Corporate tenants are generally regarded as the best tenants and are in our experience, the most popular type that are preferred by our landlords. It’s not just because they often provide the security of uninterrupted rents but mainly because they do tend to have more generous budgets; eat out a lot and generally work longer hours. For many landlords, renting their property out is a business and the cost of keeping a property bang up to date can be expensive so the idea of having a tenant who just uses the place as a bed for the night, is actually quite appealing.
It’s also important to distinguish a company or corporate let where a landlord rents their property to a company for their senior executives who have typically been relocated on assignments; from renting to a professional tenant employed by a firm that covers part or whole of the costs of their tenancy, which would constitute a regular assured shorthold tenancy agreement. Both are seen as safer, more lucrative prospects and here are our top five tips to help you attract and retain these high-calibre tenants.
At the risk of stating the obvious, high-calibre professional tenants expect the property to be well-maintained and tastefully presented to a high specification with a certain level of comfort and luxury reflected in the quality of fittings and furnishings. With higher budgets come higher expectations and they demand accommodation that complements their lifestyle and generally require a living space that includes modern conveniences after a tiring day at work, so if the property has some kind of outside space like a terrace or on-site amenities like a gym, this definitely helps. Many of our landlords turn to our professional furnishing service when they are kitting out their rental properties and 85% of the properties we furnish let within a week.
Most corporate tenants with high expectations prefer to rent a property with a dedicated property management service in place. They take comfort from the fact that help is on hand seven days a week to deal with issues quickly and efficiently for a stress-free rental experience. You need to demonstrate to these tenants who lead hectic and busy lives, that you are able to provide them with an end-to-end professional management service. It’s important to mention here that 95% of companies will only sign a tenancy with landlords who use a professional agent to manage the property.
Most corporate tenants are tech savvy and ensuring your property is technologically equipped with the latest modern appliances and gadgets is very important. For instance, developments such as 375 Kensington High Street offer state-of-the-art home integration systems allowing residents to control everything electronically from one hub while The Landmark in Canary Wharf and Imperial Wharf in Fulham incorporate comfort cooling in the apartments. Apartments at the popular Beaufort Park development in Colindale offer residents access to Sonos sound system in principal rooms, video entry system and CCTV security. Incorporating the latest technology in your properties not only gives you a competitive edge, it can also add considerable value to your property too.
There is nothing more frustrating than slow internet speed and for most tenants, this will be a deal breaker. It is essential that you provide them with high speed, excellent Broadband or even a superfast fibre optic internet connection.
While single professionals seek a vibrant neighbourhood with bars and a buzzing nightlife, professionals relocating with families generally prefer longer tenancies in child-friendly locations, so highlight to them the good international schools in the area and family friendly activities they can enjoy when they are viewing the property.
Exclusive on-site amenities are a big draw for corporate tenants who demand high levels of luxury and service. Whether it is the private lifestyle club at Fulham Reach in Hammersmith that offers a state-of-the-art fitness suite, golf simulator, home cinema, snooker room with bar, temperature and humidity-controlled wine cellar and lounge or the Pan Peninsula in Canary Wharf whose residents benefit from access to a business suite with fully-equipped meeting rooms, private cinema and penthouse level cocktail and champagne bar.
Proximity to a transport station is also a definite advantage for tenants who need to commute to work, while the benefit of a secure parking space is sometimes quite important. Not all tenants will need a space but it is worth considering having one as it could be a deal-breaker for a larger property.
In this competitive rental market it’s important you market your property to the right target audience and instruct a professional agent with good contacts with corporates and relocation agents. This is where marketing comes in, ensuring the right exposure of your property to this sought-after segment via both traditional and digital media including the top UK property portals
If you are interested in attracting corporate tenants and would like to benefit from our sixty years’ experience of working at the heart of the London corporate rentals market, contact one of our sixteen local branches or our international offices if you are based overseas.
View all posts by Benham & Reeves