Investing in real estate in a foreign country is a great way to make residual income, while also taking advantage of lower operating costs in that place. One country in particular that is quite beneficial to investors is Malaysia. Not only does Malaysia offer lower investment costs than many other places in Europe, but it’s also a place that attracts a lot of tourists. This means that your property will have a steady flow of renters, assuming you keep your property in shape. Here are some tips for doing just that.
Location, Location, Location
It doesn’t take long in the real estate industry before you realize that many investors will tell you the key to any property is where you have it. If you buy an investment property in a place that has low traffic, you may be able to get it for a good price. However, you likely won’t see the type of continual renters that will allow for you to earn money back on your investment. Instead, consider paying a bit more for downtown areas or beaches in Malaysia. This is where the tourists go, which means investors will have a chance to make good money while renting their property.
Travelers want to enjoy a vacation that has minimal concerns. This will allow them the opportunity to get away from their daily life, while relaxing in a great environment. However, if you are a foreign investor, then you likely won’t be able to provide your guests every beck and call. Instead, you can offer serviced apartments that have hired help that will help whenever the guest needs it. This could include helping them setup the Wi-Fi in the room, or it could mean giving them directions to great places to eat in Malaysia. Many tourists look for apartments that have services like this, as it makes their vacation more enjoyable, so it’s important to consider this in an investment opportunity.
Address Any Issues Quickly
Keeping with the same mindset as mentioned above and the fact that travelers want an enjoyable experience, it’s important that you, as the investor, address any issues that they have in a timely manner. If you are on a different time zone, this may be difficult. However, there are a lot of resources online that can allow travelers to rate their experience at your place. In order to ensure that they leave high-quality reviews and remarks, then you’ll want to go above and beyond to keep them happy.