Q: Do you do nightly or weekly rentals? Or vacation rentals?
A: No, we do not offer nightly or weekly rentals. Were are a Real Estate Brokerage and Property management Company not a travel agency or hotel. Las Vegas requires special licensing to lease properties for 31 days or less. We offer 3, 6, 9, 12 month leases ONLY.
Q: Will I make more money renting my property with furniture?
A: Not necessary. There are multiple factors that will impact you cash flow and profitability. Most importantly, with a furnished corporate rental although we are generally able to charge a higher rent rate, the higher rent paid is directly relative to the higher level of services provided, the higher expenses incurred, and higher turn over and vacancy rate. Additionally, you have to look at other variables such as cash out of pocket for full furnishings, decorations, house wares and linens, which include an inventory list of over 150 items needed for full corporate housing.
Q: What does higher level of services include?
A: Higher level of services can include many things. Common examples include such items as house keeping services or requests for room changes such as converting a bedroom to an office or replacing a queen bed with 2 twins. provided, the higher expenses incurred, and higher turn over and vacancy rate. Additionally,
Q: What higher expenses are incurred?
A: The number one expense and most common is the cost of all utilities, which are generally included in the rent which accounts for the higher rent premiums. The services remain in the Owners name and the must include all services including high speed Internet, Cable TV and Phone service. Additional expenses can include the conversion of room furnishings, house keeping services, premium TV channels and potentially book keeping services.
Q: Why would I have higher turn over and vacancy costs? Isn’t the management fee we pay to you, so you will keep the property rented?
A: Absolutely yes, marketing, leasing, and unit turnover are all part of the services included in the management contract, however it is important to understand, over 90% of furnished corporate and temporary rentals are just that; temporary. The majority of requests are for leases for 2 to 4 months depending on the relocation packages, project timelines etc. Short term leases mean you have a higher turn over rate and a higher vacancy rate.
Very often it is a matter of timing, you may have a tenant in place that is scheduled to vacate at the end of the month and the new tenants have a mandatory arrival date two weeks earlier so although your unit may meet the needs perfectly, the timing does not and we must place
them in another unit that meet there arrival date. The time of year, market conditions, over economy and job growth all impact moving and relocations.
Q: Should I go out and buy furniture?
A: No, We do not recommend investing any $$$ into furniture because a corporate housing package that will demand premium rent is more than a left over couch and a bedroom set. We recommend you leave it spotless and clean to increase your marketing pool potential of renters. Additionally, not all properties qualify as marketable Corporate Short Term housing.
Q: What would make my property not qualify?
A: Many factors can impact your properties marketability as a furnished rental, most notability are location and size. The most commonly requested areas are properties with Strip and McCarren airport proximity, Summerlin and the Southwest. Additionally One and Two bedroom condos with recreational amenities are the most commonly requested unit size. Garages are preferred over carports. Three bedroom home are a close third, but most often also with amenities, such as community or private pools. Older homes and communities, less upgrades properties, and longer driving distance are all taking into consideration when we accept a property into our inventory offered as a Corporate Rental.
If you are looking to purchase a property that can be rented as a short term corporate rental year round or if your goal is to have a vacation home you can use part time and rent as a short term corporate rental the remainder of the year; the best place to start is in choosing the right property. Work with us from the beginning. We specialize in working with out of state investors and with 20 years experience which includes extensive Corporate Housing Rentals, our expertise provides a fully integrated service helping you reach your investment goals from start to finish.
We work with Corporate Relocation Specialists, Human Resource Departments, and Private Parties Relocating or Planning an Extended Stay. We can meet all your corporate housing needs and accommodations and all at rates the National corporate relocation companies can't beat.
