New Owners Grow AvenueWest Denver Managed Corporate Housing Franchise; Growth on New Franchisees’ Minds
Since 2001, Angela Healy worked for AvenueWest Corporate Housing in Denver – helping founders, Kimberly and Eric Smith, manage their financials and run the day-to-day operations. Angela was pivotal in helping AvenueWest grow and find success over the years – including early on in the business when the company took a financial hit in the failing economy. Over the years, Angela helped the Smiths create the AvenueWest Managed Corporate Housing Franchise model and even assisted with the on-boarding of the franchisee team in Colorado Springs.
Along the way, Angela learned that Kimberly and Eric’s long-term plans were to eventually franchise the Denver market.
“When I told Tim [my husband] that AvenueWest Denver was available for purchase as a franchise, he said, ‘Have you ever thought of us buying Denver?’ I’d been working in the business for so long that it made sense that I would be the perfect successor,” says Angela. “The best part was that my husband had always wanted to own a business – so it was truly the right fit for us to do together.”
Kimberly says that Angela was a natural fit to take over the business given her experience and deep corporate housing knowledge.
“Between her strong corporate housing background experience and Tim’s impressive business acumen and entrepreneurial desires, Eric and I knew they were the right team to take over the Denver market,” says Kimberly.
AvenueWest Denver Changes Hands
In 2010, the Healys officially purchased the AvenueWest Denver franchise, thus beginning their journey as corporate housing entrepreneurs.
After taking over AvenueWest Denver, the Healys became iron-focused on their mission: To match those seeking corporate housing in Denver with those offering furnished, short-term rental properties.
“We are lucky to live in Denver as we get to cater to a variety of people in need of corporate housing, from business professionals and traveling consultants to relocating employees, traveling healthcare professionals, on-assignment military personnel, traveling theater companies and more,” says Tim.
The State of Denver’s Corporate Housing Market
Angela and Tim add that Denver is traditionally a high-demand market for corporate housing, and they don’t see that changing anytime soon.
“While we are currently seeing a lot of clients sell their properties because it’s a hot seller’s market, at the same time we are adding new clients who are looking for a competitive advantage when it comes to managing and marketing their unique furnished properties available for rent,” says Angela.
One of the ways Angela and Tim say they maintain steady inventory throughout market fluctuations is by offering great customer service, competitive pricing, unique properties, and win-win partnerships with those who own properties in desirable locations.
“We manage about 30 properties in The Spire (891 14th St. Denver), an upscale condo community in downtown Denver that offers panoramic views of the city and resort-style amenities. We are able to offer these properties to discerning individuals and groups who want to experience Denver’s culture and vibrant downtown scene while traveling to the Mile High City,” says Tim.
Steep Learning Curve
While Tim had little corporate housing experience when he took over AvenueWest Denver in 2011, he says he has since undergone a steep learning curve.
“At first corporate housing was like speaking a foreign language,” he says, “But today it feels like a natural progression in my career and offers me the flexibility I desire to balance my family-life with my professional-life.”
Above all, Tim says that having AvenueWest as the backdrop of their franchise gives them the name recognition and instant trust in the industry.
“Partnering with an award-winning, well-respected name in corporate housing not only brings us high quality referrals, but also helps us solidify relationships with new prospects who have come to know and trust the AvenueWest brand for more than a decade,” says Tim.
Our newest location officially opened November 21, 2013: AvenueWest Atlanta located at 5905 Atlanta Highway, Suite 101. AvenueWest Atlanta connects private landlords with business travelers, or relocated families in need of full service corporate housing.
AvenueWest Global Franchise has been tapping into the emerging trend of business executives who are finding both financial freedom and life balance through franchise ownership. Jennifer Haigler, the owner of the AvenueWest Atlanta office, along with her husband Rory, came to the realization she needed the flexibility, provided by AvenueWest, when one day she realized she didn’t even know what her young son was wearing to school that day. Jennifer, a veteran of the corporate relocation industry and a licensed Certified Relocation Professional (CRP) says: “It was a profound moment in time for me as I decided I needed to do something to bring some work/life balance back to my existence.”
AvenueWest’s approach to Managed Corporate Housing is an exciting opportunity that taps into both Jennifer’s previous relocation and corporate housing experience and Rory’s real estate experience as they look to build a long term sustainable business. The Haigler’s say Atlanta is the perfect place to set up a corporate housing shop.
Jennifer continues: “Many relocated families and professionals as well as business executives would prefer to stay in our AvenueWest properties since they provide all the amenities of home. Our properties are in real residential settings instead of the more transient environments found when staying in hotels. The cost to stay in an AvenueWest property is also typically less expensive per night than staying in a hotel.”
Rory adds: Atlanta’s real estate market is currently booming, but there is a shortage of homes available for sale in the metro area.
“There seems to be demand from every corner. As the economy continues to strengthen, more and more people are relocating to Georgia and Atlanta in particular. As of August, Atlanta’s employment grew by 57,100 (a 2.4% increase)! Atlanta’s diverse economy generates a constant flow of people moving into the area to find a new home, and short term housing presents the best solution during that time of transition for relocating families, individuals, and executives alike, especially since the homes on the market are being snagged so quickly,” stated Rory.
“Individual homeowners and investors alike who want to offer their furnished homes or condos as corporate rental properties will have the opportunity to make additional revenue in today’s economy. By partnering with us and using our proven Managed Corporate Housing system, we can both benefit from the growing need for temporary housing solutions in the area. It’s exciting to be able to help owners develop their investment properties and turn them into major profit centers,” added Jennifer.
Kimberly Smith, the CEO of AvenueWest Global Franchise, says that opening an office in Atlanta is the latest step in an aggressive expansion plan that the company initiated in July of this year.
“AvenueWest’s privately owned properties offer more choices to today’s executives or relocated individuals who want a fully furnished property with all the comforts of home, high-end furnishings, and many times, amazing amenities over standard corporate housing rentals or extended stays,” says Smith. “With the Haigler’s knowledge of the area and the local real estate, relocation, and corporate housing industries, AvenueWest Atlanta is uniquely positioned to offer the kind of rental properties required by discerning executives and individuals and families who are being relocated to the area. It also offers the opportunity for private landlords to earn greatly increased rental income on their properties.”
If you or someone you know is being relocated to the Atlanta area, you can contact AvenueWest Atlanta directly by calling 678-901-9171 or by emailing Jennifer at JHaigler@AvenueWest.com. If you are a property owner or investor who wishes to put their fully furnished home, condo, town home, or loft into AvenueWest Atlanta’s inventory, contact Rory at RHaigler@AvenueWest.com.
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.
AvenueWest Northern Colorado, a franchise of Denver-based AvenueWest Global Franchise, opened its doors on November 1, 2013 and is owned and managed by Deb Salek.
AvenueWest Northern Colorado connects private landlords with business travelers in need of full service corporate housing.
AvenueWest Global Franchise has been tapping into the emerging trend of departing business executives who are finding both financial freedom and life balance through franchise ownership. Deb Salek was a former senior level analyst with Qwest Communications and now owns her own AvenueWest franchise. Deb’s exit from corporate America is a developing national trend. Her first step was to decide to leave her office job. She built a successful residential real estate business as a broker associate with RE/MAX, which provided the flexibility she needed with her two young children. Then Deb and her husband, Todd, chose to relocate to Fort Collins, CO, a city they found as the best compliment to their quality of life vision. When looking to target the relocation market more specifically, Deb found AvenueWest Managed Corporate Housing to be an exciting opportunity which taps into both her corporate and real estate experience as she looks to build a long term sustainable business.
“Fort Collins offers this amazing quality of life and energy that is fueling growth and causing a positive relocation trend for the city. With a diverse blend of corporations, Colorado State University, state of the art hospitals, government entities and a burgeoning craft beer industry, Fort Collins economy continues to strengthen. Fort Collins is also in the midst of a hot housing market with property inventory at a premium so it may take people several months to find a new home, and short-term housing presents the best solution during that transition.”
Salek continues: “The people that stay in our AvenueWest properties prefer to have the amenities of home and appreciate that it is a less transient environment than what they would find in a hotel. The cost to stay in an AvenueWest property is also typically less expensive per night than staying in a hotel. There seems to be a demand from every corner: corporations, visiting professors, medical personnel, the oil and gas industry, tourists, and so forth. I see the real opportunity as being with the individual homeowners who want to offer their furnished homes as corporate rental properties. They will have the ability to work with us to capitalize on and profit from the growing need for temporary housing solutions in the area. It’s exciting to be able to help owners develop their investment properties.”
Kimberly Smith, the CEO of AvenueWest Global Franchise, says that opening an office in Fort Collins has been on her wish list since the day she started her managed corporate housing business in the LODO area of Denver some 14 years ago and a priority since launching AvenueWest Global Franchise in 2010. “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. With Deb’s knowledge of the area and industry, AvenueWest Northern Colorado 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.”
To offer your property for rent through AvenueWest Northern Colorado, or to find a property during your temporary stay in the area, contact Deb Salek at 970-797-3099 or via email at: DSalek@AvenueWest.com. AvenueWest Northern Colorado 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.
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 Corporate Housing 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, Fort Collins CO, Phoenix AZ and San Francisco CA, and has recently embarked on an aggressive expansion plan with expectations to open an office before year’s end in Atlanta GA.
A recent article posted at NBCNews.com Business uses Zillow’s Break Even Horizon to determine the top 10 cities where renting is more economically sound than buying and how long it takes on average to break even if purchasing a home. This figure is calculated based on the net cost of purchasing a home vs. renting the same house. Here are the top 10 cities renting costs less than buying:
New York City, NY. Zillow Break Even Horizon: 5 Years; Zillow Rental Index: $2,016; Annual Change in Zillow Rent Index: 19.4%
Renting an apartment in the city would save more money than purchasing a home unless you were going to be living in NYC for more than 5 years. The average home price is $462,500. A 20% down payment is going to be $93,000 for a home this much and with the current rate of 3.277% and a 30 year fixed mortgage, you are looking at a monthly mortgage payment of $2,145 which is higher than the current rental index.
Seattle, WA. Zillow Break Even Horizon: 4.3 Years; Zillow Rental Index: $1,850; Annual Change in Zillow Rent Index: 4.7%
Waterfront property in Seattle averages about $392,200 as of December 2012.
Boston, MA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $2,299; Annual Change in Zillow Rent Index: 11.3%
Based on 25 new single family homes for sale in Boston, MA, the average home costs $727,200. A 20% down payment is $145,000 with a 3.277% interest rate, your monthly mortgage payment would be $3,334. Renting in Boston on average would be a monthly savings of $1,035.
Washington, D.C. and San Francisco, CA tied for 4th for the amount of years it would take to break even if purchasing a home.
Washington, D.C. Zillow Break Even Horizon: 3.7 Years; Zillow Rental Index: $2,439; Annual Change in Zillow Rent Index: 7%
There has been an increase in new home development in the D.C. area. As of December last year, the average home cost $402,400 which is up by 10%.
San Francisco, CA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $3,281; Annual Change in Zillow Rent Index: 12%
San Fran has seen an 18% increase in home sale prices year after year! Currently, the average home costs $770,600. A 20% down payment of $154,000 with the current interest rate of 3.277% would be a $3,529 monthly payment. By renting, you would save on average of $248 a month.
Portland, OR. Zillow Break Even Horizon: 3.6 Years; Zillow Rental Index: $1,423; Annual Change in Zillow Rent Index:
Portland has the most bike commuters in the U.S. Last year, 21.49% of homes sold were sold at a loss, but the average value of homes has risen 8.8% ($257,400).
San Diego, CA. Zillow Break Even Horizon: 3.4 Years; Zillow Rental Index: $2,116; Annual Change in Zillow Rent Index: 2.9%
The average San Diego home value is up 11% making the average home $404,100.
Los Angeles, CA and San Jose, CA tied for 7th place based upon the number of years it would take to break even after purchasing a home in either location.
Los Angeles, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,311; Annual Change in Zillow Rent Index: 2.3%
Los Angeles has a very high unemployment rate and the home rates dropped about 35% which actually makes L.A. more affordable for home owners. The average home costs $399,800 which was up by 9.7% as of December 2012. If you put down a 20% payment of $80,000 with the 3.277 interest rate with a fixed 30 year mortgage, your monthly payment is going to be $1,863.
San Jose, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,513; Annual Change in Zillow Rent Index: 4.5%
San Jose, CA has a lot more people interested in purchasing homes since the average annual income is $92,500. San Jose has a very high employment rate with over 6,000 technology companies. The average home in San Jose is $544,600 so if you put down 20% ($109,000) + 3.277% + 30 years = $2,514 monthly mortgage payment which is $1 higher per month than the current rental index!
Denver, CO. Zillow Break Even Horizon: 2.8 Years; Zillow Rental Index: $1,468; Annual Change in Zillow Rent Index: 9.3%
As of December 2012, Denver’s average home value was up by 14.1% with the average home costing $233,700.
Austin, TX. Zillow Break Even Horizon: 2.7 Years; Zillow Rental Index: $1,516; Annual Change in Zillow Rent Index: 6.2%
At the end of last year, Austin had an overall home value increase of 4.7% = $209,900.
Nashville, TN. Zillow Break Even Horizon: 2.6 Years; Zillow Rental Index: $1,190; Annual Change in Zillow Rent Index: 3.8%
The average home cost is now $140,000, which is up by 6%.
Most of the cities listed above experienced an overall increase last year in their median home values which is great news overall for the market!
Let’s face it, travel in general is filled with stress but business travelers experience these much more frequently. A recent poll from TripIt determined the top 5 most common stresses associated with travel:
- Exercise. 67% of frequent travelers said that the pressure to exercise was stressful – 17% of these responders found it to be extremely stressful.
- Healthy Eating. 66% of responders found eating healthy to be a challenge and added to the overall stress of traveling – 19% said it was extremely stressful.
- To do list upon return. 64% found the pressure of tasks needing to be done when they returned home to be a significant source of stress while traveling.
- Airport Security. Of the people that were polled, 59% found airport security to be very stressful.
- Driving in a new city. The lowest on the top 5 travel stresses is driving in a new city. 54% of respondents found this to be very stressful when they travel.
Since exercise and healthy eating are the two highest stresses for frequent business travelers, here is a list of suggestions that TripIt recommended to help alleviate some of your stress:
Bring healthy, portable snacks with you so you won’t be as temped to buy un-healthy snacks when the hunger sets in. Bring along some almonds or a banana to help tie you over between meals.
Instead of ordering a large dinner, choose a small plate or an appetizer for dinner instead. If you opt for a salad, keep in mind that the dressing has a ton of fat and calories so it’s best kept on the side. Salad is not always the healthiest choice on the menu either so be smart when choosing.
Instead of using escalators or moving sidewalks, try taking the stairs or walk to keep you moving.
Track how many steps you are taking with a pedometer or an app on your phone.
- Ask for a map of the local area with running/walking trails or nearby parks.
- Do crunches, pushups, jumping jacks, chair dips, stretching, and any other activity that doesn’t require any equipment in your room.
It is a stressful world we live in and the constant traveling makes life that much more hectic. Hopefully these tips from TripIt will make your future business trips less stressful, more active, and healthier. 🙂
Safe travels everyone!
Many of us have a 9-5 job or jobs in the service industry where we don’t have a lot of time to go on long, lavish vacations. A recent blog post by Nomadic Matt titled “How Can You Travel More Even if You Work a 9-5 Job” sheds some light on how you can use your time off most effectively while still being able to travel – even with a limited amount.
Most American’s have 2 weeks vacation per year plus the weekends = 110 travel days. Most of us also get holidays off and have some three day weekends here and there which gives us even more time to travel each year. Sure, it isn’t consecutive time but you could take a long vacation by using your 2 weeks in a row. Here are some tips on how you can maximize your time to travel a lot more this year:
Weekends. Sure the weekends only offer 2 full days (unless it’s a 3 day weekend) but that is plenty of time to explore a city close to you.
Find a location that is closer to you. If you are in America then traveling to Australia for only one week would be a waste since your travel time takes up almost 3 days! Instead, take a trip to Central America which is closer. Generally the closer the destination, the cheaper the flight is going to be too.
Be a tourist in your own city. Take time to explore the city you currently live in. Go to the museums, tourist attractions, new areas you have never been, etc. Being a tourist in your own city will give you new insight on where you live.
- Don’t try to see it all at once. Instead of trying to see everything in a short amount of time, focus on a couple attractions and destinations that you want to go see. This way, you will be less overwhelmed and will have more time to enjoy the place you are visiting.
Next time you feel like getting away, remember these 4 tips that will make your experience more fun in less time. As the famous Roy Rogers croons, “Happy trails to you, until we meet again. Happy trails to you, keep smilin’ until then.”
Personal Real Estate Investor Magazine is hosting the Investor Provider Leadership Summit in Baltimore, MD April 25th-26th at the Sheraton Baltimore City Center Hotel, 101 W Fayette St, Baltimore MD 21201.
Become familiar with strategies, service leaders, providers, and side channels that could increase your overall sales and revenue. The past event was very successful in producing hundreds of property sales to both domestic and international property investors.
Learn more about how you can make money from investment properties and hear from our very own Kimberly Smith of AvenueWest Managed Corporate Housing with her segment on the “High Margin Rental Niche.”
Don’t hesitate to register for this great event – there are only a few seats left! We hope to see you there! 🙂
If you have ever traveled alone or are planning on going soon, there are many rewards like the opportunity to experience everything that you wish to and to meet new people, but there are also precautions that need to be taken.
In the March 2013 addition of “Healthcare Traveler” there was an article published called “Safety Measures for the Solo Traveler” meant to advise single healthcare travelers on some safety measures they should take. But, these tips should be used for anyone traveling alone.
- Tell a family member or friend your travel plans. Be sure you give all the details of your travel plans with someone back home that you trust including your new address and phone number of where you will be staying. Leave them with your travel itinerary too and check in with them regularly to let them know you are safe. If you have your security settings on Facebook set to friends and family only, then posting status updates might also be a good way to let others know of your whereabouts in case anything happens.
- Double check your cell-phone company’s coverage in the new area. Be sure that your cell phone will work well in the new area you are going to – sometimes cellular providers do not have superior coverage in other areas as they might where you currently live. Go to their website and check the map of coverage.
- Get to your destination while it is still light out. You will be able to find your way around much easier in unfamiliar territory if you can see by the light of day.
- Have a GPS App on your phone (if you don’t already). Get one that will show you walking routes as well. It is also a good idea to map the surrounding areas of the place you are staying prior to getting there to determine any possible bad areas that you want to avoid.
- Don’t share too much personal information to new people you meet. Meeting new friends is great but be leery to give them any information about where you are staying or the fact that you are traveling alone as you never know who you might be talking to these days.
- Be careful if you decide to drink. If you are a drinker, don’t leave your drink unattended and don’t drink too much especially when you are first meeting new people. You want to remain in the right state of mind in case anything happens.
The majority of the time traveling alone is a very rewarding experience and nothing bad happens. But, just be smart whenever you are traveling to a new place – alone or otherwise – but especially when you are on your own.
Stay safe out there!
The past couple weeks, we have been reviewing 5 travel tips that can be applied to your life as well inspired by Amanda’s Blog “A Dangerous Business” and her post “26 Things Travel Has Taught Me.” Here are 5 more tips:
Everyone has a unique travel style that fits them. Some prefer roughing it with a backpack and no real agenda while others prefer the life of luxury and seek elegance in their travels too. Don’t worry about what others might think about your preferences as these can potentially change as you get older or with different circumstances. The bottom line is, have fun no matter what kind of traveler you are!
Hostel’s are convenient and cheap alternatives for travelers on a budget. These are a great way to meet others if you are venturing alone. In some countries, you can even work the front desk for free accommodations.
Technology means we are never really alone anymore. Technology has allowed us to book everything from flights, accommodations, rental cars, tour operators, etc. all online. We can also instantly connect with our friends and family using social media and applications such as Skype even if we are across the world!
Still Being able to read an old-fashioned map will come in handy. Yes technology has allowed for online mapping systems and GPS that can pin-point our exact location but sometimes they don’t do the trick. Map-reading is a great skill to still embody, especially when there is no internet access.
If you happen to still get lost along the way, be sure to relish in the experience (as long as you are still safe). Getting lost in a new place can allow you to interact with the locals, find hidden treasures, and get off of the beaten tourist path so get lost often.
We hope that these travel tips will be applied to your day-to-day lives as well! Safe journey’s everyone! 🙂