After buying your property it is time to put it to work. Renting out a property is a popular way to increase monthly income, however, there are a few strategies to adopt in order to ensure that your property gets listed fast. In this article, we'll provide you with five effective tips to help you rent your property fast in Cambodia. In order to be able to apply the best strategy, it is preferable to put yourself in the shoes of a renter.
Location
When it comes to renting a property, one of the most influential factors in the decision-making process for tenants is the location. The choice of where to live is tied to the daily activities of an individual's routine. Whether it's work commitments, school arrangements, or other essential errands, the location of a rental property can significantly impact a tenant's day-to-day schedule. Prior to purchasing property, it is important to emphasise your research through neighbourhoods or communities. Access to schools, markets, hospitals, public services and transportation are highly sought after because they are convenient. The second factor to consider is safety, particularly among expats who often prioritise security, especially when they are new to the country. When expats make the decision to rent a residential property, their primary concern is seeking a safe place to live. In Phnom Penh, areas like BKK1, Tonle Bassac, Tuol Kork, Daun Penh and Tuol Tum Poung are among the most secure locations in central Phnom Penh. For Cambodian nationals, location is second only to price; therefore, they seem less concerned about security compared to foreigners.
Pricing Correctly
Correctly pricing your property is an aspect of successful property rental. Pricing that is either too low or too high can lead to misleading expectations for property seekers. If the price is set too low, potential tenants might question the property's quality, assuming there are hidden issues or shortcomings on the other hand, an overly high price could discourage potential tenants and create an unrealistic perception of the property's value. Thorough market research, considering factors such as location, property type, amenities, and prevailing rental rates, will help you determine a competitive and accurate price point that aligns with both the property's worth and the expectations of potential tenants. For example, you might consider affordable houses like a flat house with purchase prices between $70,000 and $100,000. Buying a flat house in the suburbs of Phnom Penh will earn anywhere between $350 and $550 per month in rental returns. For renovated one and two-bedroom flat houses around central Phnom Penh, you can earn between $450 and $550 per month. In Cambodia, affordable rental properties tend to attract more tenants than expensive ones. However, if you aim to get higher rental returns, you can buy a shophouse in a prime location in central Phnom Penh such as Daun Penh, Chamkarmon, or along a major wet market where purchase prices are around $3,000-$4,000 per square meter. You can then rent this space for an average of $1,500 per month. Generally, a shophouse has a high potential for retail businesses, especially if it has corner parking spaces. If you want to target foreign nationals for more lucrative rental returns, you should consider buying a condo or high-end villa in the heart of the city for anywhere between $120-$700K. This can bring you between $1,000 - $4,000 per month in rental returns, depending on quality, location, and amenities.
Appealing Pictures
Whether your property is being listed online or offline, the initial impression it makes is pivotal in attracting potential tenants. This first interaction, often through images, can significantly impact the success of renting your place. To truly attract potential tenants, it is strongly recommended to showcase your property with high-quality, well-lit images. Additionally, ensuring that the space is clean and uncluttered can help potential tenants visualise themselves living in the property. For example, if it is a condo, it is advised to highlight not only the room but also the exterior amenities which the tenant can benefit from renting the property such as a swimming pool, gym, gardens or other facilities. For standalone properties like villas or Borey, the exterior is the main feature of the property. Therefore, including pictures of the exterior is a plus when it comes to attracting potential renters.
Market Your Property
With your property's new pictures in place, the next question is: Where should you showcase your listing? Nowadays, the majority of property seekers use online platforms to find what they need. However, the key lies in selecting a platform that receives substantial traffic on a daily basis. By positioning your listing on a reputable real estate website, you ensure that your property will be seen by individuals actively seeking to rent properties. Remember, the platform you choose to market your property on significantly influences its visibility and reach. Prioritise platforms that boast a substantial user base, as this maximises the chances of your property catching the eye of potential tenants who are genuinely interested in finding their next rental home.
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