Are you thinking of making your money work for you? One of the best ways to transform your properties into a passive income generator is by leasing it for rent. It may either be for short-term or long-term rentals. There are practical tips that you can learn from this article in transforming your space into a rent-worthy condo.
Benefits of Condo Leasing
As you start your investment endeavor, you should be aware of the benefits as well as the downsides in renting out your condo.
1. Most Viable Investment
Unlike most businesses or investments, properties are the most stable of all regardless of the season or trend of the year. It is because people will always be looking for a place to stay. After all, shelter is one of the basic needs of a human being.
As long as there is mobility in people, then there is always a demand for properties.
2. Value Appreciation
As a viable investment, properties never depreciate. With the ongoing socio-economic developments in the area, properties will surely be appreciated in value. In Camella Manors, there are price increases that happen so as an investor you need to beat this price increase by investing as early as possible.
3. Steady Cash Flow
The pandemic has proven that having only one source of income is not enough. Likewise, this global crisis has made us realize that bank savings cannot suffice the pressing need of an individual. Consequently, you need to think of another profit generators. It may either be having a freelance work or a personal business that you can start with.
For one, having a rent-worthy condo is one of the effective avenues for a steady cash flow. The monthly rent of your tenant will assist you in your further expenses or it can help you with your amortization.
Whatever your goal may be, a rent-worthy condo will be able to grow your investment on a positive rate. You just need to know the secret ingredients to make it really work.
Suggested Read: Buying Rent to Own Condo and Its Disadvantages
Essential Steps in Transforming a Space into a Rent-Worthy Condo
With the varying quarantine measures, many professionals are in a situation in which they alternately work from home or work on site. Thus, they usually seek for a temporary space where they can stay whichever quarantine measure will be implemented.
For this reason, investors like you should take advantage of this growing need for space. However, tenants, nowadays, are very keen on finding a rent-worthy condo that would cater to their lifestyle needs. Hence, you need to give the demand of the tenants so that they would find your place a rent-worthy condo to stay.
One of the best practices in making your space a rent-worthy condo is to know what stage you are actually in. Are you in the stage of looking for a tenant, managing the rental business, or sustaining the credibility of your rental business?
Below are the practical steps you could do to make your space a rent-worthy condo. This is according to the pacing you are in as an investor.
a. Before making your space a rent-worthy condo
As you decide to transform your resort-themed condo into a rent-worthy one, there are a few things that you should consider prior to welcoming a tenant.
Warm-up Location Knowledge
First, you should really make your research regarding the location of your condo. You need to know the advantages of the location as well as the benefits that your potential tenants will experience as they stay in your place. You can talk about comfort and convenience as a start.
On the other hand, you can actually see it for yourself. You can stay in your own condo unit for a while and be immersed on the culture and lifestyle of the place. In this way, you can concretely tell about your rental business through genuine experiences.
Who are the Tenants
Second, you need to be on a prospective mindset. You should know your target tenants. Are you aiming for foreign tourists, working professionals, or university students? If you are well-established with the demographics of your future lessees, then it will be easier for you to communicate your rental business. Apart from that, you will be guided as to what kind of renovations or improvements you can do to suit a specific lifestyle.
Suggested Read: When is the Right Time to Rent Out Your Condo?
In here, you need to be clear with your rental objectives. Does your rent-worthy condo good for 6 months contract only? How about a transient (3 days)? Or, how about long-term lease (1 year or more)?
Your future tenants will be guided regarding on your provisions so they would know what you are actually expecting from a tenant.
Making your place a rent-worthy condo entails a lot of transformation. For one, you can give loft type or dorm provisions. For example, you can transform a 1-bedroom unit into a dorm type by removing the wall that separates the living room and the bedroom.
IF you are aiming to cater working professionals, then the loft type one will be helpful so that their working area is just within reach. Furthermore, loft-type rooms are actually space savers.
Installing Multi-purpose Furniture
Another great revamp that you can do in your rent-worthy condo is installing multi-purpose furniture sets.
For example, you can have drawers below your bedroom frame. Another multifunctional furniture is the evident trend of loft types wherein the bed, the working space, and the storage space are crafted in one setting.
Suggested Read: Benefits of Buying a Condo to Rent Out
b. During your tenant’s time
Your participation as a lessor does not only stop with introducing your rent-worthy condo. You should be able to know the nitty-gritty of being a landlord.
First, you need to know how to manage your rental business. In Camella Manors, we have Vista Leasing services that can assist you in making money while you sleep. It will also vie you away from the hassle of paperwork and other coordination.
Rules and Regulations
Since this is still your own property, then you might as well impose rules and regulations in using your unit. For instance, you may impose a fine on any damage from any asset inside your unit.
Likewise, this is where you will set the dates for rental payment.
c. The Lasting Impression of your rent-worthy condo
Client-Centered After Sales
Of course, at the end of the day, your previous tenants will be your walking and talking advertisements. If they had a great stay on your place, then they can testify that you really have a rent-worthy condo. Furthermore, they might have friends who are looking for a great place such as yours.
Hence, it is important that you know how to sustain a rapport and a harmonious relationship with your tenants.
If you are looking for a rental business, then you may contact Camella Manors regarding their Vista Leasing services here.
Suggested Read: How Rent to Own Condos Work in the Philippines