ENGLISH
JAPANESE
You’ve secured that condo investment and now it’s time to reap the benefits of property ownership. As real estate rises in value over time, it is a vital part of a diverse investment portfolio. Should you decide to liquidate your property in the future, you will have earned profit on your investment.
Rental property is, of course, a great source of passive income and listing it in the market is the best way to make your property work hard for you, if you choose not to use it yourself.
But how to manage your rental property remotely if you are not in the country year round? We share four top tips below!
Get representation through a Special Power of Attorney
In your absence, it helps to legally authorize another individual to act on your behalf–and to put it into a contract known as the Special Power of Attorney (SPA). As the principal, you can appoint an Attorney-In-Fact, and specify the scope of his or her authority in said contract.
Think of this individual as an extension of yourself. For example, in dealing with prospective lessees for your property, your Attorney-In-Fact can interface with clients, meet them for site visits, and coordinate with them throughout every stage of the negotiation process leading all the way to the closing of a lease contract. From there, they can sign the document on your behalf.
Market your property professionally
Even if you are not physically present, you can still expertly market your condo rental. Firstly,consider having professional photo and video materials taken. Well-composed and properly-lit images will pique the interest of prospect lessees and encourage them to click on your ad, raising your chances of renting out your property sooner.
And as far as ads are concerned, there are many ways to get your property out in the market, so maximize all these channels. Online property finders are some of the most popular ways for clients to find prospect rentals. Social media may also be used to advertise, and if you pay for a sponsored ad you can take it a step further by targeting a specific market. For example, if your unit is a studio, you can specify young professionals and living within a certain radius from the location of your property.
Work with a reputable broker or property manager
How else to manage your rental property remotely? Work with a licensed real estate broker. When you list your property with a broker, you can leverage on his or her network to get the word out. A real estate broker can also offer specialized advice when it comes to the granular details of renting out your property.
For example, he or she can give expert opinion with regard to specific clauses to include in the lease contract. This can help you prevent any unfavorable instances that would have been addressed by clear contract provisions such as the agreed rental rate escalation, the cost of major or minor repairs and the party responsible for such, the number of days’ notice required should a lessee decide to renew, and so on and so forth.
A broker’s knowledge of fair market values can also help inform the rental rate at which you want to list your property. In this manner, you can avoid pricing your rental too low or too high, for that matter.
If the developer of your property offers a leasing service, you may consider this in lieu of an individual broker. The advantage of an in-house leasing service? A familiarity with the development and customized assistance.
Build a good relationship with your tenant
Once you’ve found a lessee and closed the deal, how to manage your rental property remotely throughout the duration of the tenant’s stay? Build and maintain a good relationship with your tenant.
Prior to move-in, work with your Attorney-In-Fact, broker, or property manager to ensure that the property is turned over in good condition. If there were any reasonable requests made by the lessee, such as say, minor repairs, be sure to deliver these.
We cannot emphasize enough the significance of a clearly written contract. Honor the clauses in this contract and let it be your guide when dealing with any questions or issues that may arise throughout the duration of the lessee’s stay. For example, if the contract stipulates that the lessee has 60 days to inform you of their intent to renew, honor this clause when the tenant ultimately decides and advises you of his or her plans during the prescribed period.
Invest in your next condo rental with Rockwell Land Corporation
Whether you choose a property within Metro Manila such as the Proscenium at Rockwell in Makati, The Arton in Quezon City, or East Bay Residences in Muntinlupa; or a unit at The Manansala in Rockwell Center Nepo Angeles, Nara Residences in Bacolod, or Terreno South in Batangas, you can be assured of the signature Rockwell Lifestyle with its distinct safety, security, and exclusivity.
Every Rockwell development has the right property to fulfill your unique investment preferences and budget. From studio units to vacant lots, Rockwell properties deliver on thoughtful design, strategic location, and value appreciation, as one one of the most reputable developers in the country.
Learn more by contacting Rockwell Land Corporation today.