You’ve thought long and hard about how to break into the real estate industry, and you’ve settled on the idea of owning an Airbnb property. However, this may, in fact, not be the best route for you due to the challenges that Airbnb poses. Instead, you may want to consider owning a corporate housing firm that offers units to both personal and business travelers. Brian Ferdinand, the managing partner of CorpHousing Group, recently explained some of the benefits of owning or managing a corporate housing firm today—especially during the current COVID-19 pandemic.
CORPORATE HOUSING UNITS VS. AIRBNB ACCOMMODATIONS
According to Brian Ferdinand, the managers of corporate housing units generally want their units to remain appealing to residents and guests on multiple levels, not just when it comes to aesthetics. For instance, guests during the pandemic are seeking places that they consider to be secure and safe. They also want places where they can experience luxury-level amenities and conveniences.
The reality is, if guests extensively use Airbnb rentals, this can end up diluting the luxury experience often promoted with Airbnb. Thus, over time, if you own an Airbnb property, your property can end up becoming devalued, according to Ferdinand. However, corporate housing units never lose their sense of luxury because they are designed to serve as comfortable home bases for leisure and business guests seeking places to relax and enjoy more enhanced local experiences.
ADDITIONAL CORPORATE HOUSING BENEFITS AND CONSIDERATIONS
If you own a corporate housing unit, it is critical that you emphasize service, as this will help to remove headaches from your firm’s management and security staff. As a general rule of thumb, corporate housing firms employ teams of greeters and additional staff to build solid relationships and work directly with their guests. This makes it easier for corporate housing firm managers to rent out their units in the least obtrusive manner possible. This benefits guests and also benefits the managers by streamlining their daily lives.
Also, corporate housing units are adapting to our brand-new realities during the pandemic by improving their cleaning protocols. Travelers know this, and thus, they generally feel more comfortable with booking corporate housing units over other types of accommodation. This is yet another reason why it may be in your best interest to own/manage your own corporate housing firm as we continue to navigate the challenges of the pandemic across the nation and the world.