Let’s talk about the most in demand tenants in the rental game… the corporate.
Why is it that so many investor home owners request that their agents get them a corporate tenant (aka. corp)?
I’ve been in the property game for a while now dealing with corporates from the likes of Unilever, Toyota, Derivco, Cell C and more. Using my own experience as well as talking to many of the top rental agents in the game, I’ve compiled some pretty profound knowledge when it comes to acquiring these types of tenants. Whether we are talking long term, or short term, the benefits of acquiring these corps, remains the same.
Here are the top 4 benefits of renting out your property to a corporate:
1) They always pay.
I have never heard of (through other agents or myself), a corporate tenant not paying. It’s basically guaranteed income. I don’t think I need to get into detail as to why is this a good thing.
2) They maintain and respect your property.
I don’t know what it is about these business tenants, but they always seem to keep the apartment they rent out in amazing condition.
3) Long Leases.
These companies usually take minimum 1 year lease (this applies to long term more than short term obviously). And more than often these leases will get extended and last 2-5 years or more.
4) Organization
They are an agents dream too. They’ll have all the documents ready, sent and signed on request. Not only that but they’ll pay invoices almost instantly in full. No issues, no hassles, no hacks. What a dream.
So now you see why they are the crew-de-la-crem of tenants. Next question is, how do you get one to take your property? Fortunately I have the answers to that too. These apply to both long and short term letting.
Here are some of the things you can do to give yourself the best chance of scooping a corporate:
1) Designer Furniture.
I cannot stress the importance of this enough. This caliber of tenant nine times out of ten, won’t take a place unless it is modern/contemporary, the furniture is new, & the apartment is designed well. You want a corp? Get an interior designer in and invest in your space. Corparates generally require furnished.
2) WiFi
Not only is Wifi non negotiable. It also has to be unlimited, and a decent speed. There is not much more to say about this.
3) Location
It’s hard to deny that location has an affect on who rents your property. Corps will almost always go for beachfront or central locations. Umhlanga Beachfront is a winner for the more lavish tenants, and Gateway/New Town does pretty well for the smaller corp.
4) Luxury
Your corp tenant wants to feel the luxury. It’s no wonder, The Pearls, The Oysters, and Edge of the Sea dominate on the company rental front. The companies want the best for their employees that most of the time have been flown into Durban to work with them.
And there you have it. It’s that simple. Now if your apartment matches all the above, you could very easily snag yourself a corporate tenant.
If you feel like you would like your property to be added to our Boutique Corporate Roster*, please email us at:
rentals@therealtyboutique.com
*Please note that this is subject to our approval of your property to make sure it has all our required criteria for corporate letting.