Location is the most important thing in doing condotel business. This is because a good location will attract more tenants as well. How can? You can try to look at the following example, as a consumer, you would certainly choose a condotel located in the middle of the city, close to shopping and food vendors rather than those in remote areas right? Apart from its practicality, strategic location also minimizes transportation costs. Thus tenants will prefer a strategic location at an affordable price, like the Riviere condo.
Tips when choosing the location of a condotel for rent:
Strategic location near shopping or food areas.
The location is easily accessible by motorized vehicles (two-wheeled and four-wheeled).
Easy parking access.
Not in a flood-prone area.
Not near the cemetery.
Never a scene location, and so on.
Rental Guarantee Scheme
The second tip is that you should look at the rental guarantee scheme offer, as a condotel investor’s right. As you know, the warranty you get is usually limited in a few years. Can also shrink over time. If the warranty period is exceeded, you will get a profit-sharing scheme related to hotel occupancy rates.
You will get a number of profits, after deducting various costs related to fees for the hotel management, marketing, operational, and condotel maintenance. That is, the income you can enjoy varies with a ratio of 50:50 or 60:40. You can ask the Condotel manager further about this agreement.
Therefore, you need to ask about the schemes that might occur to the manager clearly at the beginning.
Take advantage of Stay Facilities
As previously stated, most owners get the opportunity to spend a few nights on a condotel, complete with amenities, such as a five-star hotel. The length of stay varies according to the conditions of the manager. Usually around 12 to 30 days a year.
So, also ask about the facilities that you can get while you are a condotel owner.
Take advantage of Price Changes
For those of you who have long been in the world of property, of course you know the use of price changes due to unfinished buildings. In this investment scheme, you will usually buy an unfinished condotel at a cheaper price.