The market for the corporate housing business is growing with each passing day. One of the reasons for the growth is companies prefer rental apartments over hotels.
While hotels are costly due to obvious reasons, corporate apartments for rent offer a good value. They give you a homely feeling in a foreign place which is why the companies prefer to host their employees in corporate housing.
Considering the promising future, many of you may have thought of dipping your toes into this business. But before you make any decision, let us tell you how corporate housing companies work and what you should learn from them.
Why Do Companies Choose Corporate Housing? 3 Main Reasons!
Companies always seek to provide their employees the ultimate comfort for their business stay in their respective city or country. These corporations look out for corporate housing businesses to achieve their goal and make their team members feel comfortable during their business trip.
1. Stay Period
Corporate housing is a solution for short or long-term accommodation. If you go for corporate housing in Chicago, you can stay in a rented apartment for a month or so. Corporate housing offers the companies the freedom to renew the corporate apartment leasing based on the staying period.
Another reason why companies prioritize corporate housing over hotels is that these rented apartments have conference rooms. They cover professional needs while keeping the tenant’s requirements into concern. You can wash your laundry and cook your meals.
3. Easy Booking
Companies or employees can book corporate housing apartments in their desired location online. You can connect with corporate housing companies through email as well.
As a corporate housing business, like many corporate housing in Chicago, you should be available online. Being easy to access helps you reach a broader market to offer your services.
The importance and how corporate rental apartments are better than hotel rooms are obvious. Now, let’s look at what you should focus on to make your place in the market.
7 Things to Consider When Starting Corporate Housing Business
Starting a corporate housing business is undoubtedly lucrative when it catches pace, but it’s not a walk in the park. Before jumping right in, you must consider several factors to avoid leaking buckets.
Understand Your Demographic
The first step for any aspiring corporate housing business is to understand the market they are serving. Unlike an artist, a businessman may not like blue or vibrant colors with funky furnishings. A corporate housing company will be able to head start if it can comprehend the needs of its particular market.
Premium Customer Care
A corporate housing business should have one main goal to reach sky-high: personalizing its tenant’s needs. Since every tenant has requirements, like keeping their pets with them, they will want an accommodating business. It’s also one of the things that will make your demographic choose you over competitors.
A corporate housing tenant knows they will get a furnished and utility-ready corporate apartment. There’s nothing different between what you, as a corporate housing business, will offer and what your market counterparts do.
You have to be different if you want to win. How? By going beyond the expectations of your clients. Give them complementary janitor services or serve them complimentary breakfast or free wifi 24/7. These are some examples that will make you irreplaceable for your demographic.
A prospect pays most attention to the two main factors: the comfort/services and the pricing. Having a pricing strategy when starting will also set a solid foundation for you to move forward.
The corporate housing business is an alternative to hotels as they are expensive. On the other hand, a corporate rented apartment focuses more on the services than the prices.
As you grow, you as a company must get creative and offer your tenants a blend of comfort and luxury. When starting as a corporate housing business, you should keep your pricing competitive with what other businesses are presenting.
Since a corporate housing apartment is a temporary home for the tenant, you must provide supreme quality room amenities. The highest quality should be the towels, bed sheets, fitness machines, parking lots, bathroom amenities, and other essential products.
Whatever you will offer to your client will help build your image. If the tenants enjoy staying in your corporate house, they will spread the word to support your business. Also, a good reputation will take your business a long way.
Be Flexible in Your Leasing
One thing that can scare your tenants off is the strict leasing contracts. You should create a slot for unforeseen circumstances where the stay can be shortened or extended without hassle.
You can include various listings and options for tenants to choose their staying contract period, whether they want to stay for a few days or 30-plus days. The tenants will appreciate the flexibility, and your market will get stronger.
Adopt a Client-Centric Approach
A business comes into existence so it can serve more and more people. The same is the case with the corporate housing business. When you base your business on a client-centric approach, you will be able to do the job with more dedication.
Look around to comprehend what you are missing in your business implementation. Study what your market wants and try to incorporate it into your business.
The corporate housing business is not as easy to start. You will have to do a lot of homework to make things flow in your favor. This is not a discouraging remark but stated as a source of motivation for an aspiring entrepreneur to put ultimate effort into their brainchild.
The considerations mentioned in this blog are to help you improve as a corporate housing business.
Do your study and understand the funding needs or your demographic’s market requirements. This will help you emerge as a solution to their problems, and you will surely succeed.