What are the tips for leasing your Kingsquare Residential Suites condo?
- Understand your responsibility as the lessor
- Identify your target market
- Spruce up the condo
- Always screen the potential tenants
- Agree on the contract
As one of the top condos in the Philippines, you might want to know more about the tips for leasing your Kingsquare Residential Suites condo. In this 19-story L-shaped residential condo, unit leasing is a smart investment move that presents plenty of lucrative opportunities. Many people buy a unit from Kingsquare Residential Suites and lease it out as a way to benefit from stable passive income or mortgage payouts with monthly rental payments.
Not all condominiums are created equally. Condo owners and investors of the best condo developers in the Philippines, Megaworld Manila, have proven this to be true. Those who have purchased a unit at the Kingsquare Residential Suites condo are reaping unrivaled leasing benefits due to the property’s strategic location and top-notch features and amenities. It has a high occupancy rate due to students, expats, families, and retirees seeking a convenient and upgraded lifestyle.
It’s clear that there are many motives for leasing a Kingsquare Residential Suites condo. While it is an appealing business venture, keep in mind that leasing out a condo can also become troubling when appropriate considerations are not made. It’s more than just collecting money every month from the lessee. For first-time lessors, here are a few tips for leasing your Kingsquare Residential Suites condo.
Understand Your Responsibility as The Lessor
As a lessor, you are responsible for repairs and maintenance checks, collecting rent money every month, preparing all the necessary lease documents, disclosing all the legalities involved in your unit to the lessee, coordinating with the condominium developer about leasing rules, and even ensuring the safety and security of the lessee. Make sure that you understand leasing your Kingsquare Residential Suites condo is an obligation you will take on throughout the contract period.
Identify Your Target Market
Will you be leasing your Kingsquare Residential Suites unit to families, couples, singles, or a group of friends? For expats or students longing for a long-term lease? Before you decide on your asking price or furnish your unit, make sure to identify your target market first.
A good way to define the target market of a condo unit is to think about its location. Since the Kingsquare Residential Suites condo is strategically located in San Lazaro Tourism and Business Park, it will easily attract lessees from all walks of life. It is near the Manila University Belt, shopping and leisure spots, and central business hubs. The ideal target market of Kingsquare Residential Suites are students, university employees, families, young professionals, and expats.
Spruce Up the Condo
Nowadays, more and more real estate developments are being built to meet the demand of home buyers and investors. As there are more options for leasing properties, this also creates a ripple effect of increased tenant occupancy expectations.
If you want to boost your Kingsquare Residential Suites condo’s ability to attract tenants, you have to ensure it is in tiptop shape. Put yourself in the shoes of the lessee — you’d want to live in a spruced-up condo unit as well.
Prepare to welcome lessees by thoroughly cleaning the unit and making sure every appliance and fixture is working. Check if the faucets don’t leak, if the electricity does not fluctuate, and if the water supply is in good condition. You should also decide if you will lease your condo fully furnished or bare. Take note that this factor will also depend on your target market. For example, if your target market is students, a fully-furnished condo with bunk beds and study tables will be more attractive. If you are renting out to families, a bare condo may be more ideal because they may have different living needs.
Always Screen the Potential Tenants
As soon as you open your Kingsquare Residential Suites condo for leasing, make sure to screen every potential tenant carefully. Given that you are welcoming people into your property, establishing trust is crucial. Professionalism and mutual respect are the keys to smooth lessee-lessor relations.
It is important that you get to meet the potential tenants yourself to get an idea of who they are. Assess if they are dependable enough to keep your unit in good condition or pay on time. Take note that at the end of the day, you are responsible for your tenant’s behavior. Save yourself from stress and consider doing background checks. Once you’ve found the right tenant, arrange for a contract meeting.
Agree On the Contract
Before you lease out your Kingsquare Residential Suites condo, you will need to prepare a lease contract. This legally binding agreement should clearly define terms of payment, lessee responsibilities, lessor responsibilities, lease duration, grounds for eviction, and other rules.
You may also need to attach tax registrations, official receipts, proof of ownership, and a list of unit inclusions for the contract. Ask the condominium administrator if you will need to secure leasing permits as well. Agreeing on the contract may be tedious, but it is necessary to avoid misunderstanding in the future.
Key Takeaway
Being a lessor is a commitment and it can only be beneficial if you take the time to address and prevent potential pitfalls. This is why we have rounded up helpful tips for leasing your Kingsquare Residential Suites condo. Taking the time to know your responsibilities, identifying your target market, sprucing up your unit, screening potential tenants, and writing up a contract is the key to a smooth leasing negotiation.
If you want to know more about leasing your Kingsquare Residential Suites condo, you can talk to any Megaworld Manila representative today!
