real estate, handling short term leases, educational stories for asiahomes.com realtors,
excerpts from "The
Internet Realtors, Singapore", sponsored by AsiaHomes Internet.
"If I were the Landlord, I would not return his good faith deposit. Let him sue me
for it," said Edmond, the co-broking realtor.
I had persuaded Edmond to get the Landlord to sign the tenancy agreement after receiving
the good faith deposit. My client, an American expatriate had agreed that it would
be a Company lease and that the mandatory Landlord's tenancy agreement would be acceptable
to him. These terms were stated in the Letter of Intent.
He was busy and had delayed returning the lease for at least 10 days. When pressed
by me to get things moving, he discovered that his company would not sign the lease.
The Landlord would not accept a personal lease. Was this a hopeless case
then? Would he lose his good faith deposit?
I asked him to sign the lease personally so that I could forward to the Landlord. He
would not sign till he had a second inspection. However, the incumbent tenant was
travelling a lot and therefore, there was no opportunity to fix an appointment.
Another 10 days went by. He was given an ultimatum to sign by the co-broking
Of course, the Landlord rejected his personal lease as this Landlord would only rent to
corporations. The co-broking agent was hopping mad and gave us 48 hours, after which
he would lease the unit to another expatriate.
Would the $10,000 good faith deposit be lost? I was feeling the metal melting heat
of this indecisiveness of my client and his company's policies.
My client then told me that the Landlord must accept his company's lease if the Landlord
did not want the personal lease of the expatriate. He sent a zip file of the draft
The Landlord had been very specific that it was either take his lease or get out.
Twenty four hours remained before co-broker Edmond released the unit to other
There were only seven days left to the commencement of tenancy and I had thought this was
an easy case.
This multi-national company had retained realtors but this expatriate had been referred to
me by his colleague via email. I replied and he contacted me when he reached
Singapore to take up a job.
Maybe this was the reason that he encountered the problems from the human resource
department. I had rented a condo to his colleague and there was a similar
problem regarding company leases. Eventually, the company had accepted the
Would this precedent help this present expatriate and prevent a loss of the good faith
deposit? I faxed to him the tenancy agreement of his colleague. In addition,
the unit he wanted to rent was rented to another colleague and the Landlord's lease had
been accepted by the company.
Realtor Edmond did not respond to my calls for the whole day. He was attending a
seminar. He was cursing away when I told him at 10.30 p.m that my client's
company had accepted the Landlord's tenancy agreement.
He would give me "face" and would hold the unit for another 24 hours provided he
received the two months' security deposit the next day. I kept quiet so as not to provoke
him further. He would have received much scolding from the Landlord in the management of
this case. It could have been closed long ago if my client had given some urgent
attention to this lease.
Most corporations would not be rushed to prepare cheques within the day. The incumbent
tenant had agreed to move out in 6 days' time and there was a serious possibility of
losing the good faith deposit or of going to litigation to recover this deposit paid by
I would be rushing to the corporate headquarters first thing tomorrow morning and hope
that the human resource department would be kind enough as to agree to the terms and
conditions of the lease and issue the security deposit. Would there be light at the
end of the tunnel to the Science Park corporation?
Tips for new www.asiahomes.com Realtors
This case study showed that you would have to be calm in the face of a hostile co-broking
agent, an indecisive expatriate tenant and political football of the human resource
department. If you had no patience, your expatriate client You might have great
difficulty getting back the good faith deposit as he had earlier said that there would be
no problem getting a company lease.
You Got Tenant, Serviced Apartment Owner?
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You need to know where your enemies can be found.
You need to advertise in www.asiahomes.com
where prospects interested in Singapore properties
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Telephone +65 9668 6468, E-mail firstname.lastname@example.org
20 Feb 2001