Subject: Landlord. Absentee and sole agency. Why co-broking is ineffective?

Comments: Be pro-active. Do not ignore Internet to promote your property.

September 26, 1998
From: Anne Brocklebank
To: First-time Landlords.

Asia USA's advice to absentee Landlords is to pay the sole agent a Management Fee (to hold the keys to the unit and to allow other agents to show the unit). Full commission to agents will get some response as this is as good as Owners' advertisement.

Many absentee Landlords feel that it is a privilege for the realtor to get his exclusive listing. Yes and no. If the unit is rentable, e.g. UE Square Condo, there is no problem. However, the fact is that there are too many Owners' listings and therefore, the realtors find that they spend so much money on the Straits Times Advertisements for no results (a common experience suffered by all realtors including Asia USA associates), that they have to cut back. By the time, the 3-months' exclusive listing has expired with no results and a lot of ill will from Owners.

Attached is correspondence on the use of sole agent and Internet Classifieds to advertise and promote your property.

Date: Fri, 25 Sep 1998 04:37:27 +0000
From: David Sing drsing@asiahomes.com
Organization: www.asiahomes.com. Asia USA Realty. AFFORDABLE Singapore homes for expats. drsing@asiahomes.com

To: <@xxx.demon.co.uk>,
Subject: Parc Oasis property

Since Ms Lee is actually a realtor and we had a long conversation about your property in which she stated that it will be a co-broking basis, I need you to instruct her as to what she should do.

1. I have told her that, NATURALLY all agents, including HERSELF, will show Parc Oasis direct from OWNERS since we have such high overhead to cover. Usually there are a few Parc Oasis' Owners' listing.

2. If there are no owner listings (and this in very unlikely), I will contact her to show her listing or listings of any other Parc Oasis agent.

3. For most realtors, the practice is to show Owners' listing of equally good or better condos (in this case, the new PARC VISTA condos which is just 5-minute walk to the subway too but brand new).

This is the way the system works. I have often advised Owners to pay a Management fee to the Managing Agent (who holds the keys) and give full commission to the Agent who brings in the bread. Many foreign and Owners do not want to do so and they find their properties by-passed by

the majority of agents since it is one of the thousands of "co-broking cases" advertised in the Straits Times. Generally it will take several weeks before it attracts one co-broking agent. Exceptions do arise but the property will be MOST RENTABLE and has certain characteristics such as city location, 4+1 rooms etc.

Best wishes.

xxx wrote:

Dear Mr. Sing,

We would be willing to pay you full agency commission if you find us a tenant. Our dealings with Ms Lee are separate. Please call on Ms. Lee if you need to borrow the keys in order to show the apartment.

Note also that we wish to either rent or sell the property. As for rentals, we are willing to let it for either a one or two year lease. The flat is UNFURNISHED (except that we do supply major kitchen appliances/washer/dryer), and we are unwilling to pay to furnish the unit unless someone is willing to pay a premium rental.

Being in London, we are not very certain of market rates for rentals in Parc Oasis. I think if you view our property you will realise that it is very much above average: unobstructed panoramic view, absolute best quality fittings and appliances (we installed the kinds of lighting and applicances that WE would want to live with; it is expensive stuff), ceiling fans and other details you won't find in an average rental flat. We think a fair asking rental is $3200 a month, plus management fees (approx. $240/month). If you think this is unrealistic, please let me know. Naturally, we are willing to listen to reasonable offers.

I look forward to hearing from you.

Best wishes,

xxx

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Is it full agency commission or not. I have spoken to Ms Lee and she says it is co-broking case. Larry 

xxx wrote:

Dear Mr. Sing,
I am confused. You are asking to use my graphics, but not proposing an actual link to my web site?I will propose a deal with you: Yes, please use my graphics. In return, I would like a free listing of my property on your web site.

In addition, I would like you to please use ALL your efforts to rent my property to an expatriate tenant, for no less than $3000 a month.

Please note that you will NOT be my sole agent. The property is listed with another agent in Singapore. She is very good, but does not have the same approach as you in targeting expatriates. You must make contact with her in order to get the keys. I have informed her that you will be contacting her.

She is: Ms Lee, telephone ……

Thank you very much.

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2. Will promote your property. Pl let me have your Singaporean contact numbers. I have shared your particulars to my Associate Managers,Christine and Colleen.

4. There are other avenues of A&P too, just like what you are doing. However, you are hampered by the fact that search engines may not have listed your site yet. However, info on website is excellent and must have taken a lot of your time. The only wish of mine is that you don't use a deep green wall paper (as appeared in my notebook) which makes it difficult to print out (contrast).

5. Estimated rental of your unit - unfurnished. Hard to say depending on factors such as proximity to workplace of expat and whether the kitchen and bath look worn out. Giving Parc Vista as an example and a competitor. Brand new 3+1 ones renting at $3,000 - $4,000 fully furnished, opposite Lakeside MRT.

Best wishes to your career in the UK.

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xxx wrote:

Dear Mr. Sing,

Thank you for your message. I have reformatted the image on page 1 of my web page so that it

should no longer give you problems. The web address, again, is: ……... Naturally, I would be happy if you would provide a link to my web site from yours. However, I hope you understand that I am not prepared to pay to advertise on yours or any other web site, as I do not think the web is the place to locate potential tenants and buyers. I put up my own web pages not as an advertisement, but as a reference to potential tenants or buyers.

I would be glad if you would use whatever other means you have available to find an expatriate tenant for our property. Yes, we would agree to a fee of one month's rent for a 2-year lease. If you will list our property and attempt to find us a tenant, I will gladly provide you contact details of a person in Singapore who has the keys.

We would also like your advice as to what fair rental for our place would be in the current market. Note that it is currently vacant and unfurnished. It has the standard kitchen appliances and washer/dryer (all of which are of top quality and large capacity), plus air cons and ceiling fans in all bedrooms.

I look forward to hearing from you.

Sincerely yours,

xxx

HiAn excellent website on Parc Oasis.

1. I could not download the images on page 1 and gave up after many seconds.
2. I could download images on page 2.
3. If you don't mind, I would like to ask Mark, my webmaster to attach your file to AFFORDABLE HOMES - PARC OASIS CONDO REPORT.

4. For advertisement in my website, please send cheque $13.50 for 40 words/3 months for front page Asia USA with email to you or to me at drsing@asiahomes.co. If you have local contact with thekeys, it will be good. If Asia USA closes the case (rental), will you pay the standard agency commission of one month's rate for 2 year lease?

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xxx wrote:

Dear Sir,I own an apartment in Parc Oasis (Jurong East), which I wish to either rent to expatriate tenants or to sell. The flat is currently vacant. How may I go about listing it with you? What are your terms? I currently live in London, England, so I would appreciate that for this initial contact, you please send me information by e-mail.

For more information about my property, you can see the web page I put together:

http://www…………flat4sale

Your response would be kindly appreciated.

Sincerely yours,