Categories

Archives

Your condo, Corporate Rental?

Your Condo May Rent for More Than You Think…

           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
www.rent-condo-new-orleans.com

Cotton Mills #150

Listed by Anne Pierson 318-789-8447

Slideshow image

Address: 920 Poeyfarre St. #150
City: New Orleans
State: LA
Zip: 70130
Neighborhood: Warehouse/Arts District
Monthly Rent: $2,295.00 including ALL utilities
Beds: 1
Baths: 1
Floors: 1
Square Feet: 589
Status: Available September 15, 2009
Full Description:This unit has been completely updated and furnished to sleep 6 people; including 2 single fold-out beds in the loft to accommodate your weekend guests or visitors to the city.

It is a one bedroom unit with loft/sleeping area, fully furnished, kitchen supplied with all necessities, and a full-sized and single sleeping futon in the living room. Beautiful courtyard views can be enjoyed from three large windows. 16 foot ceilings give the appearance of very large rooms, and there is one full bath, also updated, a washer/dryer combo and central heat and air.

Includes:
* All utilities
* Cable television
* Internet via cable modem or wi-fi
* All furnishings and linens
* Use of all complex amenities
* All kitchen utensils and cookware
* Pets welcome with pet deposit
Brand-new renovation & decor
Fully furnished
1 bedroom 1 bath w/ loft
Sleeps 6 for weekend guests
Amazing courtyard views
Huge windows
16’ ceilings
Wood floors
New kitchen w/ granite counter tops and stainless appliances
FREE internet and cable
Washer/dryer combo
37” HDTV
Local artwork
Central heat and air
Optional contract parking
MUCH MORE!
Long-term and short term rental available. BUILDING AMENITIES: * Sun Ray Grill on premises – eat in or delivery * Secure, coded entries * Optional contract parking * Swimming Pool * Fitness Center * BBQ Area * Entertainment Room * 24 hour security * Many neighborhood attractions ad restaurants * Pet and family friendly

Condo Features
  • Air Conditioning
  • Cable/Satellite TV
  • Courtyard
  • Dishwasher
  • Guest Sleeping
  • Hardwood Floors
  • Internet
  • Loft
  • Microwave
  • Street Parking
  • Washer/Dryer
Community Features
  • Clubhouse
  • Controlled Access
  • Courtyard
  • Courtyard
  • Fitness Center
  • Gym
  • Pool
  • Public Transportation
  • Swimming Pool

       

 

Start Slide Show with PicLens Lite PicLens

Copyright © 2007 New Orleans Condo Trends by Eric Bouler     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

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