Real estate is always a good way to generate passive income. Whether you’re a seasoned condo investor or a first-time home buyer, careful planning and execution is a must to build a lucrative rental business in the long haul.
To maximize your returns and minimize potential headaches, consider these five essential tips:
1. Strategic Pricing and Market Research:
Accurate pricing is the cornerstone of a successful rental strategy. You must take in factors such as your monthly amortization, association dues, electricity and water charges, and furnishings.
You should also research comparable condo units in your area to stay competitive and ahead. Online platforms, real estate agents, and even visiting similar properties can provide valuable insights. Consider factors like size, amenities, location, and the building’s reputation. In developments like Acqua, the “hotel residence” concept often commands a premium due to the hotel-style units and quality amenities.
2. Understand Legal and Regulatory Requirements
Familiarize yourself with the legal and regulatory aspects of renting in the Philippines, even for short stays. This includes understanding tenancy agreements, security deposits, and tax obligations. For hotel residences, ensure compliance with any specific regulations related to short-term rentals or serviced apartments.
There are also guidelines set by the property management office on rentals that vary for every developer. It’s important to comply with these rules to ensure easy transactions between you and your renters.
Consult with a legal professional to ensure your rental practices are compliant with local laws as well. This will protect you from potential legal issues and ensure a smooth rental process.
3. Implement Tenant Rules and Regulations
For long term tenants, screening candidates is crucial to minimize risks and ensure a smooth rental experience. You can verify employment and identity to ensure your renters are reliable tenants who would pay rent on time, maintain the property, and avoid issues with the property management.
For short term tenants, you can create a guided set of rules and regulations virtually online or physically present in the unit to warrant additional charges should the renter incur violations such as property damage, nuisance behavior, and more.
4. Optimize Online Listings and Marketing
In today’s digital age, online presence is crucial to building brand awareness. Utilize popular real estate platforms, social media, and even dedicated rental websites to showcase your condo. In doing so, attracting tenants such as a foreign traveler seeking a temporary stay in the city or a couple looking for a hotel-fitted condo for rent will increase.
5. Leverage Your Unit’s Best Qualities
When creating a rental listing on property booking platforms, make sure to give your customers a glimpse of the experience in one glance by answering this question: What makes your unit valuable?
Does it come with access to a lagoon pool? Is it pet-friendly? Is there a kid zone for parents looking to give their kids a great staycation? These qualities in your rental unit can enthuse customers and translate to sales. When paired with high-quality photos and a detailed description, chances of attracting potential tenants are high.
By implementing these tips, you can significantly increase your chances of finding reliable tenants and maximizing your rental income. Especially within a prestigious development like The Hotel Residences at Acqua, highlighting the unique “hotel residence” concept can attract a clientele seeking a sophisticated and hotel-style living experience.
Aside from the perks of staying in a hotel-fitted and fully-furnished unit, tenants can enjoy retail establishments at The Pebble and gastronomic delights every weekend at the Sundown Sessions at the Riverwalk, adding lifestyle value to your rental unit.
Ready to build your real estate portfolio? Talk to a sales executive today or schedule a visit at www.hotelresidencesatacqua.com to check out our ready-for-occupancy units.
