807051 - 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:

advertise globally, 24-hours, cheap and effective: S$13.50/40 words/3 months your property for rent or sale by Internet

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: 807051. How to rent out faster than others?

Subject: Building relationships: Arrogant Owners

Comments: Multiple investment property Owners need to be friendlier.

July 5, 1998

Case 1. Unhappy Owner.

"The agent who rented my new Oleander Tower condo did everything and waited for the Power Supply man. I am not happy with your suggestion and I am telling you……….." lectured Mrs L.

Just 2 years ago, realtors were begging Owners to let them handle their properties for rent. Owners with multiple properties dictated that realtors would get 50% of the standard agency commission - take it or leave. There are still a few around.

We recently had a case of a Costa Rhu Owner who wanted the keys back after the Letter of Intent was signed.

Our associate asked her to get somebody to wait for the government gas-meter installation people since we had handed her the key at the same time as the Letter of Intent was given to her office.

Being a busy executive, she had asked all agents to duplicate a copy of the key (it cost us $8) so as to expose her properties to a wider network without the need for her to open the unit. She expressed her unhappiness saying that the other agent who rented her new Oleander unit was only too happy to wait for the utilities people and this is a duty of realtors. (Advices to new realtors: Do not rebut as you will get more scolding; get the appointments, close the case and move on to other Owners).

Arrogance could be due to the fact that there was another offer which was not so profitable.

Owners of multiple properties have to adapt to the new situation of one condo being release every month for the last 12 months. There are 737 units in Costa Rhu and there are too many appreciative Owners and you need the realtor to 'recommend your unit' above all others, if you have no time. Obviously, we would not want to do business with Mrs L anymore since we have more excellent Owners than we have Tenants!

Also, younger Owners (less than 30 years old), if they have brains and are investment minded nowadays are clever and good at building relationship (see Case 2 & 3 below).

Case 2. Owner of a 2-bedroom Symphony Heights Condo building a good realtor relationship for the future by providing feedback.

Subject: Re:

Date: Wed, 01 Jul 1998 06:13:54 +0000

From: David Sing <drsing@asiahomes.com>

Organization: Affordable homes for expats - www.asiahomes.com for tips/Singapore rentals/pets. Asia USA Realty Tel: (65) 9668 6468, (65) 254 2728, 254 3326, Fax: (65) 256 0501

To: <chris lim@hotmail.com>

thanks for good news and feedback.

chris lim wrote:

> Just to let u know that I have already found a tenant. Hopefully this

> tenant is good. Thanks alot for everything. Bye.

> ______________________________________________________

> Get Your Private, Free Email at http://www.hotmail.com

Case 3. A new breed of Owner of multiple properties - first class public relations and Internet savvy.

Had given exclusive 3 months' marketing to nationally well known realty for 6 units of houses. Only 1 rented out towards end of exclusive despite big signboards of firm outside the houses. This indicated that most closings are still done by agents direct with Owners as most new houses in the in the neighbourhood have been being rented by Owners. Asia USA has advised in other articles in www.asiahomes.com

that Exclusives nowadays are generally no longer effective for the Owners. One more property was rented within a month after the expiry of the exclusive, by the Owner (see email correspondence below).

This particular Owner has excellent public relations and is Internet savvy. Prospect had contacted her and Asia USA Realty simultaneously through Internet.

Owners don't provide the full service to prospects coming from the USA like going to the Airport to get the wife to see the properties. There is no guarantee that by doing so, the prospect will rent her properties and therefore, it may be worthwhile to pay the realtor unless the firm is willing to work the odd hours.

--------------------------------------------------------------

See email correspondence below:

Subject: New Houses For Rent

Date: Fri, 03 Jul 1998 22:20:09 +0800

From: <jxxx@mbox4.singnet.com.sg>

To: David Sing <drsing@asiahomes.com>

Thanks for keeping me informed by email. It's too bad that the corner was taken up on the very morning that Mrs Defonseka came.

Just so that there is no misunderstanding, I never thought that she would prefer the corner until your email this morning. All along, I thought that she wanted an Intermediate unit. Anyway, the Tenant who booked the corner was very decisive and pushy. I would not have been able to delay him to wait for Mrs Defonseka's decision anyway even if I had known she preferred the corner.

I remember that at the 1st viewing, Mrs Defonseka had expressed a clear preference for the Intermediate. Also, Brian had indicated by email (several weeks ago) that he liked the description of the Intermediate.

So perhaps they may re-consider again and decide to take an Intermediate unit after all. Would appreciate it if you could let me know their final decision in due course.

In any event, if you have other clients, I hope that you will not hesitate to contact me again.

Thanks & Regards.

xxx

At 09:10 AM 03/07/98 +0000, you wrote:

She prefers the corner unit which has been rented. Will wait for

reply from husband. Thanks for waiting.

--------------------------------------------------

From - Sun Jul 05 05:47:27 1998

Return-Path: <xxx@mbox4.singnet.com.sg>

Thu, 2 Jul 1998 22:43:48 +0800 (SGT). Received: from copper.singnet.com.sg (copper.singnet.com.sg [165.21.7.30]) by tetsuo.mspring.net (8.8.8/8.8.6) with ESMTP id KAA20272 for <drsing@asiahomes.com>; X-Sender: xxx@mbox4.singnet.com.sg (Unverified). To: drsing@asiahomes.com

From: <xxx@mbox4.singnet.com.sg>

Subject: Houses for Rent

Hello David,

Thank you for bringing Mrs Defonseka to view our unit this morning. She is most fortunate to have your dedicated service to fetch her directly from the airport to tour the ……locality and to view several units in the vicinity. (can't reveal location as the exclusive firm's signboard is still hanging out from the gates!).

Thanks also for your patience in waiting for our designer to finish discussion with the other Tenant. I am glad that Mrs Defonseka did manage to discuss the kitchen layout with him in the end.

His lead time for fittings will be about 3 to 4 weeks. After that, our main contractor will attend to the overall condition of the premises including any necessary rectifications and touch-ups.

I look forward to hearing from you in due course as to whether Mr & Mrs Defonseka wish to rent our unit.

Thanks & Regards.

xxx

Case 4. A new breed of Owner - Excellent public relations, polite and friendly. Asia USA always recommend his unit first as he does not lecture us and has given us a set of keys without us having to pay for the duplication unlike Case 1.

Subject: Signature Park 4+1 for Rent.

Date: Thu, 25 Jun 1998 21:13:07 +0800

From: "J" <tan@mbox2.singnet.com.sg>

To: <drsing@asiahomes.com>

Dear Dr. Sing,

I wish to inform you that my personal e-mail add is tan@mbox2.singnet.com.sg. You may wish to communicate with me via the above e-mail add. Pls assist me to market my unit at Signature Park.

For your information, all the lightings have been fixed today. I will arrange to install the curtains shortly. The developer will hand over the unit to me by this Saturday.

Thank you in advance for your kind assistance.

Best Regards,

Tan

Case 5. A pro-active Owner with a "rentable" unit. Actively phoned Asia USA associate to see his place and gave a duplicate key as well as contact numbers.

From - Sun Jul 05 06:00:46 1998

by zinc.singnet.com.sg (8.8.7/8.8.7) with SMTP id LAA15316

for <drsing@asiahomes.com>; Sat, 4 Jul 1998 11:35:43 +0800 (SGT)

From: "Jll" <jll@mbox4.singnet.com.sg>

To: "David Sing" <drsing@asiahomes.com>

Subject: New Condo

Date: Sat, 4 Jul 1998 11:34:32 +0800

Yes, I'd be glad to talk to you. Home phone # with answering machine is ……. My wife's HP which I am borrowing today is ……. I'll be at the apartment about 12.30 to 1.00 today if you want to stop by. Our associate dropped by after receiving a phone call and we had no prior appointments. Sometimes, a phone call is preferred to emails.

Conclusion:

We hope the abovementioned real cases will be useful. Treat realtors kindly if you are interested in renting your properties faster than others. The realtor has much follow up work which you don't see.

If you can help out, so much the better. If not, no harsh words or scolding even though you do pay for the 'services' as Tenants do not pay anything.

Relationships take time to build and they can be destroyed within a few moments of your unhappiness or arrogance.

Procrastination in payment of agency commission is still common with many first-time landlords and those with multiple properties. If you pay promptly, you receive prompt attention obviously.

Please email drsing@asiahomes.com if you have properties for rent or you have queries on your rental properties or tenancy agreement. There are other tips in www.asiahomes.com "Affordable homes for expatriates".

Best wishes.

Anne Brocklebank