Guide to Renting Your Room or Home

I have decided to write about this topic since I am thinking of renting out my spare room in the future if I were finally to settle in my Lancaster New City (PROFRIENDS’ project) home. It’s a good way to put some of my space to good use plus, I get to earn extra. Paying for my home won’t stop when I get to move in so earning extra will really help. Here are some of the things I thought of and learned from my aunt who is a proprietress in Makati. She has been renting out their apartment spaces for years now so she’s a guaranteed expert.

Before Leasing:

• Assess your space. Do not be greedy; make sure to assess how many can really fit in the space you’ll be renting out.
• Make sure the space is presentable. A nice space would definitely be a magnet for renters. Clean it and paint it white. A white space looks cleaner, nicer, and bigger.
• Give a fair price estimate. Consider the location, size, features, and accessibility of the space you will be renting out. Don’t be greedy! Give a price that would make even you say “yes” if you were the one who will be renting that space.
• Make a contract. Put it on paper so that renters would be obliged to follow your rules.
• Market your space. Try to go viral online by posting on ads sites like sulit, ayosdito, ibilik, olx, locanto and more. Share it on Facebook, Twitter, and other social media websites. Post a sign on your gate or door. Tell friends and offer a referral fee if you are feeling generous.
• Set visiting hours if so many people are interested in taking a look at your space. This is helpful especially if you are a busy person.
• Interview or assess your new tenants first. If they are serious about renting, get to know their background (just like in a job interview). Ask for identification and legal papers, too, like NBI clearance, TIN ID, and COE (certificate of employment).

While Leasing:

• Be sure to remind your tenant/s about the contract/policies if you think they have forgotten about it or are not complying. Do not be rude; just be stern.
• Assist tenants if they are in need. Tenants are customers, you know.
• Get to know your tenants so that you’re sure that they are who they said they were during the interview/assessment you did.
• Quickly inform your tenants about new policies.

After Leasing:

• Once your tenants decide to move out, assess damages that have been done and deduct the expense for those from the miscellaneous fee or 1 month advance payment.
• Try to clean and repaint the space after the tenants leave. Make it presentable again for new tenants.

Edit your contract or policies if it some of it didn’t work out before.

I hope these help! Hope I didn’t miss out on anything! If I did, just comment below. Your shared tips and ideas would be very welcome.