TIPS FOR LANDLORDS
Pretty up your house
2002
is a difficult year for Landlords with older houses as there are
so many new ones from the Developers and others for rent.
You may love the floral wall paper and grilles as an owner
occupier but once you decide to rent, be investment minded.
Remove wall papers. Paint the walls white. Remove the grilles.
Install the snow white translucent Roman blinds (vertical blinds)
if the view is not pleasant or there is no privacy.
Paint the doors greyish white. Install modern steel door knobs.
Change the bathrooms and kitchen cabinets.
Preparing the house to attract the Caucasian expatriates who are
the group most favoured by Landlords will need careful thought to
pastel colours and some expenses. Remember that most expatriates
still like condos, but there is a select few who want decent clean
newer houses. Their rental budgets range from $2,500 -
$20,000. Most likely, the reader's house will be renting
from $2,500 - $5,000 as this is the group who needs to know what
to do to rent faster. The others know what to do as the bank
mortgages or interest of over $5,000 per month are considerably
higher and make them aware of what it takes to rent faster to
Caucasian expatriates.
If you wait till you get a prospect to do up the house, you will
have wasted a few months. Time is money. If you don't mind
prospects who pay you much less for not doing any home upgrading,
you may still have problems finding a tenant. The reason being
that the Developer-Landlords are renting out too and they are
really good at decorating their homes and have a large team of
realtors who are kept updated of listings by emails, faxes and
phone calls.
Thankfully for the individual Landlords, the corporate Landlords
are not so flexible, nimble and do not know how to harness
cleverly the internet yet. If their executives are highly
motivated and they make full use of information technology, you
will find that they rent out fast and few good realtors will
bother to show your property.
If you were the realtor who is paid on performance, will you show
a house which the Caucasian expatriate will say no or show a few
and close in one house-hunting visit?
Be investment-minded. Time is money. An empty unrenovated
house can be broken into by thieves. It may be rentable with
time but the quality of your tenant will not be good. Your rent
will not be much too.
Only that some of us may not have the money or idea to upgrade the
house to a good standard to make the prospective Tenant say,
"Vow, make an offer to the Landlord now!" I hope
this tip will be useful.
david@asiahomes.com
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