806093 - Tips for 1st Time Landlords

SURFER’S GIRL

TIPS FOR FIRST-TIME LANDLORDS

Educational article sponsored by
Asiahomes Internet
Affordable Internet advertisements for Singapore Owners/Realtors
Blk 1002, Toa Payoh Lorong 8, #01-1477, Singapore 319074.
Tel: (65) 9668 6468. (65) 254 2728, 254 3326, 254 7944. Fax: (65) 256 0501

Please email drsing@asiahomes.com or call (65) 9668 6468 to:

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seek AFFORDABLE HOMES FOR EXPATS.

Real life common encounters on property problems and some possible solutions are shared to benefit all international surfers to www.asiahomes.com.

Ref: 806093. The doctor all realtors love.
Subject: Crumbs on the table better than no bread.
Comments: Good bedside manners get referrals.

June 10, 1998

"You take 80%. I have a unit in UE Square as well," said our agent on a late evening viewing to Ms C who was trying to persuade the Owner of another unit to close for her American client. She was interested but like most Singaporean Chinese girls, did not comment or discuss further.

This 2-bedroom unit faced an opposite Shell Tower Office block, had dark kitchen and though spacious, did not elicit warm responses from prospects in a situation where there were many units available. Sometimes, you have to cut losses as the Straits Times advertisements usually are ineffective nowadays, due to :

shrinking tenant base as many American and Japanese companies are down-sizing.

oversupply of new condos (almost one/month released in 1997/1998).

direct Owner advertisement

introduction of computer databases for all realtors who can then contact Owners directly more proactive Owners.

"What is the commission (sharing)?" asked Ms C discreetly as the Tenant appeared interested in the unit. "It is 80% as promised yesterday".

The Owner was informed. He was at the condo with his cheque book. He is a smart investment doctor because he thinks in the long term by writing a cheque on the spot at closing without waiting for the invoice and then delaying payment as long as possible - a common situation from many Owners.

We all remember to contact him whenever our Clients look for his type of units, as he had a few other investment units. Prompt payment at the signing of the tenancy agreement is a rare gesture from Singapore Landlords but this practice certainly puts the Owner in top priority during such difficult times for Owners and Realtors.

It is difficult getting the realtors to bring prospects to your unit and if one foot is not on the door, it is difficult to rent the apartment. If Owners ignore reminders and do not pay promptly, realtors tend to avoid such people because of the over-supply of housing and there are many other landlords too happy to know the rental agents.

See article: "Dressed to kill the New Zealand Pathologist" in www.asiahomes.com - Affordable homes for expat" to read about the cleverest and most intelligent landlady in Singapore. All realtors will want to refer any client
(whether a prospective patient or Tenant) to this SGH doctor as well as he has that "intuition" as to what makes a realtor tick!

Case study for new housing agent:
Cutting losses on "unrentable" condos

New housing agent wrote:Have the keys to the apartments in Costa Rhu because there is a 4+1 there that is really nice. I now have friends who want the same as we have with the same budget, so thought I would sort the whole problem out by showing them this apartment. Agent gave me keys to another unit just in case. Won't tell you which one unless you want to cobroke with her.

Date: Mon, 25 May 1998 06:31:03 +0000From: David Sing drsing@asiahomes.com
Organization: www.asiahomes.com. Asia USA Realty Tel: (65) 9668 6468, (65) 254 2728, Fax: (65) 256 0501

To: New realtor

It will take time to close your case. It is best for you to keep your own listings and contacts, otherwise there will be misunderstanding as Costa Rhu's units are openly advertised by too many Owners too. The issue is the lack of Tenants, not the lack of Owners.

I remember this incident very well. It was a hot humid night at UE Square and I met an old contact at the pool. She was ready to close on a UE Square condo (which was on sale as well).

I offered 80% commision to co-broke and close on my own non-exclusive UE Condo unit (2nd floor, facing office block and not much in demand despite 3 times/week Straits Times advertisements costing a bomb). She did remember me and the next day, she called to say that the unit was sold. She recommended my unit over others. You may benefit from this tip from an old timer. Rather close early for this Owner and get 20% or get nothing.