Things To Know When Starting A 'Condos For Rent' Business

So, you’ve purchased a condominium unit and moved in to your new home. It comes with basic services and utilities. It looks comfortable to live in. And it suits your lifestyle. But there’s more to what you can get from just owning a condo. Definitely, it is profits. When you start a “condo for rent” business, you can earn plenty of opportunities from rentals.

Many people invest in condos to earn passive income through rentals. If done right, your condo unit can become an instrument you can profit from. For example, condos for rent in Singapore are a huge market. Corporate executives and officers, families, and even students who want to live in the city, near the best companies, schools, malls want a private, quiet, and sophisticated place.

Converting your condo unit into a business is a smart move to penetrate the growing rental market. But you can’t simply be a condo-owner-turned-into-a-landlord without knowing the important things to consider in this business venture. So, here are some tips to guide you.

1. Determine your target market and reach out to them. The first thing you should look at is the features of your condo. Will these features benefit a family, a retiree, a student, a yuppie, or a business leader? Who among them is most likely to search for a landed property for rent? Identifying your target market will help you come up with the appropriate marketing efforts. If you plan to cater to students or young professionals, reach out to them by posting on online social networks where they usually interact and engage with different people.

2. Market your condo unit by taking visually appealing photos and videos. Sending information about your place is best shown through photos. Make sure that your unit looks attractive, presentable, and marketable. It is also an effective strategy to create a virtual “walk through” of your unit and the surrounding amenities.

3. Prepare the documents. Just like an HDB for sales, documents are necessary in any lease transaction. Expect that potential tenants will ask for Proof of Ownership and Tax Registration. It is recommended that you are already prepared with a lease agreement, but be sure that your tenant reads it and agrees with all the terms provided on it. It must be clearly expressed on the agreement the duration of the lease, terms of rental, responsibilities, and rules.

With the robust growth of the real estate industry, there is no doubt that renting out a condo is profitable. But remember that there are risks involved in this kind of investment. So, take precautionary measures when starting a “condo for rent” business. Do your research and get legal advice.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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