Putting your Bangkok Condo up for Rent? Wait! Read this first!
There are many condos in Bangkok, and if you own one of them, it’s a wise financial decision to put up your Bangkok condo for rent. But being a landlord doesn’t come easy for everyone, so before you grab an agent to find the best tenant for you, there are a few tips for renting your condo that can really cut down on your vacancy period and maximize your income potential.
Before you head down to the agent and start the ball rolling we’ve got 5 things for you to consider helping you find tenant, keep them, and most importantly – earn you money.
1. Stand out from the crowd and make sure your condo “Pop”
Bangkok is home to endless condos, many of them almost identical to one another, particularly when we think of the huge numbers of small, one bedroom condos found all around the city. For prospective tenants trawling the condos of Bangkok they can all start to blur into each other and become forgotten about all too easily.
However one of the best ways to get your condo rented fast is to make it stand out from all the rest. While you want your unit to appeal to as many people as possible, adding an accent wall with a slightly different paint color, or painting the walls a light, neutral color instead of plain white, will give your condo a little more personality. You may also want to consider adding some accent trim or some sort of simple built-in feature that either provides extra storage or a unique functionality that other condos don’t have. Renting your condo is easier when it really “pops.”
You may think it is nice to leave the interior a blank canvas allowing prospective tenants to make their own mark on the property, and you’d be right to an extent, no one wants to move in to a place that is full of their landlord’s personality and possessions, but there is a happy medium. Why not decorate and style your Bangkok condo for rent before you advertise.
Have a good look at the furniture you’re leaving, the condition of the bathroom as well as the walls and the paint on the floor, would you be happy to live somewhere like that? If the answer is ‘no’ to any of these things then your prospective tenants will no doubt feel the same, so do something about it! And while you’re at it add a bit of flair, a touch of color to the walls or a stylish bed or bathroom tiles, and make your condo memorable, and desirable.
2. Cleanliness is next to Godliness
When renting your condo, it’s important to remember the 3 “C”s for showing your property: clean it, clear it, and care for it. Think about it. No one wants to move into a dirty condo, no one wants to have to clear out the previous tenant or owner’s personal items, and a condo that looks cared for will encourage the new tenant to take good care of the property as well. Clean, clear, and care – works every time!
This particularly applies to those who continue to live in their condo whilst tenants come for viewings. It is so important that you keep the standards of cleanliness up to the levels you no doubt had when you took the photos to advertise it in the first place. It doesn’t matter how nice the place is, if tenants have seen an amazing photo beforehand and then arrived to find a dump the sense of disappointment will cast a shadow over the whole viewing.
Now, sticking with the same theme it’s really important that you don’t put your condo on the market with it stuffed full of your old things. Just because you don’t want to take your old kettle to your new condo doesn’t mean your new tenants are going to want it cluttering up their cupboards. While it is one thing to style up your condo with some new furniture or a coat of paint here and there it is quite another to have someone else’s things in a place you’ve just rented. People want to see their new condo as their own, and not be reminded of the previous owner!
Nothing turns off a prospective renter more than walking into a condo that is full of clutter. This even includes items you might think would be appealing to a tenant, but really aren’t. Items like dishes, paintings, or anything that is not built-in or secured, should be removed completely. No one wants to use your grandmother’s china or old cookware.
4. Price wisely
This may seem obvious, but for many it isn’t. Of course you want to get as much money in your pocket at the end of every month as possible, that goes without saying. However… while you may get lucky every now and again and find a tenant willing to pay the top end asking price the reality is that if you ask for too much your condo may very well sit on the market for longer and tenants will probably move on when they find a better deal, leaving your pockets empty once again! It’s more sensible to ask a little bit less that you’d like and ensure that you’ve got money coming in every month without fail!
Commanding top dollar when renting your condo makes sense on the surface. I mean, why not make as much money as you can, right? The problem is, when you choose a rental price near the top of your market range, you run into other issues. For instance, when offered at a higher price point, it may take longer to rent – and the longer it stays on the market, the longer you will have to absorb the loss of income during vacancy.
In addition, tenants who rent condos for top dollar tend to keep looking for a better deal, which means they won’t stay as long. This will ultimately leave you with more frequent periods of income loss. Pricing properly involves strategically pricing your property high enough to attract the right tenants and maximize your income, but low enough to make your tenants want to stay. Ask a little less than most people believe it’s worth, and not only will you have money in your pocket each month, but also a larger pool of renters to choose from.
5. Consider Staging
Since there are always a large number of condos available to rent, they tend to all start looking alike. So, if you are having trouble getting renting your condo, you may want to consider a little home staging. Even if you have made your condo “pop” by adding color or additional built-in features, taking the next step with home staging can make your condo appear more inviting. Don’t clutter up the condo though! Keep it simple with a few items. It’s just to give it a little more character.
6. Add Life to Your Unit
Sometimes you don’t have the budget for home staging, or the place you’re trying to rent out is too small for it to have a positive impact. In fact, there are times when staging may do more harm than good, making the unit appear even smaller. In these cases, you can breathe life into your rental by adding a few plants. Plants bring life into any room and promote positive energy and good luck.
5.Pick the right Realty agent
You might have followed all these guidelines perfectly but if you don’t pick the right agent you could risk your condo sitting empty for months. Find an agent which advertises towards the right market for you. For example, if you’re renting a 1 bedroom condo you are probably aiming towards young people, rather than more established people with large families. So, look for an agent with that sort of market. Ask around among friends who’ve rented out properties in the past and scout out a few agents in your neighborhood. You should also be looking for an agent who knows how to present your condo in the best possible way, through photos and descriptions, to make yours stand out and get snatched up in record time!
Choosing the right agent for renting your condo is just as important as getting it ready for occupancy. A good agent will specialize in your area or property type, and will get it rented fast. For instance, if a real estate agency specializes in homes for large families, and you have a small 1 bedroom available, you might want to keep looking. One way to find the right agent for your property is to look around the immediate area to get an idea of which agents are renting the other units.
You can also ask for referrals from friends or family, but don’t forget to check out their marketing material! You will want to see how they market properties to check for vivid descriptions and flattering pictures that draw future tenants in. The internet is a great place to see an agent’s marketing efforts, because that’s where most people start looking. Just don’t rush into choosing an agent, or you may end up with it being vacant for months before you see any cash.