So, you bought a condo or are looking to buy a condo as an investment — and you want to make money out of it actively. Don’t worry, we’ve got you! Dormy has made it really easy to earn using your condominium.
Turning it into a rental
The easiest and surest way to earn money through your condominium is by turning it into a rental. Usually, rentals in Metro Manila go for about 12,000 pesos per month for studio rooms and up to 20,000 pesos for 1-bedroom units (note: this is just an estimate). You can already use this money to pay for your monthly installment on your condo unit, or for your ROI (return-of-investment).
But before you rent your unit out, we have listed factors that you should consider:
Do you want to rent out your condo unit as furnished, semi-furnished, or unfurnished? Let’s look at the pros and cons of each:
- Pros: More potential tenants will be attracted to your unit and you can raise the monthly rental.
- Cons: You will have to shell out more money upfront and it will take longer before you can list your unit in the market.
- Pros: This is the sweet spot. You can easily pique the interest of renters because your place will have all their necessities while keeping the price within their budget range.
- Cons: You will still have to spend money on some furnishings.
- Pros: You can instantly list your unit on the market without any waiting and spending.
- Cons: This can be a turn-off to renters, especially to those looking to share the room with roommates because they’ll have to spend more money on top of the rent just to move in.
Setting a price can be confusing — you don’t want to rent at a loss but also don’t want to overcharge and drive away potential tenants. But don’t worry, you can consult us on this. We can check Dormy’s data on rentals to give you the best price point according to the market trends.
This is one of the perks of listing your rental on Dormy.
Terms & Conditions
Set terms and conditions that you’ll put into the contract. Decide if you’ll allow pets, roommates, and visitors. You also have to determine which party will be responsible for paying the water, electricity, wifi, and/or association dues, if you’ll ask for a deposit and advance; and if so, for how many months.
Now that you’re ready, you must market your unit to reach potential tenants. We recommend that you Do it with Dormy. Why Dormy? Because Dormy cares for its customers — tenants and owners alike.
You can list it on our website for FREE. Simply go to https://business.dormy.ph and sign up. After listing your unit, you will gain access to some of the most powerful tools for rentals including a messenger to reply to inquiries, a calendar to approve or decline visit schedules, and a place to classify your leads. Don’t worry, we’ve made the tools really easy to use.
Dormy also offers marketing packages for a really cheap price. We can help you reach more potential tenants by posting you on our social media platforms. Many of our campaigns for our partners have reached more than 500,000 people. If you’re interested, simply send an email to [email protected] or message our Facebook page: Dormy PH.
Again, Dormy cares so if you’re having a hard time finding tenants, we can help you by giving you recommendations and free marketing like posting your property on our platforms. So, make sure to sign up and list your property on Dormy!
Renting out your condo unit can be daunting at first. You have to compute for your finances, oversee the construction and preparation of your unit, then you still have to market your unit. The good thing is that Dormy is here! We can provide the tools and channels to make things easier for you. You can start your Dormy journey by going to https://business.dormy.ph. 💙