The starting point in attracting the corporate market is to use the right property letting agent. Not all agents deal with the corporate market and this is usually because the corporates do not deal with them. At Intire, we work with renowned corporate relocation companies to find quality properties for key personnel and are the first choice for many market leaders.
Good presentation is the key to targeting this market effectively so pay attention to the interior and exterior of your property. Stripped wood flooring, well-equipped kitchens and good bathrooms are popular with corporate tenants, but flexibility is the name of the game. Listen to your property letting agency, weigh up the pros and cons of targeting this market and be prepared to negotiate to find a tenant (see our factsheet on Targeting your Market Effectively
The pros and cons of targeting this market sector
can be more demanding than private tenants so bear this in mind when you find tenants. Key personnel usually search for rental accommodation with an experienced company representative or relocation agent who will strive to secure most – or all – requirements on their clients’ ‘wish list’. If a corporate tenant favours your property, you may be asked to purchase more furniture, redecorate or include a gardener within the rental price. Furthermore, corporate tenants who are relocating with their family may request a longer lease for added stability so be prepared to decide how long you want to let your property for.
Many corporate tenants will only consider properties that are managed by an agent and has a full time property manager, so ensure you account for this. In return, you will benefit from a secure, and often lengthy tenancy, with tenants who as a rule respect and care for your property.
Corporate tenants come in all shapes and sizes so don’t discount this market sector without consulting a specialist lettings agent to find a tenant. For example, even if your property is right next to a railway line, it’s likely it has other attributes such as close proximity to the station. A good negotiator will extol the virtues of your property to achieve the best rental price possible in the shortest possible time and tell you how to rent out your property.
If you are investing in a property with the sole intention of targeting the corporate market sector, it’s worth
considering how your property could provide added value. Professionals often seek extras such as a resident’s pool or on-site gymnasium, parking and porterage services. While landscaped and low maintenance gardens usually prove a hit with young couples or single professionals, corporate families tend to favour properties with security features, privacy, ample parking and a garden. Family homes should also be located in the catchment area of good local schools. Speak to Intire about how to rent out your house and finding a tenant.
White bathrooms are a must these days and you can greatly improve the feel of a dated bathroom by investing in a reasonably priced suite to transform your property. Many corporate tenants look for properties with attention to detail so you may decide to invest in heated towel rails or garden decking for that added wow factor. This can pay dividends in increasing the rental value of your property long-term.
Fundamentally, staging and presenting your property immaculately can save you money in the long-run as tenants tend to care for quality properties better than those requiring obvious repairs or maintenance.
Tenants typically favour properties that are clean, neutrally decorated and bright so there’s much you can do to improve the appearance of your property without blowing the budget. Consider investing in newly built properties too. They may lack period charm but if you buy off-plan developers usually allow your input with regard to the fixtures and fittings as well as the finishes used like bathroom tiling, kitchen cupboards and appliances. If purchasing off-plan you should always look out for incentives that could reduce your costs such as free carpets and contributions to your legal fees.