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5 Effective ways to attract corporate tenants

Landlords looking to make the most of their London investments will find that corporate tenants come with a whole list of advantages and plus-points. Their career trajectories mean that they will be committed to renting a property for a guaranteed time period, with no sudden changes or questions about their ability to pay. As they tend to work hard and play hard, corporate tenants will spend a large amount of time out of the apartment. This reduces wear and tear on the interiors and the landlord’s repair and maintenance budget.

A lot of people ask us what is a corporate let?  Well, it can be categorised as follows:

  • Senior executives who have been relocated to the UK for working assignments either on their own, or with their families.
  • Professional tenants whose employment contract includes partial of full cover of their rent

Their secondment is usually from one to four years and both are seen as ironclad rental prospects, so here are five strategies that landlords can employ to attract these high-calibre tenants.

Present and correct

At this end of the lettings market, expectations are pretty high. A well-maintained and tastefully presented property is taken as a given and you will need to invest in high quality, comfortable furnishings and ensure you have a pristine well-equipped kitchen and smart bathroom (or two if the property is to attract sharers).

If the apartment has a commanding view, the tenant won’t want it impaired by shoddy balcony furniture – go the extra mile, think comfort and convenience. If in doubt about how to furnish a rental property to ensure you get the top rental income, talk to us about our professional furnishing service where we can fully equip a rental property within a matter of days if need be. Indeed 85% of the properties we furnish using our sister company let within a week so do get in touch if this is of interest.

Managed by professionals

A dedicated property management service is something that is expected by 95% of our corporate tenants. They see it as a sign that the landlord takes their comfort and security seriously and is willing to invest in this commitment. The ability to deal with issues promptly and competently goes a long way with people who are habitually surrounded by demands on their time and expertise. In London, it is rare that any company will consider a property for their employee that does not come with professional property management.

Tech: no excuses

From the moment they scan their messages in the morning, to their final virtual presentation, corporate tenants are immersed in technology. Not only should your property be equipped with the latest modern appliances and gadgets, but it is important that they work seamlessly, are future-proof and are mindful of the environment. Home integration systems have come on in leaps and bounds with residents in developments like 375 Kensington High Street, The Landmark and Imperial Wharf all benefitting. Climate cooling, multi-room sound and superfast internet are now considered as entry-level requirements, rather than luxury extras so make sure that your property is as high specification as possible.

Everything on site

Single individuals need their facilities and amenities to be close at hand, while young families tend to look at the area as a whole. The former will instantly be attracted to developments with on-site gyms and terrace bars and will also appreciate areas where there is vibrant nightlife on their doorstep. Families will be checking out local schools and parks, but will also be interested in screening rooms and spa facilities. Both sets of tenants will take a keen interest in transport connections, commuter times and the local restaurant scene. But never underestimate the power of the ‘wow factor’; landlords at Fulham Reach, Pan Peninsula and Embassy Gardens can offer their tenants golf simulators, private cinemas and jaw-dropping sky pools. We wonder what’s coming next to raise the interest of Londoners renters!

Market leaders

Scope out your competition, target your audience and get professionals like Benham and Reeves to devise a 360-degree marketing strategy. With more than sixty years’ experience operating at the heart of the London rental market, we have a dedicated corporate lettings services  department with a Japan Desk and a China Desk that operates in London and Shanghai.

Essential advice for those moving to London for the first timeMaintaining the edge in today’s ultra-competitive rental market requires the best marketing skills to maximise exposure on all relevant media channels and ensure that your property is seen on all the leading portals too. Working with an experienced letting agent is a must if you want to attract the best quality tenants. An agent who has strong contacts is also very important. Find out what percentage of corporate lets they manage, check they are near to your property and can be on hand when required.

For more information, contact one of our local branches or contact one of our international offices who are on hand in your time zone to assist you with any queries you may have.

The rental market in London is experiencing a severe shortage of stock at the moment, so if you have a property to let now or coming to market soon, this is a good time to find out what your property could potentially achieve.

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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents.  With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 8 international offices.

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