The rental market in the Philippines is becoming a large scale enterprise mainly thanks to developers selling properties on the whim of “guaranteed rental incomes” which as we know nothing is guaranteed in life. Doesn’t mean its not there but it does mean putting a bit of effort in to beat the competition is often needed so I decided to draw up this article to help.
Good photographs and a video are a must when marketing the property as this gives perspective renters an idea of what they are getting straight from the internet before they even visit. Also concentrate the photos and videos on the positive aspects of the building as often when browsing properties you will see yourself many people take photos of rundown toilets as part of the photos on their marketing. If it doesn’t look good in real life its not going to look any better on photos it would pay to sort the toilet out and freshen it up before taking any pictures. E.g. sticking some flowers on the cistern gives a more homely impression as well colour. Doing similar with the different rooms pays off as well as it shows life and a bit of care being taken. Remember photos don’t have to be taken every time a tenant moves in and out so a good set taken 3 – 5 years ago is still relevant today unless there have been many changes.
Reservations are only a reservation once its paid for, here I find so many time wasters who will confirm or request you reserve rooms,houses or even cars to not even bother contacting you to tell you they found something else or their holiday plans have changed leaving you with lost revenue and sales. Yes you can reserve by payment of 10% or in some cases more. I can understand people not wanting to pay by credit card but you are running a business here not a charity and can’t afford lost weeks due to bad customers.
Market value rent rates are going to be the main selling point on the property as people looking around haven’t found only yours but many other locations and trying to charge P20,000 because that’s what the developers agent told you the place is worth per month is very likely the property is only worth P10,000 – P15,000 or even less. Check out what others are charging and gauge what is reasonable.
Bedspacing an apartment can work well for workers in the city as they are just looking for something affordable so having something that can be sub-divided into 3-4 tenants instead of 1 does open up more possibilities on getting that apartment rented if your struggling to find clients.
Strong accurate marketing is also an important feature that gets overlooked and one you can use to your advantage. Most people don’t even advertise relying on word of mouth so actually putting together good advertisements explaining things like distance to supermarkets, hospitals, schools and access to transportation all make the property more marketable to a tenant because this information is the stuff they want to know and often wouldn’t find out from others unless they asked them directly. If its already in your advert your already pitching a better sale.