“Bad tenants will rent bad-looking apartments, but good tenants will want decent apartments.” -Jeff Murray
Being a landlord is no easy feat.
On the outset, it looks like a fairly easy job. After all, once you have selected an appropriate property for tenancy and have your prospective tenants screened and occupy it, you can virtually watch your property pay for itself, right? Well, yes and no. While in the long run this is definitely that kind of goal you would want to aim for, it is not as easy as it looks. For starters, a business in tenancy means getting in the crosshairs of a stiff competition. Indeed, competition is rife when it comes to leasing properties insomuch that just owning rental property would not make the cut nowadays. In this regard, you need to ensure that your properties would not only be situated in premier and idyllic locations in proximity to most points of interest. You need to consider what your prospective tenants would want and take a gander at your competition. As real estate property is a significant investment, you would wish for it to give you optimal payoffs. However, to do this, you would need to maximize your profits by keeping good tenants and stay competitive. In this regard, your tenants needs would come first as if your property would fall short of what they want (and which they can incidentally find elsewhere), your returns will decline and inevitably suffer.
So, to ensure that your apartment for rent in Pasig or elsewhere is primed for occupancy, here are some of the most in-demand and coveted features in rental homes and units:
1.) Low maintenance landscaping
On the off chance that you would score a tenant who does not mind having a lawn in their lease property’s yard, they would wish for it to be small and easy enough to maintain. Let us face it: Your tenants would wish to do as minimal work as possible and if your rental property comes with a big yard, tenants would not be as receptive to renting from you than they will be to properties that do not come with it. Generally, tenants would want their stay to be as convenient and comfortable as possible. So, if they need to block out certain weekends of the month to dedicate to pruning and weeding their rental property, the chances are they might look elsewhere.
Unless your tenant is only looking for a bedspace or a room for rent, they would likely look for a property that has a garage–or at least sufficient space for their cars. On the average, prospective tenants would have two cars for their household–particularly if it is a family. However, do note that this number can relatively increase or decrease depending on the kind of property you are leasing out and how many prospective tenants you are looking to house. Regardless, it is still worthy to note the to significance of having enough parking space for all of your lessees. Seeing as adequate parking space is one of the most in-demand features a rental property can have, it should be no wonder that properties with these feature would become more and more valuable–regardless of how many bedrooms a property might have. Take note: A property that does not have a garage can easily turn away a potential tenant. Not only would it be impossible to house their cars, but they would not wish to clog streets should friends and family come over to visit.
3.) Two or more bathrooms
Ideally, a rental property that has two or more bedrooms should at least have two or more bathrooms as well. Tenants comprised of family members are likely to expect this to expedite their morning rituals and ensure that everyone gets to their destination on time. Sure, they can make do with just one bathroom but they would expect you to reach a compromise on a lower rent.
4.) Updated colors and fixtures
A rental property that is visually appealing and with eye-popping colors would instantly be more attractive to a client than a dull and boring one. While most landlords would overlook the aesthetic features of their home, it has been shown that prospective clients are more likely to rent attractive properties regardless of the rental price. Furthermore, having a rental property with updated colors and fixtures would allow you to leverage your asking price better.
When it comes to looking for potential properties for rent, safety would be a paramount concern to most, if not, all tenants. In fact, dilapidated properties that look rather run down with overgrown shrubbery and plants tend to get overlooked and disregarded. With this in mind, capitalize on your rental property’s security by improving it. Address potential safety hazards before hand and remedy any places that might not be well-lit and wherein anyone can hide and be concealed. Furthermore, make sure that the property is well-illuminated and enhance your curb appeal.
“The ache for a home lives in all of us, the safe place where we can go as we are and not be questioned.”-Maya Angelou
So you have finally found the perfect place to rent. What is next?
Well, initially you would probably focus your attention and most of your energy to ensure that your tenant rights are respected—and you are right to do so. After all, you are holding up your end of the bargain by routinely paying your monthly rental fee, so you would reasonably expect your landlords to treat you with a degree of respect and ensure that your rental spaces are up to par. While there is nothing wrong with this, it is also best to cultivate a good relationship with your landlord and neighbors. Not only does this foster an amicable culture, but it would also mutually benefit everyone. Consequently, it would mean lesser headaches for your landlord while you can also count on them should you ever have any concerns or issues about your rental property. Furthermore, having a friendly relationship with your neighbors promotes a sense of community and would generally make your life in your rental property much easier.
When it comes down right to it, being a good tenant and having a positive relationship with your landlord would generally make your life in your rental property much easier. Remember, you might be paying to rent the space, but at the end of the day your landlord still owns it. So, treat your property with as much respect as you would expect from your landlords—regardless of whether your living quarters is a room for rent in Cebu or a Makati apartment for rent. Here are some of the ways you can be a good tenant:
1.) Read your lease.
Your tenant’s rights are meant to protect you while your lease agreement is meant to protect your landlord. Legally speaking, if you commit a breach in any part of your agreement, you can be sued or legitimately evicted. With this in mind, it is best to thoroughly ready your lease. And by thoroughly, we mean every paragraph, every sentence and every word. Make sure you understand the context and what it entails. Take note: Your lease agreement would become legally binding once you sign it. In this regard, be sure that you and your landlord are in agreement with every section before you affix your signature onto the document.
2.) Changes to your lease should not be made arbitrarily
Before making any sort of changes to your rental property, be sure to notify your landlord first. Understandably, you might get a tad bit bored with your wallpaper—especially if you have been in the same unit for quite some time. However, this does not mean you can immediately tear down the existing paint. Remember to always refer back to your lease should you wish to incorporate any changes. If your lease contract explicitly states that you are not in authority to make changes such as having pets or tearing wallpapers down, be sure to get a WRITTEN EXCEPTION from your landlord. This serves as your protection should your landlord find cause to sue you stating that you breached the lease contract. Be sure to have it in writing and keep it. You might need it should you move out.
3.) Pay your rent on time
Nothing can be more infuriating to a landlord than a tenant who cannot pay their rental dues on time. Asking for extensions during emergency situations can be overlooked, but do not make a habit out of it. Make sure to routinely pay before your rent is due or on its due date. After all, you would not want any surprise visits from your landlord and it certainly would make the atmosphere awkward from the both of you. Should any financial snags prevent you from paying on time, let your landlord know ahead of time. More often than not, they would be very understanding.
4.) Be respectful
“Do unto others as you would have done to you”. While this adage might seem cliché, it is very much applicable to you. Be courteous and respectful and your landlord will likely treat you in the same manner. If you have any issues with your neighbors, as much as possible resolve them without the assistance of your landlord. Do not be passive-aggressive and address the problem head on. Your goal is to find a resolution and never to prove a point or see who was right. Remember, fostering an environment of peace begins with a good relationship with one another—including your neighbors.
5.) Treat your rental as if it was your own
Although your rental is yours only temporarily, treat it as if it were yours. Take care of the property and try to maintain and preserve its condition back when it was rented out to you. Apart from ensuring that you get your deposit back once you finally move out, it would also put you in the good graces with your landlord. Keep it clean and maintain it. Understandably, your rental unit will go through the typical wear and tear, but you should not cause any undue major damage to it. Not only would this eat your security deposit, you might even be asked to pay for it out of your own pocket.
“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”- Theodore Roosevelt
No doubt, there is quite a lot of money to be made out of property management. People would always be in need of a place to stay and if you have a property situated in a premier location such as one near offices, schools and places of entertainment, then you would do well to exploit it. You might not know it, but the prospective property you are looking at today might potentially be the lucrative venture most real estate investors are looking for—the definitive cash cow if you may. So, you have decided to dabble in a bit of property management in order to have a better leverage on your finances—what should then be your first order of business? Well, there is quite a myriad of factors that would contribute to boosting a property’s potential for attracting tenants and those steps would be laid out in this article.
However, before we get into that, know that you need to be a little discerning when it comes to approving tenants. Always favor quality above quantity. Pursuing a lucrative endeavor such as property management may be admirable but you should not let your enthusiasm cloud your better judgment. In any case, there are ways of increasing the chances of attracting a quality tenant. Those that pay their rental dues on time and would also take care of the property leased to them. One of those ways is to boost your property’s appeal. So, instead of simply considering whether a property is marketable, you should also take into account its overall aesthetics and functionality—so much so that it would encourage quality tenants to stay.
Before preparing your marketing campaign or running the numbers for your apartments for rent in Pasig or elsewhere, ensure that your investment has a competitive edge against the rest of the properties in your area. Here are ways to do exactly just that:
1.) Cover the basics
One of the ways to guarantee that your property attracts quality clients is to ensure that your rental property covers the basics. Of course, before you move onto the aesthetics, you need to make certain that your homes provide optimal comfort to your prospective clients– insomuch that they would no longer need to look for these necessities themselves. Ideally, your property should have good security, a heating and cooling system, stable internet connection, privacy, smoke detectors and good water pressure. These are all things that would contribute to a tenant’s comfortable stay and would likely motivate them to extend their lease with you. Moreover, these are the necessities that would also justify your higher than average rental price, so you might want to consider adding them.
2.) Make sure it is spotless
Ensuring that your rental property is immaculate is an excellent way to attract quality clients. In this regard, be sure to put away unnecessary clutter, organize the things inside and spruce up. A messy and chaotic place can be rather off-putting to a new tenant and no matter how tempting your rental price might be, an untidy place would always give them second thoughts about renting from you. After all, the state of cleanliness in the interiors would already speak volumes about the kind of landlord you are. With that in mind, are you really quite certain that a disorganized landlord is the kind of impression you wish to leave your prospective tenants?
3.) Fix anything that is broken
Do not turn off a prospective client by showing him or her a home that has stuff that is either in need of repair or totally unusable. Sort these items first and ensure that everything is in mint condition. More often than not, if the rental property has been inhabited by a previous tenant or even by us, things would get broken. Unfortunately, we tend to neglect these things or even grow used to living with them that we would altogether forget that they were broken in the first place. Avoid such scenario by inspecting every fixture in your home that would be included in the rental. Replace those that are broken beyond repair and fix what is broken.
4.) Tidy up your outdoors
If your rental property has a lawn or garden, be sure to tidy it up and make it look presentable. After all, this is the initial thing your prospective renters would notice, so you should take the necessary steps into ensuring it is in pristine condition. If the garden is overgrown and if the garden is overrun by weeds, you might want to seek professional help from a gardener.
5.) Introduce improvements
Giving your interiors even the smallest update can already do wonders in elevating its overall appeal and mood to tenants. They do not have to be expensive either! Updates can be in the form of a fresh paint, new light fixtures and even new carpeting. All of these would not set you back by a lot and it would already be an excellent way to transform your space and make it seem like it is new.