra Bullock film, "The Blind Side," I can't help but get excited that CorporateHousingbyOwner.com played a small role in the film's success.

A few months ago I spoke with CHBO customer, John Berner. John owns this amazing 6,000 square foot home in Savannah, Georgia, just a few miles from where The Blind Side was filmed.

John was working on a long-term project out-of-state and offered his beautifully furnished home for temporary rent. He told me that he was contacted by The Blind Side's production crew, who ended up renting out his house and using it to house the family displaced by the film. You see, just a few miles from John's house was the home used in the filming of the movie. The family that lived in that home needed temporary housing and John's house offered exactly what that family needed.

Here is the full scoop on John's and CHBO's brush with fame:

Atlanta Homeowner's Corporate Rental Goes Hollywood

While Atlanta-resident John Berner was busy working on a project to restore the historical Sorrel Weed house in Savannah, Georgia, his beautiful, fully furnished, 6,000 square foot, five bedroom home near Chastain Park in Atlanta had been sitting vacant.

Berner learned that he could rent out his home, furniture and all, as a temporary corporate rental. He didn’t want to sell his house, nor did he want traditional renters because he would have had to move all his furnishings out of the home. That’s when Berner thought to list it as a corporate rental on CorporateHousingbyOwner.com.

With in one week, Berner got his first inquiry.

A production manager with Alcon Entertainment was in a predicament. He and the director of the upcoming Sandra Bullock movie, "The Blind Side," had scoped out a house about five miles from Berner's home to use in the film.

However, the family currently living in the home didn't want to spend seven weeks in a hotel while the film crew used their home, after all, they had two kids, two dogs, a housekeeper, a house manager plus four cars.

The production manager investigated the world of corporate rentals, where he discovered Berner's house listed for rent on CorporateHousingbyOwner.com. Berner's home certainly was large enough for the entire family, and it was close to the kids' school too.

When the production manager called Berner to explain the situation, Berner says he was immediately on-board to help. The displaced family agreed that Berner's home would work well and they moved into the home shortly thereafter.

Berner says he now understands the draw to corporate rentals – as there are a variety of people and situations that require temporary, furnished housing.

Plus, he says, he believes that corporate renters truly take care of a home. "My house was returned to me in pristine condition," he says.

Berner says he only has one regret, though. When negotiating the stay, he only wished that he asked for a date with Bullock!

Making Sure Your Corporate Rental Stays Clean Between Tenants

Many CorporateHousingbyOwner.com landlords have noticed that their tenants are staying an average of 3-6 months. This is great by all intents and purposes, but tenants who stay for multiple months may not always be the best housekeepers.

To ensure your home gets regularly cleaned, leave cleaning supplies on hand for your tenants to use. Mark them clearly as to their purpose, as you don't want furniture polish being used on your hardwood floors. Keeping supplies under the kitchen and bathroom sinks will provide hints to your tenants to tidy up.

Also, communication is key to keeping your home well maintained. Make sure you talk to your tenant about their responsibility in cleaning the home and reporting any maintenance issues to you right away. Build this into your contract so you protect yourself and your home. If they are too busy to maintain the home, you should charge them a fee to bring in the maid/cleaning service - a fee they may happily pay in exchange for not having to scrub toilets and floors.

One of the best ways to keep your rental home looking clean and maintained is to simply build into your lease agreement a bi-weekly or monthly maid/cleaning service. Doing so will ensure the property gets thoroughly cleaned and that there is no deferred maintenance when you're not around to inspect it. Over the years, I have accumlated a long list of regional and national cleaning services that I recommend you check out too.

Regular maintenance is key to keeping your home looking good year after year - so make sure it gets regular cleanings whether they're needed or not.

San Francisco Couple Invests in Second Property in Texas to be Closer to their New Grandson

Janie Perez and her husband happily live in San Francisco – although they miss their grown children dearly. Their son was living in San Antonio with his wife and a baby on the way.

Perez decided to buy an investment property – a condo – in San Antonio. It would be her second home – a home away from home – where she could comfortably stay during her frequent visits to the area. Also, because her condo was vacant much of the year, she figured she could make some extra income on the property by renting it out between visits.

"We advertised our property in the newspaper and online and didn’t like the feedback nor quality of tenants we were getting. We talked with a Realtor and a property management company and they recommended we try CorporateHousingbyOwner.com," she says.

CorporateHousingbyOwner.com is a website that helps private landlords market their furnished, short-term rentals to corporate housing tenants.

Immediately upon listing her property on CorporateHousingbyOwner.com (property ID #2986), Perez found a tenant – a business executive visiting the area for a temporary work assignment. She says that since signing up with CorporateHousingbyOwner.com, the property has been occupied by a string of high quality renters. “It’s barely vacant!� she says.

"We're getting 3-5 rental inquiries per month, more than enough to keep it rented 9-10 months out of the year," she says. "When the condo is vacant, we seize the opportunity to visit our son and new grandson without having to stay in a hotel or burden my son and his family."

Even though Perez lives hundreds of miles away, she says the Internet has made it possible for her to manage the property by herself. "I'm able to do everything online including the application, verification and contract processes," she says.

One of Perez's strategies is to motivate the lessee to treat the condo well.

"We tell them if they leave their condo as tidy as they found it, they get their full $500 deposit back. We have been able to return the deposit to everyone we've rented it to and our condo is always in immaculate condition when we return," she says. "You can hardly tell anyone has lived there."

CorporateHousingbyOwner.com has made the process so easy for Perez that she says she decided to purchase another investment property in Austin, Texas (property ID #5312) so she and her husband could visit their daughter, who lived in the area at the time (although her daughter has since moved).

Perez says she listed the Austin condo on CorporateHousingbyOwner.com on a Monday and by Friday her first lease deal was signed and she had the deposit and first month’s rent in hand!

"CorporateHousingbyOwner.com has helped us keep our place continuously rented, cover our mortgage and maintenance costs, and has given us a place to visit and feel at home for few months out of the year," says Perez. "It has been well worth the investment."

Read case studies of other homeowners finding success with CHBO on our website.

Renting out part of our home as a corporate rental. What you need to know

Many homeowners these days are looking to make a little extra cash and the first place they often look is their home. Renting out part of your home can be an effective way to make a little extra money, but you need to go into the process with a little education first.

There are two ways individuals are renting out parts of their home.

The first way involves someone renting out a room in their home. Room rentals are not considered corporate rentals and should not be marketed as such. However, a great website, Sublet.com, connects individuals renting out a room in their home with potential rentees. I recommend keeping your rental asking price reasonable as to attract more tenants and have a greater pool to choose from - after all, this person will be sharing your living space as a roommate would.

The second way is to rent out a basement, attic, or floor of your house. For it to be considered a corporate rental, it must have a private, keyed entrance and all the amenities required in a furnished home, including a kitchen with standard appliances, a bathroom with a toilet, sink and shower, and a living/sleeping space.

Obviously renting out a part of your home will come with some downsides (noise, etc.), so it's important to set ground rules before doing this. If you are renting out your walk out basement, for example, you will want to make sure you clarify rules on sharing parking and laundry, as well as rules about parties and loud noises.

The upside is that you not only make some income from your home, but also you are on-site to oversee how the property is used and to maintain the property, which makes the process much easier for a do-it-yourself-landlord.

You can market your rental basement or attic on CorporateHousingbyOwner.com, just be specific in your listing as to the nature of your rental property. Good luck!

Rental Security Deposits. What you should ask for and how to handle disputes

Security deposits are one of the most important tools a landlord has to protect his/her rental property.

We have found that 92% of landlords collect a security deposit - as it is generally considered standard operating procedure for furnished rentals.

The average security deposit on a corporate rental is as low as $500 up to one month's rent. Owners sometimes charge a separate pet deposit to insure themselves against damage and wear and tear caused by a pet. Security deposits must be given back to the tenant (if no damage is done to the property) in a timely fashion. State laws govern this time period (generally within 21 days). I recommend returning it as soon as the tenant leaves and you've had a chance to inspect the property. The more time that passes, the more questions may arise as to whether the damage was done by that tenant or a following tenant.

In today's tight business market, corporations often balk at the idea of locking up money in a security deposit - and it can kill a deal. Because landlords feel pressured, they may skip the security deposit in order to seal the deal. But beware if you do this, because someone who isn't willing to pay a security deposit may have something to hide. Do your homework and research the client before making any rash decisions about whether to skip the deposit or not. If it's a reputable corporation, you can probably feel good that the property will be gently used by its employee and that the company will cover any damage to the unit. After doing a little research on the company or individual and things turn up okay, you can also have them sign a LOR, or letter of responsibility, which you can download from your MyCHBO account.

Remember, security deposits are meant to protect your property and yourself from unruly tenants. Most of the time (especially in the corporate rental world) they are never tapped... but they sure do make an effective incentive for a tenant to keep the place orderly. That said, you can be flexible with your security deposit policy when working with reputable corporations. Ultimately you have to go with what works best for you taking into consideration your clientele.

Recoding a Garage Door Remote For Added Security

In one of my prior entries, I suggested re-keying door locks as a more cost-efficient, do-it-yourself method than having an entire lock changed repeatedly after each tenant occupancy.

I realized that I left out another helpful method of re-securing a home for each new tenant. Not all rental properties are condominiums or apartment complexes with large common garages. Some landlords rent out a house in the suburbs with a garage attached to the home.

Recently, I had to hire a specialist to re-program a garage door remote and learned how simple it is.

In the case of the Genie brand, it's as easy as a press of a button. Here's how to do it:

Locate the garage door transmitter box above your head in the garage. It is the big box that commands the garage door to open and close when a remote control button is pressed. You will need a ladder as you will need to press a button on the box. By pressing and holding this button for a few seconds, it sends a computerized recoding message to your hand held remote. If anyone else has a duplicate copy of your original remote control it will not work anymore.

Find out the exact make of the garage door, either Genie, Craftsman, Raynor, Amarr, etc,, to see if the brand has any unique instructions (you can Google anything!).

I found this site containing helpful instructions for the Genie brand.

If needed, extra garage remote controls can also be purchased at stores such as Sears, Lowe's and or Home Depot.

How to Create a Pet-Friendly Furnished Rental

If you're catering to the many business travelers who take along their beloved pet these days, here are a few tips to pet-proof your home and to show you welcome animals too!

1) Purchase a dog bed for each floor of your house. It's a small investment to make but may save you big time in the end. Pets need an inviting and soft place to lounge - by giving them their own beds you are deterring them from spending time on your couches or beds.

2) Use a semi-gloss paint on the walls because it is easy to clean up with soapy water and a sponge. For difficult stains, try Mr. Clean's Magic Eraser. It's amazing at cleaning dirt and grime off walls.

3) Avoid having exposed hardwood floors. Keep hardwood covered with large rugs and runners or opt for Pergo or carpeted flooring. Exposed hardwood floors can get scratched by a dog or cat's nails.

4) Keep pet feeding supplies on hand, like a bowl for food and a bowl for water. It's unlikely a homeowner would travel with those supplies and they might end up using your good dishes to feed Fido - ick!

5) Invest in a good vacuum. Encourage your homeowners to vacuum weekly or ask them to pay an extra fee for a weekly cleaning service. Pet owners are happy to pay extra if you let them keep their animal in tow.

6) Set ground rules. Dog poo must be picked up. Leave plenty of baggies to encourage pet poo pick up. Also, discuss with your renter the possibilities the dog could bark and disturb neighbors, damage property, and other issues ahead of time. Set a plan for handling such situations so there are no conflicts.

7) Think about leaving a few dog treats or toys in your home to show the homeowner you're welcoming not only the humans but also the animals too. Pets owners love pampering their pets after all and you will certainly make them feel welcome by inviting their dog into the home.

Taking Pets on Business Trips - Why Your Corporate Rental Should be Pet-Friendly

Americans love their pets and if possible, many are taking their pets along when going on lengthy business trips. I can only imagine how difficult it would be for a single professional to be put on assignment in another city and leave behind their beloved companion in a kennel or with a burdened friend.

Many corporate homeowners have shied away from accommodating pets because of worries of damage to the property, but airlines and hotels have made it easier than ever to take Lassie along for the ride and no longer see pets to be as "damaging" as once assumed.

If you have a corporate rental and have not considered ways to appeal to this growing number of business travelers who commute with their beloved dog in tow, you may want to rethink your pet strategy.

Here are some dog-gone good reasons to allow pets in your corporate rental:

-More traveling business executives and traveling professionals are taking Fido along for the trip. By not opening your home to animals, you may be limiting the number of prospective tenants.

-Pet owners are willing to pay an extra fee or deposit. They don't mind as long as they can take along their beloved animal.

-Pet owners are quite responsible. If they're taking their pet along with them, it usually means they care for them dearly and are quite responsible themselves.

On the other hand, there are many travelers who will look for just the opposite accommodation. They may have an allergy to pet dander. So there is a space in the marketplace for "pet-free accommodations" as well (so don't be discouraged if pets aren't your thing).

My next post will discuss how to make your corporate rental pet-friendly.

The 50 Mile Myth Debunked

I learned something new today that applies to relocation and business travelers. Perhaps I can put the kibosh on this myth once and for all:

Question: Do you need to travel a minimum of 50 miles from your primary residence before your housing and meal allowances can be provided on a tax free basis?

Answer: NO – The IRS simply says an overnight stay is required and has no reference to the distance of 50 miles. Remember, however, that in an audit the burden of proof will always be on you, the individual taxpayer.

When should I care about 50 miles? Any one who is relocating should be mindful of the 50 mile rule. Moving expenses are only allowed as a deduction under section 217(c) when a person’s new job is 50 miles farther away than the distance of the old commute.

When in doubt always seek the advice of a professional. To learn more go to TravelTax.com.

How to regrout old tile to make it look new again

Have you ever cleaned something to the point that it smells clean but just doesn't sparkle? I noticed that tiles, whether it's the ones covering the bathroom floor, bathroom walls or kitchen counter tops suffer the most wear-and-tear. Bathrooms and kitchens see such frequent traffic. When tiles get dirty, so does the grid of grout in between. They get discolored and stained, making a white bathroom look unkempt.

While regularly web surfing for do-it-yourself instructions, I've come across Eric Stromer's videos. He has plenty of good advice for various home improvement topics.

I've learned that regrouting is a simple process that can make a kitchen and bathroom look new again requiring only a few tools. Tackling such a project in between renters can make your rental appear cared for, attractive and appealing. To ensure further maintenance of your bathroom and kitchen tiles, provide your renters with cleaners such as Lysol basin and tub spray cleaner. For the eco-conscious audience, there are brands like Method and Ecodiscoveries. Or provide a spray bottle with a homemade concoction, such as a vinegar and baking soda mix as this blog suggests.

Check out Eric Stromer's website for handy tips around your house like these!

Business travel outlook for 2010 better but not good

A new survey says that business travel may show some signs of improvement for 2010, but not much.

A staggering 10% unemployment rate and companies continuing to be frugal with travel costs are keeping analyst expectations for a solid travel in the year ahead at a minimum.

Here's how each industry impacted by business travel stacks up.

Airlines: The survey says that business-class fares on airlines will be up 1-6% while fares in general will be up 2-7% in 2010.

Hotels: Hotel revenues have fallen nearly 20% in 2009 and are predicted to fall another 1-6% in the year ahead as supply remains plentiful.

Conventions: Meetings and conventions have been cut this year and key convention destination cities like Las Vegas and Orlando are reporting visitors to the area are down 26% and 9% respectively.

But don't be discouraged by this news.

Corporate housing is utilized by more than just business travelers and we're seeing more relocated families, traveling nurses and professors, visiting mother-in-laws and more taking advantage of fully furnished rental properties. Plus, corporate housing is becoming a well-known alternative to hotels. As more business travelers become responsible for booking their own travel, more will come to personally learn about the perks the corporate rental world offers.

Negotiating Strategies: How to get renters to pay what you're asking

It's likely many of your leads are asking you for a price break these days. Even I was asked for a deal when I sold my rental home a few months ago.

It seems like no one wants nor expects to pay full price for anything these days... period.

But if you're like me, you want to get a reasonable market rent because you've priced your home strategically to begin with. I've come up with a few tips to help get the price you want without souring the deal:

Anticipate the Negotiation: You have researched your market, you know the comps and you priced your property accordingly (and yes they probably know the comps too), however, the media has been training them to ask for concessions so be ready for them to negotiate and don't get frustrated and walk away from a possible good deal. Take the time to develop a dialog.

Give them Understanding: Everyone wants to know their needs are being listened to and understand what they're paying for. If someone is stuck on price and they're trying to get a lower rent rate from you, make sure they know that if they went to a hotel, they would have to pay for parking and Internet usage and other hidden fees. With you, it's all inclusive - turn-key! Some times renters need a little understanding of all the great add-ons they get with your property. And you can rest assured that most of us hate being nickel-ed and dime-ed by hotels - so planting that thought in their head will keep them hooked on you.

Develop a Relationship: Explain to them that as their landlord you will take good care of them and they're in good hands. Illustrate how your previous or current tenants have enjoyed the property. Making them comfortable with you as a landlord will make them see that they're not getting a run-of-the-mill property to rent - but a thoughtful landlord too, which is priceless!

Offer Incentives: If a homeowner is stuck on price, rather than lower your rate or heading down the negotiation path, offer instead to throw in an extra service. Maybe you provide a weekly maid service or a discount if they agree to a longer lease or a monthly metro pass to use public transportation to get to work. Think outside of the box. If you also own a vacation rental offer a discount if they choose to rent it for their next vacation. This way you can get two properties rented in one deal.

Leave Wiggle Room: While you want to price your home as strategically as possible, go into
the process knowing everyone wants a deal. Set your rate and then cushion it with a little wiggle room. This way you can still price yourself competitively and negotiate to make your renter feel like he's getting a deal. A win-win for all!

Lump Sum Relocation Trends - 3 tips to get more rentals!

One of the world largest financial institutions contacted CorporateHousingbyOwner.com a few weeks ago to learn more about our property listings and how their employees can rent them. The company representative said she wanted to recommend the site to all of her company's relocating employees. In the past, a company HR official would have coordinated the entire relocation process for an executive, but this phone call reinforced that the relocation trend now involves lump sum payments.

Lump sum relocations are where employers give an employee they are relocating to a new city a lump sum of money to cover their costs. In the past, the employer would coordinate the entire transition, paying for moving and travel expenses and putting up the family in a corporate furnished rental.

But today, with tight corporate budgets and a do-it-yourself employee attitude, companies will simply give an employee they're relocating a sum of money and let them coordinate their own moving process and expenses.

The executive who called us a few weeks ago wanted to recommend CorporateHousingbyOwner.com to her relocated employees so the employees could negotiate their own corporate rental fees and choose where they wanted to live.

What this means for you as a corporate housing landlord:

First, if your rental property is located near a business district or specific business (Microsoft, Comcast, etc.), you need to put this information in your listing. For example, you could say, Chicago corporate rental located in heart of downtown Chicago near Accenture, Boeing, Aon, RR Donnelley, etc. Chances are executives are being relocated to these big name firms and they are choosing their own corporate rental accommodations. Relocated employees given lump sum relocation fees will search for such company names in the keyword section and you want your property to "show up."

Second, be sure to follow up with all leads you get on your property. Some property owners only want to work with companies, however, an individual contacting you may be working with a company but managing their own relocation as a lump sum recipient.

Third, if you do work with a lump-sum relocated employee and you have a positive experience, ask them to recommend your property and CorporateHousingbyOwner.com to their HR team. Growing recognition for you and the CHBO site will only help you attract quality renters in the future.

Good luck!

I'm not sure.. Maybe I could try.

What properties work for corporate housing? Who rents corporate housing? Is the marketing going up or down? What don't I know? These are normally the first questions I get if I am talking to a reporter, a business associate or a property owner. Mostly I just like to answer with stories. I also like to tell about the stories that most people don't think about.

Renters - Last week an insurance company needed a new home because a family's home heating oil leaked and their home is going through an environmental cleanup. This week a new mother-to-be needed a place for her parents when they visit when the baby is born. Find other stories: http://www.corporatehousingbyowner.com/corporate-housing/Testimonials

Property Owners - This week we posted a new case study about a couple who bought their dream condo 3000 miles away and needed income to keep it.
Find other stories: http://www.corporatehousingbyowner.com/corporate-housing/Owner%27s%20Experiences

Do you have a story you would like to share?

Converting inquiries into rentals

You may get lots of people emailing and calling you to inquire about your furnished rental property, but are you effectively converting those inquiries into full-fledged rental customers?

Here are some tips to help convert a rental prospect into a customer:

Respect each lead. You never know how a lead will turn out so never let any stones go unturned. If you don't call back a lead because you don't like their rate or pet you may be missing out on the perfect renter who is willing to make compromises to work with you!

Call. Whenever possible get a potential lead on the phone - email is nice and fast but great renter relationships are developed through personal connection. Take the time to better understand their needs over the phone and you'll find that they will do a better job at taking care of your property and they will likely stay longer too! Also, return calls promptly. Chances are the prospective renter is sending out several queries - you want to be the first to snag the lead!

Ask for referrals. Don't just focus on converting this one lead, but see if you can use it to build future renters as well. If your renter is connected with a company, remind them to have their housing coordinator register for free as a CHBO Corporate User and have them bookmark your property for future employees.

Remember, ensuring that your rental property continually rented takes some time, but if you make the extra effort with each and every lead, it's likely you'll be a successful corporate housing landlord! Good luck!

Watch out for Chinese Drywall - the next environmental and health issue in housing industry

Environmental issues (mold, formaldehyde, asbestos, radon gas, etc) have always been a concern to homeowners and professionals in the corporate housing and relocation industries. Today, a new environmental and health issue is emerging, Chinese Drywall. It's an issue that some experts are predicting will have a profound affect on the housing industry.

Some three hundred million board feet of drywall has been imported from China and has been used in homes built from 2004-2007, particularlly homes rebuilt after Hurricane Katrina. The drywall is known to emit a sulfer dioxide gas that smells like rotten eggs. Not all homes emit the smell, but the gas can be detected by coroding faucets and appliances, soot-like blackening of copper wires, smoke and carbon minoxied alarms, cable boxes and light switches begin to fail, etc.

People living in homes with Chinese drywall can suffer from health problems and the issue should be re-mediated immediately - which can costs a homeowner hundreds of thousands of dollars to replace drywall, fixtures, pipes and wires.

You can read more about how Chinese drywall is affecting the housing industry and what it may mean for the relocation and corporate housing industries online.

Picture credit: Sun Sentinal

List your home on CorporateHousingbyOwner.com for FREE if you live in the Atlanta metro area; help flood victims find temporary, furnished housing!

Prolonged rains in Atlanta, Georgia have caused massive flooding, leaving thousands of homeowners displaced and left to find alternative housing solutions.

To help find temporary, furnished housing for these displaced Atlanta residents, anyone offering a furnished rental property in and around the Atlanta metro area will be given a FREE listing on CorporateHousingbyOwner.com, a website connecting homeowners offering fully furnished, temporary housing with renters in need!

Anyone offering a furnished rental property in the Atlanta metro area should contact a CHBO property specialist at 877-333-2426 to get their free month-long property listing coupon code.

Currently, CHBO has hundreds of furnished properties listed as available in the Atlanta, Georgia metro area, which can meet some of the demand for temporary housing created by the flooding.

Who should list their home through CHBO?

• Anyone who has a home listed for sale that is vacant but still furnished (staged).
  
• Anyone who owns an investment property, corporate rental or vacation rental in the Atlanta area.
  
• Anyone who is not living in their home for the next several months who can offer their property as a short-term furnished rental (i.e. someone who lives elsewhere part of the year).

Who should rent through CHBO?

• Anyone whose home has been damaged by the flooding or who has evacuated because of the floods in Georgia.
  
• Any insurance companies looking to find temporary, furnished housing for flood victims.
• Families with children and pets who have been displaced but don't want to stay in a transient hotel - furnished temporary housing is the right solution for these families.
  

The Changing Relocation Front: Housing Woes force companies to Re-strategize their Relocation Policies

Any one who has been relocated knows how the process works. You typically get the job and then the company works with you to relocate your family. You sell your departure house, stay in a corporate rental in your new city until you find a new home and all's well that ends well.

But today, companies are being very picky about who they relocate. That’s because the terrible housing market and economic recession has put a strain on an individual’s ability to sell their home.

There is an excellent article on this topic in the latest issue of Mobility magazine. The article talks about changes in the relocation industry as triggered by the housing crisis and economic recession in the U.S.

The article discusses a recent survey by Cartus, Danbury, Connecticut, called “Emerging Trends in Global Mobility: U.S. Domestic Policy.� The study sheds some light on what companies and relocated executives are feeling these days when it comes to relocation.

Some significant findings include:

• 79% of survey respondents said there was an increased reluctance to relocate this past year,
• 94% of the respondents said this reluctance to relocate was due to real estate concerns,
• 70% say their inability to sell their departure residence as being their greatest real estate challenge. Loss on the sale of the home and negative equity tied for second place.

This means that companies that depend on a mobile workforce are being forced to reconsider their strategy. Instead of full-out relocation, many companies are making short-term assignments, expanding their telecommuting program, extending the length of business travels, hiring locally, and putting temporary holds on relocation in general.

What we’re seeing is that, today, companies can’t simply relocate an employee and be done with it. Rather, they need to involve HR in the process and both the company and relocated executive need to consider if the real estate burdens are worth the talent move after all.

In terms of corporate housing trends, it will be interesting to see the fall out. Relocated families once comprised a large portion of corporate housing users; however, it looks like the bigger portion of corporate renters will come from those on extended business trips and short-term assignments.

Someone who is put on a year-long project in another state isn’t going to want to lug luggage with him each week – especially given the airport restrictions for carry-on baggage. It would make sense to see more companies turn to long-term corporate rentals as the top choice of accommodations over a transient hotel where the executive must pack up his belongings each week, live out of a suit case and eat fast food or room service each day. The executive will not stand for that – rather he would want a place to call home away from his home. He would want a fully functioning kitchen and a place to leave his “stuff� between visits.

Read the full article on the Mobility website and tell us what you think the fall out will be with diminished relocations and longer business trips? Is this the new norm or just a temporary solution until the housing market and economy improve?

Don't underestimate the importance of maintaining appliances

Sometimes, when we focus all of our energies on decorating a home, we overlook the daily wear-and-tear of our appliances.

In my last entry, I suggested snaking a drain to clear it of build-up, such as hair as a form of preventative maintenance.

This kind of forethought is applicable to the various appliances we use daily.

I came across a Kenmore page that provided some great insights on maintaining the appliances we use regularly, from the stove to the washing machine.

Click here to read the great advice in it's entirety.

The article suggests creating our own cleaning products from the things we already have at home such as substituting vinegar for fabric softener in laundry.

I once read also that bacteria is not entirely eliminated in a laundry load, it merely gets tossed around in the washer. I usually start off my laundry by doing a small load of whites in a large load cycle with a half cup of Clorox bleach and detergent. This will clean the washing machine for the next load of laundry. I also add a couple dashes of Clorox bleach into a regular load of laundry. But to protect the color of fabrics, there are color safe detergents with bleach-safe alternatives, such as Tide.

Remember, maintaining your appliances between tenants or each quarter will ensure you're home is always up-to-par. It's also like you'll save you a lot of headaches and money too!

End of summer is busy season for relocating families - make sure to put school district info in property listings

I used to love the summer season because my commute across the Golden Gate Bridge in San Francisco was 15 minutes shorter. This was because everyone was taking vacations so there were less commuters on the road.

That all changed when I entered the corporate housing industry. Now I love the end of summer when vacations are all done and everyone gets back to work and needs a rental! The end of the summer is often the busiest time of year for relocating executives in need of fully furnished homes in the right neighborhood and in the right school district.

As families are relocating, make sure if your property is located in a good school district that you have the district and school name listed in your property description. This way potential tenants can easily find your property if this is an important aspect of their housing search. As a mother of two school age children I can assure you that if your property location feeds into the right school, your chances of getting the home rented just doubled.

Saying good bye to summer is easier when you know business is about to pick up again!

Be Careful if you Substitute your Current Listing with a Different Listing

I was just reading a multi-page user agreement from another rental site and one item popped out at me as a feature of CorporateHousingByOwner.com that our customers may not be aware of.

Did you know that you can change your property listing and all details at anytime without any penalty or any additional fees? In other words, you may substitute your current property with a different property at any time. That means you can swap out a property that is already rented with one that is searching for a tenant. No need to buy two listings if you can't afford it.

Of course, I want to remind you that swapping one property listing for another isn't always the best move in our Web 2.0 world. That's because your property details may already have been ranked with good search engine placement. When you change your property details it may take some time for a search engine to pick up your new listing's information. So be careful and think about the changes and if they're in your best interest. There's always trade-offs and this is one of them.

Who uses Corporate Housing: Relocation and Consultants

From the beginning of the Corporate Housing Industry there have been two primary consumers of corporate housing (1) Relocating Executives and (2) Business Consultants. Over the past 40 years, however, corporate housing has evolved into a mainstream lodging segment and today serves a wide range of diverse business travelers and individuals in need of temporary housing.

Relocation Executives: According to a recent HR Magazine article, relocation was down in 2008 but the numbers are still huge. In 2008, 11.9% of the population relocated and $24 billion dollars is spent annually on US corporate relocation.

Relocation Surveys also indicated that, for the first time, prospects for selling and buying real estate surpassed family concern and spouses’ careers as the most important issues! This is why Corporate Housing by Owner (CHBO) is such an important element in relocation today. CHBO can allow a family to relocate to find the perfect job because it gives them the option to rent their current home and test drive a new furnished home at their chosen destination. This cuts down on costs, eliminates the uncertainty of the real estate market, and makes it easy to reverse if the new job doesn’t work out. These surveys also highlighted companies trend to Lump Sum Relocation packages allowing employees to look for their own corporate housing through resources like CHBO.

Business Consultants: CHBO would also like to take this opportunity to salute 2009’s Top Consultants according to Consulting Magazine and thank them for using Corporate Housing.

2009 Top Consultants – Consulting Magazine

Jim Bramante, IBM Global Business Services

Bruce Barge, Buck Consultants

Michael Conover, KPMG

Claudia D’Arpizio, Bain & Company

MaryAnne Fraschan, EDS

Cory Gunderson, Protiviti

John Kaltenmark, Accenture Technology Consulting

Brooks Kitchel, Kurt Salmon Associates

John Kovalchick, Proudfoot Consulting

Rich Lesser, The Boston Consulting Group

Robin Lineberger, BearingPoint

Bryan Marsal, Alvarez & Marsal

Leslie Moeller, Booz & Company

Ken Mungan, Milliman

Jacqueline Olynyk, PricewaterhouseCoopers

Laurie Oppel, Navigant Consulting

David Rodman, Hitachi Consulting

Jim Roth, Huron Consulting Group

Vance Scott, A.T. Kearney

Amy Shah, Sapient

Ed Stark, Capgemini Consulting

Ming Tsai, Infosys Consulting

Tim Wiest, Deloitte Consulting

Rob Wilhite, KEMA

Stephen Wood, Ingenix Consulting

Top reasons to stay in corporate or furnished rental home over a dingy hotel

Many people don't know that they have lodging options when they travel. In fact, if you're a savvy traveler, you know that you almost never have to stay in a noisy, cramped hotel. If you stay in a corporate rental, for example, you can eat meals in and save money, among other perks!

Here are five reasons to stay in corporate housing vs. a hotel during your next business or family trip:

1. Cheaper - If your stay is one month or longer, it is much cheaper to stay in a corporate rental. No extra lodging fees or taxes, no daily charges for Internet, no parking fees and hassles and you can eat your meals in vs. opting for expensive room service. Plus, paying a daily hotel rate adds up - most corporate rentals give deals for longer stays shaving hundreds, maybe even thousands, off a lodging bill.

2. Residential Feel - Staying in a corporate rental just gives off good vibes. No transient guests coming and going like in a hotel. You stay in your home or condo and feel like you're part of the community. In other words, you can live like the locals live - a bonus when you're exploring a new city!

3. Full Size Kitchen - One of the best reasons to stay in a corporate rental is that you can cook and eat meals in. Talk about saving money and hassle! Every corporate rental comes with a fully furnished kitchen complete with dishes, pots, silverware and the works! A quick trip to the supermarket will enable you to eat many meals in and save the splurging for special meals out!


4. More Beds and Baths - If you're traveling with a family or a business colleague, staying in a two or more bedroom corporate rental will allow you each to have privacy while saving money (i.e., no need for two hotel rooms but each person gets his/her own room). Plus, families with young kids will enjoy having an extra room due to the variations in bedtimes.

5. Privacy - In a hotel you can hear people talking and walking in the hallways, elevator bells ringing and your neighbor's TV blasting! A thin wall separates you from your neighbor. If you want some privacy and quiet time, corporate rentals are the way to go!

Remember, you have lodging options when you travel. Next time opt for a corporate rental over a hotel. You'll be happy you did!

List your So. California home for rent on CorporateHousingbyOwner.com for free - displaced wildfire victims need temporary furnished housing

CorporateHousingbyOwner.com issued this alert today to help ease the housing woes plaguing Southern Californians affected by the wildfires.

CorporateHousingbyOwner.com Offering Free Listings to Individuals in Southern California and Los Angeles with Furnished Homes Available for Rent by Wildfire Victims

Company Aims to Help Area Officials and Insurers Meet the Housing Needs for the Estimated 10,000 Displaced Southern California Residents

September 1, 2009 – To help the 10,000+ residents of Southern California who have lost their homes or been evacuated as a result of the wildfires, CorporateHousingbyOwner.com (CHBO), a website that links individuals offering furnished short-term rental properties with renters in need, is offering a free month-long listing to anyone offering furnished properties for rent in Southern California and the Los Angeles metro areas.

The goal of this effort is to help meet the housing needs of the thousands of residents who have been evacuated or have lost their homes due to the wildfires.

“We don’t want to see thousands of families forced to live in an impersonal hotel. These displaced families need to know that there are hundreds of furnished, residential properties available for rent,� says Kimberly Smith, founder of CHBO and corporate housing expert. “Victims of the wildfires are undergoing enough stress and need residential, not transient, housing. Corporate housing fits this bill, and we hope our efforts will get more available rental properties listed to meet this need.�

Anyone offering a furnished rental in Southern California or the Los Angeles metro area should contact a CHBO property specialist at 877-333-2426 to get their free month-long property listing.

Currently, CHBO has hundreds of furnished properties listed as available in the Southern California and Los Angeles metro areas, albeit not to fill the demand created by evacuations.

Who should list their home through CHBO?

• Anyone who has a home listed for sale that is vacant but still furnished (staged).
• Anyone who owns an investment property, corporate rental or vacation rental in Southern California.
• Anyone who is not living in their home for the next several months who can offer their property as a short-term furnished rental (i.e. someone who lives elsewhere part of the year).

Who should rent through CHBO?

• Anyone who has lost their home or has been evacuated by the wildfires
• Any insurance companies looking to find temporary, furnished housing for wildfire victims.

What is Corporate Housing?

If you're a landlord or real estate investor and have never heard of corporate housing, you are missing out on a new real estate trend that could make you more money.

Corporate housing is an industry that has existed for decades and last year reported $2.7 billion in domestic revenue. That said, the reality is most people have never heard of it unless they have been relocated or are a consultant.

The other funny thing is a lot more people have stayed in corporate housing they just didn't know it had a specific name. In today's changing business and real estate environments corporate housing is transitioning from an industry that was focused mainly on business-to-business sales into business-to-individual transactions and now, with CorporateHousingbyOwner.com, even individual-to-individual transactions.

What is Corporate Housing?

Corporate housing is quite simply a residential property that is rented furnished (with specific industry standards) on a monthly basis. If you are retired and live in Northern Canada and spend your winters in Florida your monthly rental falls into the category of corporate housing. If your home was damaged or destroyed in a hurricane and your insurance provider paid for you to stay in a furnished residential property, you were staying in corporate housing whether you realized it or not.

Notice I keep using the word "residential" property. That is really the second key to corporate housing. What this means is that unlike a hotel or extended stay property where everyone comes and goes, in a residential property the majority of the occupants or your neighbors consider that property their primary residence and don't come and go.

I am always interested in hearing about examples of people who have stayed in corporate housing and why. Here are some interesting examples:

Did you know when large amounts of troops come home from Iraq the local military housing on base gets full and the soldiers are given a per-diem to find temporary furnished housing until base housing becomes available. Where do they turn? Corporate housing!

Did you know that professional athletes who are frequently traded generally have one main permanent residence and then rent a fully furnished property for the time they are in the new city.

The end result is you should know about corporate housing and how it can save you money, offer you more square footage, and gives you a more comfortable and safe living environment. You should be talking about it with your neighbor because some day s/he will need it too!

What's the difference between Serviced Apartments vs. Managed Corporate Housing vs. Corporate Housing by Owner?

Corporate housing can be confusing because not all corporate housing is the same. In fact, there are three main types of corporate housing:

(1) Serviced Apartments

(2) Managed Corporate Housing

(3) Corporate Housing by Owner

While these three types overlap, they also serve very specific needs. Let me explain.

If you are an HR director and are relocating a group of 20 executives from New York to Denver and you need 20 one-bedroom properties that all look the same and in the same location, you need to go to a corporate housing provider that offers Serviced Apartments. These type of corporate housing companies take apartments, furnish then, turn on the cable, phone and Internet and sublet the property for the term needed by the renter.

If you are a Senior VP from a large financial institution and you need to be invoiced and professionally taken care of - and you're looking for an urban 2,000 square foot loft in the trendy area of town - your best bet is to rent through a company that offers Managed Corporate Housing. These types are companies are licensed real estate brokerages that manage privately owned, fully-furnished properties throughout high demand business areas.

If you are a family relocating to a new city and want to be in suburban home in a specific school district, your best bet is to rent a home directly from the property owner (By Owner) because corporate housing companies generally trend to maintain properties in higher density areas.

Now these are some HUGE generalizations and there are lots of reasons the tenants I have referenced above may choose one kind of corporate housing over another. In today's world where every detail of a property can be accessed by everyone over the Internet, everyone is looking everywhere for the perfect property at the perfect price.

The great news is there are lots of options and you just need to decide what is best for you.

Renting directly from a property owner normally gets you a better price with broader property styles and location. On the other hand, working with a professional property management company might be better for someone who prefers the security, professionalism and service provided by a professional entity with 24 hour emergency services.

The key to deciding what is right for you is asking a lot of questions to learn about each property and company.

My companies are all members of CHPA - Corporate Housing Providers Association - which adheres to a code of ethics and has a formal program for processing complaints about providers. A membership like this gives a company a certain level of credibility above a company that chooses not to be a member of their industry's trade organization.

Don't underestimate the power of staging photos

Remember most of your potential tenants will not personally see your property before they rent it and are going to be making their lodging choice directly from the photos you have posted on the CHBO website.

A good way to get potential renters to take notice is through staging photos. Staging photos are pictures of your home with the table set and the lighting just right for the mood. If you have a pool, you'll want the picture to include lounge chairs, towels and lemonade. Such a photo can put people in the mood and help them imagine what it would be like living in your home.

Property #3909 is a perfect example of how a great staging photo can really get a property rented - check it out!

PS: While you are viewing this property notice this property has the "Power Owner" logo and just by clicking on the logo you can see all the properties this owner has on the CHBO site. The "Power Owner" program is one of the complimentary marketing programs offered on CHBO.

Should you play "Let's Make a Deal" with renters, buyers and everyone in between?

I keep reading articles about how the American consumer wants to negotiate on everything they buy and how even in large box stores consumers are getting deals just by asking. Negotiating is nothing new to most of the world and we do it in real estate all the time -- but we are not used to getting a deal at the local Sears.

I remember traveling through Vietnam in the early '90s and my traveling companion got addicted to negotiating and would spend 15 minutes negotiating on a 10 cent item - so there are some times when it makes sense and other times when it is important to hold your ground.

Last month I listed for sale and sold a fully furnished corporate housing condo.

The first question I always get is why did I sell. Three main reasons (1) I had owned the property for five years and even in today's market could make a profit; (2) It doesn't fit into my current investment theory; and (3) Based on the current deficit and tax policy, I believe capital gains taxes will go up significantly in the next five years and wipe out future gains.

The next question I get is, "Who bought it?' It was a turn key sale - I sold it fully furnished with a tenant to an investment buyer who was tired of losing money in the stock market and was much happier putting her money back into real estate. The best part is that everyone involved in the deal walked away happy. My Realtor was happy (even though I am a broker I don't do my own sales) because she got a commission, my brokerage firm was happy because they got the sale, my management company was happy because they kept the property in their inventory, I was happy because I didn't have to worry about that property, and the investment buyer was happy because she got exactly what she wanted without furnishing the property herself -- plus she had a tenant on day one!

But I promised to tell you about negotiations and I hear from a lot of CorporateHousingbyOwner.com owners that tenants just want to negotiate -- after all, that is exactly what the media is telling them to do. When I listed this condo for sale I priced it correctly for the market. Next time I'll price it a little above so I can make someone happy by negotiating a little. The potential buyer came in well under my listing price and was frustrated that I wasn't willing to negotiate. My feeling was I was being fair to begin with and I wasn't interested in playing games. In this case I won and the deal was closed just under asking.

Another example I am facing right now is with a vacation rental I have - again everyone wants to make a deal and there are a lot of people willing to give a deal - in this case I am not. Normally, my rental house would rent for $400 - $600 a night depending on the season, but right now everyone wants something for $200 a night - in this case I decided the wear and tear on the property wasn't worth the reduced rate and I am content with not renting the property rather than loosing value through wear and tear. Each property and property owner has their own reasons for making a deal or not making a deal, just make sure you know your market and understand what is important to you before you start to negotiate anything.

Make That Call! Even Property Managers Need to Master Art of Cold Calling

Believe it or not, the art of cold-calling applies in the field of property management as well. So why should you pick up that phone?

1. It's a renters' market.

2. The hey days of the dot-com boom and a soaring stock market are over.

3. Renters are perusing rentals and for lack of a better term, they're haggling and getting good at it. Even those with less than stellar credit hold a bargaining chip in this market.

So instead of joining the swelling ranks of 'vacancy sign' posters, many landlords of furnished, corporate properties are picking up that phone and making some calls.

Who should you call?

Call the big and small corporations in your town. Call the non-profit agencies. Call the municipal offices. Call the international consulates. Call the neighborhood school districts. You can even call the supermarkets - a lead can be generated from anywhere!

Let me share with you the power of good old fashioned cold calling:

I got a lead recently that resulted from a prior cold call connection I had forged with a condo HOA. A condo owner's unit was flooded. It was caused by a building issue and she needed a furnished place to stay while the insurance company was taking care of the repairs. She wanted to stay in the same building. Later that day, that owner's HOA office referred her to me as a potential tenant because I had previously networked with the building's HOA staff.

Remember, by networking with a local school, you may hear about a local school teacher who has visiting relatives in town. By networking with a local hospital, you may learn about a doctor will be spending the next few months in town. By networking with a university, you may learn about a visiting professor for the next school year.

Cold-call, network, go and meet the office manager, talk to the HR person. Offer to email them pictures. Drop off a business card or some fliers. Get on their radar because your next tenant may just come from this new network and you don't want to miss out!

Corporate Housing Tip: Don't Buy a Bed with a Foot Board

If you're furnishing your home as a corporate rental, don't buy a bed with a foot board. We got a request this week from a potential tenant who is tall - he requires a king bed or queen bed without a foot board.

Remember, when you furnish your home, think about every possible scenario and make your home as accommodating to as many people as possible so you don't lose any potential renters!

Don’t Let the Bed Bugs Take a Bite Out of Your Rental Income

With bed bugs on the rise, particularly in hotels, the situation has put corporate housing landlords on notice as well. In fact, a recent corporate housing landlord I know spent $8,000 to eradicate a bed bug infestation that took over her rental property. The home was clean and sanitary, but some one brought a bed bug into her home and it created a big and expensive problem literally overnight!

How are bed bugs introduced to a home?

Bed bugs are introduced into homes and buildings via luggage and personal belongings of guests and workers. They typically take up residence in beds, but are often found on carpet, luggage, sofas and behind wall hangings too.

While bed bugs don’t transmit any illnesses, they do create itchy welts on their victims' bodies. A single bed bug can lay 500 or more eggs in a lifetime, so most bed bugs come with their families to attack an unsuspecting victim.

Preventing bed bugs

The best remedy for bed bugs is prevention.

A simple way to prevent bed bugs is by purchasing a sealed mattress pad specifically designed to prevent bed bugs and dust mites. This will cost you a bit more upfront (about $50-$200 depending on the size of your mattress), but it will deter bed bugs from taking up residence in your home.

Also, homeowners should be vigilant about checking their beds after each visit. If you see tiny bed bugs or small black or red spots on the sheet, you need to get professional pest control help immediately. Be sure to also check the carpet, baseboards and sofas for further infestation and eradicate as necessary. The sooner you catch a bed bug problem the less likely it is that the problem will spread throughout your entire home.

Also, once you notice a bed bug problem, notify any previous tenants that they may be a carrier – encourage them to vacuum their luggage and inspect their beds as well.

Remember, prevention is key in avoiding problems with bed bugs. Hopefully it will help you and your tenants sleep a bit easier at night.

CHBO in Forbes magazine!

This week CorporateHousingbyOwner.com and my other business, AvenueWest, were featured in Forbes magazine.

Forbes touts corporate housing as the "better alternative" to hotels - something business travelers have known for ages!

Read the full article here and see me (Kimberly Smith) quoted as well!

Strategies for Furnishing a Corporate Rental

Have you heard the old adage, “How do you eat an elephant?� The answer to the question is, “bite by bite.� While no one “eats� elephants, this old adage shows that you have to tackle big tasks bit by bit, piece by piece.

A corporate rental requires a lot of stuff, after all, the average cost of furnishing a 800 square foot property is about $8-10,000… more if you have a office and additional bedrooms.

To furnish your corporate rental, take to heart these tips:

1. Furnish your property by shopping at three locations: Remember time is money and if you’re furnishing a place you’ll want to do it fast and cost-effectively. Sure, you can look for bargains and run around, waste gas, and end up waiting around for multiple deliveries, or you can shop for your items in three stores and be done (recommended). Here are the three places you should go to furnish your corporate rentals:

-A big furniture/discount warehouse – try to get everything from one location and with one delivery fee and hassle
-Target or Walmart where you can buy just about everything you need in terms of linens, kitchen supplies (unless you buy the standard Kitchen Kit, which is recommended), decorations, etc.
-Best Buy or a big electronic box store where you can buy all your electronics in one swoop.

2. Don’t get carried away. Remember, a $5,000 couch won’t get you more rent money, so buy the nicest couch you find with the smallest price tag.

3. Negotiate. Negotiate. Negotiate. If you’re going to buy all your furniture or electronics in one place, ask the store manager if you can have a 10% discount or if they’ll waive the delivery fee. They want ALL your business, don’t they?

4. Understand how your home will be utilized. Some homes are larger and may be used for entertaining while others will be used simply for a single person traveling on business. If you think your property may be one used for entertaining you may need to spend a little more on furnishing the home with extra dishes and silverware, serving pieces and utensils, etc.

5. Keep things fresh. There are things that get used a lot in a home and can get icky with wear. You don’t want to furnish a rental home with oven gloves that are burned or stained kitchen rags. Buy those items at a low cost and replace between tenants or as needed.

6. Don’t use garage sale finds in your rental. While it’s tempting to want to furnish on the cheap and use old items from your house or a garage sale find, the best course is to simply buy everything new. Don’t risk turning off a tenant and potentially getting a bad review because you decided to cut corners and put your old dingy blender in the property.

7. DIY when possible. Try to purchase items that don’t require installation or assembly or that can easily be done by yourself. Remember to account for assembly fees in your budget and when considering purchasing specific items. Something you think will save you money may end up costing you more in the end.

These are some simple strategies to help you get started furnishing your corporate rental. Remember the goal is to keep it simple and cost-effective. Don’t spend too much time running around and stressing yourself out. Be strategic in your approach and you’ll find that furnishing a corporate rental is much easier than you think.

The Kitchen Sink – What does it cost to furnish a corporate kitchen?

Furnishing a kitchen in a corporate rental can be a tedious task. You need to have everything ready and available from a potato peeler and cheese grater to a salad bowl and cutting board.

A good way to cut your costs and save time is to order a standard Kitchen Kit offered through CHBO. It has everything you need to furnish a kitchen and is delivered on a single day in about 2-3 boxes depending on size of kitchen. The cost is about $407.33 for a kitchen in a standard one bedroom property.

Buying the Kitchen Kit offers several benefits.

1. It ensures you meet quality standards of corporate rentals. You’ll get everything you need without having to run around a store to find all the items. It takes the guess work out of furnishing a kitchen!

2. If one of your dishes break, you can call the supplier and order additional dishes. They are always in stock and the styles never change like they do in department and big box stores.

3. The Kitchen Kit has evolved over the years to ensure it has products that function and last for a long time. You want the most quality at the lowest cost and our Kitchen Kit provides that.

This post isn’t meant to be a big sell on the Kitchen Kit – it’s meant to help you furnish your kitchen quickly, cost-effectively and with quality items. That is the goal and we hope this information helps!!

Contact us for more information on the Kitchen Kit.

Seattle Home Owners: Protect Your Rental Rights

In Seattle, a battle is underway between Michelle Acquavella, who runs a successful Seattle-based property management company (specializing in managing short-term vacation and corporate rentals), and the Seattle city government.

In 2008, one of Acquavella’s property was issued a Notice of Violation (NOV) because it was being used as a short-term rental. She challenged the notice and after a grueling legal battle, the Superior Court finally ruled that Acquavella’s short-term rentals were legal and acceptable under City Code in May 2009.

That said, Acquavella’s long-term battle was nowhere over. She acknowledges on her blog that the ruling may be appealed – and that the Department of Planning and Development is trying to change City Code to ban vacation rental properties.

I urge you to wake up, Seattle! We are in the middle of a housing crisis in America. The last thing that the government needs to do is strip homeowners of options. Homeowners who can’t sell their homes are able to offer them as short- and long-term rentals. Real estate investors are buying properties (many homes that they are saving from foreclosure) and converting them into rental properties. Why in the world would Seattle’s city officials want to strip local homeowners of their options?

I suppose it’s tax payer money hard at work - I vote we work on simplifying regulations that we can hold the big guys to - not trying to create new ones that hurt the little guy!

Follow this story as it unfolds – check out Acquavella’s blog.

Is Demand for Corporate Housing Waning?

I'm Nelly, a tenant relations specialist at CHBO and my job is to work with property owners to make sure their property listings are accurate, focused and set for success.

The single most common question I get is, "Are there tenants looking for corporate rentals these days?" It's no secret that we're living in tough economic times and corporate travel has been slashed by most major corporations. However, the answer to this question is still a very simple, "Yes!" The world is still doing business and there is still a huge need for furnished, temporary housing.

I personally know that the demand for corporate housing is high because:

1) Day-in and day-out I am bombarded with tenant leads. While most people find the housing they're looking for on the CHBO site, still can't find a home in a city of their choice that meets their requirements. I work hard to connect them with the many property owners listing through CHBO. The more properties we have listed on the site, the more chances we have for finding a successful renter/rentee match.

2) Many industries are still booming. Companies often contact us to help them find temporary housing for their employees. Here is a sampling of the industries that have utilized corporate housing in the last several weeks:
- Engineering/Construction
- Medical Supplier
- University Medical Center
- International Graduate Student
- Wildlife Rescue Center
- Construction Flooring
- Engineering/Stress Analysts
- Security Consultants
- Marketing Media Strategist
- Dance Company
- New Job
- Relocation Package
- Motorcycle Company

3) Requests for corporate housing keep coming in and they remain quite lucrative. Here are some of the requests for corporate housing we received in the last few weeks:
-1 Bedroom request for $3,500 per month in Davenport, IL
-House for more than $10,000 per month in Orange County
-3 bedroom request for $4,999 in New Jersey
-1 year rental in Boca Raton for $2,500 per month
-3 month request in AZ for $5,999 per month
-6-9 month rental in DC for $4,999 per month
-Weekly request in Carlsbad for $6,999

4) Corporate housing isn't just for business travelers anymore. People are in need of temporary furnished housing for a variety of reasons - here are some requests we received just last week:
-new grandparents looking for temporary housing near their family,
-people who are renting out their larger home because they needed to downsize,
-a couple who wants to rent a home so they can first try a new area before buying.

As you can see, the need for corporate rentals is not waning - if anything it's growing. Tap into this market by listing your property with CHBO too!

Posted by Nelly

How to Dress Up Your Corporate Rental

You wouldn't go to a job interview or a blind date with wrinkled, mismatched fashion or disheveled hair, would you?

If you have ideas of turning your abode into a corporate rental, whether it's your vacation pied-a-terre or investment property, remember that the same mantra applies to featuring your rental property: Dress it up!

As a property manager, I've seen properties that have never seen a day of vacancy and properties that languish on the market.

Why you ask? Well, of course location and amenities have a lot to do with it. But I’ve also come to realize that a little internal sprucing up can do wonders for improving a rental property's occupancy rate.

Here are some tips to help you spruce up your property:

Put on a fresh coat of paint. Add some color contrast to your walls – don’t just stick with plain old white! Check out pictures in magazines or go to open houses of other corporate rentals on the market. Observe the lay-out and decorations and take note of the most tasteful and imitate it.

Invest in comfortable, elegant pieces. Try to avoid the mass-produced pieces at franchise shops and instead seek out sales held by staging companies or corporate furnishing stores. Some have warehouses and outlets. If you don't know where to look, contact a few real estate agencies in town to inquire… they probably know!

If your forté isn't in color coordination or interior decorating, fret not. In today's rough and tumble economy, employment is scarce. So that’s why hiring a professional decorator won’t break the bank – and in fact can help improve the desirability of your rental property to ensure maximum occupancy. That said, if you still can't afford the services of an interior decorator, then think-outside-the-box. Go to the local college and seek out some blossoming student talent. Put up flyers near the university’s design department and make up your own interview process. Many students will be thrilled for the work because they welcome the income and experience!

Posted by Dawn

Corporate Housing Landlords Need to Practice Grace Under Fire

I'd like to introduce myself as a new contributor to the Corporate Housing Trends blog. My name is Dawn and I'm a corporate housing property management specialist for CorporateHousingbyOwner.com and AvenueWest Corporate Housing.

Because corporate housing properties are constantly welcoming new clients into their fully furnished, Internet/phone/cable-ready realms, it's important to recognize that this high turnover, fast-paced business can be stressful to some.

Between late night emergency phone calls and the occasional complaint calls, if you're going to be a successful do-it-yourself landlord, you need to recognize that there is a solution to everything... you just have to find it. You need to sometimes think outside of the box and roll with the punches. Never let your tenant see you sweat. What I have found over the years is that there is no one-size-fits all formula that solves all property management issues that arise - but there IS a solution that you may not have thought of yet.

In my future blog posts, I will help you recognize that the problems and situations you face are not new - and I'll help you overcome these situations with finesse and grace! Stay tuned....

Part II of II: The Pet Dilemma. How-to Ensure Good Pet Practices

As discussed in Part I of The Pet Dilemma series, allowing pets in your corporate rental enables you to attract a greater number of potential renters.

But if you allow pets, here are a few things to ask and a few rules to set to ensure good pet practices:

What kind of animal is it? Most animals are fine, but you may want to avoid allowing tenants with pitbulls or other animals that could be considered dangerous to the families living around you. A dangerous animal might require you to change your homeowners insurance and you don’t want to have to deal with that added hassle.

Is the animal noisy? Dogs like to bark, especially at strangers and passerbys. This can be very annoying and disruptive to neighbors. Make the owner agree that the dog will be kept inside most of the time and only outside when supervised by his owner. You may even set hours (i.e., the dog can’t be outside after 10pm) to ensure the dog isn’t barking late at night.

Who is going to clean up? Outline specific rules on what you expect your property (inside and out) to look like while the tenant lives there and upon returning the home to you.

Who will pay for damages? If the pet chews through your wood coffee table, spell out in your contract that the renter is responsible for all damages – big and small. Note: Don’t forget to collect an additional pet security deposit – typically 50% more than a regular security deposit – to insure your property against damages caused by the animal.

How old is the pet and is it house trained? This is actually a very important to ask as you don’t want a puppy “marking� up your carpet or having accidents in your bed. Make sure the animal is at least one year old and is house trained.

How many pets? It’s wise to limit the number of pets to one large animal and maybe two small animals.

Is the pet properly vaccinated? You don’t want any animals carrying or being exposed to disease on your property. Ask for proof of vaccinations and make sure they’re up to date.

Also, be sure to check with your insurance provider to ensure you’re effectively covered to allow pets in your corporate rental.

Overall, allowing pets can be quite lucrative. Be sure to ask the right questions so you product yourself from liability and your property from damage.

Divorced and in need of temporary housing? Corporate housing rentals can help

Sadly America saw a once happily married couple, Jon and Kate Gosselin, fall apart on camera last night. The Gosselin's announced on their TLC reality series, "Jon and Kate Plus 8," that they will be splitting for good.

The Gosselin's are not alone. In fact, we have worked with many individuals going through the uncertainties and difficulties of a divorce. That's because when a couple splits, inevitably one party is left to fend for their own shelter. The party looking for home usually ends up in a hotel or a friend's couch because they don't want to rush and buy a home if they're uncertain of where they need to live and the kind of house or apartment they're going to need for the long run.

So during this emotionally charged time we find a lot of divorcees turn to corporate housing. A corporate rental is furnished and the lease goes month-to-month as to not tie someone into a long term housing situation or breaking the bank. The property is fully furnished and includes a full-sized kitchen, bed and bedroom linens, cable and Internet, and all the creature comforts of a home.

While a corporate rental is not a long-term solution, hopefully it can provide comfort, privacy and dignity to the divorcing party left homeless.

Part I of II: The Pet Dilemma. Should You Allow ‘Em?

I am constantly asked whether a corporate rental should allow pets. On one had, your property is furnished, so there are things that can easily be damaged by a pet. On the other hand, you want to maximize the number of renters you attract, after all, this is an investment and you don’t want your home sitting idle without any renters.

So, while pets can be a pain, I do think homeowners should make every effort to allow them. Here’s why:

First, you open the door to a larger pool of possible tenants. Traveling with pets has become commonplace these days and more traveling executives and relocated families are bringing Fido along for the ride. It’s also unlikely that an executive or family traveling with a pet for months at a time would want to stay in a hotel – so a corporate rental is quite attractive for this audience.

Second, you open the door to making more money. Yes, you can charge more for renter’s who bring along a pet – and you can demand a larger security deposit too. People traveling with pets expect this and are happy to oblige because they simply want to bring Fido along.

Third, you might increase your occupancy rate. Because you allow a larger pool of possible tenants, it’s likely your rental property will have very high occupancy rates – boosting your bottom line!

Fourth, if you own a single family home, it’s the best way to get more renters. Traveling executives like to be near their office, so they may not venture too far off into suburbia. But those that require temporary, furnished rentals homes AND have pets will turn to the single family homes listed for rent, even in a less desirable location (suburb vs. city) just so they can have a yard for their pet to play in and so they can be near parks. So I’m saying if you have a property not centrally located, allowing pets might be one of the few ways you attract a constant stream of renters to your property.

If you do decide to allow pets in your rental property, there are a few precautions and rules you must abide by first. Read Part II of The Pet Dilemma.

Should Your Corporate Rental be Green?

Going green is all the rage, but does that mean you should make your corporate housing rental green too?

A primary concern for real estate investors is the perception that green practices are more costly than non-green practices. But the truth is that there are ways to incorporate environmentally responsible practices into your rental property without breaking the bank.

And don’t forget that your renters want it – a recent survey said that 60% of renters demanded eco-friendly features in their rental property.

If you’re looking to go green, take these ideas into consideration:

Recycling: Leave recycle bins in accessible places within the property with instructions on what can be recycled and when recycling is picked up. If you live in a condo, leave instructions on where the renter should unload the recycle bins when they’re full.

Energy Efficient Light Bulbs: Putting in energy efficient light bulbs will actually lower your electric bill and force less maintenance on your home since the bulbs last longer and require fewer changes.

Low Flow Toilets and Showers: Low-flow efforts can shave dollars off your water bill and be kinder to Mother Earth – just make sure the shower still provides good flow and the toilets flush well. :-)

Leave Eco-Friendly Cleaning Products: Leave eco-friendly cleaning supplies and detergents in the property. The costs for eco-friendly products have really come down – and you’ll find the price isn’t far off from the leading brand’s price either.

Buy Energy Efficient Appliances: When the time comes to buy new appliances, replace the old ones with energy efficient dishwashers and washing machines. Cut your water and energy bill and feel good about saving the planet too!

Market Your “Green-ness:� And most of all, don’t forget to promote keywords like “green,� “energy-efficient,� and/or “eco-friendly,� when marketing your rental property on CorporateHousingbyOwner.com.

Ripped from the Headlines! What To Do with Unruly Tenants

This weekend’s Denver Post reported that a Boulder, Colorado couple was discriminated against by their landlord. The couple was gardening in thong undies and the neighbors were complaining to police of indecent exposure. But the police couldn't do anything because the couple's private parts were covered and they were within their legal rights. After police wouldn't do anything, the community complained to the landlord, who then threatened to evict the couple if they didn't put on more clothes. The landlord says this is a community issue and it has every right to evict the couple.

So this begs the question, what do you do with tenants who you feel are causing a nuisance to your property or who are doing things you don't believe in?

Let's look at a few examples.

First the nudists. They are not breaking any laws if they wear underwear outside. And it's no one's business how they dress when inside. So, yes, legally they can do what they want. As for it being a community issue, that depends on the neighborhood's HOA rules and bylaws.

But take this a step further. What if someone hangs a Confederate Flag, swastika or other racist paraphernalia on your property? Is that okay? The legal answer to this isn't clear because this is a very emotional and controversial topic. If this happens, you may need to hire a lawyer because clear lines have not been drawn over whether you have a constitutional right to do this given the subject matter of these images.

That all said, you may have contractual rights if you took steps to prevent these kinds of things from happening in the first place.

Two tips:

Always make sure you have an air-tight lease agreement. Your lease should contain a clause that the tenant agrees to abide by the Covenants, Conditions and Regulations of the homeowner or neighborhood association and they understand that fines may be assessed and that eviction is possible.

Understand your state’s law. In Denver, property owners have rights, but cities with rent control give the owners almost no rights.

A great thing about corporate housing is that tenants don’t move in all their furniture or live a home for years. They generally have less vested in a home and are less likely to create a nuisance … although trust me, those sticky issues rear their ugly head from time to time so you want to be prepared for anything and everything in the world of landlording.

Is Do-It-Yourself Property Management the New Black?

Do it yourself industries are nothing new. But just because you can do-it-yourself, does it mean you should?

I read an article recently about Lowes Co. beginning to offer a series of workshops to teach the do-it-yourself home improvers some tricks of the trade. Apparently Lowes had done away with these workshops because people were paying contractors to do the work - but with the recession, do-it-yourself fixing is back in business.

In the corporate housing world, do-it-yourself property management isn't as common although it's definitely on the rise. A typical property manager charges 35 - 50% of the total rent - and they work very hard for that commission. They secure tenants (and in corporate housing, it might be anywhere from 1-12 tenants per year!) and then they handle transition between tenants, maintenance and general tenant and property management.

These responsibilities take effort, know-how and time. However the biggest challenge is how to find the right tenants. You've probably been here before:

You know of a large company 10 minutes away and your property would be a perfect corporate rental for its traveling execs. But you tried calling the HR folks to pitch your property and they wouldn't even take your call! If you could just connect with them you know you could get your property rented.

This scenario is very real because property management companies that focus on managed corporate housing already have relationships with HR departments. But it's possible for individual owners to reach these companies; they just need to use the right marketing tools, like using an online tool that connects them with both corporate HR departments and individual renters.

Attempting to do-it-yourself? Check out these resources:

I highly recommend that anyone attempting to manage their own corporate rental make sure they have the time to do it and that they do their homework! These two things are essential to finding success.

For those willing to take the time to manage their own properties and learn how to do it well, there are several resources we'd like to recommend:

1) Check out our website - CorporateHousingbyOwner.com. We allow you to download our User Manual for free - giving you all the tools and tips from the experts of do-it-yourself landlording. CHBO also includes links to various property management resources as well.

2) Check out the Complete Landlord site. While the site is not specific to corporate housing property management, it does offer a ton of free and premium information about finding success in landlording.

3) Corporate Housing Providers Association (CHPA). CHPA is the official association for corporate housing providers and the site is chocked full of news about the industry and tips for success.

Another good way to do your homework is to talk to professional and do-it-yourself property managers. Assess the responsibilities involved and how much time it will take you to do it all.

Don't want to do-it-yourself?

And if you find out you're not up to doing it yourself, hire a property manager to do all the work for you. A good way to identify a property manager includes checking listings on Find a Property Manager.

Also, if you're a typical property manager and would be interested to learn more about "managed corporate housing" there is a new program called AvenueWest Global Franchise that you can join to add a true corporate housing program to your company. For more information contact Angela Healy at Angela@awch.com or directly at 303.800.1381.

Should you allow week-long stays in a corporate housing rental?

From time to time you may be asked by a potential renter if you would be willing to rent out your property for a week-long stay – and usually those booking for week-long stays are looking to book for a future date. While most corporate housing stays are at least a month long, if not longer, it’s not uncommon for corporate housing owners to be approached with this question. So should you do it?

The answer to this question is “yes� and “no.�

YES – You should consider pre-booking week-long stays if your property is located in a market that is prime for vacation renters. During certain times of the year (tourist season), offering your property as a weekly vacation rental may help you capitalize on greater income potential because weekly rentals charge more than monthly rentals. You should only do this if you feel comfortable that any advance booking you take won’t deter potential long-term corporate housing renters.

NO – If your market is not in prime vacation rental territory, then I would advise against offering it for anything less than a 30-day rental for advanced bookings (a month or more in advance). The true formula for annual revenue success in the corporate rental business is occupancy and this is best achieved through longer-term tenants of one month or more. If you secure a week-long rental, you might tie-up your property and thereby prohibit a future renter from staying in your property for the long-term. Many corporate renters give little advance notice and need to see immediate availability. And remember, longer rentals means less wear and tear on your property too, so it often makes good business sense to stick with longer-term rental strategy.

Did You Know? About 50% of all tenant leads generated from CorporateHousingbyOwner.com were for rentals of 90 days or greater! In fact, 15% of the CHBO leads were for a year-long or more rental and 35% were for 4-11 month-long rentals, well above industry average.

Read this blog post - I broke my own renter rule!

How much should I spend on my marketing efforts?

As a general rule of thumb, corporate housing landlords should dedicate any where from one to three percent of their total annual revenue to marketing and advertising their property.

Here are some other general rules of thumb about how to go about successfully marketing your corporate housing rental property:

Don’t Limit to Local: Property owners should not only look at local marketing (such as local housing lists, newspaper classifieds, flyers, etc.), but instead turn to national marketing efforts. Furnished properties are being searched for by locals and non-locals looking for temporary living but the majority of people needing furnished housing come from people not living in your immediate area.

Beware of Classifieds: Because corporate rentals, by nature, have higher turnover than unfurnished rentals, you need a way to immediately market your property without having to wait for the Sunday classified section to run. And if you post it for free on an Internet list, you may find that 100 properties within the last hour posted rental properties too and your post is now buried. Having a long-term Internet marketing strategy is the way to go in this business that attracts out-of-towners and may require any where from one to 12 different renters per year. Also remember that corporate housing landlords should treat their property like a hotel. Hotels don’t just advertise when they have vacancy, rather they advertise their property year-round.

Understand Craigslist: While Craigslist is a great place to market your property for free, it doesn’t come with out great risk of attracting the wrong type of renter or wasting you time with the need to repost or speak with all the wrong tenants. At CorporateHousingbyOwner.com, we found that most property owners advertising on our site won’t post their property to Craigslist because they prefer to market their properties to quality corporate executives, which they continually find on CHBO. And, most of our corporate clients will not look on Craigslist because they don’t have time to inspect the properties to make sure the property is indeed a fit for their needs or a legitimate rental. Remember, corporate housing appeals to a different kind of renter who appreciates a more sophisticated marketing effort.

Overall, it’s important to remember that marketing your property is part of your investment as a corporate housing investor. Stick to a long-term strategy that targets individuals inside and outside of your local area and you’ll more likely than not attract quality renters to your property year-round.

Single family home or condo? I say it depends on YOU!

This is the million dollar question in corporate housing: What makes a better corporate rental, a single family home or a condo? The answer isn't always clear because there are needs for both. However, consider these factors when making your decision:

Upkeep:
Single family homes typically require extra upkeep and maintenance (especially if they're older). They require regular yard maintenance, exterior painting, roof repairs, etc. On the other hand, condos only require maintenance within the unit as the upkeep of the exterior and common areas are maintained by the HOA and are part of the monthly assessment. Condos create reserves from HOA fees to manage major exterior updates or repairs (ie, a new roof).

Maintenance Costs:
Single family homes come with monthly costs like trash, heating, water, lawn mowing, etc., each needing to be paid separately. The good part is that some of these costs (heat, water) will fluctuate depending on the season and occupant (vacant, one person vs. four people living in the home, etc). Condos require you to pay a monthly assessment regardless if someone is living in the unit, however, most condos include heat, exterior maintenance, trash, building insurance and water in their monthly assessments.

Time/Commitment:
Single family homes, no doubt, take more time to manage and require a more active, hands-on investor because there are more things that require upkeep and maintenance in a home than in a condo. For investors will little time to dedicate to the process, a condo can be a worry-free way to go.

Rental Rate:
Rental rates are generally determined by the area you live, however, if you live in a condo that is 30% investor-owned, your rate will be determined by the pack. A single family home can vary in price and cash-flow better, on average. And because there are probably more condos offered as corporate rentals, they may take more time to find a renter as compared to a single family home.

Resale Value:
While resale value depends on the location, single family homes typically are easier to resell and hold their value over the long-term. A condo building with 500 units may have 10+ units for sale at any given time, making it difficult to sell your home at a competitive price.

These are just some considerations to make when deciding the right type of corporate housing investment property for you. Obviously there are numerous other factors too - so be sure to do your homework and take a "gut" check to find out what kind of investor you are and what type of property works best for you.

For additional reading, see my previous post how to determine if NOW is the right time to invest in real estate.

Sharing Hotel Rooms with Business Colleagues on the Rise

A May 2009 HR Magazine article reported that more employees are being forced to share hotel rooms with their colleagues when traveling for business. In fact, the article cites a Business Traveler survey that found 14% of employees said they now share a room with a colleague and overall, 24% of business travelers have had to share a room with a colleague at some point in their career. This forced room-sharing is another way companies are trying to cut back on hefty travel expenses, particularly in our flailing economy.


But room-sharing often creates undo stress for someone who is away from home. Things like snoring, bathroom sharing and differences in bedtime schedules can create ill-will and stress between professional colleagues.

Instead of bunking two business associates in the same small hotel space, a company could, oftentimes for less cost, put up their traveling employees in a corporate housing rental. Corporate housing units have shared living space, but separate bedrooms and bathrooms, giving each employee their own personal space. Corporate housing can be a way companies cut back without sacrificing their employee's well-being in the process.

Here's a breakdown of how travel costs stack up when comparing hotel stays with corporate housing:

Lodging: A company could pay $75-$300 per day for a single employee to stay in a studio-sized hotel depending on location. Double that cost for two employees and a company could spend more than $9,000 per month per employee. On the other hand, the average corporate housing rental for a one-month in 2008 across the United States and averaged between all unit sizes is $3,500. Two business associates could share a two-bedroom corporate rental - and each would get their own private space and only sharing common spaces like the kitchen and TV area.

Food: Breakfast for one employee in the average hotel can cost $20-$30 per person per day. Dinner can cost $25-$50 if the employee dines out. These expenses can quickly add up over the course of three meals per day for an entire month - double for two employees. Corporate rentals include a full-sized kitchen with dishes, pots and pans and appliances. This enables traveling employees to eat-in often rather than dish out tons of cash for expensive room service and restaurants.

Hidden Fees: Many hotels charge $10-$25 per day just for Internet usage alone. Plus you have to tip the busboy, the room service attendant, and many others as well – tons of hidden costs. Standard corporate housing fees already include Internet charges and complimentary long distance and there are no tips required when an employee stays in a private home.

Companies should always look to other alternatives to save money before sacrificing an employee's personal space in the name of cost-cutting. Corporate housing is an underutilized option that should be considered - and can be a long-term solution for HR departments looking to cut corners in both good and difficult financial times.

Back By Popular Demand… Renting!

MOBILITY Magazine, April 2009

The challenging real estate market that is being felt all around the United States has made renting en vogue once again. Nunan explains how transferees and real estate companies are adapting to this challenge.

By Elizabeth D. Nunan, CRP, GMS

Relocation divisions across the country have seen notable increases in their rental business during the last 12 months, some reporting increases as high as 40 percent. And with rental inventories on the rise, the market has become quite appealing to many.

There are numerous factors behind this new trend but one that resonates the loudest is that many transferees are finding it difficult to sell their current homes, and without buy-out options, some may have no other choice but to rent in the destination market and ride out the slow real estate market of their former home.

Ryan Carrell, CRP, director of relocation and corporate services, Carpenter Realtors, Indianapolis, Indiana, said, “many times the client has a home to sell in the market they are relocating from that is not moving. In the past, where a transferee would have pursued temp housing for 30 to 60 days to simply bridge the timeframes, they are instead now choosing longer lease options such as six to 12 months.�

Further fueling the rental market is that these would-be sellers decide to rent their former home to help them cover all the costs of carrying that home and renting another in the new location. “We are certainly seeing an increase in sellers wanting to entertain leases or rent to own offers under the current market conditions,� said Carrell. “Though central Indiana did not experience the spike in prices and following devaluations as many markets have, inventory levels are still relatively high and many sellers who purchased with little or no money down are in negative equity positions.� It is this combination, said Carrell, that “is forcing many sellers to investigate lease options.�

Allison Harvey, CRP, director of relocation for Arizona Best Real Estate, Scottsdale, Arizona, agreed with Carrell. “Many of our seller transferees have decided to rent their home in lieu of a sale,� she said. “Most of them purchased in the last three to five years when prices were at their highest and would suffer a loss to sell in the current market.�

This is a loss that many would rather not incur. For those transferees coming into the Phoenix, Arizona-area, at least throughout 2008, Harvey said, “many were hesitant to purchase in the Phoenix market due to prices still declining. They were fearful that if they purchased they would find themselves upside down if they relocated and moved again within two to four years.�

Reluctance to Relocate

These very real fears often cause reluctance for employees to even accept a job transfer. According to The Worldwide ERC® 2008 Transfer Volume and Cost Survey, transfer activity is on the decline. The survey cites one of the reasons as reluctance to relocate. Overall, 70 percent of organizations report having problems with employee reluctance to relocate—up from 60 percent the prior year. The top reason given is the result of the weakened housing market. “The slowed real estate appreciation/depressed housing market at the old location� was cited as the number one reason their employees were unwilling to move.

Martha Turner Properties of Houston, Texas, saw a 40 percent increase in rental transactions in their relocation division. Anne Incorvia, director of relocation and corporate services said, “we’ve seen that there have been numerous factors forcing individuals to choose to rent before purchasing. First, relocation policy changes—the transferee’s term for their job was for a two-year term so they wanted to keep their current home in the market they were leaving and rent in the new area.�

Incorvia also said, “in some instances the transferees’ benefits for selling their home in the departure market were negligible and it was, therefore, better for them to rent out the home they were leaving and also lease their new home in Houston. Additionally, we found some transferees renting due to the poor economic climate in their departure city, thus they just could not sell their current home. And finally, due to credit being tightened they could not get a second mortgage or bridge loan while they waited for their home to sell in their departure city.�

In yet another part of the country, Tammy Carroll, CRP, GMS, vice president of corporate services for Bob Parks Realty, Nashville, Tennessee, saw an increase of 30 percent in their relocation rentals. She echoed what other relocation directors were reporting—that the number one reason transferees were choosing to rent initially was “due to the fact that their home has not sold in the departure city.�

Do you see a recurring theme here? With the real estate market still stalled in many parts of the country, rentals may continue to grow. Now may just be the time to re-evaluate and expand your rental services or start a rental division. It may well be a growing segment of our business for the next few years.

Rental Services

One real estate brokerage that sees this trend as an opportunity is Prudential Douglas Elliman of New York, New York. The company just recently announced they will be opening an office exclusively dedicated to rental properties for the first time in more than 10 years. According to Stephen Kotler, executive vice president and director of sales and rentals, “During the summer of 2008, the company noticed its rental activity was up 15 percent and decided to devote more resources to that market.� Kotler said that they have leased 15,000 square feet to house the rental operations and the company will be recruiting up to 75 agents to specialize in rentals. Kotler believes this is a growing segment of the real estate business now, as “based on market conditions, more would-be buyers are moving toward rentals as they contemplate the market long term.�

Additionally, it is no secret that today’s renter will be tomorrow’s buyer. Catering to this market now may prove fruitful to the real estate brokers in the future. In fact, Carroll noted that in her division, “we have systems in place to keep in touch with the transferees that are renting as part of our full-service to our clients. Educating transferees about the Nashville market is important and we hope to be there when they are ready to purchase after their lease is up. Our goal is to help them with making wise investments in the market.�

So with rentals on the rise for the time being, it is interesting to wonder whether this trend will continue. Will more employers expand their relocation benefits to be more “renter friendly?� Will more real estate companies see this growing market segment as an opportunity? These are all good questions to ponder as we see where this ever-changing market takes us next.

Elizabeth D. Nunan, CRP, GMS, is vice president, relocation, for Houlihan Lawrence Real Estate, Armonk, New York, and a member of the MOBILITY Editorial Advisory Committee. She can be reached at +1 914 273 2800 ext. 267 or enunan@houlihanlawrence.com.

Register Now for May 2009 eLearning Webinars For Corp. Housing Providers & Suppliers

CHS announces the launch of its eLearning Webinars! Join industry expert Elaine Quiroz as she delivers top-level sales training for corporate housing professionals, live and online.

Webinars are convenient and affordable, and allow participants to learn through live presentations via the web (PowerPoint and Audio), right at their desk. Elaine brings 21 years of corporate housing experience to her training sessions and ‘speaks the language’ of your corporate housing team. Her presentation style keeps attendees engaged in the learning process, as she blends recommendations, ideas, best practices, and hand-on knowledge into every presentation.

Make CHS Webinars a key part of your ongoing training! Watch for new sessions and titles to be added.

Click here to register today,
http://www।chstrategies.com/Webinars.htm

Assessing a Property: Is It Fit to be a Corporate Housing Rental?

Our article about investing in corporate housing discussed the financial aspects of investing in a corporate housing rental property. Now I’d like to address some important considerations to make when purchasing a property specifically for use as a corporate housing rental.

Price per bed not price per square footage. While some people think more space or a bonus room are great perks for a home they are going to live in, keep in mind that it’s just added liability for a home you plan to rent. Purchase the smallest square footage with the most number of bedrooms, because, like a hotel, when you rent out a corporate rental, it’s priced per bed, not by square footage.

Avoid first floor units. If you’re purchasing a condo as a rental property, it’s probably best to avoid first floor units. People who don’t know the city may not feel as safe in a first floor unit, and oftentimes people will use a first floor rental to advertise a business, like a fortune teller. It’s just best to avoid first floor units altogether.

Don’t rule out functionally obsolete. Sometimes a property makes a poor long-term home, but a perfect rental home. Homes with tiny closets or kitchens, which some consider functionally obsolete, make wonderful rental properties because they are usually really cheap to buy and cash-flow well. So don’t rule out those functionally obsolete properties if the objective is cash-flow and the price is right.

Location. Location. Location. Location can singly-handedly ensure your property is rented continuously. Look for homes in urban areas, near train stations and airports, and close to universities and hospitals. Those locations typically rent the best and have the best resale value too.

Views and amenities matter. When people are visiting a new city for business or pleasure, they want to enjoy all the city has to office. Corporate renters like city views, covered parking and free gym access. Keep these things in mind when creating a desirable corporate rental property.

This list should help you successful seek out a solid investment property that is specifically tailored as a corporate housing rental. Good luck!

Rental Vacancies Up. Time to Reassess Marketing Strategy

The Denver Post reports today that apartment vacancies are at a 4-year high in the Denver metro area. With many people out of a job or worried about their finances , apparently more and more people are choosing to live with roommates or move in with their parents to save money.

But rest assured that demand for rental homes will always exist. Finding a loan will be forever more difficult. And people will think twice about buying so quickly in the future. The rental market may recover much more quickly than some think...

But if you're a real estate investor and are having trouble finding a quality renter, be sure to explore your options. Perhaps the home could be a good corporate rental? Or maybe you need to examine how competitive your rental rate is? We are operating in a different era and a different housing market, yet so many people are still pricing their homes and setting their rental rates using a 2006 mentality. Think objectively and outside of the box and you may just be able to turn things around more easily than you think.

Corporate Housing Isn’t for Everyone. Do You Have What it Takes?

With more investors coming into the marketplace looking for good deals on real estate, we want to address what it takes to be a corporate housing landlord. While corporate housing can be quite lucrative and make your property stand out in a sea of available rentals, it’s certainly not the right strategy for everyone.

Ask yourself the following to determine if corporate housing runs in your blood:

Is Your Location Right?: Corporate housing locations can be quite different from properties that make great traditional rentals. Corporate housing thrives in urban and business areas where executives travel to often. It also does well near hospitals and universities, which tend to bring on temporary staff or relocate professors or doctors to the area. If your investment property falls into one of these locations, you may want to convert your property into a corporate housing rental and tap into these lucrative opportunities.

Do You Need Smooth Cash-Flow?: While you’ll typically get a higher annual return with corporate housing, you don’t necessarily get smooth cash flow. If you need money by the 2nd of each month in order to pay the mortgage, than corporate housing is not for you. Your place will be rented more sporadically and less consistently than a renter who signs a 12-month lease. In some cases, especially when you work with corporations vs. private renters, you may not get payment for 45-60 days.

Are You a Worrier?: Your rental property might sit vacant for part of the year (vs. having a locked in renter for 12 months like a traditional rental). Some people, by nature, worry about these kinds of details and may not have the stomach for investing in a short-term rental property. That said, if you’re more easy-going and enjoy earning higher returns overall, you might be just be the right personality fit for corporate rentals.

Do You Have the Time?: Corporate housing can take more time than traditional rentals because you will have to deal with turnover more often. There can be anywhere between 2-12 transactions on your property per year. That said, if you don’t want to be as active in the property’s management, then hire a good property manager to handle the nitty-gritty details likes transitioning the key and prepping the home for the next renter.

Overall, corporate housing takes a certain kind of investor. The rewards can be fantastic, but you have to be able to stomach a little more volatility. Happy landlording!

Ripped From the Headlines: How to Avoid Rental Scams

The headlines these days say it all:

“Couple trying to rent home on Craigslist loses $1,200 in scam�
This innocent couple lost $1,200 because they fell for a Nigerian scam. The “property owner� claimed he was an African missionary and he needed the couple to wire him $500 to reserve the property. He later asked them to wire him another $700 for the first month’s rent, and they obliged. When the couple went to the home to move in, the person who lived there didn’t know what the couple was talking about.

“Craigslist scam targets Kentucky real estate�
In this scam, someone from West Africa hijacked a legitimate rental ad and asked interested renters to send him a check and then he would mail them the keys to the property. No one sent him money – but apparently a dozen people were tempted by the scam.

It’s an unfortunate and ugly side of the real estate industry, but scamming is commonplace these days and renters and rentees alike have to protect themselves.

Here are some ways to avoid being scammed:

Double check all the details when dealing with internationals. In some parts of the world scams are a full-time business. If it seems too good to be true is usually is. Always ask for references!

Look out for phony ads. If you are suspicious of a rental offer you see online, check with the local property valuation administrator’s Web site to verify the homeowners’ names.

Use credit cards. Cashier checks and wiring schemes are all the rage these days. If possible, use credit cards for all transactions because credit cards will more thoroughly protect both the renter and rentee from fraud.

Require a phone conversation before meeting or sending money. It’s always wise, especially when doing business through the Internet, to speak directly with the person you’re working with. An email exchange isn’t enough. Exchange phone numbers and make sure the person’s number works and is legitimately theirs.

Ask about the neighborhood. If you’re talking with someone about renting their home, ask them questions about nearby restaurants and shopping malls. Check those places online and make sure they match up. Someone who may have hijacked an ad won’t know where the nearest Olive Garden restaurant is and that would be a red flag not to do business with them.

Ask for references. Only a legitimate rental property owner will have previous tenant references to offer you.

Be smart and safe. Because it’s important to not only protect your money but yourself too, never agree to meet someone you met on the Internet alone. We recommend first meeting in a public place with a partner by your side vs. privately in your home.

If something sounds too good to be true… it probably is! If the rental rate is extremely low for the location or the amenities offered don’t fit the area, then you can probably spot a scam from afar. Trust your instincts – there are other rental homes for the taking!

Remember, if you’re smart and you do your due diligence, you will likely avoid scammers who prey on timid people.

Can't Sell, Can't Buy - What Do You Do?

Selling a home these days can be as stressful as going through a divorce or losing your job. It's something that is always on your mind and frustrating as ever!

The other night I was watching the local CBS news in Denver and Josh McDaniels, the new head coach for the Denver Broncos, said that the reason his wife and kids haven't officially moved to Denver yet was because they were working on selling their home back in Massachusetts. It ain't easy these days - and the new coach in Denver is experiencing this pain first hand.





I also recently read a story from a town in Washington. Apparently the stimulus money has brought a lot of new jobs to the area and people are relocating to the town. However, most of the town's new residents say they can't buy a home because they can't sell their current home.

McDaniels and these homeowners should think twice about selling now. Housing prices are rock bottom and they will likely have to endure the stress of selling for months and even years.

What they can do is think about furnishing the home (many are already furnished anyway) and offering it as corporate housing. They can hire a local property manager to manage the home. By offering it as a corporate rental, these "accidental landlords" may make enough to not only cash-flow their house, but also they may be able to cover some of the expenses of renting a new home in their new location.



Don't let this down housing market put a damper on moving forward with your life. Just think out of the box and you can survive and even thrive until the real estate market turns. And it will.

Is NOW the right time to invest in Corporate Housing?

Everywhere you turn today you hear that now is the right time to buy real estate – especially for investment purposes. But is this sentiment true for corporate housing investors too?

The answer isn’t black and white. Those wanting to invest in corporate housing real estate must be sure to do their homework, work out the numbers and then decide if it’s time to move forward with an investment property.

Here are some questions to ask yourself before you invest in a corporate rental property:

Is the market still depreciating or are you seeing signs of a recovery? It’s important to look at whether a particular geographic market is still on its way down or if it’s showing signs of recovery. You can find stats on individual cities online, or talk with several real estate advisors in the area you’re looking buy. You want to look for areas that are just starting to go up – this way you know the market has already hit the bottom but you’ll still be able to buy low.

Is the area ripe for corporate housing? Typically major metro areas attract business travelers, so they are usually a sure-thing for corporate housing. That said, corporate travel is down so you want to look for an area that also attracts others looking for furnished, short-term housing. Great places to invest include areas that include universities, hospitals and sporting complexes.

Are condo buildings with lots of foreclosures a good or bad investment? While you can probably get a fabulous deal by buying in a condo building that has several foreclosures (after all, the prices are probably rock bottom), what you must be aware of is the problems that foreclosed units create in a building. A foreclosed unit is probably not paying HOA fees – and multiple units not paying HOA fees can create a huge crater in the building’s reserves. If the building is 20 years old, it will likely be facing some maintenance issues in the next few years (new roof, furnace, etc) and you may be assessed a special assessment to cover those costs simply because the HOA’s reserves were depleted by foreclosed units. Be smart and do your homework on the building to determine if it’s the right investment opportunity.

Do the numbers add up? A good way to ensure you’ll be making vs. losing money on a corporate housing rental is to make sure the property cash-flows well. Because you’ll be furnishing the home and paying utilities, cable and other fees that come along with a furnished unit, you’ll want to make sure the rental fee you’ll charge more than covers the costs involved with ownership. Investment properties must cash-flow well – as appreciation is an unknown and can be icing on the cake if it happens. Assess the going rate of other corporate housing rentals and hotels in that area and see if your asking price is on-par or below those rental rates.

Is that the real price? One thing every real estate investor knows is that just because someone asks for a price doesn’t mean that IS the price. Make sure you do your homework and get the property at or below fair market value so that you get instant appreciation on the home. Don’t let your emotions guide you – if the numbers don’t work with the amount the seller is willing to sell it to you for, then walk away. Even today, when houses are sitting on the market for months and even years, homeowners are still overpricing their homes because they are stuck in a 2006 mindset while buyers are in a 2009/post-bubble mindset.

What are your investment goals? Investing in real estate will have its ups and downs so you’ll need to be prepared to go along for the ride. If you have extra cash to invest, then it’s obviously a great time to buy – after all, who wants to put that money in the stock market these days?!? But if you’re worried about losing your job and don’t have six months of reserves on-hand, then don’t get sucked into the buying frenzy. Some investors are investing in rental homes through their self-directed IRAs so they can grow their retirement nest eggs, while others are doing it to diversify their income streams. Work with your financial advisor to determine your financial goals to assess whether real estate – particularly corporate housing – is the right investment for you.

Photo: Casey Serin

A Bed Bug State of Mind Webinar April 30th

Join us for a Corporate Housing Providers Association Webinar on April 30

With more than 500 stories in the news in less than a week, you cannot afford to miss this webinar. Bed Bugs are back and you need to be prepared!


Join expert Entomologist Dr. Michael Potter for a webinar presentation hosted by CHPA and sponsored by Protect-A-Bed.

Bed bugs are back – big time. In recent years, hospitality, housing and relocation industries went from never having seen a bed bug to them now being a rather common occurrence. This presentation will transport you into bed bug-infested units and show why this is such a formidable foe, not to be taken lightly. Inspection, prevention, and management tips will be provided, along with suggestions for dealing with incidents and staying out of trouble.

1. Introduction & historical perspective on bed bugs
2. Current status of bed bugs in the US
3. Reasons for the resurgence
4. The problem with bed bugs and why it’s not just another ‘bug’
5. Recognition, biology and habits of bed bugs
6. Health aspects of bed bugs
7. How do infestations begin?
8. Role of your pest control provider
9. What can be done to lessen the chance of incidents?
10. Responding to incidents
11. Questions and Answers

Speaker Biography
Dr. Michael Potter, Professor of Entomology at the University of Kentucky, specializes in pests infesting buildings, people and property. His extension and research program provides cutting-edge information and advice about pests to companies and their clients worldwide. Prior to joining the University in 1991, Dr. Potter was the National Technical Director for the world’s largest pest control company.

Dr. Potter has been recognized as one of the ‘25 Most Influential People in the Pest Control Industry’ by Pest Control Technology magazine and was a recipient of the Industry Leadership Award. In recent years, Dr. Potter is among the most sought-after speakers on the subject of bed bugs in the United States, providing in-depth training for the hospitality, housing, health, and pest control industries.

CEU: One (1) credit for CCHP designations.
Cost:
Members - $50
Non-Members - $75

System Requirements
PC-based attendees
Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendees
Required: Mac OS® X 10.4 (Tiger®) or newer
Reserve your Webinar seat now at: (copy and paste to new browser)
https://ssl17.pair.com/chpa/cgi-bin/chpa_webinar_reg.pl?goto=webreg

New York Times Article - Not Home, but Not a Hotel

By CONRAD DE AENLLE

Published: April 6, 2009

It is ever so humble, but the usual dwelling for road warriors on long stints out of town is no place like home. Now, though, there are more options than expensive and charmless hotel rooms or large corporate apartments.

Kevin Moloney for The New York Times

Jesse Wood, foreground, and Chet Rodell stay in a Denver loft as they work for Human Channel Marketing.

One way around both shortcomings is to use one of the Web sites that have sprung up to play matchmaker between employers and property owners. Sites like CorporateHousingByOwner.com, RentalSpaceNetwork.com and Tchnetwork.com list midrange to upscale apartments to rent for weeks or months.

Those upscale apartments, in better economic times, would have sold quickly at high prices. But now, instead of trying to sell them at a fraction of what they were worth a few years ago — if they could be sold — the owners are buying time and making some money through the corporate rentals.

“Landlords right now are in a troublesome situation with everyone pinching pennies,� said Wesley Zlotoff, chief executive of RentalSpaceNetwork.com in Scottsdale, Ariz. “They can’t sell their property because no one’s buying, so this way they can get as much for it as possible.�

The properties are often less expensive than the old options as well, making them especially attractive as companies look for ways to cut travel costs.

“If it’s done right, it can be a win-win for everybody,� said John Challenger, chief executive of Challenger, Gray & Christmas, a recruiting and outplacement firm in Chicago. “The landlord can make space usable, the employee is happy to have a place that’s more private and have some of his or her things there, and the company saves money.�

At the same time, some lodging chains, notably Hilton, Marriott and InterContinental, have expanded their lines of extended-stay hotels, which feature kitchens and rent by the week or month.

The number of extended-stay rooms rose 9.2 percent in the first 11 months of 2008, compared with 2.6 percent growth for all hotel rooms, according to the research firm STR Global. Demand for extended-stay rooms increased by 3.5 percent in that period, while the broad industry experienced a 1.5 percent decline.

Extended-stay hotels and corporate housing sites appear to be thriving because so much else in the economy is not. The main customers for the apartment rental Web sites are property owners who pay a listing fee. Some have cultivated relationships with employers.

CorporateHousingByOwner.com, based in Highlands Ranch, Colo., has about 2,000 registered companies, said Kimberly Smith, its chief executive.

The site helps line up apartments for companies moving large numbers of employees, as often happens in industries like defense and energy, Ms. Smith said. The companies pay no fee for the assistance or to register. The site benefits from the demand for properties created by their presence.

To lure a corporate clientele, most units are furnished and wired for technology — cable or satellite television, high-speed Internet access, telephone — and stocked with cutlery, dishes, kitchen appliances and linen. Even with these items, renters often find the apartments cheaper than alternatives like hotel rooms or apartments.

That was the case for Go To Team, a Charleston, S.C., company that makes sports video footage for television networks. The availability of a cheaper place — a condominium listed on CorporateHousingByOwner.com — allowed the company to bid low enough to win a contract this year to cover an event in Miami.

“I wasn’t going to be able to afford a hotel room for two guys for two weeks,� said Skip Clark, Go To Team’s director of photography, who shot the assignment with a sound engineer. He and his colleague spent as much for the condo and the home-cooked meals as hotel rooms alone would have cost.

“It was nice having a fridge and a kitchen,� Mr. Clark said. “We didn’t have to go out to eat every night. This is when a corporate condo comes into play.�

A kitchen and other homey accoutrements also appealed to Chet Rodell, who is renting a loft in Denver for several weeks with a colleague as he opens an office for Human Channel Marketing, a company in Utah that generates business for cable television operators.

“We work very hard, and coming home to a quiet, comfortable place makes a huge difference,� said Mr. Rodell, who found the loft through CorporateHousingByOwner.com. “The cost is comparable to short stays at hotels and motels, but the experience is so much better.�

Still, anyone using a housing site should not expect a palace or the Ritz at the cost of a basic, down-market flat. The listed accommodations are likely to have many of the comforts of home and also some of the discomforts.

“There were goofy little things� in the condo in Miami that he rented, Mr. Clark recalled. “It was in an older building, and it had a small TV on an odd wall mounting. It wasn’t a swank place on the beach.�

Still, it was his first experience using a corporate housing site, and he found it pleasant enough to consider making similar arrangements on future road trips.

“Absolutely,� he said. “It was an experiment, but it’s probably something we’ll do more often.�

Mr. Clark highlighted one other feature of the condo, something seldom available in a hotel, that made it feel somewhat like home.

“I was able to bring my dog,� he said. “It was awesome.�

A version of this article appeared in print on April 7, 2009, on page B6 of the New York edition.

Won’t You Stay a Bit Longer?

Hip, new extended-stay hotel chains cater to road warriors who expect amenities like flat-screen TVs, stainless-steel appliances and outdoor fire pits.

By Daniel McGinn | NEWSWEEK
Published Sep 27, 2008
From the magazine issue dated Oct 6, 2008
http://www.newsweek.com/id/161050/page/1

It's cocktail hour in the lobby of the Element, a new hotel just off the highway in the Boston suburb of Lexington. Khaki-clad business travelers, corporate ID cards hanging from belts, nurse free beers and nibble nachos, staring at laptops or skimming newspapers. A vacationing couple talks quietly at a table. This hotel, which opened in July, is the first of a new chain being launched by Starwood—owner of the Sheraton, Westin and W brands. Designed by the same folks who created W, Element features a hip design and loads of green features; Starwood claims it's the most environmentally friendly hotel on the planet. But aside from the bamboo planters and water-efficient plumbing fixtures, competitors are paying close attention because Starwood has a history of revolutionizing the hotel business—and it says it plans to have 250 locations open within five years. To size up this new competition, partway through happy hour three suit-clad visitors walk into the lobby and approach the front desk. They tell the manager they're from InterContinental Hotels Group, which owns Holiday Inn, and they'd like a tour. It's not an uncommon occurrence. Ten Marriott executives recently checked into Element for an overnight stay—and even chairman Bill Marriott has stopped by for a look. Starwood's team says it's happy to show competitors around—after all, there are few secrets other hotel pros couldn't glean simply by booking a room. "It's a friendly competition—there's space for everyone," says Brian McGuinness, the Starwood vice president who oversees Element.

That's been especially true lately. Element is the latest entry into the lodging industry's hottest segment: extended-stay hotels. Unlike traditional properties, these chains are geared toward guests who'll stay more than five nights. They feature kitchens in each room, on-site laundry facilities and escalating discounts—the longer you stay, the lower the nightly rate. At higher-end chains like Marriott's Residence Inn, guests might pay $125 a night and get a free breakfast; evening "manager's receptions" with complimentary drinks and munchies; a pool; and free grocery delivery. At lower-end chains like Value Place, some locations offer rooms for just $189 a week. In this softening economy, overall hotel-industry revenues are flattening out, but the $5.7 billion extended-stay segment continues to show higher occupancy rates, faster revenue growth and higher profit margins than the overall industry. In the past decade the number of extended-stay rooms has jumped from about 100,000 to 277,000, and the chains are adding new ones three times as fast as traditional rooms.

The extended-stay concept isn't new. It began more than 30 years ago, when Kansas apartment developer Jack DeBoer built a hotel that broke many of the industry's basic rules. Instead of just a bed and a bathroom, rooms in his Residence Inn featured full kitchens, made to appeal to road warriors who grew tired of nightly restaurant meals. His hotel didn't feature a pool or lobby bar, and long-term guests didn't even get daily maid service. But the limited amenities kept costs down, and the discounts for long stays kept the hotel full on weekends, a time when the average business hotel turns into a ghost town.


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After opening that first Residence Inn, DeBoer flew to Memphis, Tenn., to discuss the concept with Holiday Inn founder Kemmons Wilson. " 'It won't work'," DeBoer recalls being told. " 'You've got to have a bar so the guys can chase girls, and you've got to have a restaurant'." DeBoer ignored Wilson. By 1987, Residence Inn had 96 hotels, and DeBoer sold it for $260 million to Marriott, which now oversees 546 North American locations. Since then DeBoer has launched Summerfield Suites (which he sold to Hyatt), Candlewood Suites (sold to InterContinental) and Value Place.

Despite that long history, only in the past decade have extended-stay hotels emerged as the industry's big growth engine. One key driver: corporate outsourcing, which has led to a growing population of self-employed consultants who might spend months away from home on assignment. These guests want something that feels a bit more like home, which makes the kitchens a big draw. "When you're staying somewhere 15 days, you can't be in a room with just a bed and stay sane," says Katie Tyson, vice president of Residence Inn. In truth, few guests are whipping up four-star cuisine. Several chains cite research showing that only guests staying more than 10 nights do much in the kitchen beyond reheating pizza or keeping drinks cold. "Just having a kitchen, even if people don't use it—they're willing to pay more for it," says Peggy Fang Roe, who runs TownePlace, Marriott's midrange brand. Mostly, extended-stay hotels capitalize on the fact that some of the things that seem glamorous the first time you go on a business trip—restaurant meals! expense accounts! daily maid service!—become a total drag after a few weeks on the road. By then, many people would prefer eating in front of the TV and not having a stranger rearrange your toiletries each morning.

Among higher-end chains, there's been a move to make the accommodations exceptionally cushy, partly to keep pace with the renovations many homeowners did to their own residences during the real-estate boom. "That's what the hotel industry has recognized—that a traveler doesn't want to go anywhere and find less of an experience than they'd have in their own home," says Rob Radomski, who oversees InterContinental's Staybridge Suites and Candlewood Suites brands. Higher-end chains are adding granite counters, flat-screen TVs, stainless-steel appliances, outdoor fire pits and gourmet gas grills. The rooms at Element feature beige textured wallpaper, glass-topped desks and a leather headboard over wooden platform beds. Instead of wall-to-wall carpeting, there are laminate wood floors and area rugs. The lobby has lots of mod seating and bamboo planters. Beyond style, Element also intends to break new ground as an environmentally friendly hotel: it's filled with energy-efficient lighting and recycled materials. Rooms at the Element average $165 a night—a bit more than its upmarket rivals.

Some chains want to move even further upscale. In the past year, Philadelphia developer Korman Communities has expanded a nascent chain called AKA, which now has nine locations in Manhattan, Philadelphia and Washington, D.C. AKA's suites, which are meant to draw guests away from luxury hotels like the Four Seasons, feature Sub-Zero appliances and tons of space; rates start at $695 a night and decline to $295 a night for long stays. Co-president Larry Korman says AKA is routinely used by CEOs, affluent urbanites undergoing apartment renovations and A-list actors shooting movies. Another key demographic: rich folks whose marriages are on the rocks. Korman says one AKA location has a dozen long-term residents in various stages of divorce. That's hardly surprising: at low-end extended-stay properties, so-called marital dislocation can account for 20 percent of guests, which is one reason some executives refer to them as "heartbreak hotels."

Despite the segment's growth, the executives who run these chains sound a little frustrated that more customers aren't checking in. Lodging consultant and New York University professor Bjorn Hanson says more than 20 percent of hotel stays last five or more nights, and many of these guests would benefit from choosing an extended-stay property. (And since extended-stay guests require less attention from housekeeping and front-desk staff, margins are higher at these properties, so hotel operators would make more money off guests if they made this switch, too.) All the chains say many consumers don't really understand the key benefits of extended stay, particularly the way rates are discounted for long-term guests. Brand managers also say they're extremely careful of how they market the concept. " 'Extended stay' has a negative connotation to the consumer," says Starwood's McGuinness, echoing rivals. "The customers believe it's downmarket and a tired product."

To overcome that, ads avoid using the words "extended stay." Instead, they show happy, rested road warriors enjoying their stylish home-away-from-home. Ads for Hilton's Homewood Suites show travelers doing yoga and practicing golf putts in their suites; its spots use the tag line "How do you make yourself at home on the road?" "It's a tough segment to advertise and market to, but we're all getting more sophisticated at it," says Rebecca Wyatt, senior vice president at Homewood Suites.

Travel is a cyclical industry, and with airlines raising fares and companies cutting budgets, hotels have started to feel the effects. Occupancy rates for U.S. hotels have fallen this year, according to Smith Travel Research, and overall industry revenue has grown at 3.7 percent, half the growth rate in 2007. Some observers worry that the industry has become a little too enamored with the concept. "In certain markets, there are just too many of them—and too many coming," says Mark Skinner, partner at Highland Group. But 77-year-old Jack DeBoer, who invented this niche back in Wichita, Kans., says that in a slowing economy there will be even more value-conscious travelers turning to the brands he's created. No matter if you're in a $799-a-night Ritz-Carlton or a $189-a-week Value Place, DeBoer says, "when you turn out the lights, they all look the same." Just remember: in some of them that means you'll also have to turn out the light in the kitchen.

© 2008

NY Tax laws info - IMPORTANT

Many changes have occurred in NYC with respect to tax laws for furnished apartments. The New York City Department of Finance has increased the Hotel Tax from 5% to 5.875%. This new tax rate will be applicable to all existing and new reservations effective March 1st.

The Hotel Room Occupancy Tax will not be affected by this change. It will remain as follows: $4.00 per day for a Studio, $6.00 per day for a 1 Bedroom, and $8.00 per day for a 2 Bedroom.

San Diego Union Tribune: Housing Scene: Frustrated sellers find short-term renters in the corporate pool

By Lew Sichelman

2:00 a.m. January 18, 2009

WASHINGTON — Sellers who are having difficulty finding buyers in the current apathetic market might want to consider entering their places into the corporate housing pool.

That's what Doug Black did, and he couldn't be happier.

When the Denver, Colo., businessman found it too difficult to carry two condominiums, he moved into the one he was renovating and put the one he was living in up for sale. But when he found no takers, he decided to list his fully furnished apartment with a do-it-yourself Web site called CorporateHousingbyOwner.com.

Black immediately landed a year's lease with a vice president for Quiznos, who was transferring to the sandwich-shop chain's headquarters near his condo. And since that lease expired in May, he has had several other, shorter-term tenants, including a delegate to the Democratic convention and a Canadian couple who were visiting their children during the holidays.

“In this kind of market, when things are slow, this is a good way to offset your carrying costs,� says Black, who works with casinos in Mexico. “It's better to have it rented and generating a little income than to have it sitting vacant.�

In listing with Corporate Housing by Owner (CHBO), Black discovered a nearly $3 billion-a-year business, according to the Highland Group, an Atlanta, Ga.-based hotel-advisory firm. But despite its size, corporate housing is a segment of the housing market few sellers – or landlords, for that matter – even think about.

Kimberly and Eric Smith are trying to change that. The Denver, Colo.-based husband-and-wife team have been involved in corporate housing, a field long dominated by the likes of short-term housing giant Oakwood and the big hotel chains such as Marriott, since 1999.

Two years ago, the Smiths launched CHBO, a Web site dedicated to connecting individual owners with corporate renters. It isn't the only site on the Web aimed at corporate travelers – condo.com and rentalspacenetwork.com are a couple of others. There's even a trade group for landlords, the Corporate Housing Providers Association. But CHBO is the only one devoted solely to the field. The site currently includes more than 60 San Diego-area listings.

According to Kimberly Smith, the military is the largest user of corporate housing. The armed services relocate some 600,000 people a year. And since there is typically a one-to three-year wait for on-base housing, the overflow is always looking for short-term housing.

Traveling nurses are another big user. Some 200,000 nurses move about the country annually, taking two-, six-and sometimes 12-month assignments as they go. Relocating businesses, summer interns, sports professionals, traveling showmen, insurance-company adjusters, people undergoing extensive medical treatment and “snowbirds� are also frequent short-term renters.

“There are lots of different people who fit the corporate housing profile,� Smith says. “Even people who want to rent before they buy, or rent before they sell so they can put their houses on the market in the prime selling season, are good candidates.�

In the old days of corporate relocation, companies handled the entire move as a service for their relocating employees. Now, according to Smith, the trend is to hand transferees a lump sum and let them make their own deals. And since they control all the money, they can make their own choices.

For some, the choice is a less-than-satisfactory extended-stay hotel. But a growing number are opting to rent furnished homes or apartments. “It's like choosing a garage over a parking lot,� the corporate housing executive says. “One is basically an oversized hotel room; the other is a fully outfitted private residence.�

According to the Highland Group, about 1,000 operators cater specifically to the corporate housing market. Together, they control nearly 78,000 units. But Smith says private homes are needed to increase the supply, especially where typical short-term housing doesn't exist.

As corporate housing, your home would be occupied by someone who would be willing to show the house to would-be buyers and move out if someone actually decided to purchase the place.

“What have you got to lose?� Smith says. “As the owner, you get to make the rules and control the details, such as the length of the lease and when the place needs to be ready to show potential buyers. And you'll be earning some income while you keep the house on the market. That's an option sellers don't otherwise have.�

One of the good things about corporate housing is that practically anything goes. “As long as it's clean and easy to use, almost anything furnished works,� Smith says.

Still, not all houses fit the mold. For example, quality and security “count for a lot,� the expert says. “If the neighborhood doesn't feel safe, the unit will be hard to rent.�

Also, if you want consistent occupancy, the place shouldn't look like a dormitory. “It doesn't need to be unique,� she advises, “but it should be decorated nicely.�

And simplicity “counts for everything.� Corporate renters want turnkey situations with low maintenance, Smith also says. “The don't want any yardwork. They don't even want to water plants.�

According to Highland, users of corporate housing pay an average daily rate of $116. Multiply that by 30, and the average monthly rent is $3,480. And the company says the average stay is 81 days, or almost three months.

Corporate users “will pay a premium for flexibility,� says Smith. “Simply because the unit is furnished and the lease is for a short-term, they will pay more than typical renters.�

Of course, what owners can charge will depend largely on where the house is located. In Phoenix, Ariz., for example, an unfurnished two-bedroom condo might fetch $900 a month, according to CHBO. But furnished, it would go for about $2,500 to a corporate user because of low availability.

In San Francisco, where there is a large, transient business market, an unfurnished unit might rent for $2,000 while the same unit furnished would go for $3,900.

Be forewarned, though, being a corporate landlord requires a lot more attention to detail than simply renting out a vacant house or apartment. You've got to provide linens, silverware – the works. (CHBO provides a list of things you'll need to meet the standards of a typical corporate traveler.)

You'll also need to be able to act quickly. “The biggest complaint we get is that owners don't return calls quick enough,� Smith says. “These people need to show up next week, so they need to secure housing today. And they'll want to pay by credit card, so you'll want to sign up with a service like PayPal.�

Finally, be cognizant of your homeowner association's rules, the tax ramifications and the legal requirements.

Some HOAs limit rentals to only one per year, for example, while others require that tenants must stay for a minimum of three months. Also, some states require owners to collect a lodging tax if the renter stays for six months or less.

Correction: A quote in last Sunday's column about “greenwashing� was incorrect. Photovoltaic panels have been the subject of detailed analysis for decades, and the consensus has long been that over their expected lifetime, they produce far more energy that they consume in manufacturing. Therefore, PV panels deserve their reputation for being green.

Lew Sichelman is a nationally syndicated writer based in Washington. E-mail him at lsichelman@aol.com .

http://www3.signonsandiego.com/stories/2009/jan/18/1h18sichel184139-frustrated-sellers-find-short-ter/?uniontrib

Denver Post Article - Rent it now, but not for long

Rent it, but not for long
Homeowners who don't want to sell and don't want long-term renters turn to the world of corporate, short-stay rentals.
By Courtney Drake-McDonough
Special to The Denver Post

http://www.denverpost.com/headlines/ci_11222139

When Angela Crowley began traveling internationally for business, she wasn't sure what to do with her house. In between her trips, Crowley planned to return to her Denver home and didn't want to sell it.

A Realtor suggested Crowley list her property as a corporate rental for people who need short-term housing but prefer a home to a hotel.

As the housing market continues to struggle, turning a home that is empty, not selling or facing a foreclosure into a corporate-housing rental is becoming an increasingly popular solution for homeowners.

Using a rental agent, Crowley's property sat empty for three months. While searching online for alternatives, she found CorporateHousingbyOwner.com or CHBO, a Denver-based company that lists and markets properties that are managed by homeowners.

Although more time-consuming, the manage-it-yourself option means more profit over full-service corporate-housing companies, which handle all management and maintenance for the homeowner.

Within two weeks, Crowley, a master trainer for an exercise system, had rented her house for five months for $1,000 more per month than the rental agent had suggested. The price included use of furniture, all utilities, high-speed Internet and maintenance.

"This has allowed me to keep my home, maximize the value and live in other locations part of the year," Crowley said.

Concept has evolved

The concept of corporate housing began in the 1960s when companies and employees rented basic, furnished apartments for the occasional long-term assignment. According to Elaine Quiroz, industry analyst and president of Virginia-based Corporate Housing Strategies, at that time, furniture was provided, but the renter was often responsible for housewares and utilities.

Over the years, the concept and service level have evolved.

"Today's corporate-housing providers typically include furnishings, all housewares, utilities, high-speed Internet — even the finer touches of hotels like upgraded linens," Quiroz said. "Private owners offering their home as corporate housing are not obligated to include all of those features and services, but to best compete in the marketplace, they should come very close."

Corporate housing in Colorado has been provided through a number of small, regional providers since the 1980s.

"Traditional corporate-housing companies typically only offer apartments," said Kimberly Smith, co-owner of CHBO with her husband, Eric Smith.

"So before the advent of companies like ours, homeowners found it very difficult to find fully-furnished homes for monthly rental," she said.

Reasons for renting vary

Homeowners offer their properties for corporate housing for a variety of reasons. Some, like Crowley, don't want to sell or rent long-term.

Frank Kocur, president of Denver-based Corporate Housing Solutions, a corporate rental management service, said that 5 to 10 percent of the company's property owner clients are in distress situations such as foreclosure.

In an effort to continue paying their mortgage, Kocur said "people can rent their property temporarily, then move in with friends or family until they get their financial situation under control."

About 20 percent of CHBO's rental properties are for sale but are not selling due to the economy.

Renters include anyone in need of short-term housing: businesspeople; athletes; visiting relatives; homeowners who are remodeling; people with a gap between the sale of one home and move-in of the next; and families relocating to a new state unsure of where to buy.

The benefits for property owners include being able to command higher rates than a typical rental, which helps offset the periods of nonoccupancy (Smith said corporate properties are typically rented 80 percent of the time); less wear and tear on the home because tenants are temporary; and flexibility in timing.

"For example, if your long-term goal is to sell your home, but you're holding onto it until the market turns, you can rent to a series of short-term tenants without being locked into a long-term commitment," said Smith.

The primary drawbacks are more tenant turnover, which means more time required for a homeowner to manage the property and potential damage to property.

Crowley's first tenant's contract is up. She relisted her home on the CHBO site two weeks ago but hasn't received any responses.

The company is helping her revamp her rental listing to attract more attention.

"I think this is a great advantage," said Crowley. "CHBO knows the pulse of the market so I expect their advice on pricing and marketing strategies to be sound."

Crowley sometimes wonders if corporate housing will continue to make sense for her given the economy but said, "For now, it does."

Presidential Inauguration Housing

Click Here to view CHBO's furnished properties available for the Presidential Inauguration.

CHBO Attending the 2008 REALTORS® Conference & Expo Nov. 7-10 in Orlando

Be sure to visit our booth #2062 Nov. 7-10 in Orlando, FL.

For details visit - http://www.realtor.org/meetings_and_expo

We look forward to seeing you there.

Fall Special, $100 OFF Annual Listing, Sign up NOW

$100 OFF an Annual Listing
Thank you for registering with CHBO. We want to get your property rented!

In the last few weeks CHBO has been featured in both USA TODAY and on NBC's Today Show as the new popular Real Estate and Corporate Housing trend.

FALL SPECIAL— $100 OFF an annual listing. Activate your property listing for an annual marketing fee of $229 before midnight on November 7. Call us directly about our special multi-property marketing packages for owners with more than one property that needs to get rented.

COUPON CODE: ccfall2008
(Enter this code on the purchase page at the bottom)

GET STARTED NOW...

1) Start creating your property listing, Click Here and login.

2) Once you are logged in, Click Here or if you have started a listing already, click the 'Continue with you listing' link in MYCHBO.

3) Finish your listing and then purchase to activate your listing. Don't forget to use the Coupon Code - ccfall2008

4) Get your property RENTED!

Employers pay more to relocate workers

By Stephanie Armour, USA TODAY 1/21/2008
In what some analysts are calling the worst housing slump since the Great Depression, employers are paying more to get reluctant employees and new hires to sell their homes and relocate for work.

Employees are more reluctant to move because they worry about their ability to sell their homes without taking a loss.

Fourteen percent of employers say they're more willing to pay to relocate new employees from another area to their company's location this year compared with last year, according to a joint survey by CareerBuilder.com and Apartments.com, and conducted by Harris Interactive.

The survey included 2,417 hiring managers and 5,727 employees, and had a sampling error of plus or minus 2 percentage points.

"What's going on in the housing market is causing an increasing reluctance for candidates to consider relocating," says Sally Stetson, co-founder of Salveson Stetson Group, a Philadelphia executive search firm. "Employers are much more willing to extend corporate housing on a month-to-month basis."

When asked how much they'd be willing to spend to relocate an employee, 40% say more than $1,000. One-third is willing to spend more than $2,500, and one in 10 is willing to spend more than $10,000.

What employers are doing:

•Extending temporary housing. Employers are extending temporary housing allowances from two to three months to up to eight months, an indicator of how hard it is today for relocating employees to sell their homes.

•Purchasing employees' homes. Larger companies in some cases will buy the new employee's home as a buyer of last resort. Home Depot (HD), for example, will buy a relocating employee's residence once it's been on the market for 90 days.

In a different approach, some companies offer to subsidize part of a relocating employee's cost of renting a home in a new location.

"Companies know it's a tough time, and they're willing to make it attractive" to relocating employees, says Karen McRae, a vice president at Jenny Pruitt & Associates, an Atlanta real estate firm.

•Letting employees long-distance commute. Some companies will let a new hire or employee who can't relocate work remotely, or let them commute long distances, going to the main office less frequently.

IBM (IBM) has a large virtual workforce, which helps employees in today's market because they can often have the flexibility to work where and when they want. Forty percent of IBM's global population of 355,000 works from a remote location — about 50,000 in the USA, up from 10,000 in 1995.

Employees with families "can hit the ground running if they don't have to relocate," says Dan Pelino, IBM's general manager of global health care and life sciences. "You can find the best talent, independent of where they live."

CHBO on The Today Show...

Turn your home into a revenue source


Oct. 18: The Washington Post recently reported that the emotional and financial strain of the housing market has become so rough, it's on par with divorce, and even death. TODAY's Barbara Corcoran and psychologist Jeff Gardere explain how to lessen the burden and turn your house into a source of revenue.
http://today.msnbc.msn.com/id/26184891/vp/27250745#27250745

Properties Added to Corporate Housing by Owner 05/02/2008

Click the links below to view the new properties:

www.corporatehousingbyowner.com/2992

www.corporatehousingbyowner.com/2993

www.corporatehousingbyowner.com/2994

www.corporatehousingbyowner.com/2995

www.corporatehousingbyowner.com/2996

www.corporatehousingbyowner.com/2997

Thanks

Controlling Vacancy

By Gavan James, Oakwood Worldwide

The raw material of the third party corporate housing industry is the stock of apartments you have to rent to your customers. Like any industry controlling material cost, we all must keep a sharp eye on the amount of apartments we rent, and the price we pay for them.

For many of us, the largest variable of the business is the vacant apartment costs. High vacancy can destroy your financial statements when the margins you charge above the raw cost of rent, furniture and other related costs are often only 15% - 30% of your rate structure. One unrented apartment can eat the net profit of ten apartments for some operators.

The following are a series of tips related to several of the main segments where vacancy occurs in a lease cycle. Many tips will be second nature, and hopefully, you will find a useful nugget or two.

Unrented Apartments Between Guests

Balancing the supply of apartments in any key geographic area with client demand is a paramount concern. Here are some tips to control this cost:

• Understand your demand factors such as seasonal changes, client rental trends, internet rental trends, and other factors that impact demand. Find a method to track year over year trends, and deploy trend reports that factor in history, and current channel trends.
• Be prepared to adjust stock when trends show an increase or decrease in demand. Diversified stock of leases in any geographic area is key. Long term leases that allow for the largest margins are important to drive revenue, and as long as lease expirations are spread out, you are often able to avoid lease vacancy exposure. Having your stock balanced with six month leases taken out in the first and second quarters allows lease returns in the third and fourth quarters. Finally, renting short term leases and wholesaling from other providers is often an area that allows low vacancy, yet can accommodate high season occupancy peaks.
• Effectively find apartment communities with flexible lease term arrangements, including win/win lease break clauses.
• On the rental side of the equation, short term rentals, where allowed by law, are an effective way to mitigate vacancy between guests and the other vacancy areas noted below.
• Offer your un-rented apartments up for wholesaling to other corporate housing providers. While your margins may be slimmer due to offering competitive rates, mitigating vacancy is usually worth the accommodation.
• We can always rent our units to the unfurnished rental market if we can not find a paying client. We occasionally do this when committing to an important client and are forced to take leases in a remote area with limited corporate apartment rental options.
• Trade unit type leases with an apartment community if you have an oversupply of one bedrooms yet high demand for two bedrooms.
• Careful with your stock on three bedroom apartments. These are notorious for producing high vacancy in many markets as demand is volatile.

 

Vacancy at Lease Inception

The takedown of new apartments allows for seasonal occupancy growth and year over year growth as your business expands. Your operation's profits can be improved greatly by limiting the days you pay for a new unit before your first paying guest arrives.

• Negotiate to have your unit furnished and set up before you take technical occupancy and have your first guest arrive. Many apartment communities often allow up to 10 days or longer for a new resident to move-in and start paying rent. Ask your apartment managers for a favor and use this downtime to set furniture, housewares, and turn on cable, utilities and DSL services.
• If you have excessive vacancy due to a client wanting a specific unit that you must pay rent on that is a new set-up, build the excess cost into their rate.
• Rent short term, where legally appropriate, if the long term rental you were hoping for does not materialize right away.
• Take great effort to schedule your internal teams and furniture, utility and other contractors in a timely manner to lessen vacancy costs. The last thing you want is to delay guests because of controllable factors.
• Have a well defined internal program to understand current guest departures to allow for re-renting opportunities and to understand exactly when an apartment will become vacant. At the same time, study your lease expirations with your properties and return apartments to communities in a timely manner.

 

Re-rented Apartment Vacancy

Excessive vacancy with re-rented apartments is one of the most controllable areas of vacancy. Understanding the factors that drive this vacancy is key.

• Your reservation staff and the decision you make with your internal systems can make or break your vacancy factors. If you have multiple reservationists, study their booking patterns to see if there is opportunity for certain associates to negotiate and suggest arrivals that favor fewer down days.
• Again, in markets where short term rentals are allowed by law, such rentals can mitigate and fill apartments that may have an excessive gap between occupancies.
• Needless to say, clean and reset your units quickly. Inspect apartments either prior to departure or day of departure. This allows timely scheduling of internal resources and contractors.

 

Unrented Apartments Between Final Guest and Property Lease Termination

This is another area of vacancy that can mount, yet is controllable. Vacancy on this end of the spectrum results from mismatched lease expirations between your clients and the lease expiration of actual property leases, and un-rented periods before you return a property lease.

• A terrible waste of resources is spending rent dollars on the period between final guest departure and the property lease expiration. One way to avoid this expense is to negotiate a match between guest departure and property lease expiration. Some apartment communities will allow this, as long as you do this in the month past the standard lease expiration, not the days before the property lease expiration.
• Avoid apartment communities with 60 day lease expiration notice requirements and favor ones with 30 day notice requirements. Some markets such as Seattle are moving to a 60 day custom, however, this can be negotiated.
• Once again, short term rentals are a great way to have paying guests occupy the period until the final lease expiration.
• Clean and pick up furniture quickly at the end of a property lease. It is better to negotiate to do this when you have stopped paying rent and have technically returned the apartment.

 

Summary

As much as we need to control wasted resources spent on vacant apartments, we find it important to maintain a good stock of apartments where customers demand them. This does involve the risk on maintaining stock. Hopefully, the above basic techniques provide a framework to operate, and not lose too much sleep counting vacant apartments instead of sheep at night.