Article first taken from New Launches Review
High-end condo rentals offers homeowners several advantages. One distinct advantage is that they can still make money out of a condominium unit without having to sell it. However, to keep luxury rental condos occupied through the year, homeowners need to come up with strategies. Listed below are four tips that will help condo owners maximize their profits from renting out their premier units.
The easiest way to rent out premier condo units is through tapping into existing renters within the condo complex. Such renters are already familiar with the rules, rent charges, and culture within the condominium complex. The renters are also likely to have friends looking for such luxury properties and can refer them to the unit. The condo management office is also another great source of interested would be tenants who had previously approached them about the availability of condos within the complex. For premier condo units, it is best if homeowners can avoid putting up flyers – the best marketing is word of mouth.
For owners willing to spend a bit of money, allowing a third party to rent out the unit is a sound option. Commissions will vary from one company to the next, but condo owners should expect to pay as much as one month’s rent every year to the condo management company. The condominium property manager is responsible for locating the right tenants, maintaining the unit, paying bills related to the unit and collecting rent.
For many potential tenants, websites are the “go-to” destination for locating and listing premium condo rental opportunities. Homeowners should consider listing their condo units on the “for rent” sections of exclusive websites and refresh the details regularly to ensure that they are on top of the results. Many pictures should be uploaded to the website including links to videos so potential renters can have a virtual walk-through of the condo.
If the local condominium association allows it, the condo owner should consider renting out on a short-term basis. This kind of arrangement works best if the unit is furnished and found in a location convenient either for business professionals or for tourists. However, the owner might have to deal with a constant turnover rate, but higher rates for short-term accommodation should more than make up for the inconvenience. Corporate condo rental tenants can be sourced through placing advertisements on corporate housing websites.
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No matter the reason for choosing to rent out their condos, homeowners applying the four strategies above will ensure their units are occupied all year.