With the growing demand for work and life opportunities in key cities in the country, one of the things that people are primarily seeking is a place to stay. Whether it is only rental under a specific contract, or rent to own, owning an apartment in the Philippines would be one way of getting passive income.
If you are interested in getting your own property open for lease, please note that this is easier said than done. Let us guide you to help you open up a successful apartment business in the Philippines and make it one of your best passive incomes ever.
Get an Ideal Property In A Great Location
If you plan to open an apartment, the property’s location should be in an area near key essential locations like hospitals, drugstores, supermarkets, and so on. If not nearby, at least the site has available transport services to go around.
Building and Design
Unlike the usual businesses like sari-sari stores or cafés, putting up your own apartment for lease requires more extensive capital since you have to build and design a place that would be comfortable and great to stay for your future tenants. You must note that they are not just looking for any place—they are looking for a home, although maybe temporary, is worth staying for so long.
Here are some things to take note of upon building your apartment:
- You must ensure all the essential utilities are in place, like the electricity lines, water pipes, and telephone lines.
- The apartment should have windows and proper ventilation.
- The roof should be checked for leaks or damage.
- Putting up a fire alarm system.
- A written contract that indicates the basic house rules, terms, and conditions upon the duration of the tenants’ stay.
Apartment Design Tip: Your apartment should be made with a simple theme and design in mind so it’s easy to decorate and renovate in the future. It’s also recommended to avoid using strong colors as they might not be appealing to your future tenants. Using relaxing and cool colors are always okay. You can play around with the different shades of white.
Get The Necessary Permits
Once you have your apartment unit and all the basics needed in place, the next step is to get all the necessary permits for you to operate. Note that the number of requirements and permits required differ from city, municipality, or region. So, you may reach out to the local government helpdesk for assistance.
Usually, one of the basic ones you need to get first is the barangay clearance, and then the rest would go from there. It’s advised that you bring all the important documents and receipts with you while you’re processing your apartment business so that you wouldn’t have to go through the trouble of going back and forth with all the needed paperwork.
Note: Some of the government offices may require online appointments or registration before going to the physical office. So better check on that ahead of time.
Start Promoting Your Place
When you have finally finished setting up all the basic things you need for your place, it’s time to advertise it. It’s recommended that you place your ad on reliable websites and platforms so that you wouldn’t have to deal with getting some of your information and pictures stolen. Here are some of the popular platforms where you can advertise your property.
Airbnb is one of the most popular online property listings. Register an account and fill out all the necessary information to get started. The site also allows users to review and rate your property, while owners can also leave a rating on the tenants.
Facebook Marketplace and Groups
Facebook is the Philippines’ most popular social media platform. With its Marketplace and Groups features, it’s easy for users to browse through the information about your property, upload pictures, and easy contacts for interested tenants.
Promoting your property through a Facebook Page is also a way to reach a wider audience. You can also launch a paid ad campaign to increase your reach and engagement to get more potential tenants. The latter may require some expert work, so feel free to contact professional digital business owners for advice on the matter through communities like SBN Philippines.
Similar to Facebook, Instagram or IG is a popular platform to promote your property for rent. Although there are limitations compared to FB, IG lets you post high-quality pictures of your property, and interested tenants can reach out to you via direct message (DM).
So that’s about the basics of starting up your passive income dream with you and your family. For those seeking more advice on starting their own apartment business in the Philippines, SBN Philippines has the necessary resources and experts you need to get inspiration.
Other Property Listing Websites
Make sure to enlist your property on other local listing websites like Hoppler, Rentpad, and Lamudi. This will give your listing maximum visibility and searchability.