How to increase a condo rental?
Rental market is an important source of income for condo owners and real estate investors. Rather than just earning the property price appreciation that will take at least 5 years or more than a decade, a passive income from the rental will help you to cover your mortgage repayment. We will give you valuable tips for increasing your rental income by renting out your condo to tenants.
Get your condo rent-ready
The first thing to do is make sure that the unit is rent-ready. While some homeowners may be willing to overlook dust in the corners, tenants are not so inclined. Here are some things you can do:Clean and tidy—this means removing all clutter from your condo, wiping down surfaces, and cleaning windows. It also means making sure that the carpet doesn’t need a deep clean or that the kitchen appliances aren’t too outdated. If there’s any damage (beyond normal wear and tear) caused by previous tenants that needs fixing, you’ll want to take care of it before you put an ad out there.
Clean and tidy – removing all clutter from your condo, wiping down surfaces, and cleaning windows. It also means making sure that the carpet doesn’t need a deep clean or that the kitchen appliances aren’t too outdated. If there’s any damage (beyond normal wear and tear) caused by previous tenants that needs fixing, you’ll want to take care of it before you put an ad out there.
Safe and secure—it’s important for people considering renting your property to feel safe entering it for an open house showing or potential tenant visit. You should always let new tenants know how many keys there are for each lock on your door so they don’t have trouble getting into their new home when they move in; this way if something happens during their stay at your condo rental property, they can get back inside easily!
Maintained—your condo should be maintained throughout its use as both a short-term rental property (where owners stay just long enough) as well as a long term one (where owners live within them full time). This includes regular repairs when necessary like replacing broken lightbulbs or cleaning stained carpets; keeping these things up will ensure tenants keep coming back again and again because everything looks great after being cleaned up right away instead of waiting until later when someone else moves into their rooms!
Set the best possible price for your apartment
The first thing to consider when pricing your apartment is the market value of apartments in the area. You can use Roomz’s search function to find out how much other similar units have been rented for and what kind of amenities they have. You may search by your condo area or the name of your condo:
It’s important not to price yourself too high or too low as well. If your unit has an incredible view, then you may want to charge slightly more than average rates because prospective tenants will be willing to pay extra for that. On the other hand, if your building has no parking spaces and there isn’t anywhere nearby where people could park their cars anyway (and all the new developments nearby were built without parking garages), then maybe charging more money isn’t worth it; instead perhaps opt for something closer by so that tenants don’t have far walk home after work!
Create an attractive rental listing for your condo
To increase the number of people who are interested in renting your condo, you’ll need to create an attractive advertisement for your condo on the free property for rent portal – Roomz. Here are a few considerations to rent your property higher and faster:
1. Attract with photos
This is where you can make use of your photography skills. A good photograph of the inside and outside of your property will help potential tenants visualize what they may be walking into if they decide to rent it out.
You can also make your condo more attractive to tenants by taking the time to take clear and well-lit photos of your condo. Include a variety of different angles so that prospective tenants can see what it looks like from all sides, as well as any special features you want them to notice. Try to include multiple photos that showcase the best aspects of your condo, such as an outdoor terrace or high-end kitchen appliances.
2. Set a great description
Whether you are trying to rent out a condo or apartment, it will help if you describe the unit in great detail. What amenities does it have? How many rooms? Is there a balcony? How big is the bathroom and kitchen? Is there air conditioning or heating? If so, what brand and how old is it?
Describe the location of your rental property as well. This could be something like: “Just one block from downtown!” or “A ten minute walk from KLCC!” This can mean different things depending on where you live. For example: In Klang Valley, being close to MTR or LRT stations is valuable because it saves time (and money), but in smaller towns far away from major cities people might want more space for their money instead!
3. Refresh your listing everyday
As the busiest property for-rent website, Roomz has thousands of new listings every day. Your listing will drop to the bottom of the list if you do not refresh it . To get more number of view, remember to refresh your listing to put them back at the top of the list. You can do the free refresh of up to five listings every day.
Manage the rental process correctly
Make sure the tenant has a good credit score. We recommend that you do a background check on CTOS (Canadian Tenant Online Screening) to verify their identity and ensure that they have no criminal record. Ask for two months deposit, this is a good way to show that the tenant is confident in maintaining your condo. Make sure you have signed an agreement with them before they move into the unit so there are no surprises later on!
Show up on time or early and smile always
You have to show up on time or early and smile always. If you’re late, let the tenant know right away. Be prepared with all of your paperwork in hand as well as any other information they may need to get them started in their new home. If a smile is all it takes to make someone feel welcome, then why not give them that feeling right away?
Smiling is one of the best ways to start a conversation with people; whether you’re selling widgets or renting out your condo, smiling will help put people at ease and make them more inclined to hear what you have to say when you explain why they should rent from you instead of another landlord!
Try to earn your tenant’s trust.
As a landlord, you must ensure that your tenant is satisfied with the service you provide. To build trust, be honest about everything: the condo’s features, its location on a map, and its price. You should also be available to answer any questions they may have. It’s important for both parties to make informed decisions about renting out your property.
Rental tenure is always on one year term; building the relationship is important for both parties because it creates trust and allows both sides to settle in comfortably with one another during their stay in the condo unit.
Add some benefits for your tenant.
There are many ways to please your tenants and make them feel like you care about them. One way is to offer a free gift for signing a rental agreement. This could be as simple as some flowers or even post-it notes with your name on it, but whatever it is, make sure you do it!
Another way is to negotiate the rent price before the tenant moves in. It’s common practice for landlords to increase the rent after 6 months or 1 year of occupancy based on market conditions at that time frame. However, this can be negotiated if both parties agree on what would be fair exchange between themselves and their currency values are similar enough so that neither party feels cheated out of anything (e.g., US dollar vs Japanese Yen).
Lastly but not leastly: offering first month’s rent and moving costs are usually seen as bonuses by most tenants who move into new apartments because they’re already stressed enough with all their stuff packed up into boxes while looking forward towards settling down somewhere new where they’ll spend most of their waking hours over the next few years – so anything that makes life easier during this stressful period should definitely be considered!
Flat rate per month
Minimize the risks of renting a condo by introducing a flat rate per month (including gas, electricity and Internet) to cover the extra costs of such things as the water bill, but this will only work in certain circumstances. If your tenant is willing to pay more initially, they are more likely to stay longer and be more loyal. It’s important that you remain transparent with your tenants about extra costs before signing any contracts so that everyone knows what they are getting into.
Rental market is an important source of income for condo owners
Renting out your condo unit can be a great way to make extra money. In fact, for many investors, it’s their primary source of income.
As you can see, there are many ways to increase your rental income. The key is to take action and make sure that you are doing everything you can. There is no limit on the amount of time or money it will take before you start seeing results but don’t get discouraged! If we have learned anything from the past it’s that hard work always pays off in the end 🙂
