All about RENTALS (House, Apartment, Condo) Part II

[i_miss_sleep]

^@rics, before you start with Airbnb, check with your admin if they are allowing short term renters and what do they require. Some do not allow it because it's a nuisance for their front desk staff to check who goes in and out of the building. Also some hates paperwork like keeping passport/id for clearance.

^^@marssie, before dealing with agents, find out if they will be the primary contact for any concerns their clients may have or act like a property manager for you. If that's the case and your tenant renews, you will owe your agent the same commission. If inabandon na nila client nila, you don't have to pay more commission.

[rics]

^Thank you for t he info sis.
We will check with the condo admin which my brother will meet this Monday (they are our representatives since we are abroad).

Sana lang we can rent it out so we can atleast make a little money our of it. Sakit ng ulo din pala. Should I have known, sana  nagpatayo na lang ako ng small apartment sa province.

[i_miss_sleep]

^sakit talaga sa ulo. yung sa akin ang earnings ko pambayad ko lang ng HOA, amelyar, utilities/bills, insurance, agents, repairs. essentials. The cycle never ends. No profit din talaga.

[rics]

^natakot naman ako bigla.
How much do you rent it out if you don't mind me asking?
I will also furnish this unit by next month. We do not have any idea kasi how much we will rent it if its for long term. If worst comes to worst and things doesn't work out with this whole rental business, mas gusto ko pa to sell the soonest. Kahit kumita lang ng konti and gain back the capital.

[i_miss_sleep]

Sorry, sis. Don't lose hope because of my comment. Maybe ako lang yun

[eischied_21]

Question lang po, pag ba nagrenew ang existing tenant ng another one year contract magbibigay ba ulit ng commission sa agent?

^^ yes, kasi ang commission nila is equivalent of 1 month rent for 1 year contract. So kahit nagrenew ng another year si tenant may commission ulit si agent.

[eischied_21]

Sa simula parang masakit nga sa ulo lalo na if it's your first time doing this kind of business. Pero once naayos na lahat like my trusted agent ka na susundin lahat ng requirements mo in choosing tenants and maayos yun tenant na nakuha mo then I think walang problem. If you are still paying the monthly amortization, then for sure dun mapupunta ang earnings ng condo.

I had my condo rented out by a student last August 2018 and nag- unit checking ako last Feb this year and I was surprised, parang hindi nagamit yun condo ko. Parang bago pa din.

Everything is stated in our contract. May deduction din from the security deposit once she moves out for general cleaning fee, aircon maintenance fee if hindi nya pinalinis during his stay, etc. So dapat po lahat stated sa contract mo.

[Tea97]

^that's correct - importanteng nakasulat lahat sa contract ang mga costs, repairs etc. Mas mabuting nakalagay na sa contract kesa hindi nabanggit. So nakaspecify ang costs kapag amoy sigarilyo (P25k para sa paint pa lang yan for 30sqm condo unit; ang hirap kaya alisin kapag sa tiles sa banyo at sa mga furnitures nanikit ang amoy - di tapon lahat ng mga gamit di ba) - yun lang naman major damage na nakaspecify sa contract ko, amoy ng sigarilyo.

Pero sa simula pa lang, make sure you put in your ad na bawal smoker. Or if not, ensure that the tenant knows the costs of smoking in the unit and you check every now and then para alam nila na minomonitor ang status ng unit. 

[eischied_21]

^oh, thanks for the tips @Tea97. I never stated in my contract the smoking rule since alam ko bawal mag-smoke even sa loob ng building. Pero syempre may mga pasaway pa din talaga. I will add this to my contract for the next tenant and as a requirement na din na bawal ang smoker sa pagscreen ni agent. Thank sis.

[marssie]

^^ yes, kasi ang commission nila is equivalent of 1 month rent for 1 year contract. So kahit nagrenew ng another year si tenant may commission ulit si agent.

Oh dear, nakakapanghinayang din ang one month.  Nasanay lang din siguro kami na dito kasi nagrerent din kami pero one time lang ang commission lalo na kung renewal hindi na kailangan ang commission. 

[amethyst028]

for commission ng agent or broker 1month ng rent for minimum of 1yr lease contract, for property managers standard is 15% ng monthly rental. Usuallly for owners outside the country na walang time to deal with the tenants they hire property managers. Yun din taga singil, kausap pag may reklamo yung tenant sa unit niya etc.

Yung 1month rental fee na commission ang covered lang dun is pag draft or prepare ng lease contract and paghanap ng tenant. Kung condo kayo may mga accredited brokers yung building. Check with your admin kung may lists sila in case wala kayo kilala personally.

[eischied_21]

^^ That's fine as long as wala akong problem sa agent and we are both happy. I'm already doing a business and the agent is acting like my worker. One thing I learned in business is dapat ok ka magpasahod sa mga workers mo para tumagal sila sayo.

[huit]

^^

So kapag under Property Manager, may 15% sila every month? Broker is one time big time?

[letters_to_cleo]

^Not necessarily true.  Depende sa agreement. For us, ang agent/broker namin is a  real estate agent din who lives in the condo complex where our unit is.  She and another agent naman, they rent out units to a Malaysian company's callcenter employees who are also Malaysians. Ang agreement namin is 1 month per year, so every renewal, 1 month is theirs.  Okay sila because 3 sila, they act both as brokers and property managers  and they deal with a company, so hindi sakit ng ulo maningil since yung Malaysian company nagiissue ng cheques for the rent.

[rics]

^same with us. we have an agent/broker who deals with the company renting our space for their call center employees din. we gave her 1mo for every 1yr rent. si agent na rin kausap ng company for whatever concerns they have regarding the unit. The company paid 1 full year in advance, so bayad na rin si agent for 1 year service.  minsan lang, sa sobrand daming unit na hawak si agent, lagging busy, late magreply sa emails/text.