• Home
  • About Us
    • Our People
    • KMC 10th Year Anniversary
  • Services
    • Transactions and Advisory Services
    • Landlord Representation
    • Investments
    • Research and Consultancy
    • Offshoring Corporate Services
    • Asset Management
    • Residential Services
    • Serviced Offices
    • Project Management
    • Hotels and Leisure
    • Retail Services
    • Valuation & Appraisal Services
    • Industrial And Logistics Services
    • Data Center Services
  • Resources
    • EpicSpace
    • Philippines
    • Case Studies
    • Testimonials
  • Research & Insights
  • Careers
  • Contact Us

KMC Header

KMC Savills
PH (+63) 2-8403-5519
[email protected]
  • About Us
    • Our People
    • KMC 10th Year Anniversary
  • Services
    • Transactions and Advisory Services
    • Occupier Services
    • Investments
    • Research and Consultancy
    • Offshoring Corporate Services
    • Asset Management
    • Residential Services
    • Serviced Offices
    • Project Management
    • Hotels and Leisure
    • Retail Services
    • Valuation & Appraisal Services
    • Industrial And Logistics Services
    • Data Center Services
    • Hub and Spoke
  • Resources
    • EpicSpace
    • Philippines
    • Case Studies
    • Testimonials
  • Research & Insights
  • Careers
  • Contact Us
Inquire Now
List your property

Residential business 101: How to make it more profitable

https://kmcmaggroup.com/research-insights/2018/residential-business-101-how-to-make-it-more-profitable/
Real Estate,Property,Investments And Capital Markets,Property Management,Residential Asset Management,House For Rent,
Residential business 101: How to make it more profitable

Residential business 101: How to make it more profitable

KMC Savills

Posted on Wednesday, November 7, 2018 Monday, December 13, 2021
  • Home
  • Research & Insights
  • 2018
  • Residential business 101: How to make it more profitable
Residential business 101: How to make it more profitable

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 relaxation.

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 market.

Here are a few ways to add value to your property:

  • Avoid vacancies

This might 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.

  • Maintain it like a pro

The overall 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 market.

  • Accessibility matters

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 importance.

  • Implement flexible leasing

For some 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 tenant.

  • Apply fees smartly

Raising profits 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.

  • Monitor the market

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 demands.

  • Get an asset manager

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 [email protected] or call today at (02) 403-5519.

View all articles

Written by

Faren Cyrol Panopio
Faren Cyrol Panopio
Director for Asset Management
TAGS:
  • Real Estate
  • Property
  • Investments And Capital Markets
  • Property Management
  • Residential Asset Management
  • House For Rent

Latest Posts

3 Reasons Why Malate Manila is the Ideal Area for Manpower Agencies

Thursday August 11, 2022

A Testament to How Resilience Triumphs over Adversity: Manta Corporate Plaza launches in Arca South

Monday August 8, 2022

5 Reasons Why the Philippines is the Ideal Data Center Hub in Southeast Asia

Wednesday June 29, 2022

The Rise of Neighborhood Malls: How Malls are Changing in the Post-pandemic Era

Wednesday August 3, 2022

KMC Contact Us

How can we help?

KMC is an award-winning real estate services company. Headquartered in Bonifacio Global City, with over 150 employees involved directly in transactions for tenant representation, landlord representation, investments, and residential services.

We are recognized as the Best in Class Real Estate Agency in the Philippines and an exclusive international affiliate of Savills – a leading global real estate service provider listed on the London Stock Exchange (SVS: LSE). This provides the firm and its clients access to a global network of over 700 offices and 30,000 real estate experts throughout the Americas, Europe, Asia Pacific, Africa, and the Middle East.

Learn more

KMC Newsletter

Sign up for the latest Research & Insights

Get in Touch

(\+$I63,) 2+P\-XU;84€0C#3/\-5Q5-1=9DV [email protected]

Follow Us

KMC Footer

KMC Savills
DISCLAIMER: The information, photographs, images, landscapes, floor plans and the like contained on this website are for general information and illustrative purposes only. Credit remains to the owner of the photographs and images. KMC does not claim ownership, income, control and use of the photographs and images and does not assume responsibility for any kind of damages (direct or consequential) in relation to the use of such information, photographs and images on this website.
© 2021 KMC. All rights reserved. KMC is the leading real estate services firm in the Philippines.
Terms of Service • Privacy Policy
Monday: 09:00:00 - 18:00:00
Tuesday: 09:00:00 - 18:00:00
Wednesday: 09:00:00 - 18:00:00
Thursday: 09:00:00 - 18:00:00
Friday: 09:00:00 - 18:00:00