You may have asked why more and more Filipinos in the UAE are becoming interested in investing in real estate property in the Philippines.
In particular, they often latch on the idea of buying properties in metropolitan areas like Manila, Makati, Cebu and Davao.
For one, overseas Filipinos start to realize these days that toiling hard overseas shouldn’t be forever. Time will come when their mind and body just want to just settle back to where the heart is—home.
But that is just one piece of the puzzle, others start to build their nests in the Philippines as soon as they start working abroad because renting out a property is a booming business back home—in short, it has now become a financial strategy as well.
In fact, more than thirty percent of the billions of OFW remittances are poured into real estate investments.
This strategy is very evident as Filipinos in the UAE flock to Philippine Property Investment and Exhibition, the largest property and investment exhibition for Filipinos in the Middle East, which is held every September.
This exhibition gathers major property developers in the Philippines under one roof to help OFWs find cheap and affordable real estate properties, whether as their retirement abode or for business.
The previous editions of PPIE made a history in the entire region for bringing in more than 11,500 quality visitors.
This year it will be held at JW Marriott Dubai in Deira on September 22 to 23.
Top 10 tips on how to rent out your real estate property in the Philippines:
1 Know your market
Carl Dy, who works in a real estate company in the Philippines, said that not all properties are equal. Your unit might be the best offer to someone, but could be a ripped off for others. So it is important to showcase your unit to the market that will consider your offer.
2 Know the nearest establishments in your unit
As a landlord, you have to make sure your unit is accessible to other establishments your tenant would want to go often. List down all the places near the unit and use it to market to people. Tip, wise unit owners identify the nearest malls to attract interested tenants.
3 Make your unit visually appealing
Making your unit visually appealing should not be limited in surface view. Make the bathroom look like pristine white. Keep the entrance clean. De-clutter. Fix the sink.
4 Utilize social media
Using the internet has become a necessity to everyone so make sure your unit is also searchable on the internet.
You may also post your property on the most searched property rental websites in the Philippines: http://filipinotimes.net/news/2017/09/10/top-10-websites-can-advertise-property-rental-ph-free/
5 Have an open-house viewing to your unit
“Send invites to the people in your building since they are your first market… they may know a prospective renter. Invite them to view your place. If there are those who come and are interested, you create an urgency,” Dy told during his talk at the Money Summit and Wealth Expo.
6 Screen interested tenants
Do they have a history of not paying bills on time? Are they known as “that noisy neighborhood”. Screening them would assure you that the tenant could secure your long-term profit from them.
7) Create a secured and specific contract
Draft a contract stating that you as the landlord and your tenant must follow some rules including housing rules, duration of rent, payment scheme, and any specific agreements. This contract will legally protect you from any unfair acts your tenant might commit.
8 Treat your tenant like the best client you have
Dy suggested that you give your new tenants a basket full of canned goods, toiletries, and a list of near convenience stores, supermarket and laundry shops. This is effective especially to tenant who are new to the city or to the country.
“Take care of your tenants and they will take care of you,” Dy said.
9 Know the taxes
Of course, this is a business and the best way to sustain it is to keep it legal. Remember, as a landlord you have to pay the for the rental income tax and for the value added tax.
10 Do not overprice your offer
This is one of the common mistakes of landlords. They overprice it to gain huge profit from it. The bad thing about it is it risks sustainability.
Chase your dream of investing in real estate property to where your heart is – home! To chance upon great deals, OFWs are urged to visit the largest property investment and exhibition, PPIE, which will be held at JW Marriott Dubai in Deira on September 22 to 23.