While most owners live in their condo units, many choose to maximize the earning potentials of the property through short- or long-term leasing. The increasing trend of a mobile lifestyle reduces the attractiveness of getting a permanent residence address. Not surprisingly millennials, or those born between 1980s and the early 2000s, comprise the majority of renters in urban areas. Flexibility is top priority for this market. No wonder DMCI Homes condominiums have an appeal to mobile millennials.
Explore these 12 considerations to impress potential lessees.
To go bare or not to go bare
You may have heard from friends that buyers and lessees prefer bare condo units over fully-designed and equipped spaces. The rationale is that people would want to execute their own interior design themes. This is not always true. Not all people have an eye for interior design. They have limited knowledge on color palettes and design themes. If you want your unit to stand out, you must present it in a way that will entice your prospect to want it now.
You also need to consider the fact that lessees, as much as possible, don’t want the extra work and expenses of interior designing. At the end of the day, it’s not their property. Before exploring home design ideas, do necessary repairs on the unit.
Don’t hide the flaws. Eliminate them!
If you want potential lessees to choose your unit, first things first: don’t deceive them. Hiding those wall molds with paint is a no-no. Call professionals to handle repairs before implementing your home design ideas. There’s no need for expensive finishings such as granite countertops, but if you want to command a higher rent, go for it. What’s important is that any leakage, termite damage or dysfunctional locks are taken care of.
Should I go safe with the wall paint?
Most owners opt for white walls and ceilings. It’s safe and, well, boring. Remember that your goal is to win a lease contract not to join the pool of unwanted condo units in property listings.
Chromotherapy, or color therapy, is a practice as old as time. Ancient doctors were said to have used spectrums of light and color as a healing method for physical and mental maladies. The impact of hues on a person’s mood has been confirmed in modern findings. Stir the right emotions (and hopefully, the right decisions) from your prospective lessees by incorporating positive palettes into your condo design.
Studies show that red exudes energy and excitement, but it can also stir feelings of aggression and strain. Blue emanates calm and serenity, while yellow, which reflects the warm sunshine, encourages positive emotions. Shades of green is probably your best option as these palettes radiate balance, harmony, and peace. You can also play with coastal hues and earth shades.
When in doubt, go minimalist
“Shall I go shabby chic or industrial modern?” You may be a certified Hendrix fan or a self-proclaimed Beatle, but that doesn’t mean your potential lessees would go gaga over those psychedelic-themed bathroom tiles. Lessees realize the fact that they have little, or zero, power to make changes on a unit. While it’s recommended that you don’t go bare, designing a space for lease can be a double-edged sword. Your outrageous interior design can overwhelm potential lessees. If you’re in doubt, go minimalist.
Use illusions to your advantage
Renting out your condo unit is a good source of passive income. In layman’s terms, passive income is money you earn without you directly exerting efforts. Gains from stock investments and mutual funds are examples of passive income. Your salary, however, is an active income as you need to work to earn it.
Get a regular stream of passive income by closing a deal after meeting lessees. It doesn’t matter if you have a three-bedroom unit or a 24sqm studio, it’s all about proper presentation. Create illusions of large spaces by using neutral colors in the hallway. You can also mount decorative mirrors not only to make your condo space look spacious but also to make designs pop.
Go big or go home
If you’re renting out a small space, it won’t help to use equally tiny furniture. Place a sofa bed in the living room beside a floor-to-ceiling mirror to create an illusion of large space. Use large-sized tiles all over the unit, as well as big frames for black-and-white photos mounted on the walls.
Let those shelves float
Most millennial lessees prefer short-term leasing as they are more open to a mobile lifestyle than their older counterparts. This free-spirited generation, also known as a “mobile population,” are unlikely to bring huge closets when they move in new homes. You can mount wooden shelves on walls to save space and add character to the room. This design also appeals to young renters who love displaying books and knickknacks from their many travels.
Separate spaces with lovely dividers
A studio unit is perfect for single people. It’s low-maintenance, cozy and suits the basic needs of one occupant. No one enjoys a monthly “spring cleaning.” Nevertheless, dividing spaces is still an amazing idea. Check out dividers from the home depot or antique shops, and use them to separate the cooking area, the bed space and the study.
Condo living is a growing trend in key cities, as well as urbanized towns in the countryside. There’s 24/7 security, outdoor maintenance service and a wide range of lifestyle amenities. The challenge is selling the concept of small spaces to people who’re used to large apartments and houses. Choose space-saving furniture pieces such as sofa beds, a study table that folds to the wall and collapsible chairs.
The more storage space, the better!
We love accumulating stuff, which is one reason why capitalists prosper in our consumerist society. It’s essential that your potential lessees know they have enough storage space for their clothes, show collection or action figures. How will you add storage in a space-limited home? Think of kitchen cupboards, floating shelves, lamps that can hold books and bed frames with storage.
Present the best condo features
When selling the concept of condo living to new prospects, highlight the topnotch facilities and amenities found only in a condo community. Guide your potential lessees to each common area and explain the technologies installed for the benefit of tenants. Let them inspect the swimming area, open lawn and fitness gym. Make sure you’re well-abreast of rules in using these amenities because lessees, or anybody for that matter, don’t want to be given false expectations. Is the swimming pool available 24/7? Can a tenant bring guests to use the gym?
Get that contract and pen ready!
Dazzling your potential lessees doesn’t end with the ocular inspection. Let them know that you’re a professional who values their time by preparing all necessary documents to close the deal. You can prepare a brochure, which includes beautiful photos of each room, as well as a list of the amenities available to tenants. Prepare the paperwork since they might ask about a copy of your Condominium Certificate of Title (lessees need to be assured that they’re dealing with the right person!), the leasing contract, and other necessary documents. Have these scanned and stored in your tablet computer. As for the leasing contract, carry a printed copy during the ocular. You’ll never know when you’ll seal a deal.
Putting your condo unit in listing sites is not sufficient to close a leasing contract. Your offer should stand out from pages and pages of ads. Potential renters will not settle for just one choice. They will scour, shortlist options and then decide through elimination. Make sure they choose your condo unit.