Renting your Condo as a Corporate rental? Extra Income!

    I have been selling a lot of second home condos this year and this is another thought that you can use.  If you do not want to have your condo empty, you can pick up some extra cash to pay your condo fees and taxes.  Anne Pierson, my good friend and client has some great ideas that you can use.  Not only can she rent it out for top dollar,   she can show you how to get it done.  People want a New Orleans feel when staying here, let her show you how to get it done.  Its amazing to me what she has done so read on.

      Whether you purchased your condo as an investment property, a second home, or a primary home you now wish to sell, you have probably considered the idea of renting it out in order to create an income stream to help pay the expenses; or, you may already be renting your condo… But have you explored the new trend of appealing to the corporate rental market?  You could be expecting
much less than your condo is worth to these clients, and you could be overlooking a very reliable source of income.

      New Orleans has had its economic ups and downs over the past few years, but one thing that remains hot is the rental market.  More than ever before, professionals visiting the city to work are seeking upscale condos over long-term hotel stays, and their companies are paying the bills.  This tenant is usually coming to the city alone, is here to work for a certain contract period, and will occasionally have
his/her family visit… but the rent is reimbursed by his company, and this breed of renter is not here to play.  This client is going to take care of your property and leave your condo in great condition.

      Not only is this a very stable, reliable source of income for you, as a condo owner, it also makes it possible to nearly double the amount of rent you are receiving if you outfit your condo with everything this kind of client expects.  

       In my case, I purchased two units in the trendy Warehouse District downtown.  Both units were in need of repairs and upgrades.  The kitchen appliances, bathrooms and floors were damaged, and there were potential loft areas that had not been finished.  Here are some “before” pictures of one of the units: 

     We began with the kitchen and bath upgrades, following Eric’s advice about stepping up to granite counter tops, stainless steel appliances, etc.  When the renovation of the condo was complete, I decided to use the downstairs unit myself for a few months, just to enjoy the city again after many years away.

      As I furnished and outfitted the condo, I have to admit that I was treating it as if I were going to live there full time.  I shopped the French Quarter for unique pieces of art, bought my favorite sheets for the beds and guest beds, bought pots and pans and kitchen utensils that were both functional and decorative, and generally went “all out” in completing the perfect little getaway for myself, my daughter and our guests.  It was elegant, but cozy, just like a home.  Here are some photos of the finished condo:

Hall - after

      By the end of six months it was time to get down to business and rent it out.  I put pictures of the condo on my website, began to advertise it, and was pleasantly surprised when I got immediate responses and signed a year lease with the third caller.  The unit had sold itself, the pictures said it all.  The second unit rented out much the same way and is now leased for a year.

      After enjoying such ease and profitability on my units, I was surprised to find out later that other owners in my building were struggling to rent out their units and receiving half the rent that I was asking for mine.  Why the difference?

      The difference was all in the presentation… I had decorated and outfitted my units as if I were going to be living in them.  The vivid colors, designer furniture and local artwork came across in my ads in a way that appealed to the corporate market… each of them were rented sight-unseen, based on their pictures on the website, as most corporate rentals are.  The way the units photograph, the details, the high quality
interiors… all this made my units unique, and I am now helping other friends and neighbors in the downtown area rent their units.

       With a bit of investment, some attention to detail and using the experience we’ve gained working with other condos over the last year, a second home or investment property can pay for itself, plus a nice profit.

Anne Pierson

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA