A corporate client is usually a large/growing company that operates in multiple areas around the country. These companies can be in any sector from healthcare to construction.
The companies in question usually work with local councils or other governing bodies on a contract basis. They require rooms for the period of these contracts (these can vary from 6 months to 5 years).
Corporate tenants are the staff of these companies that can possibly live in your property.
How can you work with Corporate tenants?
The companies previously mentioned 9 times out of 10 work on a government contract basis. This means they have a need for accommodation for lengthy periods of time.
Companies usually look for HMO properties, where they can rent the number of rooms they need (this can be the whole property depending on their needs).
These tenants can come in multiple forms, they can be a simple tenant that works in the area and simply needs a place to stay, they can be a hybrid worker using the property for office/admin work and also heading to a location for in person work or if your property is suitable they could provide a service from your property (this is a more rare scenario).
At WISE Lettings we specialize in creating relationships with these companies and aiding them with finding suitable accommodation.
Benefits of corporate tenants
Significantly lower voids:
With these tenants we have found that they will take on much longer tenancy agreements, usually a number of years. For the period of these contracts voids will be at 0, this means you can rely on these rents for longer periods.
Money saved on marketing:
With your rooms/property being tenanted for longer periods of time, marketing costs decrease massively as no marketing is necessary.
Rent guarantees:
The corporate element of these tenancies is a big help, we obtain directors guarantees when creating tenancy agreements. Meaning any arrears can be dealt with efficiently.
Help with maintenance task payments:
With personal guarantees from company directors we have a step by step process for companies to pay for maintenance tasks which were caused by tenants.
How we work with these clients at WISE Lettings
We work closely with companies of this type and are constantly meeting with more.We evaluate where they are looking for rooms and speak to Landlords we have on- board in those areas. Using our experience dealing with these types of situations we ensure that needs of the client are extremely clear before searching for properties. We connect the client to the Landlord and ensure that a working relationship can be created. We create long term agreements between these clients and Landlords. These agreements are usually around 3-5 years meaning you can rest assured that your asset will be profitable for this period of time.
