Are you a landlord looking to attract corporate tenants? These types of clients can be the perfect tenants, as the rent payments will usually be made by financially stable businesses. If you want to attract corporate tenants, the location, property type, transport links and rental rate will be high priorities.
Areas such as Battersea and Paddington are ideal for businesses based in central London to provide accommodation for their employees. With lower rent than properties in the City, yet easy access to central locations, corporate clients are often looking for new properties a bit further out.
Here are ways landlords can attract lucrative and responsible corporate tenants.
Who Is Considered A Corporate Tenant?
A corporate tenant is a company who pays the rent for employees to live in accommodation, usually after relocating for their job. The tenancy agreement is written up with the company details rather than the people living in the property.
Why Let To 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.
It’s also worth saying that one of the benefits of using a property management company is being able to let more easily to these high value tenants, who, in turn, deliver exceptional returns for landlords.
Landlords looking to attract corporate tenants must be aware that these people are usually highly paid professionals who enjoy a high standard of living. These are some of the expectations of corporate tenants:
1 Immaculate Staging
The property should have immaculate staging, so all the photos of the property show the property is stylishly furnished and ready to move in. Professional staging is an effective way of attracting corporate clients who have high expectations of accommodation quality.
2 Brand New Furnishing
Corporate clients will generally prefer the property to be furnished as the employees living in the property are only there for a short period and will not usually bring their own furniture with them. Corporate clients prefer furniture that is modern and newly bought, as they will have professionals who are used to a high standard of furniture and decor.
3 Dedicated Workspace
Another top priority for corporate clients is to have a dedicated workspace for their employees to comfortably work from without distractions. With many businesses operating with hybrid working models, employees may spend a significant amount of time working from the property.
4 Reliable Internet
Along with the dedicated workspace, fast, reliable internet connection is another requirement that will need to be met. If you are providing broadband as part of the tenancy agreement, you will need to ensure it is with a trusted provider and provides a high-quality broadband package with fast speed. If you are not providing the internet package, you should check that there are good broadband services available for the property.
5 Smart Home Features
The type of people who will be living in corporate tenancy properties will be used to living in homes where there is high-spec technology, with smart features. From the TV to controlling energy and cooking appliances, smart home installations will help to attract corporate clients for your rental property.
6 Professional Cleaning
Including cleaning services in the tenancy agreement will also appeal to corporate clients. You should find top, professional cleaning services in the area who can reliably provide regular cleaning services.
7 High Standard of Management
High calibre tenants expect a high standard of professional management for their property and the building. Whether you manage the property yourself, or you invest in managed apartments, the property management should be quick to respond to any issues, easily contactable and maintain the property and shared space to a very high standard.
The employees living in the property are likely to be wealthy individuals with expensive belongings. Therefore, it is vital that extra security is employed to help protect them and their valuables from theft. High quality CCTV systems, high security lock/entry systems and security guards can help to provide extra security measures.
9 Nearby Transport Options
Corporate tenants will require good local transport links to enable easy access to their workplace, as well as being able to travel to top restaurants, theatres and places of natural beauty during their spare time.
10 Flexible Lease
Many corporate clients will be looking for flexibility with the terms of the lease, especially in regard to the contract length as their requirements for rental property may change if the employee living in the property leaves the company or decides to buy their own property.
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 For Corporate Tenants?
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 is an experienced corporate tenant estate agent with the knowledge to advise landlords on the best properties to invest in in the central London, Knightsbridge area and we have expert knowledge of the local rental market.
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Maurice Shasha
The Property Industry has always and continues to interest me, and after joining Plaza Estates in 2008 I have experienced a market which has taught me alot. In my role advising clients on their purchases (together with our sales teams), managing the refurbishments for them (together with our management and design team), preparing the property for rentals (together with our rentals teams) or sales and being responsible for the Companies digital marketing I have seen the market from various aspects. The market is always changing and it is essential we constantly adapt, which since Plaza Estates was established in 1972 is something the company has always done. We pride ourselves in the personal relationship and service we have and give all our clients and being part of a company which is "big enough to cope and small enough to care" is something I really enjoy.
If you want 5-star reviews and want to remove negative reviews from Google, contact me via my profile; my contact details are listed there.
SM
Dear Eitan
In this whole sorry saga, with headbutting, unproactive lawyers, and a comatose estate agent etc etc, you have been a beacon of light throughout. Efficient, professional and responsive. This would never have got done without you.
Thank you.
All the best.
Maurice Shasha
We have been using Plaza Estates for many years for all our property requirements (sales, letting and management) and are delighted with the results and service they constantly deliver and provide!
KS
I generally dealt with the Marble Arch branch most of the time, but I can also say that the Knightsbridge office was also exceptionally helpful and professional on the occasions I did deal with them. Plaza Estates in general are excellent.
YZ
Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!
LI
I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.
SA
Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.
KR
We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza - they will find you a good tenant and ensure your ...
MS
Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years.
Thanks again for everything!
LT
Thank you for your kind help and your advice, it's been precious!
