Plan to become a landlord but don’t know where to start?
Let us help you through!
Joining rental property business can seem like an easy money as long as you have the property. However, there are more to it, especially when you become a landlord for the first time. It is challenging as there are many processes and preparation you need to do in order for it to work.
Here are the three things you need to consider:
1. Your Rental Property like a Real Business
Have a property is one thing, manage to make a profit out of it is another story. Like many starters in rental Property, it usually starts as an extra income rather than a primary job. In order to get revenue from your property, you need to think of it as a real business. By making it professional, means that you need to have everything of your space in a good condition to prevent any problem later on. You need to make sure that your space is safe to live in that include renovation if need. Besides that, you to double check whether you follow all the laws and any regulations to maintain security in the long run.
2. Research The Market
To set the price, find the right tenants and what type of rent you should provide, you need to research the market for your property. It helps you set a fair price to the market based on the location and appliance of your property. Moreover, you need to think of the rental expense including the fixed expense of the mortgage and maintenance . As a result, all the research you found, will helps you to proceed rules and paperwork for any future contract with tenants regarding price, living rule and more.
3. Using Property Management Service
In a situation where you are not close to the property or don’t want to take full responsibility for managing the rental, hiring a property management company is the way to go. It is a great investment as the company will handle most of the processes such as marketing, maintenance, collecting rent, dealing with tenants, and more. It provides you with peace of mind, by giving responsibility to the expert to maintain your property in a professional and efficient way.
Becoming a landlord is not easy, as there are so many things to consider. These three main points will lead you to the right path of becoming successful in rental property.
Moreover, as a property management business, we are resourceful through every step of managing property include, including marketing, renovation, and operation to optimize your property to make profits without any unnecessary stress for you.
For information, Contact us through
☎️ [Cellcard] 077 55 84 93 ( English & ភាសាខ្មែរ )
☎️ [Smart] 096 988 59 41 (中文)
Here are some of our partnership member that we provide property management service within Cambodia.