Tips for Renting Out Your Condo
Condos are not just places to live in. If you do it right, you can rent out your condo and make it an instrument you can profit from.
Renting out a condo is profitable, plus, the process is pretty straightforward. As long as you set it up right in the beginning, the pay-off can definitely benefit your bank account, as well as you confidence. If you’re looking to make profit from renting out your condo unit, here are some helpful tips to guide you:
1. Identify your target market.
Review the condo’s features and identify a target market that will benefit from these features. For example, if the condo is located near the university belt and has student-oriented amenities; your primary market will be students. Identifying your target market helps you streamline your marketing efforts.
2. Dress up your unit.
The next step is to furnish the unit and prepare it for future tenants. The decision to furnish it or leave it bare is up to you. Some tenants will avoid purchasing big appliances, while some may be bringing in their own. At the very least, make sure that the unit looks presentable and attractive.
3. Market your unit.
Start by taking good pictures, not just of the unit, but also the building’s amenities and nearby establishments to give tenants a good idea of what it will be like to live there. Remember the features you listed earlier? Use these features to make a good sales pitch highlighting the benefits that address the needs of your tenant. Utilize online spaces to market your unit, as well as traditional media like classified ads, newsletters or flyers.
4. Prepare your unit for viewing.
Once you’ve started your marketing efforts, you’ll start getting inquiries. These potential tenants will want to see the unit, so this is your chance to impress them. Make sure broken items are fixed and retouch cracked paint. Clear all clutter and make sure the unit is well-lit. A tenant is more inclined to pick a space that looks and feels brand new.
5. Prepare the necessary documents.
After all your efforts, you’re ready to rent out your unit to a tenant. Now you have to prepare documents and contracts that will protect your interest, as well as your tenant’s. Some documents you’ll have to cover include the Proof of Ownership, the Official Receipt and Tax Registration, and a list of inclusions as an annex to the contract.