How to make your condo unit appealing to lessees

July 22, 2011

For those keen on investing in real estate, leasing out condominium units is one way to make your cash register ring. The option is particularly viable for unit owners abroad who do not have someone to look after their property or investors who buy several units and make them “cash cows.”
 
Rockwell Land Corp. has tips on how to make units more appealing to lessees and to ensure higher rental yields. It has its own in-house leasing executives who take care of showing the units to prospective clients and attend to tenant’s needs upon move-in, during the lease and upon moving out.
 
“Our objective is to make leasing a unit hassle-free for our unit owners. A unit owner must only ensure that the unit is furnished, ready for viewing and occupancy and that the proper forms are accomplished,” said Angela Pagulayan, senior leasing manager of Rockwell Land in an exclusive interview.
 
To lure in potential tenants, investors should also look into how the whole community can give them the much-needed convenience and the comfort of their dwelling.
 
Case in point is One Rockwell, a two-tower building at the heart of Rockwell Center in Makati. The East Tower is a 45-story building and the West Tower boasts of 55 stories. It has a total gross floor area of 127,230 square meters of which 97,000 sq m is allocated for residential spaces.
Rockwell investors have been getting higher rental yields owing to an “ideal setup” which Pagulayan credits to their hands-on leasing team and accredited designers and contractors who all create desirable units for lease.
 
“We also feel that the distinct lifestyle that Rockwell Center offers allows unit owners to demand a higher rental rate. Tenants are drawn to a self-contained lifestyle and living concept,” Pagulayan said.
Rockwell Land has in its portfolio a diverse mix of buyers and tenants that includes expatriates, businessmen, students, retirees and starting Filipino families.
 
A very important consideration to attract a lessee is the way a unit is furnished, Pagulayan said.
“From our experience, most tenants make a decision based on the furnishings more than what view the unit has or what floor it is on. We always advise our unit owners to invest in furniture pieces that are practical, of right proportion and must have universal appeal.”
 
Making units functional
Rockwell Land’s interior design consultant Alice Erfe related that making units functional and esthetically desirable is fundamental. Some of these tips are excerpts in the “Rockwell Life,” Rockwell’s in-house newsletter.
 
Erfe said design units should cater to a variety of users, like picking a style that a corporate expat or young family will feel comfortable in. “The recipe is to have furnishings well-proportioned, interior color scheme cozy, soothing and airy, and the furniture must be functional and flexible.”
Studio units should be made to look bigger and should have as much extra storage built into some furniture like under the bed, in the TV cabinet and above the desk.
 
For the color scheme, select a neutral palette for walls upholstery fabrics, rugs and window treatments.
Accent with colors that soothe and relax but are easy to maintain like blues and greens. Use tans and browns if you want the feel of a haven after a long day.
 
Try attractive and stimulating colors like reds, oranges, yellows and copper if you want a unit that suits a lessee who loves to entertain.
 
A contrast of blacks, whites and grays with accents of browns and taupes are perfect for those who are sophisticated or even accents of reds, fuchsias and purples for the adventurous.
Choose a modern but comfortable sofa, accent chairs and coffee table, a contemporary dining table cum work table and stylish but very cozy bedroom furnishings.
 
For the furnishing, a contemporary style, neutral with some unique accents like a retro chair, an abstract artwork or even interesting black and white photograph in black or white frames will always be attractive to prospective tenants.
 
These tips can become handy if one is planning to make a good investment by leasing their units out.
For its part, Rockwell Land has also its property management team which deals directly with customers and attends to the basic needs of residents like provision of water, electricity, maintenance of tower elevators and centralized airconditioning.
 
“Our thrust is to ensure the right to peaceful and quiet enjoyment of all residents in their respective units and in the common areas of the condominium premises,” said Benjamin “BJ” Afable, West Block senior building manager and head of customer relations.
The team also prides itself with a newly implemented program called the “10/24/48” whereby issues raised by its residents or tenants are addressed within 10 minutes, solved within 24 hours and unit requests acted upon in 48 hours.
 
“Because of the features and amenities of Rockwell Center and our residential buildings, our expat market remains strong. A stable source of lessees are our brokers who themselves believe that Rockwell is a great place to live in. A good percentage also comes from clients who were referred by our current tenants,” Pagulayan said.