“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.
“Successful homeownership is not just putting people into homes; it is also making sure people keep their homes.” –Michelle Collins
Home (noun): a place where one lives; an environment affording security and happiness; a valued place considered a refuge or place of origin.
What is your idea of a perfect home?
To some, it might mean tall ceilings and ornate interiors. For others, it connotes a sprawling modern mansion by the countryside with its heated pool and to a few; it is a place of refuge which they can call as their own. From all these, we can only make one assumption: the concept of a perfect home remains largely subjective. What an ideal home looks to you may not exactly suit the preferences and tastes of another and vice versa. However, while the perfect home remains as an idiosyncratic notion, certain home design elements are universally considered ideal insomuch that when combined, it would culminate in the creation of the perfect house.
The perfect home answers all of your needs, wants and more. It is functional, practical and aesthetically created to suit your taste. Furthermore, it provides you ease of convenience, and it pretty much operates like a dream. With all that considered, you might assume that a dream home would cost you an arm and a leg, but this is an erroneous association. Dream homes do not always equal hefty price tags. However, dream homes do require a degree of practicality and common sense to build accordingly. After all, the perfect house is not one that uses the most expensive materials, but instead, it is one that is made up with common sense features that would satisfy your needs regardless of wherever you live or what your home’s size may be. The perfect house can be anywhere and anything from a contemporary residential home to a Makati apartment for rent.
Furthermore, they add value to your home. Here are just some of the elements that when unified, would create the perfect home:
1.) Single Level
Single level homes are practical and convenient. Today, they have seen resurging popularity in the real estate market, and the demand for them is rather high. To what can we attribute this phenomenon? Well, single-level homes can be easily maintained insomuch that you do not have to devote entire weekends to clean and spruce it up. Everything is just within reach regardless of whether it is for painting, repairs or cleaning. Moreover, temperatures are easy to regulate owing to the lack of stairs which means temperature differences would be mitigated. Lastly, it is ideal for aging as the risk of falling down the stairs is essentially nonexistent.
2.) Nine-Foot Ceilings
You will be surprised how cramped spaces can look a lot bigger just by having tall ceilings. Nine-foot-tall ceilings, in particular, would make your interiors look so much more spacious than it really is without compelling you to increase square footage. Moreover, it gives your rooms that aesthetic feel which most standard 7 to 8-foot ceilings generally lack. Incidentally, 9-foot ceilings are in high demand which when added to your home, would then make it more marketable (and consequently, easier to sell). In this regard, while taller ceilings are generally considered a pricey remodel, it will be worth the investment as you can probably recoup more than what you spent when you sell your home in the future.
3.) Outdoor Living Spaces
Outdoor living spaces have seen a rise in popularity over the years as not only would it be an excellent avenue for relaxation, it is also healthy. Moreover, having an outdoor living space means you have an alternative to the otherwise stifling feel of your indoors. In this regard, small houses would very much benefit from outdoor living spaces as they would not be constrained to staying indoors should they be entertaining visitors and guests. Adding a patio or a deck to your home would also add to its desirability and marketability. So, if you wish to increase its potential resale value, you might want to look into installing an outdoor living space.
4.) Separate Master’s Bedroom
You can advocate the idea of being a happy-family in a shared space, but at the end of the day, you would surely want your private quarters to relax on your own. Having your place preserves your sanity and a few separate rooms in the home would afford everyone some peace and quiet.
5.) Great storage
Perfect homes are never wanting of storage space, and it seems like it has more than enough of it. Storage should be a priority when it comes to looking for an ideal place to live in, and your homes should allow you to maximize that capacity as well. However, this does not mean that you should go ahead and arbitrarily add storage space as after all; you might have tons of hidden storage space just lurking right underneath your nose. Utilize them well.
“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.