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.
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.
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.
Just to protect you as the lessor though, conduct enough due diligence to determine that your potential tenant does not have bad credit with other rentals. Since a place to stay is a basic need, there will always be people who will rent apartments despite their bad credit standing. Up to you as the lessor whether to accommodate these types of tenants or not, or at least you know a bit of their background before letting them use your property.
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