Hello, I’m the owner of a condominium here in Metro Manila. I have a problem: not all of the units have been occupied by tenants, and those that have been belong to tenants that most of the time, aren’t there. They only stay in when on vacation or when in transit to another location, so activity is low. Is there anything I can do to generate more revenue? Please help!
A popular business model for condominiums is to also operate as luxury hotels on the side. This is called a Condominium Hotel or Condotel for short. While allowing tenants to own full-service vacation homes, they can also offer to rent out and manage the unit as you would with any given hotel room. This way you can also maximize use of your tenants’ space when they’re not around, so long as you talk to them about it and they’re willing, of course. Try to bring Condotelling up with your tenants and staff! Good luck!