- 1. Learn the Rules and Regulations for being a landlord, including permits.
- Becoming a landlord isn’t something you can just decide on and do overnight. While it is indeed a great source of passive income, it’s still a business, and, like any business you might enter, there a number of steps and factors to take into consideration. Chief among these are the documents that allow you to rent out your condo in the first place. A great place to start is to sign up with Leasing Services by Avida (LSA), a team of specialists trained to help Avida owners like you maximize your investments by turning your condo into a business opportunity.
- 2. Do your homework
- When it comes out to figuring out who you want to cater to, who your target market is, and how to reach out to them, Leasing Services by Avida has got your back once you enroll. Instead of worrying about things like reaching out to tenants or how much rent to charge, you can concentrate on more pressing matters, such as whether to rent out your condo as a bare, semi furnished or furnished unit, all of which have their own requirements and implications.For more information on the differences between units, as well as to enroll with Leasing Services and start making money off your condo, click here.
- 3. Get your condo into shape
You know how you tend to tidy up a bit when you know you’re having company over? Well, this is just like that, except in this case, you’re making your condo as presentable as possible for people who might end up living in it. This means fixing any leaks or cracks, cleaning up any stains, and, if it’s furnished, making sure everything is in its place. If you intend to rent out your unit, you need it to be as presentable as possible, both for people coming to view and for those who might be checking out through photos you share. Basically, if you make an effort for people who are visiting, you definitely have to do a whole lot more for someone who might be moving in.
- 4. Screen your tenants
Nobody wants to assume their charming potential tenant has a dubious background or has a history of being a delinquent tenant, but in today’s world, it would be irresponsible not to check. Thankfully, Leasing Services by Avida will be there to handle checks into your prospective tenant’s employment status, financial status, and ability to pay, including details such as requiring clearance from the Barangay or NBI.
- 5. Getting it all in writing
From the outset, you’ll want to protect yourself and your tenant. Leasing Services by Avida will help you with a contract that neither party can renege on. Be sure to include things like the security deposit, length of lease, and stipulations on what they can or cannot do with your unit. Included in the contract will be the terms and conditions the tenant needs to abide by in order to avoid being evicted, including the scheduling and mode of the monthly rent payments.
- 6. Look out for your tenant’s needs
- Assuming that everything checks out with your tenant’s background and financial details, you need to hold up your end of the landlord-tenant relationship, which means providing them with what they need to live peaceably, as well as keep your condo in one piece. Be sure to have the contacts of maintenance individuals or firms of your selection handy; not only will this eliminate a need for you to actually do the repairs yourself, but this will help ensure that trusted, competent people will be working on any repairs according to your specifications. If you take care of your tenant, they’ll be more likely to take care your unit, making it more likely that they return your unit to you the way it was when they moved in.