19 Aug Tips for successful rental for competing condo owners
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SINCE 2013, some 10,000 units have been introduced to the downtown condominium market every year and now there are around 72,000 of them, of which 35-40 per cent are for rent.
Competition for condo owners to attract quality expat tenants is high and recently, luxury units have begun to enter the market in quantity, giving renters even more high-quality |choices.
There are considerations that can help owners let out their properties more effectively.
The usual mix of property details such as location, building design, facilities, building management, brand image and rental rates will continue to drive the overall decision-making process, which is mostly out of the control of the owner.
What the owner can control are aspects such interior decoration. A condo’s decorations can provide a competitive edge over other units in the same building.
Here are a few tips that we think can help set your unit apart.
First is furniture and fixtures. Most new condos today come fully fitted out, which means they have complete bathrooms, basic kitchens with a sink, stovetop, vent hood and cupboards, as well as air-conditioners and built-in wardrobes.
The items that need to be added are furniture and appliances.
We have often found two scenarios to be true about rental decorations.
Also read: 9 Tips to Sell Your Home Fast
Many owners choose cheap furniture that often doesn’t look good and tends to fall apart very easily, which leads to less satisfaction by tenants.
Then we see others overdoing the decoration, using furniture and decorations that are overly expensive, making it difficult to recoup the money spent in rental income.
Also, the design may not appeal to a particular lessee.
Our experience shows that condos need to be attractive to a wide range of people, so taking a neutral approach works best.
Neutral and relaxed colour schemes and more traditional and contemporary furniture design have the greatest chance of pleasing the widest audience.
The furniture does not need to be expensive imported brands, but should be durable and easy to clean and maintain.
For rentals, a full furniture package should be provided including a sofa with coffee table, dining table and chairs, bedframe, mattress and bedside tables with lamps.
Some shelves or side tables could be good but should not clutter the unit.
The key pieces are the sofa and dining set, which you should invest in. There is no need to decorate the walls.
It is important to keep in mind that tenants may want to add their own decorations to match their tastes and style.
The windows need to have blackouts and sheer curtains like hotels.
Second is appliances. Some of the most recommended appliances to include to attract expatriates are a washer and dryer, large refrigerator, oven, microwave and dishwasher.
Also, adding a large TV in the living area and a smaller one in the master bedroom can help attract renters.
Third is props. To make your apartment look more appealing, you should add props that can be removed after contract signing.
These include throw rugs, wall mirrors, bed linen, kitchenware, |paintings, flowers – decorative |items like show units have in condo projects.
Fourth is renovation and maintenance. On average, hotels will renovate and redecorate their rooms every five to seven years or so.
Condo owners should consider a similar schedule for major renovations for such areas as bathrooms, kitchens and flooring.
However, minor touch-ups such paint and deep cleaning should be completed for every new tenant.
Lastly, when showing the unit, it is good to ensure that their experience upon entering is overwhelmingly pleasant.
Using a soothing fragrance creates a positive and more conducive experience.
Turning on the A/C to cool down the unit before showing it in a hot climate like Thailand’s can have a significant impact on whether the renter has a positive or negative impression during inspection.
Landlords can set themselves apart by paying attention to the details of the condo they are renting out.
In a city with no shortage of rental units available, owners must be willing to invest time and money on the interior to lease their property as quickly as possible.
Also read: 7 first-time home buyer mistakes to avoid
Source: The Nation