Property investment can be tricky, especially when you choose to rent out your condominium or apartment to long-term tenants. Since you are allowing guests to stay for more than a month, you are unaware of what goes on in your rental property.
As a property owner, you have duties to not only ensure positive cash flow but also to avoid potential costs and liabilities. One thing that you can do is to list your rental property on Asia Property 365 (AP365). Placing your studio apartments and condominiums online will improve traffic to your space. Other than that, here are some ways to help you as a property owner.
Identify your market
Determine the usual occupants in your neighbourhood. Knowing the pool of renters will let you understand their budget and needs. From there, you can prepare your condo for rent based on their preference.
Name your price
Just because your monthly rental fee is lower does not mean that the property will be considered by many. Be realistic when it comes to fees since you are also paying for taxes and mortgages.
Besides, if you had a renovation to upgrade your property unit, which you can highlight, it will not hurt to increase your monthly charge. Check and compare the fees and amenities of your competitors too.
Prepare unit before public viewing
Welcome potential tenants with well-lit, odourless, and airy room. Clean the rental property before the scheduled visit and make a lasting impression on them.
Scrutinize and screen your tenants
Of course, you cannot be picky. However, screening tenants and asking for their work, status and residence history will help you in the long run. In other words, it will determine if they will be able to pay on time and observe the contract or agreement.
Issue a detailed lease
Provide a complete and specific contract to your tenants. Mention the lease term, rent due date, security deposit, dues and policies, as well as a list of all tenants and eviction terms.
Hire a real estate agent
Allowing a professional to oversee your condominium or studio apartment will increase the chances of renting out the property. Everything will be handled properly, like inquiries and issues.
Once you list your rental property on Asia Property 365 (AP365), you can choose for a real estate agent to help supervise your unit. Become a part of the integrated multilingual platform now and let real estate agents manage your condo, apartment and house for rent.
Asia Property 365 is an integrated multilingual rental platform. We provide a smooth and convenient transaction between owners, tenants and real estate agents. AP365 is the home of your multiple properties since owners can manage it in a single dashboard.
List your property, secure tenants and find the best real estate agents on our website. Agents are also welcome to sign up. Contact us now to learn more about our services.