Buying and leasing a condo is quite common for unit owners in Ortigas. Since this area is home to different offices and business establishments, condominiums here are easy to lease out to people who want to live near their place of work. That said, you can expect a lot of competition because there are many condominium buildings in the area. The key is to be smart when leasing your condo for rent in Ortigas. Here are five tips to help you along:
Dress up Your Unit
Nothing is more sellable than a condo that lets potential tenants imagine how it would be like to live in the unit. Since your condo is in the Ortigas area, your most probable tenants are single professionals (but do not exclude the idea of having a family rent the unit). It is highly recommended that you place furniture and appliances in your property—at least the most basic ones. This will make it easier for your clients to rent the unit because all they have to do is move in.
Do take note that a fully furnished condo could mean higher rental rates, which may scare some possible tenants. It might be a good idea to give them the option of renting a bare unit or retaining the furniture and appliances.
Marketing is key
With the number condos for rent in Ortigas increasing each year, you need to stand out from the crowd. Have the unit listed in high-traffic real estate portals online. There are many choices, but not all of them provide the convenience of connecting buyers and owners. Search for platforms that have an easy-to-use interface and allow flexible commission arrangements.
Be ready for unit viewing
Always keep your phones and schedules open. A client may contact you anytime to view the condo. Make it a point to accommodate them and present the condo with all its amenities and features.
Upgrade your insurance
You may need to beef up your insurance coverage. You can include appliances and other furniture to ensure that all of these are protected in case of damage or loss.
Prepare contracts and other legal documents
Once you have agreed to the monthly rental rate, required deposits, and what the tenant can and cannot do in the condo; everything must be put into writing. You need to have the agreement signed by your tenant. This document will protect the interest of your tenant as well as your interests as the owner.
You can turn your condo in Quezon into a money-making machine just by smartly putting it up for rent. Just think about the extra income that you will get every month as rental.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., an online platform for real estate, addresses unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.