3 EASY TIPS TO GET THE MOST OUT OF YOUR RENTAL PROPERTY
As the trend of urban living nowadays has gone more and more of a nuclear family, properties for rent, especially compact-size condominiums with one bedroom, are ubiquitous in Thailand. There is always a demand for this type of real estate both from Thai people and foreigners. However, there remains a big question mark of which most of the owners don’t know: how to maximize their real assets into a gold mine. Sound complicated, doesn’t it? It’s not. Now is an excellent time to let you into some insightful tips on how to maximize your profit out of your properties in the long run.
SET THE RIGHT PRICE
One of the most significant risks of real estate investment is that not everyone would get the most out of their properties. And that pitfall began when they set the price without a clue about nature of the real estate market. Therefore, it’s essential to set the price wisely. Of course, you want as much money as you can get from it. But it is rare that the tenant will pay the market price and if you price close to the peak of the market, your property will stay listed in the market while others’ are already rented out.
At the meantime, you may have to carry the loss of income while your condo is without any tenant. Be aware that those who find a condo for rent will always look for something better, so they won’t stay for a long time. Instead, price slightly lower, then you would be guaranteed of a more steady income every month.
MAINTAIN THE HIGH STANDARD OF YOUR PROPERTY
Nobody would want to live in an unclean room with stains on the wall and dust at each corner. Before you put your property for rent, be sure it’s perfectly clean and well-maintained. You may consider hiring a hospitality management service to do this job for you to ensure it’s as professionally as possible. Another important thing is to make sure your advertising pictures of your rooms are not too far-fetched from reality. The more secrets you hide, the more disappointment and doubt will cast on your rental property.
Make sure it’s twice or triple as clean, in case you are still living while wanting to rent your condo out.
MAKE YOUR PROPERTY DISTINCTIVE WITH ADDED VALUES
Numerous condos look promising at first but, after a while, look just like other projects. Then, potential tenants would feel there is no significant difference among projects and select the one with the most attractive price. To stand out in this tense battle, you may consider making a few changes or adding relatable features to make your accommodation unique.
Elements of nature and luxury such as plants or decors placed in the right composition would make a once ordinary room vivid and lively. And instead of a plain decoration, you may consider another color or lighting to accentuate the style or characteristic of the room. Beware of making too many changes because the one to make a call on this should be your potential tenants. Remember that the objective of adding some value to your real estate is to make it salient compared to others.
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