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On the Web
For those transferees who find themselves unable to sell their homes in the old locations, renting out their now-abandoned residences has long been an option. In addition to helping offset the costs of maintaining two homes -- and possibly even serving as a source of additional income -- retaining ownership in this manner ensures that the dwelling will always be available should the employee and his or her family decide to move back. Relocation and HR practitioners can now tell them about a new Web site, CorporateHousingByOwner.com, based in Highlands Ranch, Colo., which gives those property owners left holding the bag a venue to market their properties to businesses, hospitals and other users of temporary housing. CEO Kimberly Smith calls such homeowners "accidental landlords" because they hadn't originally purchased their property with renting it in mind. Rather, market conditions have caused them to become landlords. Overall, Smith says, the number of accidental landlords has doubled in recent years. Of that category, roughly 25 percent are transferees who have either chosen not to sell or have found themselves unable to do so because of market conditions. Owners who utilize CHBO's service are responsible for furnishing and managing their properties. A detailed list of criteria lays out what amenities must be provided in order to be certified as "CHBO Complete." Included are specifications on everything from kitchenware to laminated plant-care instructions. The home owner controls the lease terms and retains 100 percent of the rental income, minus a $395 annual listing fee. Of course, being a long-distance landlord poses its own set of challenges because the homeowner often cannot handle matters in person. Smith advises lining up a reliable handyman in advance and seeing if any family or friends are willing to make themselves available to handle matters that may arise. Between tenants, she says, it's best to spring for a plane ticket to do a walk-through in person. So that you're not flying out every month, Smith suggests lining up long-term leases. "Your biggest manual labor is going to happen when there's a turnover, so you may want to drop your rent a little bit and get that long-term stay," says Smith. "It's best to shoot for that three- to six-month tenant, so you are only turning it over two to three times a year."
April 1, 2008 Copyright 2008© LRP Publications |
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