When large projects are underway in the area, such as construction projects and industrial maintenance shutdowns, there is a consistent demand for corporate housing for project workers. As a property owner, how should you approach marketing and renting out your apartments to international companies? It might not be as straightforward as you think, as factors like collective agreements can affect the apartment’s furnishings.
At Forenom, we have over 20 years of experience as a leading provider of furnished corporate apartments in the Nordics. Are you considering renting out your apartments to corporate clients? Here are our four best tips!
1) Avoid Vacant Months
When your apartment sits empty, even for just a few months, you lose a significant portion of your rental income. Depending on your expenses, these vacant months can jeopardize your overall profitability. Additionally, if you need to find a new tenant when the old one moves out, it means extra work and the risk of a period without rental income.
Here is our first piece of advice: Focus on minimizing the time your apartment remains vacant. The easiest and least risky path to long-term tenants is to partner with a professional like Forenom. We have well-established international networks to find potential customers and established systems to avoid periods when your apartments are empty. This way, you’ll have a new tenant waiting as soon as the previous one announces their move-out!
2) Increase Profits with the Right Marketing
Most international companies in need of temporary corporate housing do not speak local languages (such as Swedish, Norwegian, Danish or Finnish), making it difficult for them to find local apartment listings on platforms like Blocket (Swedish platform) or Facebook Marketplace. Instead, they typically prefer to work with a provider that handles the entire process, including marketing.
When you choose to collaborate with Forenom, you gain access to our international marketing and our sales systems where we seek out the most suitable tenants for your properties. We make it easier for you to get the most out of your rentals!
3) Understand Corporate Requirements, Needs, and Agreements
In general, companies often cannot purchase properties from private individuals due to purchasing policies, VAT deductions, electronic invoice requirements, and other related factors. Moreover, corporate housing is often subject to collective agreements, which vary across different sectors and impact accommodations for employees. To prevent any unexpected issues, it’s essential to determine in advance which agreements apply to your specific tenants.
Some collective agreements specify the minimum requirements for housing, room sizes, and the necessary furnishings. So, how do you ensure that the accommodation meets all the requirements? The safest option is to entrust the task to an expert. At Forenom, we have been a provider of corporate housing for so long that our offering is already tailored to meet the requirements of most trade unions. With us as a partner, you can avoid dealing with uncomfortable surprises, tenant issues, or key management.
4) Consider Professional Assistance in Managing the Apartment
When you collaborate with Forenom, you immediately gain access to over 20 years of experience. Many who choose to manage the rental process on their own are surprised by how much time and effort it actually takes to handle all the small and large matters during the rental process.
With Forenom as a partner, you also have the option to easily rent out your apartment furnished. You can choose whether you want a stable monthly income without risks or if you want to maximize your profits. If you are interested in maximizing profits, we recommend renting through Forenom’s profitable collaboration model, which means we furnish your apartment and handle everything related to the tenant. Most of the profit always goes to you as the property owner, while Forenom takes care of all the operations and sales.
Let us take care of your property or apartment! We market to the right target audience, handle all agreements, maximize your profit, manage furnishings, operations, and all tenant communications. This allows you to get the most out of your rentals!
Don’t hesitate, contact us today!