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Last updated: 21 Jun 2000
|How to rent your condo faster?
Just 4 years ago, Singapore Landlords could rent their condo in Districts 9, 10 and 11 within 7 days with one or two Straits Times Advertisements. The recent recession resulted in many investment condos being vacant for months. How to rent your condo faster than others? For readers of "the graduate", I have 800 words to share my experiences as a rental realtor and will provide tips based on: be a flexible owner, know the market rent, use all realtors to help you, advertise frequently and remodelling old apartments for rent.
Be a flexible Owner.
An Owner of a District 12, brand new Trellis Towers 710 sq. ft apartment was offered $1,800 partially furnished for one year. He would save by not having to buy the washing machine, beds, living and dining sets. It had been vacant for one month despite intensive marketing. The co-owner wanted $2,000. The prospective Tenant did not accept and found a higher floor unit at $1,500.
There were no other offers despite open house 2-5 p.m. for the past 6 weekends and twice weekly advertisements in the Straits Times. One or no visitors came during open house, indicating that there was little demand for suburban condos as the supply is excessive.
I was desperate as I don't get paid if I don't perform. It is a harsh world for rental realtors. Out of the blue, a young man contacted me via the internet and phoned me from Hongkong. I persuaded the him to proceed to this Trellis Towers condo directly from the airport and to rent it for $2,300 fully furnished for 6 months with the carrot of him getting a furnishing allowance to buy new furniture.
The prospects wanted a $4,000 furnishing allowance to buy living, dining, TV and bedroom sets. One co-owner felt that $3,500 would be too much but offer this amount.
"I'll think about it," said the expatriate's signifcant other at the end of a difficult discussion with the Landlords. It was 9.30 pm. I knew the case would not be closed owing to a difference of $500. The owner could generate rental revenue of around $80 per day the very next day and recoup the $500 in 7 days. It is still vacant and another realtor would be engaged.
I found the expatriate a brand new 770 sq. ft River Place Condo fully furnished at $2,500 within 2 days. The owner has just got the keys for her unit, furnished it simply and was flexible. The expatriate just loved the condo and did not demand any allowance. River Place Condo is in prime Robertson Quay location, fronting the Singapore River and is considered an upscale condo. Photos are at:
There is also free shuttle bus to the Raffles subway too whereas in Trellis Towers, the expatriates would have to walk to the subway and pay for the rides to the office at Raffles Place. A waterfronting and upscale two-bedroom condo in prime district 9, so near to Raffles Place and Orchard Road for $2,500 rent per month?
An equivalent new upscale Paterson Edge two-bedroom condo near Orchard subway is renting around $5,000. Why does this Owner rent hers at $2,500 fully furnished? Other Owners have been renting close to $3,000. It is hard to believe but this is true.
Market Rent for new apartments/condos.
Is the upscale River Place Condo Owner renting below market? http://www.asiahomes.com/photos/120RiverPlace_river160.jpg
Most owners are asking $3,000. Check out the average market gross rent for new apartment/condo in the table below.
|Article "How to rent your
condo faster" is contributed by Dr Sing Kong Yuen, Internet Rental
Realtor & Founder, Asiahomes Internet
http://www.asiahomes.com/singapore_classified and submitted to "the graduate" magazine, a monthly publication of the National University of Singapore Society on June 16, 2000.
Asiahomes Internet is an internet property advertising agency focused on providing affordable advertisements for Owners and Realtors in the world wide web. The classifieds are placed in the website of Asia USA Realty (Singapore) asiahomes.com Pte Ltd, http://www.asiahomes.com, a reference page with over 1,000 images of Singapore housing for expat surfers relocating to Singapore.
For more information on the rental apartments or to make appointments for a FREE house-hunting for expats relocating to Singapore, email Judy Quek, tel: +65 9668 6468.
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