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Executives Stay - Short Term Housing
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| Business Highlights: • Steady income with easy expansion possibilities • Part time / flexible hours • Home Based or Office Space • Level cash flow • Well documented policy and procedures • Steady experienced staff Summary Description: It’s often said the best place to work is one with steady income a flexible work environment and where your clients appreciate you. Well how about owning a business with these three great qualities. Executive and short term housing is a solid niche business. The typical customer is either; • An employee of a large corporation that is being transferred into the area • A corporate exec or consultant who is on assignment that may last 3 to 12 months • A family that is renovating their home and needs temporary housing • A individual who experienced a flood or fire and need temporary housing All of these experiences create a need for a private apartment or home unit while the person is getting their bearings. BUSINESS PROFILE Executives Stay - Short-term Housing Cont’d) Role of the Owner: The owner should have good personal skills and some organizational skills. The owner manages the advertising, billings and security deposits. The owner also screens the perspective tenants and shows the apartments and writes the rental agreements and works with referral sources such and corporate HR managers, referral agencies and other peers in the industry. Nearly all repairs, painting and apartment cleaning is done by independent contractors who have done work for the owner for many years. While the actual property owners have to authorize and pay for any work, many of the condominium/apartment owners turn over complete maintenance and repair work to the businesses sub-contractors. How Does This Business Work? The business has leases or management agreements with about 22 apartment or home owners. Most of these agreements have been in place for years. The apartment owners benefit from the full-time management of the units. The business profits from the difference between what he pays for the units and what he charges short-term stay clients. Short-term rentals typically have a higher rental rates than long-term rentals and significantly fewer collections difficulties. Additionally, the apartments are being rented furnished, which commands a higher price with only a small investment. Nevertheless, the rates offer are very competitive compared to other operators in this field. The companies’ rates have not been changed for some time are due to be increased which will provide a quick lift to the buyer’s cash flow. Terms: The owner will provide a direct generous training and transition period. Financing is available to qualified buyers. |
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