| Case Study: Landlord,
how to make Realtors give priority to your unit. Report
written: September 20, 1998.
Everything was right for this Costa Rhu, Livonia Condo.
- full waterfront with sparkling clean waters of the
Kallang River immediately seen on entering the living/dining room, the master bedroom and
one other bedroom,
- partial waterfront views from the other 2 bedrooms,
- attached bathrooms in 2 bedrooms (not one),
- balcony bigger than usual Costa Rhu Condo,
- 4+1 (in demand from Caucasians),
- 2,200 sq. ft (good size),
- facing North (therefore no afternoon sun), thereby rooms
are cooler and there are savings on air conditioning.
- 8th floor ("8" is lucky for
Cantonese Chinese),
- unobstructed view of river, beach and green trees. The
Merdeka bridge in the distance, Indoor Stadium on left hand side and no massive buildings
of Suntec City city views as in the Oliva units,
- no Benjamin Sheares bridge cutting the living room views
in half or facing other apartments,
- no expressway traffic noise,
- no construction noise,
- no immediate neighbours from the master bedroom which has
corner window units with clear waterfront views,
- 41 power and TV points, concealed and of great importance
for Internet surfers.
- air-conditioning in the kitchen, from the utility area
(rarely if ever installed by any Landlord of Costa Rhu),
- extra matching French kitchen cabinets which were sourced
with great difficulty,
- re-positioning of Singapore Cable Vision in master
bedroom to take advantage of the waterfront view as the Developer has positioned the point
such that the bed faces the walls,
- electrical point fixed above the fluorescent light and
mirror in the bathrooms (rarely if ever installed by any Landlord of Costa Rhu) for
hair-dryers and shavers. The Developers of this Condo do not provide such points and it
costs money to install them, away from the marble walls,
- more storage space in cupboard along hall way with hidden
compartment above shelving,
- winter clothes storage possible in the cupboard mentioned
above,
- quality bathroom accessories like glass shelving not put
in by the Developers,
- bidet hoses in the bathrooms (uncommon in any new Condo
in Singapore although older expensive ones have bidets).
- mirrored wall in the private lift lobby,
- brick-like flanking of the left and right sides of the
above-mentioned mirror in the private lift lobby,
- a real mariner's lamp in the balcony, now using
electricity,
- quality curtains,
- cushions on bay windows provided for sitting and viewing
water by Caucasian prospects,
- prompt response from the Landlord to any realtor for
viewing,
- keys available for collection from Landlord's house,
- good humour and personality of the Landlord working as a
partner with the realtors,
- "Owner" advertisements in the Straits Times,
attracting all Singapore realtors.
Rental asked $6,000 in the last month but other
Landlords have been renting from $4,000 to $6,000. Many offers of $5,000 and >3 offers
of $6,000 within last few days. Differentiation by providing quality and more than
value-for-money should attract offers higher than $6,000. Yet no closing for over 3
months. Why? It is a mystery.
------------------------------
"I don't like this brick-walled flanking of the
mirror," said Mrs F when told by the Asia USA associate that it costs the Landlord a
lot of money to install this and that no Landlord in Costa Rhu will do so for the private
lift lobby wall. The bricks make the wall look special.
"I do not use email or the Internet," said
fifty-year old Mr F told the Landlord when shown the extra 41 power points and telephone
points. "He deals with human only" as he is a human resource manager and has a
personal secretary. Money spent on this points down the drain!
"The electrical points in the bathroom, absent in
all Costa Rhu units since the Developer does not install them, will be good for your
shaver, " said the Asia USA associate, referring to the beard and sideburns of Mr F.
"Sorry, no use for me. I use scissors to trim them every 3 months!"
"Your wife could find the points useful when using
the hair-dryer," suggested Asia USA associate. "She does not use any hair-dryer
as she has cut her hair short" the husband replied.
"The air conditioner in the utility area will cool
down the maid's area," said the Asia USA associate trying to sell the advantages.
"We don't need maids," stated Mr F. However, the kitchen could receive the
air conditioning too, countered Asia USA associate. None of the expensive upgrading seems
to be necessary.
"Will the bidets be of any use? " asked the
Asia USA associate of Mr F. "We are British and we don't use bidets"
"The Landlord is a responsive and highly
recommended. He is a professional, being a lawyer" said the Asia USA associate.
"Look, love, we have the worst kind of Landlord - a lawyer" exclaimed Mr F to
his wife.
Calling the Landlord to provide reinforcement, Asia USA
associate said that the Landlord was not practising litigation which is a fact. "I am
rusty in litigation, having specialised in international business" said the Landlord.
Some of the advantages mentioned above were acceptable
though. It was high-pressure selling for this second viewing. The choice unit for Mrs F
was the ground floor unit taken by another British.
Mr F wanted some private discussion with his wife. Both
agreed and Mr F shook hands with the Landlord. Rental was $6,000 without the
refrigerator, washing machine and dryer. The cheques arrived within 3 days and the
lease was stamped. The Landlord felt he had a higher net income since he needed not supply
the appliances. He was glad that the Tenants had no children, hence less wear and tear of
the Condo.
On receipt of the cheques and lease, the Landlord paid
the agency commission immediately, without the need to ask for invoice (which was given
later). What better motivation for any realtor than prompt payment on signing of the lease
agreement as agreed in the Letter of Intent? You can be sure that his properties get first
priority as there is so little hassle getting payment, unlike most Landlords in Singapore!
Note: All agents try not to deal with Landlords
who delay payment or worst, disappears overseas for months. This applies to all
service providers. In 2000, the Tenant renewed the lease for another two years as he
had a good relationship with the Landlord. The Landlord had to decide whether
to increase the rent or retain the existing tenant with no loss in rental income. He
chose the latter option.
|
