Investing in a rental property is appealing because of the promise of a steady flow of funds, but just because it’s called “passive” income doesn’t mean that one can simply relax while collecting rent. For those interested in purchasing a house or condominium for the purpose of leasing, remember that being a landlord has its own set of responsibilities and challenges.
Check your papers.
Before even listing the house or condo for rent, find out what permits or documents are needed to be compliant with government laws. The property developer might also have its own requirements, so ask about their house rules.
Look at similar properties.
One might take advantage and purchase a rental unit in an area with a high demand for lodging such as Mactan Island in Cebu, but many others will have the same idea. One must know his competition to help guide him on how to price his property and which qualities of his house, condo or even the neighborhood to highlight when advertising. For instance, Primeworld District markets itself as a resort-style condominium development with multiple pools designed for different activities. The more unique, the better one’s rental stands out.
Decorate well and take good photos.
Quality pictures of one’s space are important when going up against hundreds of other listings. Before clicking away, declutter the rooms, use plenty of natural light and decorate well. For example, while it might be tempting to paint the walls neon pink, sticking to a neutral color scheme will give the rental a wider appeal.
Screen your lessees.
One should protect his property especially if he’s planning to rent it out for the long term. Ask all the important questions. Does the potential tenant have a history of late payments or leaving his rentals in poor condition? How many occupants will there be? One can save himself from future headaches and practice due diligence.
Set aside maintenance funds.
One would want to make sure that his property is always in top condition. This attracts a constant flow of potential tenants and translates to a constant potential source of income.
Seek expert help.
Take advantage of an established developer’s resources. These companies will usually have property management to help with neighborhood upkeep and day-to-day tasks. National players such as Primeworld Land Holdings Inc., also build communities that are of better quality and that come with security, making them more attractive in the rental market.
To learn more about properties with good income potential, visit primeworldland.com and follow its Facebook and Instagram pages with the handle @PrimeworldOfficial. SPONSORED CONTENT