The rental industry in the Philippines has never been bigger. With bigger market comes with more competition, which can become a threat to a business. It’s time to upgrade your rental property and increase your yield. Here are some tips on how you can boost your income this coming 2018.
Research your niche
If you want the best result for your rental property, you have to do a bit more research. Knowing your niche market can guide you to building the type of property that they want. Define the profile of your market so that you can make the necessary changes according to what they seek.
Furnish the place
You can’t make an extra money without shelling out some cash first. Invest on furniture. Some tenants are willing to pay more in a fully furnished property rather than buy and bring their own. You don’t have to go over the top. A simple television set, refrigerator, air conditioner, and sofa set can instantly attract renters.
Satisfy parking needs
Parking is a basic need that landlords often forget to focus on especially if your target market are professionals who own a car. It can become a pet peeve to those who need parking. Carefully choose a property that has enough space or already has parking. Properties that have parking also has higher value than those who do not.
Build a second bathroom
Most people opt for co-living nowadays. They rent a property and live with three or more people to ease up the expenses. A second bathroom is always a welcome to any renter who lives with family or with other renters.
Add storage
Built in wardrobes and extra backyard sheds always attract tenants. The better the storage the more enticing the property becomes. It can also add a significant value to your property that can definitely help in the long run.
