Patrick Flynn moved over the summer. Not his home, but his business. This is newsworthy because the CEO of Northeast Relocation upgraded his one-man office to a much bigger space in Stoneham and expanded his staff. Not bad, considering he started this short-term home rental company in March.
“You hear a lot of negative things about the economy all the time,” says Flynn, “so it’s nice to experience first-hand that there’s another side where business is booming.”
Northeast Relocation has two divisions: Northeast Suites and AvenueWest Boston. The former serves corporate clients and individuals who want high-end, short-term leases. It’s a simple process: Flynn leases luxury condos, furnishes them and then releases them for short terms to his clients. Success, however, is in the details.
“I furnish them with everything from art to a potato peeler,” says Flynn. “The price includes utilities and WiFi. They just pick up their keys and they’re home. We also have clients who are patients at Boston’s hospitals.
“We have the finest medical care and people from all over the world come here for treatment,” says Flynn. “They’re already dealing with sickness, so they don’t need more stress finding a temporary home.”
The AvenueWest Boston division rents condos for private owners.
“We charge a management fee of 20 to 30 percent. But those condos that might let for $2,000 to $2,500 a month normally will get a return of $4,000 to $6,000 through us.”
It’s a win-win situation. Boston’s relatively strong economy supports his success.
“Another clientele niche has been people who are having homes built or renovated,” adds the Newburyport native. “So that’s more good news about our local economy.”