Tag Archives: Security Deposits

CHBO’s By Owner Corporate Housing Report Now Available in Kindle Reader Version on Amazon.com

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Press Release from CHBO

DENVER, March 06, 2013 – CorporateHousingbyOwner.com (CHBO), an online marketplace connecting private landlords of furnished, short-term rentals with tenants in need of temporary housing, makes the results of its 2012 By Owner Corporate Housing Annual Report available to millions of Amazon Kindle users around the world. For $.99, Kindle users can download the report, which is chocked full of stats, trends and insights for individual landlords managing furnished rental properties.

Further, the By Owner Corporate Housing Annual Report also is available in paperback for $24.95 on Amazon.com.

“Our Annual Report is an important tool that individual landlords managing furnished properties around the world depend on for the latest data and trends in corporate housing management and investing,” says Kimberly Smith, co-founder and CEO of CHBO. “By partnering with Amazon to distribute our Report, we are enabling great reach through the largest online global retailer. The more individual landlords we can reach and therefore help, the better!”

The 2012 Annual Report, released by CHBO in January 2013, includes information on:

Security Deposit Trends. Are individual property owners requiring security deposits or is the trend moving toward Accidental Rental Damage Insurance? What is the average security deposit fee?

Outlook on Real Estate Investing. Are corporate housing investors profitable or break-even? Do they plan to invest in more real estate in 2013?

Short-Term Rental Regulation. How is regulation of short-term rentals, particularly vacation rentals, impacting the corporate housing industry.

The survey was completed by individuals who owned or managed a furnished monthly residential rental property in 2012. The By Owner Annual Report reflects findings from individual property owners, rather than from full-service, corporate housing companies.

To download the Report on any Kindle Reader, visit http://www.amazon.com/Corporate-Housing-Annual-Report-ebook/dp/B00BLWBBD6/ref=sr_1_1?s=books&ie=UTF8&qid=1362082927&sr=1-1&keywords=CHBO.

To receive a paperback version of the Report, visit http://www.amazon.com/2012-Owner-Annual-Report-Corporate/dp/1482348500/ref=sr_1_3?s=books&ie=UTF8&qid=1362083314&sr=1-3&keywords=CHBO.

About CorporateHousingbyOwner (CHBO)

CHBO was founded in 2006 to connect private homeowners and real estate investors offering furnished, short-term rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes, etc. CHBO gives individual homeowners and investors tools to manage a corporate housing property themselves and helps them market their properties to a mass audience turning to corporate housing to fulfill their lodging needs. Visit online at www.corporatehousingbyowner.com.

Are Tenants Responsible for a Corporate Rental’s Maintenance?

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Both Tenants and Landlords Responsible for RepairsAs a tenant in a rental property, you may think you’re off the hook when it comes to taking care of or maintaining your rental property, after all, you don’t own it.  Chances are, however, you are dead wrong!

While a rental property’s owner is responsible for most maintenance issues, you have a responsibility, as a tenant, too.

Let’s talk about what the property owner and the property tenant are each responsible for:

Property Owner’s Responsibilities

The property owner is responsible for the property’s plumping, structural integrity, wiring, lighting, smoke detectors and ventilation. Further, a corporate housing landlord is responsible for keeping carpets, paint, wallpaper, etc. in working order after normal wear and tear.

Tenant’s Responsibilities

A rental property’s tenant is responsible for any and all damages they cause. If a pet leaves scratches on the couch or hardwood floors, the tenant is responsible to repair the damage, for example. Even if the dog belonged to your friend of the tenant’s, the tenant is still responsible for the damage. Further, the tenant is responsible for keeping the property clean while using it. Trash buildup and lack of cleaning can expose a property to pest infestation – and such neglect is the responsibility of the tenant to prevent and/or fix if it occurs on their watch.

One area of contention can come when the lines between wear and tear and considerable damage come into play. While a tenant is not responsible for wear and tear to something like the property’s carpets (that is the landlord’s responsibility), they are responsible for damage to the carpet if they caused wine or pet urine stains. It is then the tenant’s duty to restore the carpets to the condition they found them.

Protection

Both tenants and landlords have some protection available to them. A landlord might charge a significant upfront security deposit as an individual “insurance” policy in case of damages, or s/he may require the tenant to get Accidental Rental Damage Insurance, a low-cost and often preferred option.

Addressing Travel Insurance Objections with Tenants

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You know it’s in your tenant’s best interest to buy travel insurance or accidental rental damage insurance, but few do it for various reasons. That’s when it’s the landlord’s job to coach their future tenants on their options.

As a corporate housing landlord, here are some common objections you’ll get from tenants and how you can respond to each objection:

Objection 1:  I haven’t experienced problems in the past. This is where you should remind them that their past experiences don’t predict future incidents. Just because you didn’t need it for past trips and previous rental stays doesn’t mean you won’t need it in the future. Ask your tenant if s/he is willing to lose his/her vacation costs if an unexpected medical emergency arises or weather prevents travels during his/her scheduled time?

Objection 2: I already have insurance. This is where you can ask them to see their coverage (perhaps ask for proof of insurance) and then review to see if there are any glaring holes. Many health plans require their recipients to stay within the network or specific geographic area.

Objection 3: My credit cards or airline will cover me if something goes awry. Some credit cards will cover some things when traveling, but not all. Again, make sure your tenant shows you proof of coverage. Remind them to check with their airline about what is and isn’t covered. Should weather cancel a flight, few airlines will reimburse expenses associated with the cancellation.  The same goes for lost or delayed baggage.

Your best strategy for ensuring your tenant is insured is for you to talk about their insurance options with you, address any concerns or objections,and then offer them the protection they need.

Consider doing the following:

  • Mention that you offer insurance (whether required or optional) in your listing and other marketing materials. Some tenants may choose to work with you over another landlord because you have that option. Also consider making insurance part of your rental package altogether.
  • Make your tenant sign a waiver if they decline accidental rental damage insurance from you and have them acknowledge with their signature that they understand the consequences of declining it.
  • Entice them with the thought of not having to pay a security deposit.
  • Use testimonials and third party stories to illustrate how insurance can benefit them. A little empathy can go a long way.
  • Explain the Travel Guard satisfaction guarantee. Assure them that the plan is approved by you and CHBO so they can feel good about working with our partner provider.

CHBO has partnered with Travel Guard to enable you to offer important insurance policies to your tenants – including Travel Insurance and Accidental Rental Damage Insurance. As a CHBO landlord, do your homework to understand these policies and how they can protect not only your tenants, but yourself and your property as well!

Remember, if your tenant has to suddenly cancel his trip, or breaks something valuable during his stay, you can feel good that you will not be the one incurring any losses or hassles. A properly covered tenant is the best tenant of all!

Good Read:

How to Avoid Paying a Security Deposit. This overview article will show your tenant how to get around paying the dreaded security deposit.

Sick of Paying Security Deposits? Here’s how to avoid ‘em

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This blog post is for the renter or tenant who is tired of paying expensive security deposits. As you know, security deposits often tie up a large chunk of money for an extended period of time, and, on top of that, it can be stressful to ensure your security deposit’s safe return.

To avoid the security deposit fiasco altogether, consider purchasing Accidental Rental Damage Insurance (ARDI). ARDI eliminates the needs for a security deposit altogether, and provides peace of mind protection to both you and your landlord.

accidental renters insurance

Broke a clock while renting a CHBO property? No problem, it's covered if you opted for Accidental Rental Damage Insurance!

Here’s how it works:

1. In lieu of paying a security deposit and tying up thousands of dollars at a time, you opt to purchase ARDI for $69. The $69 is non-refundable, however, it covers up to $3,000 worth of accidental damage that may occur during your stay.

2. If accidental damage should occur, the cost and coordination of repairs will be handled between the owner and insurance provider, Travel Guard, through a simple process that does not involve the guest.

3. The important thing to remember is that the accidental damage must be disclosed by the tenant to the landlord in order to be covered. For example, if you’re staying in a corporate rental and you accidentally break a dish and tell the landlord you did so, then ARDI would cover the cost of the dish. However, if you fail to disclose the damage to your landlord and s/he finds it later during inspection or any time thereafter, the tenant is responsible for the damage, which would not be covered by Travel Guard.

4. When setting up your ARDI, be sure to contact Travel Guard and reference CHBO. The toll-free number is 1-866-221-8080, You must refer to account number 247557, product 008429 to receive CHBO’s pre-negotiated rates.

Also, please visit the CHBO website to learn more about our partnership with Travel Guard and how you can avoid paying the dreaded security deposit!

Require a Mailbox Key Deposit for Corporate Housing Tenants

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Locked mailboxes are becoming more and more popular today – especially in condo buildings and new construction. The issue is now what becomes of the mail key.
If your corporate housing tenant is staying for a short period of time and doesn’t expect mail (ie, a business consultant staying in your home M-F during the week only), then we recommend you don’t give him your mail key. Most tenants will use another address to receive mail if they are staying at your property for only a temporary period of time. That said, some tenants will need mail delivery (especially for long-term stays) and here are some suggestions for handling the mail key dilemma:
Require a Deposit: Charge a $25 mail key deposit when handing out the key.
Add to Agreement: Write in your rental agreement that you are not responsible for any mail lost after the lease end date and that the tenant is required to put in a change of address notice with the post office prior to the lease end date.
Give Mailman Notice: After the tenant departs, don’t let the mail carrier deliver mail for that person. You can prevent this by putting a notice in the mailbox or telling the mail deliverer personally that the tenant is no longer living there.
Return to Sender: If any mail comes through after the tenant has departed, simply mark on the letter “return to sender” or “no longer at this address.”
We hope these tips help you decide how to best handle mail delivery for your tenants.

Most Corporate Housing Landlords Require Security Deposits; Few Require Insurance

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We’re continuing our blog series to share key findings from the 2011 “By Owner” Corporate Housing Report, an annual survey sponsored by CHBO to better understand the “by owner” rental marketplace. The latest report was released in January 2012 based on 2011 trends.

How do you protect your property from potential loss? How do you entice a company or tenant to rent your property when a deposit is required, when these travelers can stay in hotel housing without having to pay those types of fees? It’s essential to understand what the industry standards are – and how to protect yourself without losing a great potential renter.

In 2011, the general trend in the “by owner” community was for an increase in security deposits − especially for deposits greater than one month’s rent.

While only 10% say they do not collect a security deposit, the large majority of landlords do. 31% say they collect one month’s rent as a refundable security deposit, while others collect $100-$500 (22%) and $500-$1000 (26%). These figures are on par with general corporate housing trends. According to a Corporate Housing Providers Association (CHPA) Industry Survey, some full-service, corporate housing companies do not charge security deposits. If they do, the average fee is $646.

Pet Security Deposits

On another note, we are seeing more and more long-term business travelers arriving with pets in tow. In fact, 50% of survey respondents say they accept some type of pet in their corporate rental property. And of those who accept pets, 73.8% say they take pets because it gets their properties rented.

In addition, we asked survey participants how many days their property had rented with a pet. We also asked whether a pet had damaged their property.

  • 19.6% of respondents rented their property with a pet for 31 to 90 days;
  • 10.7% rented 90 to 180 days; and
  • 12.2% rented for 180 to 365 days.

Of these rentals, 6.9% reported “a lot” of damage, 15.8% reported “a little” damage, and the majority reported no damage at all.

According to the 2011 CHPA Industry Survey, the average pet fee for full-service, corporate housing companies is $268, and the average pet deposit is $348. For respondents to the “By Owner” survey, the average, non-refundable, one-time pet fee is $144. (It’s generally applied to a special departure clean needed to eliminate hair and odors). The average pet refundable deposit is $342.

Travel and Deposit Insurance

We believe travel and deposit insurance may be a future trend worth watching. While only 6.8% of respondents said they offer travel and/or deposit insurance, we have a feeling things will dramatically change in this arena in the years to come.  CHBO now offers these services to by owner landlords, something new in 2012.

To read more about these results, download the full “By Owner” Corporate Housing Report online at http://www.corporatehousingbyowner.com/pdf/2011_CHBO_Report_FINAL.pdf


CHBO’s New Insurance Offering Takes the Hassle Out of Security Deposits

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In today’s competitive rental marketplace, offering your guests a travel insurance protection plan is a must. That’s why CHBO has teamed with Travel Guard, the name known and trusted every year by millions of travelers and thousands of companies nationwide.

As you may have heard, we at CHBO have partnered with Travel Guard to provide your guests with a positive experience with your rental property and you. But with common travel problems like flight delays, travel injuries and illnesses, unpredictable weather and lost or stolen luggage more common than ever before, a guest may end up remembering you for all the wrong reasons. That is why we are now offering the All Seasons Travel Plan and the All Seasons Travel Plan with Cancel for Any Reason.

Make Security Deposit Hassles a Thing of the Past!

The single biggest complaint among many property managers is the hassle that comes with managing security deposits. With Travel Guard’s Accidental Rental Damage Insurance (ARDI), security deposits could be a thing of the past. ARDI is an insurance plan designed to address the inherent complications associated with security deposits. It allows you to facilitate the repair of covered accidental property damage without requiring a security deposit from your guests. When included with your guests booking, ARDI can help provide coverage if your property or its contents are damaged during your guest’s stay.

For more information please visit: CHBO Travelguard Insurance page.