806095 - 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: 806095. Cutting losses.
Subject: Crumbs on the table better than no bread.
Comments: Give 80% to co-broking agents as inducement.

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 situatiion 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

oversupply of new condos

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 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 units. Prompt payment at 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.

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 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!

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 co-broke 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% commission 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). It was also not the peak season.

(As at June 10, 1998, there is only a handful of units left in UE Square Condo. 3-bedroom rents from $4,200 :ground floor to $5,800 fully furnished, high floor).

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.

June 10, 1998.

To: New Housing Agents.

Report on 2^nd half of 1998, rental housing situation.

Nowadays, most rental advertisements are ineffective because there is the direct Owner's advertisement as well as the Internet and Companies offering owners' and agents' listings to realtors by subscription.

It is best not to waste time on "unrentable condos". Let other realtors involved in the rental market know you have a good unit to rent, by phoning or faxing. Be pro-active. Follow-up. We at Asia USA welcomes realtor's listings and we do have closing.

You still have to go out and sweat it out, farm and get Owner's listings if your Tenant-based business is poor. Get exclusive from good owners and make sure you advance and promote the property. Do not get too many as you end up getting no results as you spent so much money on advertisements and promotions.

Asiahomes Internet has a cheap 3-monthly advertisement at $13.50. Please email drsing@asihomes.com for details. Cut losses when you know you have a lame duck and have been unsuccessful for past 3 months, even though the property belongs to your brother or in-laws!