Five Tips for Choosing the Right Tenant

 Simple steps for landlords can follow to avoid problems later on

Choosing-the-right-tenant

Choosing-the-right-tenant

 

MANILA, FEBRUARY 26, 2015: For landlords, selecting a bad tenant for your property can be a costly exercise. Leasing your property to the wrong person could result in damage to the home, unpaid rental payments, and even legal action. But by taking the time to search for the right tenant from the outset, landlords can minimise these risks and avoid any additional costs.

From face-to-face interviews to checking a prospective renter’s credit history, global real estate network Lamudi takes a look at five simple tips for selecting the right tenant for your property.

If possible, meet the applicants

If you are managing the property yourself, rather than hiring a real estate agent, the rapport you have with the tenants will be crucial. If time permits, schedule face-to-face meetings with the applicants. If you live out of town, set up a phone call instead. Spending time on this crucial step could save you a lot of problems during the tenancy.

Be thorough with documentation

Require certain documents of all applicants and be thorough in verifying these. As well as a copy of their identity card or passport, proof of income should be provided. This should take the form of both a work contract and copies of their most recent payslips. In order to ensure the tenant can afford to lease the property, the rent should not be more than about a third of their total monthly income. For extra security, homeowners can also require references from previous landlords.

Check their credit history

Perhaps the most important component of the screening process is verifying the prospective tenant’s credit history. This will tell you whether they have any outstanding debt, as well as whether they have a history of paying their bills on time. Brokers who specialize on leasing properties recommend asking for the would-be tenant’s latest billing statements, such as mobile phone subscription. Even if they can afford the rent based on their current salary, they may have accumulated debt and these repayments will need to be factored in to their budget.

Look out for warning signs

When reviewing an application, look closely at the prospective tenant’s rental history. Have they moved around a lot, or do they tend to stay in a property more long term? Most landlords will be looking for a tenant who is stable and willing to stay for a longer period. A patchy rental history where the tenant has moved house frequently could be a sign that there have been issues between the person and their previous landlords.

Listen to your instincts

All the information and documentation the renter has provided checks out, and you are almost ready to select the new tenant. However, there is something holding you back from offering them the contract. Even though everything seems to be in order, you feel uncomfortable renting your property to this particular individual. Always listen to this gut feeling and trust your instincts before making a final decision.

For more information, please visithttp://www.lamudi.com.ph

 

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A GUIDE TO CONDO PRICES IN METRO MANILA

INFOGRAPHIC: A GUIDE TO CONDO PRICES IN METRO MANILA

Average price of condominiums in Metro Manila’s key cities revealed

GuideToCondoPrices

Image via IngImage

MANILA, JANUARY 27, 2015: Property-seekers on the hunt for a reasonably-priced condominium should consider buying in Las Piñas, which has emerged as the city with the lowest average condo prices in Metro Manila.

At Php49,849 per square meter, buying a condo in Las Piñas is likely to be cheaper than anywhere else in the metro area, new data from property portal Lamudi Philippines shows. At the opposite end of the scale, Makati is the most expensive, with condos in the area costing an average of Php139,012 per sqm.

Based on an analysis of its 90,000-plus property listings, Lamudi has created a heat map revealing the broad range in condo property prices across Metro Manila. The information mined from the global property portal’s extensive data gives property buyers an in-depth look into the Philippine capital’s condo real estate market, and informs homebuyers and property investors on what to expect if they plan to buy a resale condo property in the coming months.

As expected, Makati tops the metro’s condo property market, boasting an average asking price of Php139,012 per sqm. An average 120-sqm condo in the city may have a selling price of about Php16.68 million. However, although Makati’s property market is quite pricey, the city has a wide range of condo properties available, from a very expensive Php388,888-per-sqm branded residence in Ayala Center, to an affordable Php27,137-per-sqm medium-rise condo in San Antonio Village.

Taguig comes in second, boasting an average asking price of Php126,129 per sqm. Condos in the city’s Bonifacio Global City (BGC) area command the highest prices, with the most expensive boasting an asking price of Php333,333 per sqm. The cheapest condo on the market in Taguig costs Php23,333 per sqm, which is located in the outskirts of BGC.

Pasay and Quezon City have almost identical average condo prices (Php104,685 and Php101,277 per sqm, respectively), but the latter being much larger has more for-sale condo properties.

The Lamudi data also revealed that average condo prices in Manila, Mandaluyong, San Juan, and Pasig are at Php95,134, Php88,174, Php87,294, and Php80,329 per sqm, respectively, whereas those in Parañaque, Muntinlupa, and Las Piñas cost Php64,276, Php60,804, and Php49,849 per sqm, respectively.

No data was generated for Marikina, Valenzuela, Pateros, Malabon, Caloocan, and Navotas due to lack of condo listings in these cities.

GuideToCondoPrices-3

Jacqueline van den Ende, Managing Director of Lamudi Philippines, said the analysis was designed to inform Filipinos on property prices and to give them a clear picture of how the real estate market was behaving. At the moment property buyers can only rely on unorganized and incomplete data churned out by different organizations.

“The Philippine real estate market is rapidly growing and what the market needs is hard data to inform Filipinos’ buying decisions,” said van den Ende.

One of the highlights of the analysis, according to van den Ende, is that although Makati still boasts the priciest pieces of real estate in Metro Manila, Taguig is quickly catching up and may even overtake Makati over the next few years if current growth trends continue.

“In the future, our property price analysis will also include not only of condos but also prices of houses, commercial and office spaces, and industrial properties from across the Philippines,” she said.

ABOUT LAMUDI

Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 32 countries in Asia, the Middle East, Africa and Latin America, with more than 800,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. For more information, please visithttp://www.lamudi.com.ph

 

 

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