Singapore real estate rentals, apartment, condo, serviced apartments, bungalows, 
semi-detached. Focus:  We get for you affordable Singapore homes.  Rent or Investment

Do you want to buy, rent or sell Singapore properties, apartments, 
condos, houses?  Asiahomes.com can help you.


Asia USA Realty (Singapore) asiahomes.com Pte Ltd  - Singapore Real Estate Department   
15 Sep 2007.   
  Focus:  We get for you affordable Singapore homes.  Rent or Investment
 
YOU WANT to rent or buy Singapore homes? 
 
MANAGING RENTAL PROPERTIES FOR
FOREIGN/ABSENTEE  OWNERS
Property Management Agreement - a contract between Asia USA Realtors who manage the rental property and the Lessor. 

Generally, rates for management of rentals for absentee landlords are 10% of the rent per month, depending on the work to be done and the number of visits to the properties required by the Landlord. 

For the HDB flat, the management fee is 10% of the rental or $200 per month whichever is higher when there is a tenant.  A one-time administrative fee of $300 is required.   

For the private property, the management fee is 5% of the rental or $300 per month whichever is higher when there is a tenant.  A one-time administrative fee of $300 is required.   

The responsibilities of a Letting Agent will include:

1.  Pre-occupation inspection and inventory taking for handing over.  Additional charges of $100 if a record, using digital photography of the white goods and furniture is required by the Landlord.

2.  Contacting the Landlords or contractors approved by the Landlords for minor repairs.  

3.  Visiting the tenant quarterly regularly to find out if everything is satisfactory.  

4.  Banking in cheque payments.  Make sure that the cheques don't bounce.

5. Inspection at termination of lease and a report on work to be done. 

6.  Look for tenants 2 months before expiry of the lease.

7.  To secure a new tenant, the Landlord pay for the advertisements , say, twice per week.  The estimated cost is S$60.00.  

The property with rentals below $2,500 per month will be open to all agents. The Landlord will pay full commission when the property is closed by any agent including Asiahomes.com company's realtors.

This is to encourage early closure with all agents. 

The present  practice of many of the Landlord's agent refusing to share commission when the rental is $2,500 and below is against the interest of the Landlord but this is a common market practice.
Many Landlords regret giving exclusive marketing rights to realtors as the rental market has declined drastically and there is no performance.  

However, some Landlords have no time to market the properties themselves. It is best to make sure that the Landlord's agent advertise "Full commission payable" so that the Landlord's property gets the full interest from realtors with Tenants. 

In this scenario, the Landlord should pay the Landlord's agent a management fee for opening the apartment for viewing and for handling queries as well as the key to the property. 

The Landlord should make sure that the Landlord's agent does not misrepresent him as "owner" offering to pay full commission to attract interest from agents with the tenants. After viewing, the Landlord's agent then split the commission 50:50 (via co-broking) instead of paying 100%.

It is best to email judy@asiahomes.com to discuss the scope of the work involved as a letting agent or refer to our
Property Management Agreement


Email for a surfer.

Dear Judy,

Saw a passage on asiahomes website about letting agent.

1.  I may be relocated overseas and am interested to know more about the work of
a letting agent. 

- See: Property Management Agreement.

2.  May I know what it means by 10-15% of rental per month? Why is there a range?

- depends on scope of work, faxes, international phone calls and number of tenant inspection visits.

3.  How often does the letting agent check on the tenants?

-  Quarterly visits generally.

4.  Would the agent
screen for illegal workers? 

-   Yes. Check on validity of employment pass which may expire during the duration of the tenancy.

5.  Would the agent help the landlord with arranging
for repair or other services if there is a request from the tenant?

-  Yes. The Landlord will pay for the repairs and other services. More info at:
Property Management Agreement



EMAIL REPLY TO A SURFER - APRIL 2003
HDB APARTMENT RENTAL MANAGEMENT FOR ABSENTEE OWNERS


Hi Judy,
I would like to inquire the services that your company provide base on the circumstances that I am leaving Singapore. I would really appreciate if
you could also advise whether it is a hassle to rent out or just return it to
HDB (I bought the flat last year with grant).

MUCH DEPENDS ON YOUR APPETITE FOR LOSING MONEY. IF YOU RETURN TO THE HDB, HOW MUCH ARE YOU GOING TO LOSE?

> * Please advise what services you will provide and how much is the fee.

BASICALLY WE LOOK FOR LEGAL AND GOOD QUALITY TENANTS, MAKE SURE THEY PAY RENT, SOLVE THEIR HOUSE MAINTENANCE PROBLEMS IN YOUR ABSENCE (MONEY TO BE PAID BY LANDLORD) AND LOOK FOR NEW TENANTS.

> * What happens if your firm fails to find a tenant?

WE CAN'T PAY THE LANDLORD ANY PENALTY FOR FAILURE TO FIND A TENANT.

WE ADVISE THAT THE LANDLORD ADVERTISES WEEKLY (MONEY TO BE PAID BY THE LANDLORD ESTIMATED TO BE $30) AND WE FOLLOW UP CLOSELY AND GIVE YOU MONTHLY REPORTS ON THE MARKET SITUATION

> * How much additional rent could be expected by not locking 1 bedroom? I prefer to lock a room.

IT IS ILLEGAL TO RENT WITH ONE ROOM LOCKED IF YOU RENT THE WHOLE APARTMENT WITHOUT HDB APPROVAL.  IF YOU RENT THE WHOLE APARTMENT, RENTAL SHOULD BE $500 MORE FOR THE BIGGER UNITS.

> * What are the advantages/disadvantages in granting your firm power of attorney in lieu of the Owner's relatives?

YOUR POWER OF ATTORNEY IS RESTRICTED TO THE HOUSING AGENCY BEING ABLE TO SIGN THE TENANCY AGREEMENT, RENT AND DECIDE ON RENTAL AMOUNT SHOULD YOU NOT BE CONTACTABLE.

RELATIVES MAY NOT WANT TO WORK FOR FREE AS TIME IS MONEY AND RELATIVES FEEL UNCOMFORTABLE BEING PAID BY YOU AND YOU MAY UNDERPAY THEM AS WELL.  AGENTS WORK FOR A LIVING AND GET PAID TO DO THE JOB FOR YOU.

How much would your firm charge for this service and is it a one time fee?

WE CHARGE $300 ADMINISTRATIVE FEE  ONE TIME AND 10% OF THE RENTAL PER MONTH WHEN THE APARTMENT IS RENTED OR $200 WHICHEVER IS HIGHER.

> * How is maintenance of the flat handled?

BY YOUR APPROVED CONTRACTORS. THE AGENT CONTACTS THEM WHEN THERE IS A PROBLEM, CLARIFY WITH YOU THE AMOUNT TO BE PAID.  THEY BILL YOU OR WE PAY THEM FROM YOUR PETTY CASH AMOUNT WITH US.

> my flat information is as follows (furniture and
> appliances are brand new)  Jurong West Central  4 room flat
> * All bedrooms with air-con, cloths cabinet & queen size bed in master
> bedroom > * Water heater in both toilets
> * Fridge, Washer, dryer, stove & cooker hood
> * Sofa & Dining Set

MONTHLY RENTAL AROUND $1,200 - $1,500 DEPENDING ON QUALITY OF FURNISHING AND PROXIMITY TO THE MRT (SUBWAY).

2003 HDB RULING FOR RENTING THE WHOLE HDB APARTMENT

If the HDB flat including resale flat is purchased with the help of a HDB loan and is over 5 years old, the owner can lease the whole apartment.  The HDB must be informed and the property tax will be increased to that of a rental apartment rather than the concessionary rate. 

The fine print is this. The HDB loan must NOT be a subsidised loan!  The owner must have paid interest at the commercial rate during the years of mortgage. Otherwise, the ruling does not apply to him!  Consult the HDB for the latest ruling in 2008. We provide this service for a fee if you don't have time to do it yourself.


For the latest updates on the subject of rental management,
tel: + 9668 6468, 65 6254-3326. Fax: +65 6256-0501 to get more info.
E-mail: judy@asiahomes.com to get a list of housing or to view housing in Singapore.


¬©Asia USA Realty (Singapore) asiahomes.com 
Pte Ltd.  Website:  asiahomes.com
House Agent's Licence No. AD041-07306B

Blk 1002, Toa Payoh Lor 8, #01-1477,
Singapore 319074, Republic of Singapore

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