At ENVITAE, our mission is to make short term rentals work in urban high-end multifamily rental residences.
Multifamily owners, developers and managers understand they can increase occupancy and NOI from short-term furnished rentals: It is simple economics that more demand leads to higher revenue. Yet most do not take advantage of this “found” money because they perceive the risks to be higher than the reward. There are concerns about reputational risk, traditional resident dissatisfaction, additional stress on building staff and management and others.
The ENVITAE team knows these issues intimately and is dedicated to resolving them. We understand the whole picture when it comes to managing a luxury rental residence for maximum long-term profit. We want to convince you that NOW is the time to begin taking advantage of Short-Term Rentals.
GUEST BEHAVIOUR ISSUES
At the end of the day, the biggest single challenge in operating a STR in a high-end multi-family building is guest behavior and resident acceptance. Short-term guests may behave differently than traditional residents. And some traditional residents may feel uncomfortable having short-term residents in the building.
THIS IS HOW WE HANDLE ISSUES OF GUEST BEHAVIOUR
We employ an intensive human screening process during booking. This allows us to get to know each guest in order to personalize the luxury experience, and at the same time to weed out the bad apples.
Each group of guests is met personally at the property. This enhances the guest experience, while at the same time reducing guest footprint in the building AND adding substantial additional layer of screening. Many suspicious inquiries simply disappear when they learn about the personal check-in.
We have a clear security protocol and personnel ready to react quickly and decisively as appropriate.
We operate in the best apartments in the best buildings. We furnish them nicely and market to the high end. This already pre-selects a population that is less likely to cause issues.
We have a fabulous membership program that all guests join. This program encourages repeat bookings, so a large portion of our current stays are by previous guests, who have already had an incident-free stay.
We advanced sensor technology, developed by our subsidiary Alertify, to monitor guest compliance with house rules in our units. We monitor for noise, smoke, and number of occupants.
We take 1-day and last-minute bookings only in exceptional circumstances. 90% of problem stays come from these 2 categories.
GOOD CITIZENS OF THE COMMUNITY
Avoiding problem situations is important, but it is only one side of the coin. In addition to avoiding the negative, we also feel obliged to positively impact the communities in which we operate.
THIS IS HOW WE DO IT
We have a multi-family advisory board which consists of representatives from multi-family owners, developers and managers. We meet monthly to come up with ways to ensure ENVITAE remains on a mission to be a great member of our communities.
We offer our suites as an amenity to traditional residents, when they need extra space.
Our ENVITAE Ambassador program gives traditional residents a chance to meet some of our more fascinating guests in a casual environment with drinks and refreshments. We count among our guest’s doctors, scientists, business leaders and entertainers.
We partner with Class A buildings in the Central districts of major cities. We will normally be most interested in the premium units in a building: larger units, recently renovated, on higher floors with the best views. We offer two basic types of partnerships.
THE FIXED LEASE OPTION
is ideal for buildings who are looking for a turnkey solution and a fixed income stream. Very simply, we master lease a block of units for a fixed price for a fixed term, and we take care of all aspects of the business. We will often ask that a senior member of the building staff join our Advisory Board.
THE REVENUE WORK/WORK SPLIT OPTION
is designed for buildings who are interested in taking an active role in their short-term rental strategy and operations, and in having more “skin in the game” from a financial perspective. The short-term rental business is very profitable, and it requires quite specialized capabilities. If you are interested to get in on the game, this option is for you. Instead of leasing to ENVITAE and collecting a fixed check each month, we split the short-term rental revenue with you. You earn a great or lesser share of the revenue, depending on how much of the work you end up doing. Many buildings find it easy to take over things like personal check-ins, handling in-stay issues and even cleaning and between stay turnover. A few want to develop in house short-term rental capabilities like pricing and reservations management. In short, the more you do, the bigger split of the revenue you take. With our Consulting options, you can be ready to run your own STR business independently in a matter of months.