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AvenueWest Managed Corporate Housing Expands Years of Expertise into the Northwest: Seattle Office Now Open

Seattle Skyline

July 8, 2016: AvenueWest Managed Corporate Housing’s newest locally owned and operated office, AvenueWest Seattle, LLP, officially opened its doors today. This partnership matches the years of experience that Angela and Tim Healy possess in property management and corporate housing with the local real estate knowledge and business development expertise of Rick Hoffman.

“When I initially met the Healy’s and could sense their integrity and passion for this business” Hoffman states, “I knew they were different from the countless other business owners that I have worked with previously. I was captivated when Angela was speaking about the different services they provide for their clients and how their systems work. We arranged another meeting and the rest is history – AvenueWest Seattle, LLP was born.”

With the Seattle real estate market at an all-time high and rental inventory at an all-time low, AvenueWest Seattle, LLP opens its doors at the perfect time. With their proven business model of working directly with private property owners and investors, AvenueWest Seattle isn’t having any issues finding exclusive properties to market for corporate housing like traditional providers. The new laws being passed in Seattle regarding short-term housing options have also created an influx of owners who still want to maximize their return on investment through furnished rentals and AvenueWest Seattle, LLP, can help them do this still.

Seattle 1

The city of Seattle is proposing regulations for short term rentals for stays less than 30 days to only be allowed 90 cumulative nights or fewer in a 12 month period. These regulations do not limit the amount of rentals for 30 days or longer; however, applicable taxes and a business license will now be required of any property owner wishing to rent their property(ies) as a short term rental, regardless if they are less than 30 day stays or not.

“We are finding that owners who have their property(ies) listed on AirBNB and other short term rental sites don’t wish to obtain a business license or pay the applicable taxes and don’t necessarily want to manage their rental properties any longer, but still want to maximize their ROI on their property investment(s).   We have already received a warm reception in Seattle with private owners wishing to utilize our services to achieve their ROI goals while reducing their time commitment in renting their property(ies). All property owners in our management program benefit from qualified renters who typically stay an average of 100 days in an AvenueWest property giving our owners peace of mind and stability,” states Angela.

Seattle 2

Kimberly Smith, the CEO of AvenueWest Global Franchise, has wanted to start an office in Seattle for years and the partnership between the Healy’s and Rick Hoffman couldn’t have come at a more opportune time.

“Seattle is a booming city with a number of great corporate headquarters, unique industries, and a definite need for alternative housing solutions like temporary furnished housing. Companies and individuals relocating to Seattle for a variety of different reasons will have a strong preference for AvenueWest’s managed corporate rental properties over a transient hotel setting or other standard apartment rentals,” says Smith. “With Rick’s knowledge of the area, and the Healy’s knowledge of the industry, AvenueWest Seattle, LLP is now in league with the kinds of rental properties required by discerning executives and business travelers. Private landlords and investors also have the opportunity to earn greater rental income on their properties.”

About AvenueWest Seattle, LLP

 AvenueWest Seattle, LLP, a franchise of Denver-based AvenueWest Global Franchise, opened its doors on July 1, 2016 and is jointly owned by Angela and Tim Healy and Rick Hoffman who manages this office. AvenueWest Seattle, LLP fosters the connection between a private landlord of a rental property offered as a short-term, furnished rental with those in need of executive housing such as a traveling business executive, relocated family, traveling professor, athlete or actor, and even someone in need of temporary housing during a medical treatment. To offer your property for rent through AvenueWest Seattle, LLP, or to find a property during your temporary stay in the Seattle metropolitan area, contact Rick Hoffman or Angela and Tim Healy directly at 206.319.5459 or via email at: Seattle@avenuewest.com.

AvenueWest Northern Colorado Franchise Success Story

Northern Colorado Franchisee Experiences Positive Cash-Flow in Six Months; Meets High Demand for Furnished Housing in Ft. Collins and Surrounding Cities

As a long time residential real estate agent, Deb Salek knows all too well the hard work and long hours it takes to run a business. She worked every day, including weekends, helping her clients buy and sell homes. Her husband, Todd, too, knew the virtues of hard work. He spent 13 successful years in the sales industry.

Although at the surface Deb and Todd were successful, both say they felt they had more to give and were seeking new opportunities in their careers. They desired to own a business that could support their family, give them a stable lifestyle, and thrive long after they’ve retired.

“As a real estate agent, I only earned income when I worked,” says Deb. “When looking for a new business venture, I wanted something that would have longevity, and one that offered a repeatable and sustainable revenue stream.”

Committed to finding a new career path, Deb discovered the possibilities of becoming a franchisee of AvenueWest Managed Corporate Housing (“AvenueWest”) after reading about AvenueWest’s CEO, Kimberly Smith, in a magazine, and later meeting her at a networking event.

“AvenueWest sounded too good to be true! It offered all the things I desired in a career, including the opportunity to own my own business, build something I could eventually pass on or sell, and allow me to work more traditional hours so I could spend more time at home with my children,” says Deb. “Plus, AvenueWest fit nicely into my repertoire, enabling me to still pull upon my years of real estate experience, yet explore a new avenue within my niche.”

On November 1, 2013, the Saleks officially opened an AvenueWest franchise in Northern Colorado (4025 Automation Way #F2, Fort Collins, CO 80525).

Getting Started

Deb says that she likes how she didn’t have to “recreate the wheel,” as AvenueWest provides a clear path to business ownership without all the hassles that come with a startup. She says she also likes that the brand has already built trust, recognition, and a track record of success in the corporate housing industry.

Even though AvenueWest offered a path to success, Deb and Todd say they knew it would take hard work and time to grow it into a thriving, sustainable business.

“Almost immediately upon opening our doors, AvenueWest began sending us housing requests, yet we had no inventory to fulfill those requests,” says Deb. “That’s when we knew we had to get resourceful if we were going to succeed.”

To meet the “pent up demand” for short-term, furnished housing in Northern Colorado, Deb and Todd leased several local apartments and furnished them. Little did the Saleks know that the apartment buildings would soon become their top source for new client leads!

Another source of client leads came from insurance companies. Deb says that corporate housing can help people who have been displaced from their homes.

For example, when lightning struck the home of a Berthoud, CO family, an insurance company approached AvenueWest in Ft. Collins, asking them to find a short-term, furnished rental for their client.

Because of the housing shortage plaguing Northern Colorado, Deb says she knew finding this family temporary living quarters wouldn’t be easy.

“We didn’t have any properties under management that met this family’s specific size and location needs,” says Deb. “Rather than turning the insurance company away, we got resourceful. We contacted a builder in Loveland about leasing one of his new apartment suites so we could furnish it and use it as a short-term rental for the Berthoud family. He agreed. We were able to help this family during a time of crisis and that felt great!”

Success At Last!

By the end of their first six months as AvenueWest franchisees, Deb and Todd say they have become cash flow positive and currently have more than 50 properties in inventory.

“We are very proud of how fast and confidently Deb and Todd have grown the AvenueWest brand in Northern Colorado. They have become one of our most successful franchisees in only one year. We look forward to continuing our relationship with this dynamic duo, and to proudly serve the corporate housing needs throughout Northern Colorado,” says Smith.

Looking Ahead

AvenueWest has become a full time career for both Deb and Todd (both left their day jobs), and they both agree that their earning potential far exceeds their previous career paths.

While 2014 was a fast-growth year for AvenueWest Northern Colorado, Deb says she knows she still has a lot of work to do. She says she would like to reach an exciting milestone of 100 properties in inventory within the next two years.

 “Northern Colorado is an in-demand region for both residents and businesses. We can only hope we are in a position to help all the clients that come our way in search of furnished, temporary housing,” says Deb.

About AvenueWest Northern Colorado

Since 1999 AvenueWest has been providing award winning service and exclusive furnished corporate housing properties.  The company is focused on hands-on customer service and high quality rentals to meet the housing needs of both the experienced business traveler and also the discerning traveler on a budget. Fort Collins is a rapidly growing city with an award winning quality of life.  AvenueWest Northern Colorado strives to connect clients with the short-term, furnished housing they need in Old Town, Southeast Fort Collins, North Fort Collins, Midtown, Water Valley, Centerra, Loveland, Windsor, and Greeley.

AvenueWest Global Franchise Opens Managed Corporate Housing Office in Phoenix

Denver, CO & Phoenix, AZ – October 1st, 2013 – AvenueWest Global Franchise today announces the opening of its latest location, AvenueWest Phoenix, located in Phoenix at the intersection of Camelback and Central Avenue. AvenueWest Phoenix connects private landlords with those in need of corporate housing. Corporate housing is defined as fully furnished rental apartments, homes or condominiums offered for rent on a short-term basis, usually for one month or more.

Meghan Hartman, the owner of the AvenueWest Phoenix office, says Phoenix is the perfect place to set up a corporate housing shop.  “As the economy continues to strengthen, more and more people are relocating into the Phoenix area.  Phoenix has a very dynamic housing market, and property inventory is at a premium so it may take several months for people moving into the Phoenix market to find a new home, and short term housing presents the best solution during that transition.”

Hartman continued: “Phoenix has always been a destination market and we have a large number of visitors every year.  Many people want to stay in a home with all of the amenities, and AvenueWest offers the perfect solution for those who want the comforts of home rather than a potentially more expensive transient experience at a hotel.”

Hartman, whose past experiences include corporate positions with a number of real estate related franchisors and owning and operating her own real estate brokerage, will officially open the AvenueWest Phoenix office on October 1, 2013. Hartman adds: the interest in managed corporate housing from corporations, investors and real estate professionals alike is exceeding her expectations.

“With such interest brewing from corporations in the entire valley, the real opportunity lies with individual homeowners who want to offer their furnished homes as corporate rental properties. They have the opportunity to work with us to capitalize on and profit from the growing need for temporary housing solutions in the area,” she says.

Kimberly Smith, the CEO of AvenueWest Global Franchise, says that opening an office in Phoenix has been on her bucket list since the day she started her business. She says she believes managed housing is the best solution to meet the short term housing needs of the Phoenix market.

“An executive who wants a furnished property with all the creature comforts of home and high-end furnishings will have a strong preference for AvenueWest’s corporate rental properties over a transient hotel setting or other generic apartment rentals,” says Smith.  “With Meghan’s knowledge of the area and industry, AvenueWest Phoenix now offers the kinds of rental properties required by discerning executives. It also offers the opportunity for private landlords to earn greatly increased rental income on their properties.”

About AvenueWest Global Franchise: Established in 2010, AvenueWest Global Franchise grew from the desire to expand the business opportunity and corporate housing excellence achieved through the AvenueWest Managed Corporate Housing program that was founded in 1999.  Currently AvenueWest Global Franchise has offices in Boston MA, Colorado Springs CO, Dallas TX, Denver CO, Phoenix, AZ and San Francisco CA, and has recently embarked on an aggressive expansion plan with expectations to open offices before year’s end in Atlanta GA, and Fort Collins CO.

About AvenueWest Phoenix: AvenueWest Phoenix, a franchise of Denver-based AvenueWest Global Franchise, opened its doors on October 1, 2013 and is owned and managed by Meghan Hartman, a long-time real estate and franchise executive. AvenueWest Phoenix fosters the connection between a private landlord of a rental property offered as a short-term, furnished rental with those in need of executive housing such as a traveling business executive, relocated family, traveling professor, athlete or actor and even someone in need of temporary housing during a medical treatment. To offer your property for rent through AvenueWest Phoenix, or to find a property during your temporary stay in the area, contact Meghan Hartman at 602-689-9937 or via email at: Meghan@AvenueWest.com.

To learn more about AvenueWest Phoenix and AvenueWest Global Franchise, visit www.AvenueWest.com.

For franchise opportunities and information, visit: www.AvenueWestFranchise.com.

AvenueWest 2013 – Top 50 Real Estate Investment Opinion Makers & Market Leaders.

Personal Real Estate Investor Magazine “Building Wealth Through Property Investment”  this month honored AvenueWest as one of the top leaders in the United States along with HomeVestors and Real Property Management.

Welcome to International Women’s Day

Welcome to International Women’s Day

Take a minute and make a difference – some of my favorites ClinicaVerde.org (Nicaragua), Arzu (Afganistan), DhakaWeaves.org (Nepal), AfricaAid.com (Africa)

Is your vacation rental legal?

http://www.usatoday.com/story/dispatches/2013/02/28/vacation-rentals-airbnb-homeaway-regulation/1950797/

Is your vacation rental legal?

Fueled by the housing bust and embraced by cost-conscious, Web-savvy travelers, short-term vacation rentals have been booming from Manhattan to Maui. But so has controversy, as irate neighbors complain about the negative impact of transients and traditional lodgings say inconsistent local laws put them at a competitive disadvantage.

Now, a coalition of major players in the short-term (less than 30 consecutive days) rental market — Airbnb, FlipKey, HomeAway and TripAdvisor — have joined forces to influence cities’ attempts to regulate or ban the trend. Their new website, the Short Term Rental Advocacy Center, spotlights current legislation in 10 U.S. destinations. Though aimed primarily at policy makers and owners, it also lets would-be renters know the rules surrounding their stays.

http://www.stradvocacy.org/

 

2012 by Owner Corporate Housing Report

2012 by Owner Corporate Housing Report

Welcome to 2013! In the last year, a lot has changed in the corporate housing and residential rental world. We’ve experienced:

  • Corporate housing mergers and acquisitions.
  • New laws regulating and prohibiting vacation rentals.
  • Identity challenges in the corporate housing industry.
  • A still uncertain economic climate.

I believe we will continue to see more of these changes in the months to come.

To help you navigate these changes with confidence, we’re excited to share our 2012 Annual Report―a summary of the results from our annual “By Owner” Corporate Housing Survey. This is the fourth year of our survey and annual report. In the pages to follow, you’ll be able to draw upon the latest data, as well as comparisons and trends from recent years.

Executive Summary

Survey Respondents

Responses were received from property owners across the United States (36 states and the District of Columbia), Canada, and Panama. The highest response rate came from property owners in California, followed by Colorado.

The top reason for being a corporate housing landlord continues to be the long-term investment (50%). That’s up from 47% in 2011, but it’s still below the peak of 55% in 2009.

Outlook for 2013

On a positive note, 36% of respondents predict that 2013 will be better and more profitable than 2012—a similar percentage to 2011. However, 10% of respondents believe that 2013 will be less profitable, which is a notable increase from the 5.2% who had this outlook in 2011. In addition, those who are “not sure” about the future rose from 14.7% in 2011 to 18.4% in 2012.

Profitability

Despite the cautious outlook described above, 92% of respondents report that their properties were profitable or breakeven in 2012. Overall, the responses were nearly same from 2011 to 2012, with property owners noting a slight increase in profitability in 2012.

Rental Rates and Discounts

60.4% of respondents say they offered the same rental rates in 2012 as they did in 2011. The great news is that 33.1% reported that they did raise their rates in 2012, and only 6.4% of respondents lowered their rates in 2012. These results are significant jumps from 2011 when 16.1% people reported lowering their rates.

Compared to our 2011 survey results, the largest increases in rental rates were for 1 bedroom, 2 bedroom, and 4 bedroom properties. The rates included later in this report are at their highest numbers since we first started collecting this data. 66% of respondents say they offer discounts for longer-term leases. Nearly half of the respondents say they offer rental rate discounts of 10% to 14% for longer-term stays.

Corporate Housing Terminology

72% of respondents list their rentals as “corporate housing,” followed by 51% who list their properties as a “furnished rental.”  The most interesting trend that has emerged in the last two years is a 13% drop in those who refer to their properties as “vacation rentals.” This is most likely due to the increase in regulation and taxation of the less than 30-day rental segment, and it’s a trend we will continue to monitor.

Property Management

80% of respondents say they do all their property management themselves. This is a decrease from the last two years. In the last year, we have seen an increase in the number of respondents seeking support from friends and family, as well as from real estate agents.

New! Property Management Software

The majority of respondents (55%) say they do not use any form of property management software to manage their rental property. 26% use basic spreadsheets, followed by 18% who use accounting software, such as QuickBooks™. 

New! Rental Documents

We asked respondents, where did you get your rental documents (such as leases)? The most (38%) say they found their documents on the Internet, followed by 34% who say they wrote their own documents. Only 16% say they paid an attorney to have their documents drafted.

New! Leasing Trends

Based on our experience full-service, corporate housing companies, renters tour properties in advance only 30% of the time. In contrast, in the “by owner” corporate housing segment, property owners say they provide tours to renters 44% of the time. 71% of respondents say email is the primary way they communicate with their potential renters. 46% of property owners say they meet all potential renters face-to-face.

Investment Real Estate Trends

We asked respondents, do you plan on buying more investment real estate? For the third year in a row, there are more “Yes” responses (40%) than “No” responses (17%). Over the last three years, we’ve seen a steady decrease in the “No, I’m done with real estate” response.

Property Size / Number of Bedrooms

The highest percentage of “by owner” rentals continue to be two-bedrooms (36%); though, this is a 5% decrease from 2011. 33% of respondents say their rental properties have three bedrooms or more. In contrast, in the full-service, corporate housing industry, the majority of rentals are one-bedrooms (51%). The availability of additional bedrooms makes the “by owner” corporate housing segment an attractive option to renters.

Property Type

Whereas the majority of corporate rentals in the full-service corporate housing industry are apartments, only 12% of “by owner” rental properties are apartments, according to survey results. Single-family homes are the largest percentage of “by owner” properties (25%) accounted for in this survey, followed closely by low-rise condominiums (23%).

Property Locations

The highest numbers of private corporate rentals are in suburban areas on residential streets (35%), followed by outer urban areas (27%) and central urban areas (23%).

Inclusions in a Furnished Rental

While the majority of private owners offer tenants a fully stocked kitchen (87.3%―up almost 10% over 2011), TV (85.1%), bed linens (84.5%) and towels (82.3%), there is much greater variation―and opportunity for competitive advantage – in the technology, maid services and perks that are available in each rental property. For the first time, we asked owners whether they offer a “Community Activity Pass” to renters, and 16.1% say they did.

Corporate Housing Tenants

Corporate housing tenants continue to be relatively “painless” tenants. In 2012, more than 90% of respondents say they had a positive experience with their corporate housing tenants. This percentage is consistent with the results from 2011.

Types of Renters

In 2012, the top three reasons for rentals were: business assignments (67%), relocations (43%), and family (33%). In general, the corporate housing renter pool remains consistent. There was a decrease in the number of people renting due to relocations, snow birds, and vacations. This year we added a new renter category: “temporary lodging due to a home remodel.” 23% of respondents say they had that type of renter during the year.

Length of Stay

63% of respondents say their tenants stayed an average or three months or more.

26% of respondents say they are willing to rent their properties for time periods of less than one month—down from 30% in 2011. This year, as the result of city legislation against less than 30 day stays (such as in New York City and Chicago), we added a question about who is setting limits on the minimum length of stay allowed. Only 8% of respondents say their city regulates their minimum length of stay. 22% say they are regulated by the rules of the community or the building in which the property is located.

Security Deposits and Insurance

82% of “by owner” landlords say they require some form of a refundable security deposit in 2012—down from 89% in 2011. In a growing trend, 8% of respondents say they require Accidental Rental Damage Insurance (ARDI) as an alternative to a security deposit.

Credit and Background Checks

In 2012, 28% of respondents say “yes,” they always run credit checks on potential tenants—a number that appears to be holding steady with previous years’ results. A larger amount, 30%, say ”no,” they never run reports, which also is consistent with previous years.

Credit Cards

Approximately three out of five of respondents say they accept some form of credit card payment from their renters. 2012 is the first year that Visa/MasterCard is more popular as a credit card option (at 34%) than PayPal (at 33%).

Pets and Pet Security Deposits

Many long-term business travelers are arriving with pets. 48% of survey respondents say they accept some type of pet. Of those who accept pets, 62% say they take pets because it gets their properties rented. The most common rental period for renters with pets is one to three months.

In 2012, the average, non-refundable, one-time pet fee property owners charged was $253. The average pet refundable deposit is $344.

Marketing Trends, Resources and Results

In 2012, 44% of respondents say they spent $500 or more on their annual marketing efforts—up from 37% in 2011. 40% of “by owner” landlords say their property was always rented, while the remaining 60% say they needed more tenants.

63% say they had professional photos taken of their properties. In addition, 21% say they had used a professional decorator to furnish their properties. We believe these numbers will go up as the “by owner” industry matures. More individual owners are seeing property management as a viable income opportunity that requires polished marketing.

The majority of “by owner” landlords say they use the Internet to promote their properties. 64% of respondents say they use CHBO’s basic listing service, followed by Craigslist (44%). Craigslist has been steadily trending down in popularity since 2009; though, it is still a prominent marketing vehicle for many property owners. Respondents find they receive the most qualified leads and the most renters from Internet marketing, followed by real estate agents.

Internet Reservations

In 2012, we again asked how the “by owner” segment feels about real-time booking reservations, in which the property is leased through a computer website and the property owner has no interaction with the tenant.  16% of respondents say they have used one of these programs (down from 20% in 2011). However, the majority, 53%, say “no,” they would never rent their property without talking to the tenant first.

CHBO Services

Of the respondents using CHBO, they tell us they use the following CHBO tools the most:
(1) The property listings (2) The MyCHBO documents page (3) The Property Owner Handbook.

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