Executive housing rentals are a different sort of beast than any other type of short-term rental. Instead of offering lodging for vacationers that will spend most of their time out of the house skiing or shopping or dining out, executives will be working most of the time.
Don’t let that fool you. Executive housing rentals and corporate rentals still have an enormous impact on the communities and the economy where they reside. That doesn’t mean they’re free from trouble. Let’s take a look at two problems you’ll find with executive housing rentals, and how to avoid them.
Concerns with Executive Housing Rentals
1. Competition with Vacation Renters
There has been rapid growth in the short-term rental industry in recent years. Dozens of vacation rental sites have cropped up and become enormously successful. Think Airbnb, HomeAway, Tripping, Holiday Homes, and VRBO, just to name a few. And people love them! They’re easy to use, offer online access for anyone who travels, and you don’t have to deal with a hotel.
One of the drawbacks to their popularity includes competition for properties. Something to keep in mind, as a property owner, is that corporate and executive renters can sometimes be more reliable, both in their ability to pay for the property, but in the care they take of it as well. As an executive renter, it’s important to find a property that has the right kind of management in place so you can be sure you’re getting the amenities and services you need while you work remotely.
2. Competition with Hotels
Unless an executive is staying for an extended period, they may prefer a hotel to a private home. There are often more amenities, they tend to be in a central location, and you don’t have to cook for yourself. On the flip side, they can be less private, noisier, and you always have to eat out.
There are benefits, however. When executives are in Vail for an extended stay, they may travel back and forth between Vail and home, or other locations, and often feel more comfortable leaving their personal belongings in a private home, where it’s safe and will not be accessible by hotel employees. Also, they don’t have to worry about going back and forth through a crowded hotel to get to and from meetings and dinners and other activities. They have more space to spread out and work, hold meetings and have private time.
Providing Successful Executive Housing Rentals
The real trick to providing successful executive rentals in Vail is to meet the expectations of the demographic you’re serving. And likewise, the trick to finding the right rental for an executive planning an extended stay in Vail is to find the right property that is going to offer everything that executive needs to make their business and their stay rewarding.
For both sides of the coin, you need a property management team you can trust. Contact our pros at Fireside Properties today for help, whether you’re offering an executive housing rental or are looking for one.