Corporate Lodging has become a multi-billion-dollar business worldwide.  Simply put, it is a furnished monthly residential rental.  Corporate Lodging (also referred to as a serviced apartment, furnished apartment, temporary housing, short term rental and corporate housing) has become an integral part of the extended stay lodging segment, especially in the Houston, TX market. Over the years, business travel has increased, and workers stays have become longer.  Travelers have become restless paying high rates, staying in small, cramped hotel rooms with little or nonexistent kitchens and inconvenient laundry services.  This discomfort has led to the rapid growth of the corporate lodging industry. Whether you are relocating, needing housing for an insurance claim or medical need, working on a project temporarily, traveling for with the government or military,  traveling for training or moving temporarily for an internship, corporate housing may be the ideal solution for your stay in the Greater Houston area. Outlined below, you will see the key reasons people choose corporate housing, how corporate housing works, the life cycle of corporate housing and why corporate lodging is different than companies like Airbnb and VRBO.
For the 7th successive year, relocation was the largest reason for using corporate housing in 2017. Relocation can be very stressful, but corporate housing relieves a lot of that stress – everything is provided and ready to go upon move in. Corporate housing is a great way for the employee to get a feel for a neighborhood and figure out a realistic commute time to work before they purchase a new home in Houston. It also takes the pressure off buying or renting a new home immediately. Experts in the Houston area can even place your family in a particular school district so that your little ones are squared away for a new school. Project/Training was the second most cited use of corporate housing in 2017. More companies today are assigning projects that require furnished housing for individuals or groups of workers. Corporate housing is typically more comfortable, convenient, and saves the company time and money. Everything is included in one bill (utilities, cable, internet, furniture, and housewares). These short-term furnished apartments offer all the comforts of home such as fully-equipped kitchens and a washer/dryer in the apartment. They also feature many perks and amenities typically found in luxury resorts. Maid service, concierge, shuttle service, dog-walking, lavish pools, and state of the art fitness centers just to name a few. Temporary housing is a great alternative to a hotel for the medical industry. Whether you are a physician, traveling nurse, patient or family member, corporate lodging is a great choice while in Houston. For patients, corporate lodging gives patient and family a place that they can all be together during a stressful time. Since all of the units have full kitchens, it allows the patient to follow any diet restrictions. For caregivers and family, it is nice to leave the hospital facility and spread out in a homelike setting. Physicians new to Houston or in training can utilize the quiet, convenient locations near the Texas Medical Center or other healthcare facility in the area.  Most properties in the Texas Medical Center have shuttle service to all of the major hospitals. Corporate Lodging is a great option for an individual or family that needs temporary housing due to circumstances beyond their control. Water damage and fire are the most common reasons that homeowners need temporary housing. Most homeowner policies have Additional Living Expense (ALE) coverage. ALE is a type of insurance included within homeowners policies. ALE coverage reimburses the insured for the cost of maintaining a comparable standard of living following a covered loss that exceeds the insured’s normal expenses prior to the loss. Fully furnished apartments feel more like home with full kitchens, washer, and dryers in the apartment and the ability to have your pet with you. These can all be very important, especially to a family that has just suffered a loss. Furnished apartments can be the perfect solution for any Government/Military long-term housing need. Corporate lodging companies offer competitive rates for temporary government housing. With locations all over the Houston area and the outlying suburb, typically the requests can be met based on any need. The corporate apartments include fully furnished kitchens, washers and dryers in each unit, and state of the art on-site fitness centers. The cost of corporate housing is typically within the parameters of most per diems. Government/Military Housing Needs Include: Corporate apartments for internships is another growing sector of the corporate lodging industry. These furnished apartments are a great way to secure a short term, comfortable, clean place to live that is ready to move into with everything already set up. It gives parents of students peace of mind when their student is in a new environment. Houston is a big city and having a local corporate housing company place interns is key to that piece of mind. Many companies are now offering partial or fully covered housing assistance for interns. This is a great way for a company to set themselves apart from the competition.
Travelers to Houston have 3 main options for housing: standard hotels, extended stay hotels, and corporate housing. Corporate housing is typically the best choice for travelers looking to stay 30 days or more. Hotels and extended stay hotels never feel quite like home and living out of a hotel for that long can get expensive and cramped. Corporate apartments provide travelers with a homelike atmosphere including full kitchens, washer, and dryers in the unit and great on-site amenities. Most corporate housing properties are pet-friendly and include:
To know the differences between the 4 types of companies, we need to understand what they are. Airbnb is an online marketplace that lets people rent out their personal properties or spare rooms to guests. Airbnb takes 3% commission of every booking from hosts, and between 6% and 12% from guests. Airbnb is about living like a local and experiencing a destination by living in a local’s home. The service and maintenance at the property or rented room is done by the individual homeowner. HomeAway and VRBO actually belong to the same company. Both companies offer vacation homeowners the opportunity for owners to promote and lease their homes. You can only rent entire homes through HomeAway and VRBO, not spare rooms. Like Airbnb, these companies also charge fees to both homeowners and guests. Guests are typically charged a 6 percent to 12 percent service fee and the service fee for homeowners is more complicated. The service and maintenance of the property through either of these companies are through the individual homeowner or management company. Corporate Housing companies typically work with the new, large, reputable apartment complexes. The properties that they offer are not owned but leased by the corporate housing companies. They do this to ensure that they are always in the latest and greatest properties and locations. It gives corporate housing companies the flexibility to offer superior properties in ideal locations for the resident. Corporate Housing companies lump all of the fees associated to the rental (rent, furniture, electricity, cable, high-speed internet, linens, dishes, pots pans etc.) into one monthly rate to the resident. The maintenance and service to the unit are provided by the on-site, 24-hour maintenance staff.
Hey, real estate agents! Want a simple hassle-free option to assist your clients when they get in a pickle? You’ve probably encountered a situation when your clients have had closing delays, need renovations, construction hold-ups, the home sold too quickly, or other reasons to need a quick, turnkey temporary place to live. Many providers of temporary furnished housing partner closely and non-competitively with realtors. The realtor can collect a referral fee while helping their clients find short-term housing when they are in between homes. Here are a few of the benefits real estate agents may receive when partnering with a reputable corporate housing provider. Most corporate housing providers offer a commission to licensed realtors for each referral. This amount is paid monthly throughout the term of the clients stay. Additional incentives are sometimes offered seasonally or if an influx of availability hits the market. This is a completely non-competitive situation for the realtor and the corporate housing provider. Most corporate housing companies have licensed realtors, but they concentrate only on their field of expertise, not home sales! Depending on availability and the length of stay needed, corporate housing companies can offer real estate agents preferential rates to pass along to their clients. This can be very helpful as often times temporary housing is an unexpected expense. The typical process involves a real estate agent providing the corporate housing company with their client’s contact information. This eliminates the muddle in the middle of relaying information. The provider keeps the agent in the loop on all correspondence but keeps them from any additional workload. Next, the provider will handle the booking process from start to finish. The agent can stay as closely involved as they like. This frees up time for the agent to focus on the home purchase, rental or sale. Corporate housing specialists are happy to tour your clients to the various available properties as they are experts on the apartment locations and amenities. Corporate housing companies realize the importance of making your client happy. They are here to make you shine! Another perk is to real estate agent partners is corporate housing providers often refer business to realtors. For example, many have clients who were originally in town on a temporary project and the situation changes to permanent placement. Now they need to buy a house. Temporary housing companies like to send their referrals to brokers they trust and have an established business relationship with. When it comes to selecting the right corporate housing company for your clients, it’s important to choose a local provider with an established history and tenure in the business.Download a PDF of the Guide to Corporate Housing in Houston
Introduction
Key Reasons people choose Corporate Housing
Relocation
Project/Training
Medical
Insurance/ Emergency
Government/Military
Internship
Why Corporate Housing?
How is Corporate Housing different than Airbnb, HomeAway, VRBO
and companies like that?
4 Ways Realtors Can Benefit by Partnering with Corporate Housing Providers
1. Commission for referrals
2. Preferential rates
3. Seamless booking
4. Business referrals
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