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Effective Tips To Renting Out Your Condo
August 14, 2018
“ Condos aren’t just for living in anymore. ”
If this statement had you confused, then we suggest you take a seat and continue reading. You see, it is true; you can do more than just live in your condo – you can actually make a living out of it now. How? By renting it out and doing it right.
Renting out a condo like SMDC is profitable, plus, the process is not as complex as you may think. As long as you set it up right in the beginning, the pay-off can definitely benefit your bank account.
So, if you’re looking to make money from renting out your condo unit, just take note of these tips:
1. Target the Right Market
To determine the right market for your property, you must make sure you know your condo very well. Know its features and study the benefits in order to effectively identify a target market that will appreciate the advantages of the space you’re offering, and hopefully, seal the deal. Identifying your target market will help you streamline your sales and marketing efforts which are both strategic and practical for you.
2. Dress It Up!
The next step is to furnish the unit and make it presentable for your future tenants. The decision to furnish it or leave it bare is up to you. Note that tenants still have different preferences; some would prefer purchasing their own stuff or appliances for the condo rather than buying units you’ve furnished for them. Either way, at the very least, make sure that the unit is attractive to any type of tenant.
3. Ready, set, rent!
So, how does one even market a condo? You can start by taking good pictures, not just of the unit, but of the building as well. Feature the amenities and nearby establishments to give tenants a good idea of the possible lifestyle they can have. Link the features to specific benefits for a more promising yet realistic proposition. Utilize social media to market your unit, or post it on Lamudi, Property24, and/or Rentpad.
4. It’s Viewing Time!
Once you’ve put your unit out there, you’ll start getting inquiries. These potential tenants will want to see the unit, so this is your chance to show them what your condo has to offer. Retouch cracked paint jobs and fix broken items around. 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. Papers, papers, papers
Effectively accomplishing tips 1-4 has led you to this — 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. Documents like the Proof of Ownership, the Official Receipt and Tax Registration, and a list of inclusions as an annex to the contract are those you’ll be covering.