Since there are many options when one wants to buy property in Singapore, problems in different kinds of housing are inevitable. Individuals tend to choose more practical or cheaper options such as apartments over condominiums. Although condominiums like Verdale Condominium are affordable, sometimes tenants still choose apartments as there are way cheaper compared to the majority of condos. These kinds of problems may arise from time to time and may affect the landlord and their profit. However, there are many ways that can help a landlord keep their tenants and attract new ones. This way, the condominium will not be vacant. So, here are 5 tips to minimize vacancy for condo rental property.
#1 Observe trends around your area
Observing trends within your vicinity doesn’t always mean that you have to follow them. Many factors can affect an individual’s decision to buy property in Singapore. For example, price is one of the biggest deciding factors. In a certain area, there are always trends or price ranges that are set for the properties in that area. You must observe this price range to be able to level with your competitors. Consumers will not be attracted to buy property in Singapore that is more expensive than its neighbors. They will tend to choose the other building that is way cheaper but is located in the same area.
However, as mentioned, trends should not always be followed. This is applicable to those amenities and perks that a condo can offer. For example, Verdale Condominium is affordable and offers more amenities than its competitor. Observing amenities that others offer can be your basis when deciding what kind of amenities to put in your condominiums. Since you are already offering condominiums with a similar process with the condominiums around the area, consumers will tend to choose those that are offering more perks for their purchase to be more worth it.
#2 Be proactive when communicating with existing tenants
A landlord must also be proactive with its tenants. Renting out a condo unit should be a two-way street since your tenant pays a good amount of money. A landlord must be able to communicate well with its tenants to ensure that they are comfortable with the current condominium unit. Most tenants find it difficult to voice out their concerns when it comes to their units thus they tend to just find a new unit that can provide their demands rather than sorting things out.
Being proactive and an approachable landlord can help you avoid these kinds of things. Being a proactive landlord can ensure you that your existing tenant is here to stay. The attitude of being approachable must not end after individuals buy property in Singapore. A landlord must be easy to talk to all throughout. One example of a condominium unit that has approachable management is the Verdale Condominium.
#3 Maintain and upgrade
A landlord must also always maintain and upgrade its condominium to attract more tenants. Consumers always try to land a property that is up to date and can provide more convenience. Being a well-maintained condo is also more desirable for current and new renters.
#4 Have relaxed rules
Another thing that can help attract more tenants is having relaxed condominium policies. This is because the majority of condo renters are working individuals that also like to spend time outside. Aside from this, families also look for condos that are not strict when it comes to children, noises, and pets. Condominiums that have less strict policies tend to be the priority option for renters. Verdale Condominium is known to have one of the most relaxed property policies.
#5 Maintain a good relationship with the property agent
One of the things that can help you attract more tenants or renters is a property agent. When individuals want to buy property in Singapore they often ask for the help of a property agent. If a landlord has a good relationship with the agent, they tend to give or offer their clients these condos. They put a certain condo complex on top of the list when they know that particular condo complexes have nice landlords. This is one of those things that Verdale Condominium is known for.
Singapore has always had a very complicated real estate industry. However, there are many things that a landlord can do to stand out and keep their property rented. Visit us today in SRX Property to know more about Singapore’s property market.