Real estate may be a profitable investment since it offers the potential for a regular stream of income. But when it comes to renting out your condo for the first time, there's a lot more to think about than merely taking great photographs and then advertising them online. You have to do more than just collect rent every month to be successful. As a landlord, you must continuously learn and adapt to be successful. Here are some pointers for first-time landlords.
Reminders Before Renting out your Condo
Know Your Target Market
Who will occupy your condo: professionals or students? Is it for a group of friends, a family, a couple, or a single person? What kind of people will use it? Will it cater to tourists seeking a temporary shelter? Prior to making any decisions about the pricing, furnishings, condo design, or marketing, you should strive to determine your target market.
The location of your property has a lot to do with deciding who your target market is. If your condo is near a university, students will be your most likely buyers. And you'll have the most luck finding professionals if you're near major commercial districts.
Stay Away From Toxic Tenants
It's all about following your gut when it comes to certain decisions. It's critical that you see the potential renters face-to-face before renting to anyone. Always keep in mind that you are ultimately accountable for your tenant's actions. Unless you don't like stress, you should reconsider working with someone who makes too many demands or appears toxic.
To be on the safe side, it's a good idea to run a background check on the candidate. Not a background check in the detective sense, but merely out of an abundance of caution.
Keep your Condo Unit in Tip-top Shape
It's important to make sure your condo apartment is livable before you put it on the market for rent. Inspect for leaks, broken windows, and frayed electrical wires before letting tenants move in.
Next, determine whether or not you want to furnish your rental property or make it available as-is. Unfurnished condos are less expensive to rent and are rented out faster than more expensive furnished condos. Your condo might be bare or completely furnished based on your target market.
In the case of a small family, they may choose to furnish the condo themselves. To make your condo a good place to live and learn for students who are renting it, give bunk beds, study tables, and built-in storage.
Give the Right Price
Pricing is critical in every business. If you set your price too low, you'll end up bankrupt. If you set your rent price too high, you'll turn away potential tenants. Renters demand a reasonable price, and you want to make a nice profit.
When determining how much to charge for your rental condo, you must take a number of factors into account. To begin, research the pricing of comparable apartments in your area to see where you stand. Your price will depend on how much you furnish your condo, the amenities and privileges, repair fund, the costs charged by a property manager if you employ one.
Prepare all Necessary Documents
Prepare your contract. The conditions of payment, the obligations of the tenant, and the responsibilities of the landlord will all be included. There are also home regulations and eviction involved in this. To avoid misunderstandings in the future, make sure you clarify everything with your tenant.
Before renting out your condo, check with the building's administration to see whether you need to obtain a permit. It's also a good idea to take care of any tax obligations.
Tips for Welcoming New Tenants in your Rental Condo
Thoroughly Clean the Condo
It's crucial to make a good first impression. You want your tenants' first experience in their new rental condo to be as stress-free as possible. Ensure that the property is well cleaned before the renters move in to elicit this sense.
Two very practical reasons exist for keeping the home clean, in addition to ensuring the renters are comfortable. As soon as you deliver your tenants the keys to a sparkling house, it establishes the expectation that the property will remain in the same wonderful shape after the lease is up. When your property is clean, tenants are more likely to be proud of it and to feel a feeling of ownership toward it.
Provide Important Contact Information
You'll want to double-check that your tenants have all the contact information they'll need before they move in. You'll want to make sure your tenants know who to contact if they have queries about the property or if something needs to be fixed. As soon as you provide the tenants your contact information, make sure to let them know when they may anticipate a response from you or the person in charge of maintaining the property.
Give a Welcome Package
It's normal for new renters to have a lot on their minds when they move into your rental home. It would cost you much to welcome your new tenants with a simple gift. It gives a positive impression that will last a lifetime. You may include the following in a welcome gift in addition to a personalized note: scented candle, a couple rolls of paper towels, complimentary drinks, a bottle of beer, etc.
Nurture tenant-landlord relationship
Because you're essentially inviting a stranger into your condo, you'll want to build trust with them from the start. You have an obligation to engage with your tenants in order to establish long-term landlord-tenant relationships. Be considerate of one another's schedules and be willing to make occasional compromises. Smooth tenant interactions need respect for one another and professionalism on the part of all parties
Your landlord-tenant relationship will get off to a good start by helping tenants ease the stress and worry that comes with relocating and adjusting in a new condo living. It's essential for both landlords and tenants to have a good working relationship based on trust and respect.
Renting a condo may be a fantastic way to supplement your income. Anyone in the Philippines may now become a landlord because of the increasing condos for sale, pre-selling condos, and ready for occupancy condos in the market. However, renting out your condo takes much preparation and dedication on your part, just like any other business venture. When becoming a landlord for the first time, use prudence. Your condo rental will pay out financially in the long run.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre-selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.
Vista Residences offers a condo property situated in major locations in Metro Manila – Makati City, Ortigas, and Mandaluyong City. If you are looking for a condominium where you can easily move in or a property that you can invest in, Vista Residences has ready for occupancy condo units and pre-selling condo projects. Salcedo Square in Salcedo Village Makati, Laureano Di Trevi in Chino Rocess Makati, The Currency and The Spectrum in Ortigas Central Business District Pasig City and Vista Shaw in Shaw boulevard, Mandaluyong City.
To continue its mission in providing condominium homes for Filipinos and investors, Vista Residences is now offering a premium condo living in the other areas away from Metro Manila. You can experience a warm and relax condo vibe in its condo in Baguio – Pinehill, Canyon Hill, and Brenthill. Now in the south, Vista Residences has Suarez Residences, a pre-selling condo in Cebu; and The Loop, a ready for occupancy condo in Cagayan De Oro.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.