Do you have a spare room now that your child is away at college? How about a second property you bought before relocating to your current residence? The most excellent option to earn cash from real estate properties you don’t currently utilize is to rent them out to other people if you have excess space and want to make money from them.
If you plan to become a landlord in Mindanao, one of the best properties worth investing in is a house and lot in Camella Butuan. This Spanish-inspired house and lot community provide an accessible house and lot with green spaces, luxurious amenities, and security features that tenants would love.
When starting a property for rent in Butuan, it is essential to have the proper knowledge to become a landlord. Here are some suggestions to help you succeed as a landlord if you want to start a house for rent in Butuan City.
Always Check Potential Tenants
Being a landlord lets different kinds of strangers into your home. Therefore, constantly check for sour apples. It all depends on you and how you think about screening them. Before renting their space, some people need a barangay or an NBI permit.
Others require a copy of their official identification documents, such as their driver’s license, SSS card, GSIS card, and many others. This will guarantee that you are doing business with the appropriate party.
If you can, you should also check their internet log, related searches, social media accounts, and other information about them. This way, you will see if they are capable of taking care of your property.
You And Your Tenants Must Sign A Written Contract
Every landlord has to have a written contract. Some property owners believe having a written lease or contract with their tenants is unnecessary. However, this is far from the truth, as a written agreement will protect you if you have legal issues with your tenants.
Some landlords make tenants sign a lease agreement with numerous conditions that include the amount of rent, advance payments, guidelines for utility payments, the do’s and don’ts of the property, and specific legal agreements stated in the event of nonpayment. You can hire a lawyer to draft your lease agreement so that it contains more legal requirements.
Be Firm While Announcing The Rent Due Date
Many landlords encounter tenants that need to arrive on time with their rent payments. So always be firm while remaining respectful. Avoid acting like a landlord, typically represented in movies as wearing a duster, holding a fan in one hand, and shouting and cursing at their tenants to leave the property.
Since you did your bit to create a safer and better atmosphere for them, be firm regarding the due dates of their rent because they should repay the favor by paying their rent on time – it is a business, after all.
Organize Your Files
Keep your lease agreements, receipts, and daily documents organized for quick retrieval. These would be useful if your records contained any inconsistencies. The best way to organize your file is to have a binder or folder for each tenant. This folder should contain the tenant’s license agreement, required documents, proofs of payment, memorandums, and other essential documents.
You should also keep a digital copy of these files in case physical copies are lost. Keeping the tenants’ files in separate folders is a better way to store documents than having a folder for a specific document.
Happy Tenants Constitute Quality Products
To ensure that your tenants have a happy and hassle-free stay in your property, give them a high-quality property that meets their standard of living. This indicates that you provide them with practical furnishings for bedrooms and other spaces at home.
To draw tenants and retain them in your place for many years, you need a working toilet, strong doors and windows, flowing water, and other amenities. It’s unnecessary to purchase an expensive tub or toilet in your bathroom or install granite countertops in your kitchen to have quality products.
The location of your property also matters. For instance, landlords in Camella Butuan have a better chance of having more tenants because of its strategic location in the city and the amenities that this property provides.
Apply For Permits From The Government
You must obtain permission from several government agencies in the Philippines before starting a rental business. The Bureau of Internal Revenue, the City Treasurer’s office in your neighborhood, the Bureau of Fire Department, and other government institutions. Be aware that there are fees associated with requesting government permits.
Always Keep Repairs And Other Issues In Mind
There will inevitably be issues with your rental space that you and your tenants will have to deal with. The most common problems you will encounter are leaking faucets, busted door or window jams, and broken items. To prevent more disputes with your tenants, you must undertake repairs as soon as they notify you.
Always keep in mind that satisfied tenants frequently stay longer. Additionally, tenants that remain longer pay you extra each month. Have a professional attitude, especially when resolving issues with your property.
The Right Time To Outsource
Being a landlord comes with a variety of issues, minor and large details. Dealing with minor issues as soon as possible can save you money when you don’t have to hire someone to fix them when it gets worse. However, always know when to outsource if you want a professional plumber, electrician, or carpenter to do the task. A friend of mine let out a spare room to a tenant.
There was once an issue with the drainage. Despite his lack of plumbing knowledge, he attempted to fix the drainage and made it worse. Therefore, you should evaluate your ability to handle repairs yourself or hire someone else. Keep your maintenance numbers handy, so you can call them if you need assistance.
Inspection During Move-In And Move-Out
To check for property damage, taking pictures of the area before tenants move in and again before they leave will be best. You can subtract it from their deposits if there are any. These will stop you from having to pay for the damages the tenants did out of your pocket.
Camella Butuan
As a landlord, tenants usually look for properties that are in excellent condition and, if possible, budget-friendly price. Of course, tenants would also like bonuses and perks. Camella properties in Butuan City and all over the Philippines allow potential landlords to have properties that have exclusive amenities that can be marketed to potential tenants as these perks and bonuses.
Another factor why potential tenants would want to rent a house and lot in Camella Butuan is because of its reputable name. For 45 years, Camella has been the trusted real estate brand in the country, and because of this, landlords have a better chance of having tenants as they want more properties like Camella for their families and children.
