Whether you have existing condo units or you are about to buy one, you need to know this—there is more than one way to make it profitable. Condo units are not just for residential. You can also make it a business now that the property industry in the Philippines is getting better. If you have the means to invest in real estate, would you allow only the property developers to profit from them? Leverage your resources and make something out of your investment. Do not stop wanting to earn as long as you can.
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If you don’t want to be hassled by finding your own tenants, use your condo units for capitalization. I discovered that there are businessmen who buy condo units during its pre-selling stage then sell it for greater value when it’s ready to occupy. That’s actually a good strategy because you get the units for a lower price during pre-selling. The value of the property appreciates quickly as time passes by. It’s a great passive income for investors. It could work for you too if you decide to buy a pre-selling unit then sell it at a later time.
Another way you can make your condo units profitable is by finding a long-term tenant that will rent your place. This is what most businessmen do with their units. The minimum term you can give is 1 year so you can maximize your time and your earnings. Just remember a few important things when finding the right tenant for your place—make sure they are willing to take care of your unit like it’s their own, they pay their dues, and they pay on time. Don’t forget to be a responsible landlord too!
Why don’t you make your condo units useful by listing them in Airbnb? The difference between looking for long-term tenants and finding transient and short-term occupants is that you can earn more with the latter. Airbnb can give you clients everyday as long as you have good reviews and good condo unit features. Invest in the experience of your clients so you can have more loyal patrons. The more clients you have, the more earning you will generate. Keep your condo units at its best state even if there are different people who use it everyday. Offer them a good price and communicate properly with your tenants.