It's time to get creative with your
property. You can start your business right at home by making your
place a steady source of income. There are many ways to maximize
the profitability of a residential unit or property by making it a
multi-purpose rental, accommodation or a simple space of
Some property owners are inclined
to market their homes as a bed and breakfast or Airbnb available
for short-term leases. However, long-term marketability also
matters and having value-added services or qualities to your
properties can give you the edge in a rather competitive
Here are a few ways to add value to
sound like a given but it is the prime concern for any property.
Make your property good enough for people or tenants to stay in a
long-term setting. It is also more cost-effective to prioritize
long-term leases and lessen turnaround time between tenants.
comfort and ambiance of the place always matter. Make home repairs
and improvements available to prospective tenants. Simple services
such as troubleshooting appliances, installation assistance, and
professional cleaning can set your property apart in the
Responding to a
tenant's basic needs is vital to making a premium property.
Providing laundry, cable, internet installation and other
concierge-like services to the tenants will make them feel right
home. For most prospective clients, convenience is always of utmost
- Implement flexible leasing
properties, tenants might come and go. Therefore, for seasonal
periods of the year, one must consider a more flexible arrangement.
You can turn your residential property to a bed and breakfast
during peak months or register it as an Airbnb platform during the
summer and rainy season. This will minimize vacancy time and give
you an ample source of income during the absence of a long time
can be rationalized by delivering quality fixtures or services to
renters. Evaluate the features of your property and the other
value-added services to see where fees can be applied to properly
offset the extra cost. It can be in the form of holding,
application, and other extra fees that may be deemed necessary.
- Increase rent judiciously
It is also less
than ideal to let you rate plateau over time. Given the inflation
over the years, it is also right to raise the rent every once in a
while. Consider also the accessibility of the location and your
general investments in the place in making prices match.
It is important
to ensure that your property remains competitive. Market reports
and briefings are available online to make sure that your rental
rates remain competitive or at par with other similar listings.
Property owners can also do well in keeping up with the trends to
ensure that they carry or deliver what the current market
Get your time
back and remove the hassle in managing your property. It is
important to seek the guidance of an expert to professionally
handle your properties. Save yourself from the worries and the
extra load by letting an asset manager handle tenant sourcing,
leasing concerns and documentation and strategically planning for
value-added service. They can also give advisory on the latest
market trends and keep track of your financial portfolio.
For any residential asset
management needs, contact Angela Tagle at firstname.lastname@example.org or call
today at (02) 403-5519.