Pitfalls of Renting a Home or Property for Tenants
Pitfalls of Renting a Home Property for Tenants
There are many advantages to living in a rented home. Renting a property eliminates the…Read More
If you own a condo or apartment, you’ll probably want to make a profit by renting those out. However, in order to cover up the vacancy is not really a simple thing to practice. It requires some effort in order for renting out the condo faster in order to reduce the unnecessary charges from the vacancy. If you’re looking for some helpful tips on how to rent out a condo in Bangkok, you’ve come to the right place!
Most landlords probably do not want to spend a single cent on renovating their property because they feel like if the tenants do not stay in a very long term, they are more likely to incur losses that can not be made up from the monthly bill. Little did they know, every tenant wants a place that is new, comfortable for them to stay just like home. Not everyone is willing to relocate after a few months since moving out has not always been an easy thing especially for those who plan to settle in Bangkok for educational purposes, work, or relocation.
In addition to that, Bangkok has a wide range selection of condominium projects that are similar which means customers have the high purchasing power to choose based on what they are being offered. This will also lead to the reason that you- as a landlord shall consider making your condo for rent as a standout one. Be an outstanding one will give you extra benefits to the market and though you might need to spend more on these kinds of things, however no pain no gain. Please be aware that most tenants do not want to move in a place with the possession left by the landlords, therefore, it’s time to dump all the old, unused utensils and replace with the new one.
One of the most important steps to do before listing out a property is to take high-quality photos that look appealing to tenants. Try to take from each angle of the room without cutting any edge and including the furniture or features of the room. Make sure when taking the picture, the light must be bright enough to see. Following steps should be an adjustment of the brightness of the picture to the tone that you think is a trend. This is the first thing that tenants will be able to see the room and consider contacting you. Bad quality pictures will just make your potential tenants who want to rent a condo scroll away from your listings. Photos are probably the most helpful tips when it comes to how to rent out a condo in Bangkok
Besides good quality pictures, what you need to do to rent out a condo fast is to write very well. A very catchy, smooth paragraph describing the property and its feature will be more likely to attract more tenants. You need to jot down of whether your condo will provide such as utensils for cooking, washing machine, heater, or etc and the facilities of the condo that tenants will be able to use during the stay. Another important point is you can list down the distance from your property to any BTS stations nearby, schools, institutions, cafe or even landmark of the country that people might be able to notice after reading the description of the listing. One thing to remember is that you have to make sure all the info provided in the listing are correct, clear or else you might fall under the name of scamming and cheating tenants.
It is understandable that we want to make a high income from renting our condo, however as mentioned, condo rental market in Bangkok has given many options to the tenants. Therefore, appropriate pricing will help you to replace the vacancy faster and probably learn more when the lease is up to the one-year contract. How do you know if the pricing is appropriate or not?
The answer is based on the location of the condo whether it is nearby any specific venue such as malls, BTS, or schools that allows you to price a little higher as the demand is higher compared to other places. However, sometimes being surrounded by the mentioned places alone will not lift the price up that much if it is located in the outskirts of Bangkok. Most people do not wish to stay in the outside of Bangkok especially the youngsters who enjoy the bustling town and the amazing nightlife of Bangkok. Therefore, if your place is strategically located inside the town, you are more likely to enjoy this perk on the pricing. With the wise pricing strategy, it will not just give you more choices on selecting the right tenants to stay in your property plus the long term stay of tenants that can reduce the cost of vacancy.
If you have already found your ideal type of tenants, it is time to prepare for the next step which is the contract leasing. This is very important for both parties (landlords and tenants) as this will provide the terms and conditions in renting the properties and if one party fails to achieve or breach any conditions, the contract will be terminated. This is to guarantee that both of the parties will respect in terms of privacy, room management, bill of the room, etc. This piece of paper will also build the trust of the tenants to the landlords and vice versa and it will be confidential between both parties only as well.
If you are a really busy landlord or a homeowner who can not really take time to proceed with any steps mentioned above, it is wise to remember that there are many property management agencies out there that can help you lessen the work. Some are very professional teams that help you to quickly fill up the vacancy because they have many network connections, marketing channels that distribute the listings broader and faster.
With the increasing numbers of rental agencies in the field, it is sometimes hard to consider if we are choosing the correct one. Don’t worry, look out for agencies is not that hard, you just have to identify your property regarding the agency’s market of whether they are matching. In addition, the chosen agency must know how to present your condo in the best possible way through photos, 3D virtual floor plan (is the market trend in the real estate now) and catchy description that potentially pulls the tenants to rent the condo.
It is also great to know that nowadays, agents tend to come across several roles. They stretch from just finding the tenants into tenants handling, as well as the property management that leaves no more work for the landlord. I mean why not go for this kind of service when you can just sit back and relax, carefree about the processes that might complicate you. Property management agencies can answer all of your questions when it comes to how to rent out a condo in Bangkok.
The answer is it depends on the strategy you use. You might be just laid back and let someone in the field do it for you and wait for your ideal tenants move in your place. Else you have to follow each criterion above and make sure it is perfectly done and especially be patient for the news, as it might take a longer time for a landlord’s listing to go widespread compared to the agent who has many connections and marketing channels. Feel free to comment or contact Flexstay Rentals if you’d like to learn more about how to rent out a condo in Bangkok!