While there are many guides out there meant to help tenants find the right rental property, the same level of importance is not applied to landlords finding suitable tenants for their property. Taking extra time and effort to make your condo ready to rent is key to attracting and maintaining high-quality tenants. For landlords, this can take away a lot of stress typically caused by a strained landlord-tenant relationship and major property repairs.
Photo courtesy of Lisa Anna via Pexels
If you’re already done with all the paperwork required to rent out your condo, the next step is to prepare your space for future tenants. This stage can be particularly overwhelming. That’s why DMCI Homes Leasing has narrowed down information on how to prepare your unit for rent to attract quality renters. Read further to check them out.
Making your condo ready to rent
There’s so much work involved in renting out a condo beyond just signing papers, cleaning it, and handing out the key to your tenants. To create a desirable living space for renters, you have to make sure that every space of your property is well-maintained and functional. Here are some areas in your condo that you should pay attention to and how to improve them:
Living room
Photo courtesy of Spacejoy via Unsplash
The first area your future tenant will see in your condo for rent is the living room. That’s why you should take extra care in increasing its appeal. Exposed fuse boxes, wirings, and radiators usually bring down this space’s attractiveness.
One way to address this issue is to use strategic decorating. You can try covering fuse boxes or old thermostats with hanging artwork. As for your radiators or air conditioners, place them in a corner beside some decor to hide them.
Aside from disguising unsightly areas, make your rental living room look expensive with these design ideas:
1. Choose an attractive light fixture
Surprise prospective tenants with creative light fixtures that will surely liven up your rental’s living area. Oftentimes, landlords would overlook this feature because they think renters wouldn’t care. However, beautiful lighting can automatically elevate any living room and add uniqueness to the space.
Photo courtesy of dillan teagle via Pexels
2. Invest in high-quality furniture
Photo courtesy of Sven Brandsma via Unsplash
One way to assure potential tenants that your condo for lease will be a desirable place to live in is to choose furniture made from high-quality materials and craftsmanship. Not only do they look more classy, but they will also take longer to replace, saving you money in the long run.
3. Add a rug
Photo courtesy of Francesca Tosolini via Unsplash
You’d be surprised what a cozy and stylish rug can do in transforming your rental living room. Instead of choosing a small decorative rug that can make the space look cramped, opt for a larger one for a more polished appearance. From there, carefully choose colors and patterns that will work for your space.
4. Decorate the windows
Photo courtesy of Nathan Fertig via Unsplash
Don’t just leave your windows bare. Instead of using shades or blinds, choose a tasteful curtain that matches your furniture, rugs, and other decorations. This can help tie up the look of your living room and boost its attractiveness.
Bedroom
Photo courtesy of Terry Magallanes via Pexels
When looking at properties for lease, one of the things tenants check is if the bedroom will be a great spot for rest and relaxation to truly call it a home. As a landlord, you can take extra steps to give this impression to interested renters. Here are several ways to do it:
1. Use soft lighting
Photo courtesy of Clay Banks via Unsplash
One easy way to make your rental bedroom look more calm and relaxing is to use soft lighting. However, most condos for lease usually have harsh overhead lighting that makes the space look unwelcoming. Renters could always add their own touches, but additional features like table lamps with dimmers or string lights might just seal the deal for a high-quality tenant.
2. Add a standing or wall mirror
Photo courtesy of Egor Myznik via Unsplash
Most condo rentals have limited space and the same goes for their bedrooms. Adding a standing or wall mirror can open up the space and give the illusion of a bigger area. In addition, this will save renters from bringing and installing their own mirrors, which can result in wall damage.
3. Utilize cool tones
Photo courtesy of Sean Foster via Unsplash
Many people don’t know that colors set the mood of a room. Warm colors like oranges, browns, and reds are recommended for rooms with more activity like the kitchen and living room. Since the bedroom is a space for relaxation, maximize cool-toned colors like blue and gray to make it feel lighter and calmer.
Kitchen
Photo courtesy of Dmitry Zvolskiy via Pexels
For people who love cooking, a functional and well-maintained kitchen is a priority when choosing a condo rental. This space is usually used to receive guests, socialize with them, and prepare meals for the family. As a landlord, you can add subtle but effective changes to your existing kitchen to make it feel more inviting to prospective tenants.
1. Set up cabinet lights
Photo courtesy of Aaron Huber via Unsplash
When preparing food, ample light is a must. That’s why aside from existing lighting fixtures and large windows in your rental’s kitchen, also consider adding under-the-cabinet lighting. Not only will it brighten up the area, but it can also make the space look more classy and expensive.
2. Install open shelving
Photo courtesy of Becca Tapert via Unsplash
Aside from its decorative function, open shelving is still additional storage. However, unlike usual cabinets, it can give the illusion of more space because it’s not covered. Advise your potential tenants to use this feature to display cute mugs, intricate wine glasses, or creative plates to boost the area’s appeal.
3. Invest in quality kitchen appliances
Photo courtesy of Lotus Design N Print via Unsplash
Another simple way to upgrade your rental kitchen for your next tenant is by making sure the appliances are in tip-top shape. When your oven or refrigerator malfunctions, you’re the first person the renter will contact. Discussing how the repairs or replacement will go can be a tedious process for both of you.
Bathroom
Photo courtesy of Christa Grover via Pexels
You can’t skip this area on your inspection checklist before renting out your property. Tenants usually complain about leaky faucets, running toilets, clogged drains, and water pressure issues. If unaddressed, these issues could result in damages caused by leaks and molds, which will be costly to fix. To avoid that, make sure to conduct a plumbing system inspection before listing your condo rental.
Once that’s over with, you can now focus on improving your rental bathroom’s appearance to attract prospective renters. To do that, follow these steps:
1. Cover the tub with a shower curtain
Photo courtesy of Abbey Houston via Unsplash
Installing a curtain can help create a clear divide between the tub and the toilet. Depending on the design you choose, the curtain can instantly elevate the appeal of your bathroom by framing your bathtub.
2. Add an accent mirror
Photo courtesy of Curtis Adams via Pexels
You can leave the rest of the decorating to the tenants, but putting a unique and beautiful mirror can make your property more memorable. It will serve as the focal point of your bathroom so you can afford to be more creative by making a statement with it.
3. Install beautiful lighting
Photo courtesy of Lotus Design N Print via Unsplash
Similar to the other areas in your rental, lighting also plays an integral role in your bathroom. Consider installing pendant lights or vanity lighting to transform the space and make it look fancier.
Now that you know how to improve specific areas in your condo for rent, you’re ready to move to the next step: staging your property for showings.
Staging your unit to maximize its appeal
Photo courtesy of Lisa Anna via Pexels
In a competitive real estate market, make sure you’re selling all the best parts of your property to potential renters. To do that, you need to do a process called staging or arranging furniture and decorating strategically to help tenants envision themselves living in the space. Here are some helpful staging tips you shouldn’t miss.
1. Do a deep clean
No one will be interested in a rental that has piles of dust and grime in it. Remember to go beyond just wiping counters and mopping floors. Do a deep cleaning–from cabinets to appliances. All areas must be squeaky clean to attract quality tenants.
2. Declutter the space
A few tasteful pieces of furniture and decor are fine, but be careful not to put too many things in your rental before staging. You’d want to make sure the space is closer to a blank canvas while also looking inviting to prospective tenants. This way, they can observe and assess each room’s detail without any issues.
3. Focus on lighting
Adequate lighting can be a deal breaker for many tenants. During showings, make sure all sources of natural light are easily visible. Also, strategically place floor lamps in areas that need more light. The bedroom can’t have harsh lighting because it’s an area for relaxation while other rooms like the living room need it. Choose light bulbs appropriate for each room to impress potential renters.
4. Use the right colors
Although many might think neutral colors are the easiest choice, more renters find the monochromatic color scheme more attractive. They aren’t distracting, which helps tenants focus more on the features of the home. However, this might change if you’re appealing to creative and artistic tenants in which case you can think a bit more outside of the box.
Strategically implementing these staging tips creates a welcoming and inviting atmosphere that is more likely to resonate with potential tenants, leading to quicker rental agreements.
Effective property management strategies
Now that you’ve kick-started your journey as a landlord, your goals are to maximize rental income and get a return on your investment. To achieve that, you need to do the following property management tips.
1. Set competitive prices
You can’t set rental rates arbitrarily. You have to conduct comprehensive market research wherein you consider location, property size, amenities, and market demand to set a fair rate for your property. When you price your condo for rent competitively, tenants who are the right fit for your rental will naturally find you.
Photo courtesy of Andrea Piacquadio via Pexels
2. Conduct thorough tenant screenings
A common issue between landlords and tenants is late payments, property damage, or eviction. To minimize the possibility of you suffering from this, it’s ideal to carefully screen renters to see if they’re reliable and responsible. The process will include background and credit checks, employment verification, and references from previous landlords.
3. Maintain open communication with tenants
Keeping your tenants happy is key to securing lease renewals every year. This requires consistently communicating with them, which means you need to respond to their maintenance requests in a timely manner. You’re also responsible for enhancing their resident experiences in any way possible. You’ll know what they need if you’re open to receiving feedback while also maintaining a pleasant relationship with them.
With that said, managing a rental property can be overwhelming. That’s why if you’re unsure of how this process works, enroll your unit with DMCI Homes Leasing. All the nitty-gritty that comes with renting out condo units can be taken care of so you can go back to handling things that matter to you. From lessee prospecting to unit handling, rest assured that your unit will be rented with ease.
Key takeaways
If you’re set on doing rental business in the Philippines, double-check if your property is legitimately ready to rent. Before listing it for lease, take note of the following:
- Focus on what tenants need. When making improvements to your rental, consider adjusting based on your potential tenants’ lifestyle and needs when they’re living in the space.
- Take staging your property seriously. Putting extra effort into staging will provide your property with a competitive edge and attract high-quality tenants.
- Entrust your property management to experts. Have your unit leased without many issues by entrusting it to experienced and knowledgeable leasing agents.
When you enroll your condo unit under DMCI Homes, you can get comprehensive leasing services and earn more without worries. We provide lower service fees for top-notch services from our leasing professionals. If you have any inquiries, don’t hesitate to contact us.
To stay up-to-date on DMCI Homes Leasing condo options, remember to check out our social media accounts too: Facebook, Twitter, Instagram, and YouTube.
