Are you a landlord looking to attract corporate tenants? Here are ways landlords can attract lucrative and responsible corporate tenants.
How to attract corporate tenants
Every person who invests their money in property and becomes a landlord is always looking for the 'perfect' tenant. It's not an elusive thing. Their image of the ideal tenant is one who is respectable, reliable, financially secure, and will pay the rent on time and not miss payments. They will also respect the property they live in.
Many landlords believe their ideal tenant is a corporate tenant. The attraction of a corporate tenant is that usually the tenant is looking for a long-term tenancy, some of them stretching to three years. This will guarantee a landlord regular income from reputable and responsible tenants and relieve them from the worry of having to locate new tenants every six months or so. However, corporate tenants can be extremely demanding when it comes to the property they will be spending the next few years of their lives in.
What do corporate tenants look for?
Landlords looking to attract corporate tenants must be aware that these people are usually highly paid professionals who enjoy a high standard of living. They will probably prefer modern, streamlined interiors and décor finished in a palette of neutral colours. All furnishings must be of the highest quality and all electronic appliances - TV, stereo - must be top of the range.
The bathroom fittings must also be the best quality available. Most corporate tenants will expect at least one of the bedrooms to be en-suite, but aim for every bedroom to have an en-suite bathroom.
You might think this sounds too demanding, but if you want to attract corporate tenants and charge a higher monthly rent, be prepared to go the extra mile and you can expect to reap the rewards of doing so.
The benefits of corporate tenants
We have already mentioned the fact that corporate tenants are respectable and will respect the property they are living in. Having a corporate tenant will guarantee landlords receive their rent on time and have tenants on long-term tenancy agreements.
The right property in the right location like central London can attract rents running to several thousand pounds a month. So what type of properties will attract corporate tenants?
What buildings are good investments?
Although the location is important to corporate tenants, it is not the only thing they are looking for when selecting somewhere to live. The expectations of professional, corporate tenants have increased over time, so the demand for managed properties has increased. Tenants insist their landlords provide a 24-hour service to ensure any problems which arise will be immediately dealt with. Landlords who invest in properties with a 24/7 service not only attract lucrative corporate tenants but gain a positive reputation for future tenancies.
How can landlords find these properties?
Finding the right property for attracting the best corporate tenants demands knowledge of what properties corporations are looking for as places to house their employees.
Plaza Estates has the knowledge to advise landlords on the best properties to invest in in the central London, Knightsbridge area.
If you are thinking of investing in a buy-to-let property that will attract corporate tenants, find out more about buying to let
and our services for landlords.