Advertisements
HEADLINES

Tips When Starting Your Own Rental Business

The huge demand and gain are just some of the few reasons why rentals are a great minor business to add some income. Here are some tips on how you can successfully rent out your extra place and get extra money.

Rate this:

There are tons of reasons why the rental business in the country is blooming. The first one is the huge demand coming from professionals who migrate to the city to work. Renting a condominium unit offers them convenience that they won’t get if they travel back and forth from office to their home towns. There’s also a demand from expats who decided to stay in the country and those who simply want to visit. Another factor to consider is the rise of rental apps such as Airbnb and online property portals that make it easier for ordinary landlords to advertise their properties to the world.

The huge demand and gain are just some of the few reasons why rentals are a great minor business to add some income. Below are some tips on how you can successfully rent out your extra place and get extra money.

Find out your property’s market value

The first step is to assess the neighborhood. What type of people would be interested in renting your property? Asking how much other rental properties in the area cost can give you an estimate on how much income you can generate from your unit. Seek professional advice if you have questions on understanding the market.

Furnish your place       

Prep your property before renting it out. Check if there are any leaky pipes, squeaky floorboards, etc. Clean the whole unit and make sure that it looks presentable by adding furniture and extra storage spaces. Make sure that the property is protected and secured.

guest post - condo 2

Management issues

Figure out how you should manage your rental business. If this is your sole income source then managing it full time wouldn’t hurt. Just remember to familiarize yourself with the industry jargon and what the lease contract should contain. But if you have other jobs or businesses, getting a property manager can be the best for you. Some developers manage leasing for unit owners. They are also the ones who find renters for their clients.

Don’t hesitate to advertise

Thanks to the internet, it’s now easier to find renters at any part of the world. You can upload a photo on Facebook or other social media and ask your friends to share the post. Or advertise your property to apps like Airbnb or at property portals to attract reliable leads and clients. Email marketing can also help in reaching out possible renters. But of course, word of mouth and getting great reviews from former guests can also give you good promotion.

guest post - condo 1

Always take care of the tenant

Treat each tenant like a customer. Their satisfaction will always be a great thing to your rental business. Send them a basket full of goodies upon their arrival. Make sure that you are always on call just in case emergency arise. Create a directory of the closest supermarkets or restaurants especially if your renter is staying just for a vacation. Think of the renter’s comfort and they can give your property a great review or even recommend it to other people.


Aside from rental income, Juan should also learn new investment options to grow his passive income streams. Grab a copy of our #10Steps to A Richer Life ebook and learn more on how WISER PINOY = RICHER PINOY. A perfect complement to the #10Steps is the #3M which contains more than 30 money management workbooks, modules, questionnaires, etc.

Subscribe to our email base and get more investment articles by entering your email below:

Enter your email address to follow this blog and receive notifications of new posts by email.

Join our growing community in Facebook, Instagram, and Twitter. For stocks trading assistance and daily research, consider PinoyInvestor. For long-term stocks trading, entrepreneurship and spiritual mentoring, checkout Truly Rich Club. For business franchising (Andoks, 7-11, ExpressPay, Mesa Restaurant) at a much lower starting capital, join PhilCrowd.

Photos from Pixabay.

Advertisements

Comment here.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: