I’m a foreigner and I recently purchased an investment property in Manila. As one would expect, I know absolutely nothing about renting it out… And yet, I still would like to at least attempt to do it all by myself. Mind if I ask for a detailed account of the whole process?
Many thanks in advance!
This is just one of the things we get constantly asked here in Real Estate Manila. So without further ado, we present the entire process to you in its most simplified form. Good luck, homeowners! You got this!
- First off, jot down the following property details:
Unit Type: (Studio, 1,2,3,4 bedrooms)
Size: (in sq.m.)
Unit Dress-up: (Bare, semi-furnished, fully furnished)
*Real Estate Manila Tip: Furnish your unit and increase your ROI! You needn’t spend a lot. Get sturdy and affordable furniture from stores like Furniture Source and watch out for sales!*
NOTE: If semi or fully furnished, write down unit inclusions, too!
Parking slots: (N/A, 1,2 slots)
Desired lease term of tenant: Short term (less than a year) or long term (1 year or more)
2. Next, determine its rental value inclusive of Association Dues. The easiest way to do so is to check online for comps (prices of units in the same development or in the neighboring developments).
3. Take beautiful photos.
4. Advertise online.
5. Expect inquiries soon and make yourself available for viewing schedules!
6. Once you find your ideal tenant, have a LEASE CONTRACT ready for signing (click HERE to view sample).
7. Sign, turnover the keys, and receive the advance + deposit + Post Dated Cheques of monthly rental payments.
NOTE: Some developments have forms that both the owner and tenant need to fill out prior to move-in and some developments have interviews for new tenants, too.
8. *Optional – Facilitate tenant’s move-in.
If you simply do not have the time, you may hire us to manage your property for you! Send us a message thru the Contact Form provided below and we’ll get back to you as soon as possible.
It doesn’t cost much, too! We typically charge the equivalent of half a month’s rent for short term leases and a month’s rent for every year for long term leases. We do everything from steps 1 thru 8.
Talk to you soon!
x Real Estate Manila