You’ve Decided To Rent Out Your Phuket Property
If you’ve decided to rent out your Phuket property, you’ve made a great decision. The rental market in Phuket is full of highly quality and stable tenants. Well-maintained homes are always in high demand. Whether you’re renting out a home you once lived in yourself or a property you just purchased for investment here are some ideas on how to get your Phuket property rent ready.
Baan Wise can help, contact us, and we’ll keep the process organized, professional, and stress-free. See Why Hire a Property Manager
Here are some important first steps.
Rent Your Phuket Property for Long Term or Short Term?
The first major decision you have to make is whether you want a long-term lease or if you’d prefer to rent your property out to short-term vacationers. Each situation has its pros and cons.
Always in demand here in Phuket, vacation rentals can generate more money per night. However, they require a lot more time and management. They’re also highly dependent on the tourist seasons and rental prices will fluctuate month to month and week to week.
One benefit to add for short term rentals is that it gives owners the option to use the property themselves for a Phuket holiday home.
Long-term properties provide stable and consistent monthly income. You won’t earn as much if you rent your property on a nightly or weekly basis, but your long term budgeting will be easier.
Preparing to List your Phuket Rental Property
Before you can find a tenant and start collecting rent, a few ideas on how to get your Phuket property rent ready
Inspect the property – Make sure that everything at the property works and functions the way it should.
Professional Cleaning – Remove personal property from the house and have the house thoroughly cleaned.
Price – A competitively priced home to reflect the market and the demand will make sure your property rents quickly.
Curb appeal – The first impressions of your home should be attractive, welcoming and move-in ready.
Professional photos – Take or pay for good professional looking photos. Pay attention to lighting and angles. Take more pictures than you need so you can be selective.
Consider Upgrades & Updates – Have the same quality amenities that your competition is offering.
Conduct an Inspection Before Listing a Phuket Rental Property
Everything inside the property needs to function safely and effectively. Conduct a thorough walk-through. Turn on the air conditioning and run the water, including faucets, sinks, tubs and showers. Flush every toilet. Plug something into every outlet. Open up the closets and drawers to make sure they don’t stick and close properly. Turn on the appliances and operate the locks on all the property’s doors and windows.
After you conduct the inspection make a list of anything that needs to be repaired or replaced. Then schedule your maintenance and repairs.
This should be your first step because it is important to deliver a move-in ready property to prospective tenants. It also sets the standard for how you expect the property to be returned when the tenant leaves.
Here are some additional Baan Wise maintenance tips on maintaining your Phuket rental: https://baanwise.com/property-management-maintenance-tips/
Professional Cleaning Creates Phuket Rent-Ready Properties
Tenants do not want to move into a dirty rental home. If it isn’t perfectly clean during the showing process, they won’t bother applying. A promise to “fix” a problem or “clean” the house after a rental contract is signed does not create confidence in a prospective tenant.
Your Phuket rental property needs to be clean, free of debris and personal items removed. A prospective renter wants to see a property that’s clean, bright and welcoming. That standard of cleanliness is different for everyone, therefore it is recommended you hire a professional crew to get the property clean and ready for showing.
Competitively Price Your Phuket Rental Property
Getting the right price for your rental property is an important part of running a successful rental business. How to get your Phuket property rent ready? Pricing a rental property correctly takes time, research and resources. You don’t want to miss out on profits by either setting your rent too low or too high.
The local market is the ultimate ruling factor for pricing a rental property. In addition, there are also additional factors to consider to set a competitive rental price.
Who is your competition? What are other similar rental properties going for? It’s important to look at properties comparable to yours and within the same location.
When looking at other properties, check out the location, how many bedrooms they have, and the square footage. Additionally, look at their amenities and stand-out features including upgraded appliances, ideal parking, nearby entertainment and facilities.
Can you cover expenses? Profit is the goal of any rental property. However, to make a solid profit, you need to be able to cover the expenses.
You should be able to pay your bills with the monthly rental income, Additionally, you should also save a percentage of rental income for emergencies or future vacancy costs.
Keep in mind that your location can seasonally affect rental prices in your area, especially if you are considering short term rentals.
Curb Appeal for Your Phuket Rental House
First impressions are important when you’re renting your home in Phuket. Prospective tenants need a reason to be excited about going inside. A negative opinion before they even walk in the front door might lead them to leave before entering the property. No matter how nice it is inside, you need them to walk through the door.
How to get your Phuket property rent ready? The outside of your home or building should look lush and green. Debris or trash on the outside of the home will deter a prospective renter.
Clean the windows and make sure the paint is in good shape. Sweep away leaves and cobwebs from the front door. Make sure there is good exterior lighting. If your property has a yard, ensure the lawn is mowed and the bushes trimmed.
Professional Photos of Your Phuket Rental
Ideally, hiring a professional photographer to take photos of your Phuket rental property is the best option. However, you can take good quality photos yourself with your camera or phone using these suggestions.
Focus on a single key feature to draw the viewer’s eye in each shot. Take several photos of the same room from different angles. Use as much natural light as you can, but be sure to not let direct sunlight wash out your photos. Don’t take ultra-wide, panoramic or long vertical shots. These will distort the visuals of the rooms.
Take photos with the lights on and off, doors open and closed. Photograph two walls when you can to give the room depth. Show off the best part of the room. Shoot on a bright day and don’t take all your shots at night. A few night shots are good, but you don’t want the whole presentation at night as It can appear gloomy.
Clear the clutter. Clean and tidy up before you take pictures makes a huge difference in professional looking photos. Clutter in the rooms distracts viewers from the main feature of the room. Make the beds and clear off the counters. And although it seems obvious, please close the toilet lid and don’t take pictures of the Christmas tree or holiday ornaments. That will date your photos.
Don’t forget the outside and facilities. Outdoor living is a desirable amenity in Phuket. Show off the yard, pool, gym, spa and any other facility that may entice your prospective renter.
Stay out of the picture. When photographing bathrooms or other areas with mirrors avoid capturing your reflection in the shot. The same goes for pets. Make sure Fluffy or Fido isn’t in any of the crucial photos. You may love animals, but a prospective tenant may not or even worse, be allergic.
Research Proves Professional Photos Work
Strong research shows that professional photography helps sell and rent homes quicker. How to get your Phuket property rent ready? With 97% of home buyers and renters using the internet as part of their search, showcasing a property in the best possible light is critical. It is a proven fact that real estate listings that include professional photography sell 32% to 47% faster. This applies to rentals as well. https://www.rubyhome.com/blog/real-estate-photography-stats/
Consider Updates and Upgrades to Remain Competitive
A clean and well-maintained home is a great starting point.
However, check out the competition and make sure you’re offering what they’re offering. Be willing to invest in minor and cost-effective updates and upgrades like hard surface flooring, new appliances, fresh paint or high quality window treatments. Good tenants will compare what your home offers to all the others they’re looking at. Make sure yours stands out.
Want to make your home feel more open and spacious? Here are some additional tips: https://baanwise.com/make-your-villa-feel-open-spacious/
Managing and Maintaining your Rental Property
At Baan Wise, we work quickly to prepare your rental home for strategic marketing and a fast move-in process. Longer vacancies cost money, and the best way to avoid those vacancies is by getting your home listed right away. Contact us for help in preparing your property. We’ll make sure it grabs the attention of the best residents in Phuket.
The article was written by Prakaidao Hodges. For inquiries or further information contact us here