A property is perhaps one of the best investments Overseas Filipino Workers (OFWs) can do. It can provide not just a home for the future, but also a steady source of money—a reason property rentals are often called passive income.
But while it’s easy to earn by renting out your condominium, there are still a lot of ways and hacks that will make your chances of profiting a lot better. Check these out:
Find long-term tenants
You want to earn for a year or two without lifting a finger? Find long-term tenants! That way, now only will you not scratch your head anymore trying to screen and find new lease-takers every few months, you’re almost assured that they will take care of your property. After all, they are going to live there for a long time. It’s a win-win.
Regularly improve your condo
Fixing and flipping your unit is the best way to attract tenants. Remember, the value of condominiums will more likely depreciate over time, so you have to make sure you think of new ways to innovate your property so that you can increase the asking price. A little perks and home improvements will go a long way in getting better rental profits.
Rent your unit out to students or professionals
If your condo is near major universities or central business districts, then you’re almost guaranteed it will be highly profitable. Most developments in these are areas usually have quirky modern areas, as well as tons of amenities like pools and gyms, which students and millennial professionals enjoy. Renting out your unit to students also assures a steady source of income semester after semester. As for young professionals, the fact that they value proximity to workplace will make it easier for you rent out your property to them.
Put it up on homestay online booking sites
Many tourists looking for accommodation, or people searching for a great staycation go to homestay online booking sites like Airbnb. This is where you can generate more passive income. As a host, you can charge per night and you can increase your asking price if you know your location is in the heart of the city or accessible to other famous spots. Just invest in advertising it online, regularly maintaining the facilities, and providing perks for guests and you’ll make lucrative profit from your condo.
