Some more questions:
Apart from the intial set up charge and management fee, are there any other one off or recurring costs?
After the initial set-up charges, the only ongoing cost is an exit clean fee deducted from each short-stay booking for stays of less than 28 nights. Our short stays are charged at a higher rate, so the end rental return is often the same as an extended stay booking (28 nights plus), where the guest pays for the exit clean on departure.
The ongoing cost of replenishing amenities like soap, shampoo, scourer, sponge etc..is that included in the management fee?
This is covered by the exit clean cost which is paid for by guests on extended stays.
The cleaning fee is charged to the guests or do I pay for it?
1-27 Nights; this is deducted from revenue. For stays of 28 nights plus this is paid by the guest.
Bill payment for utilities like internet, electricity, water, owners corporation fee etc..is handled by Corporate Keys or the owner needs to take care of this?
Owner.
I have seen the furniture package on your website. 2 Bedroom apartment is $16,750.00. For living room it includes 2 couches (a 3-seater and a 2-seater). Is it possible to change this? I would like to have just one 3-seater couch and an Occasional Chair.
Yes, adjustments can be made to our packages; our furniture stylists will, however, provide guidance on the most suitable furniture for each individual property layout.
Repairs & maintenance work is handled by Corporate Keys?
Yes, however, unless repairs or maintenance are due to guest damage and we can recoup the costs from the guest, the owner is responsible for the cost, just like a traditional rental property.
If I need to get some work done in between leases, like repainting or retiling the bathrooms, does Corporate Keys get that done?
Yes, we can manage this at the owner's cost.
How long after I have signed the contract does it take to have the apartment listed & ready for leasing? I will need to have the apartment furnished too.
The lead time for ordering a full furniture package is approximately 2 weeks. Once an installation date is confirmed, Corporate Keys estimates it will take 5 business days from hand over of keys to have the property ready for its first guest. We can start advertising your property in advance, which gives us the best opportunity to book your apartment from the date the set-up is completed.
I would like to enquire about the apartment occupancy rate with corporate rentals. Post covid with the prevalence of remote working, are corporate rentals still lucrative?
We have found that the market has rebounded, and we now find our issue is finding enough suitable properties to meet the increased demand for short to medium fully furnished rentals. The tightening rental market has meant that our average stay has also increased as people are struggling to find suitable long-term accommodation. The corporate sector has also started to increase business travel, with projects ramping up year after year.