Condo Renting: Five (5) Basic Steps in Finding a Good Tenant

When it comes to managing properties, the importance of tenant selection should be underscored. After all, your main purpose for investing in the first place is to generate income. Therefore, finding a good tenant that complements your property will give you the best ROI given the right match.

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How To Find A Good Tenant

Here is a quick guide to show you how.

1.       Identify your target audience. This step pertains to the type of property you own and the matching tenants suitable to inhabit it. For instance, if you have a condo for rent in Taguig, the best people to aim your rentals for will be career-oriented individuals who work in Fort Bonifacio Global City.  The idea that your condominium-for-rent is within walking distance from their workplace makes it very attractive to these type of people.

2.       Prepare your residence. Next up is to prep your condo in the best way possible. Make sure that it is clean and free from clutter. See to it that everything is fixed from leaks and faucets to lighting. Keep in mind that this is a Philippine real estate investment. Ensuring that it is well-maintained will certainly catch the eyes of responsible tenants.

3.       Advertise. Do remember that advertisement plays a significant role in finding good deals for rental condos. Know the correct avenues to approach. Start with referrals from families and friends. Try online through social networking sites such as Facebook and Twitter. Register it on reputable listing sites. Post photos and essential details such as the number of rooms, condominium features, and amenities, rent amount as well as the community where it belongs to it. Consider offline advertising like local newspapers and fliers.

4.       Create a comprehensive application form. Collect vital personal info about the applicant such as complete name, date of birth, city and provincial address, SSS number, TIN, family members, income sources and amount, work information and character references. Make sure that they provide government-issued IDs, barangay or NBI clearance and emergency contact numbers.

5.       Perform a background check. This isn’t limited to criminal records alone. Also included here is his credit history. Does he pay bills on time? Does he have credit card debts? Where did he use to live? What was his reason for leaving? Was he evicted for non-payment of dues or did he break any community rules and regulations? Ensure that you can get in touch with his previous landlords so you will be well-aware of his rental history.

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