rental property
- Thread starter Pda
- Start date
Think you are looking at corporate rentals. Niagara Falls is not an area that likely needs corporate rentals. Maybe vacation rentals but many do day trips. Missassuga used to have more of a need but there may be less business traffic even after covid and you are certainly going into a competitive field. Airbnb are essentially vacation rentals, corporate rentals. etc. You'll also need to look into the regulations about short-term rentals in the area. Some ban them, some make you register them, etc.
i agree Niagara Falls is not good for corporate rentals but Toronto and Mississauga may be since its close to airport and corporate offices.
I have seen many of my friends and family when they had insurance claim they have moved to insurance house and these houses are managed by big companies who sublet it from house owner and manage them with their own maintenance team and have the house fully furnished.
Same time i also seen some of my friends coming on projects getting temporary accommodation from their company to stay and they told me the company is paying 4 times what these units usually get rented in open market. These are not company owned units. they take it on lease or sublet from owner to use for their employees stay
With airbnb it is a competitive field and there is now more regulation about what can be an airbnb. Prices are higher but you have to account for less than 100% occupancy. You would need to be very strategic when it comes to corporate rentals especially now that remote work is more acceptable.
i am not at all comfortable in doing AIRBnB and its my personal choice. My question again is how do the insurance companies and private corporate companies pick houses in market to give to their clients in this case it can be an insurer or an company employer. I know they do not own the unit they lease it and then sublet it. How does that work? The point to ask is if you rent an apart in open market it will be market rate but if you rent to insurance companies and corporate office you can have extra cash in your pocket.
People often rent an airbnb and send the bill to their employer or insurance company. There are some companies that have long standing relationships with some hotels with/out kitchenettes where they get better rates. There are management groups that match out corporate clients with available units but the business is changing a lot now that most things are online. Now that there will be more remote work you need to anticipate a certain level of vacancy per month plus potential management fees, plus cleaning fees, etc. You woul also need to look at the building or area rule about short term rentals.
what about non airbnb rentals? and lets say i own a property and you own a company or work in insurance. how can we both connect? how will you choose me as a potential landlord to rent you my place for official purpose
Yes there are but that's not what we're talking about and the OP stated they don't want to do Airbnbs. OP is trying to set up an exclusive partnership with an insurance company or a business where they would rent out their property if there was a claim or if a business had an employee in town. Where this may have happened in the past with the internet and sites like Airbnb most employees or people making claims are able to book the property they want online and it isn't the company booking a certain property over and over again.
exactly this is my question - to concise my question how to rent ones property to insurance companies and corporate so to make 3- 4 time more rental income than just posting the property on realtor.ca or other websites. how do these companies get in touch with property owners who want to rent their properties to them.
They contact property managers or they have a deal with certain longterm stay hotels. With the internet it is often left to the person to find a place that suits them best and not the insurance company or corporation arranging a property for them. Although the rate may be higher you have to account for occupancy rates being lower. Only certain properties work well for corporate rentals.