8 Tips When Putting Up Your Own Condo Rental
More and more people are buying condo units as an extra source of income. With the number of tourists opting for a cheaper alternative than hotels and yuppies moving out of their parents’ homes for condos near their workplace, it really is a side business to consider. There’s a wide variety of platforms online that can pair your property with a renter but alongside this, there are also a lot of other properties hunting down renters. Here are some tips on how to make your rental noticed and fully booked!
LOCATION, LOCATION, LOCATION
Assuming you haven’t purchased a property to put up for rent yet, consider which renter you’re targeting. Is it tourists? Expats? Long term or short term renters? These people will obviously prefer condos near there the hub bub is, or where their offices is just a two minute walk away so look at properties inside the CBD.
One way to make your rental stand out from the other rentals is through your unit’s design. Identify your market and take it from there. Some condos up for rental are designed neutrally with a hotel-like feel to cater to any gender at any age, this is a safe design that will get your unit booked. However, never be scared to be different. With stiff competition out there, it would be an advantage to have your unit designed. Having your condo rental designed is a sure way for it to sell itself.
You can have your unit designed according to the market you want to target. A bachelor expat? Maybe go for an industrial loft look. Also consider the ergonomics of the unit if you’re targeting AFAMs, they’re taller and will most likely feel more at home with larger scaled pieces. If you’re targeting families on a budget vacation, get a lot of beds and sofa beds and add extra blankets, pillows, and towels.
You have two objectives with your condo rental: a.) Command a higher price and b.) have your unit rented our first. You might want to check how much rentals are in your area. You can put your rental up at a really low price to get more bookings, if you’re pricing high, make sure that your unit has more to offer. Having cable TV and Wi-fi are only some expected add-ons. You’ll have to equate the cost of these in your rental too, aside from the monthly association dues.
PREPARE THE FINE PRINT
Don’t forget to protect yourself and your unit from naughty tenants. Create a contract that specifies what the tenant can do, cannot do, and the consequences for not following the agreement. There could be a fine for when they break a vase, stain the couch, and other accidents that will harm your condo rental.
Furnish the rental with easy to clean pieces. Leather sofas over fabric ones because they just need a wipe down to be cleaned, and pillows in dark fabrics over light because they conceal stains. Purchase affordable yet quality pieces that can withstand wear-and-tear.
Keep those expensive paintings and collector accessories in your own unit. Giving your condo rental personality to stand out is one thing but never put your valuables on the line. You’ll never know if your renter has other intentions for your unit. So provide affordable flatware and plates. Plastic greens are also a nice way to accessorize as they add warmth to your space without costing you as much as buying real flowers every time you have a new renter. Sprucing up your unit also makes it stand out in the sea of condo rentals out there.
One way to make your condo rental standout is to adorn the unit with things you’d typically find in a hotel room. Throw in some mini soaps and shampoos or complimentary coffee to make your guests feel at home. If you want to go the extra mile, tour them around the area of the condo. Point out the nearest convenience stores, where to get breakfast or coffee, and so on. These are small gestures that can go a long way, especially if you want a positive review after their stay. Their online recommendation and good review just might just get you your next tenant.
CLEAN UP AFTER!
This goes without saying but please clean up your unit after your renter has left. Have the sheets washed, the carpet vacummed, check the shelves if the renter left something behind and so on. There are third party cleaning services you can hire to clean up your unit, just equate it in your unit’s profit-and-loss. You could equate a budget for the clean up when you’re deciding on your pricing. Remember, a clean condo rental is a happy condo rental, so clean up!
Written by Patricia Herbolario | Photos from CondoLiving by Greg Mayo and Mark Jacob | Some tips provided by Andrea Portugal