Those who want to enter the field of corporate suite rentals, where short-term rentals of houses and apartments are arranged by a management company, can become certified by meeting certain requirements. The candidate must have a high school diploma or equivalent; have a minimum of two years of experience in the corporate housing industry or related industry, such as real estate, hotels, property management, or relocation. They must also read, sign, and return the CHPA Code of Ethics Statement. The Association provides reference material to help the candidate prepare for and pass the exam.
Although the exam must be taken in person, scheduling is done online and the applicant can select any of the 300 test locations. If a candidate works renting corporate suites in Toronto, Canada, for example, and plans to take the exam while on vacation in San Diego or Miami, she simply requests the most convenient CASTLE test center to attend.
The CHPA exams are administered by CASTLE Worldwide, Inc. to provide the testing centers and administration of the computer-based tests. Results are provided immediately after the exam. CCHP certification is valid for a period of three years. The study guide and reference articles provide the candidate with enough information to match their experience, ensuring the ability to score well on the test, which is divided into the three areas of expertise: Operations (37%), financial management (26%). and marketing and sales (37%). CHPA members pay a $500 exam fee and non-members pay $600. They select their preferred geographic area and exam date; candidates may reschedule through CASTLE’s online test scheduling system within five days and must pay an additional fee of $50. Those who do not pass the exam can retake it for $100.
Operations knowledge deals with business planning, strategy, forecasting and ensuring the overall health of the business by dealing with suppliers, communities and associations in an effective and non-confrontational manner. Those operators who do not practice reasonable ethics, such as making demands outside the scope of a contractual agreement or booking, risk losing credibility. Managing guest services includes ensuring that the intent to vacate is in accordance with the lease agreement.
Customers using corporate hosting have special needs and a high budget, so they must be taken care of and treated as potential return business. Unlike real estate and normal property management, tenants require world-class facilities for a short time while they are on business. Some units are needed for only several weeks, but most reserve the suites for an average of eighty days.
Like any business, the operator must have skills in financial management, marketing and sales. Budgets and financial reports such as profit and loss statements and balance sheets must be prepared. Generating business requires skill in multimedia advertising to avoid excess vacancies among listed suites. A successful advertising campaign includes identifying effective media outlets and allocating budget to purchase print advertising space, Internet visibility, or radio and television airtime. Writing competent copy is a key skill needed for profitability, because without a company message that goes everywhere, financial profit projections won’t materialize.
