Finding Tenants

[forgotten 1]

To those of you who didn't engage a property agent, how did you find your tenants? Some sites charge $200 for posting rental ads.

Thanks.

Edited March 12, 2010 by forgotten

[blue_skies 3]

To those of you who didn't engage a property agent, how did you find your tenants? Some sites charge $200 for posting rental ads.

Thanks.

Can try advertising in Straits Times classified newspaper, websites such as St701.com or mocca.com

Looking for tenants is time consuming coz you have to handle all the phone calls and enquiries and arrange viewings etc. It's ok if you aren't working or if you work flexi hours, but if you are in an office job, may not be very nice to be on the phone all the time

Having an agent to handle tenancy for you is also good coz they will sort out all the paperwork and help with the transfer of utilities etc - at least that's what my agent does for me.

[forgotten 1]

Can try advertising in Straits Times classified newspaper, websites such as St701.com or mocca.com

Looking for tenants is time consuming coz you have to handle all the phone calls and enquiries and arrange viewings etc. It's ok if you aren't working or if you work flexi hours, but if you are in an office job, may not be very nice to be on the phone all the time

Having an agent to handle tenancy for you is also good coz they will sort out all the paperwork and help with the transfer of utilities etc - at least that's what my agent does for me.

Thanks for your reply.

I'm broke after my house purchase haha, that's why thinking of saving on agent commission. I'll only be renting out my 2 rooms, so there's no need to transfer utilities.

[therat 18]

remember to register ur tenant to HDB.

thru' words of mouth.

Ask around especially foreigner colleague, anyone want to rent a room.

I'm thinking of 1 thing.

When we register the room tenant to HDB, do we need to declare the room rate?

if yes, by end of the year, will IRAS indicate that room rental to be my other income?

When we rent out whole unit, the TA always has 2 section of rental. 1 is room rental, 1 is furniture rental.

can we do the same for room rental?

Edited March 17, 2010 by therat

[zirhk3355 1]

Advertising for room tenants is not effective to use newspaper classified, because usually they are for whole flat rental. Tenants searching for room only will be confused. Instead these tenants are usually internet-savvy and rely on room-only web portals, such as easyroommates, roomsdb, etc.

Can also put up ads near MRTs, bus stops, or workplaces/schools likely to have more foreigners, eg hospitals, one-north, NUH/NUS, NTU, MDIS, etc.

Also can package your room rent with services such as utilities (capped at certain amt), internet, telephone, cable, housekeeping (employ day maid to clean for them once a week), etc. This is always more welcomed by foreigners who want one-price, fuss-free rental.

For agents, I will only be willing to pay if they can increase my asking rent. Otherwise, its not worthwhile; eg if your asking rent is $800, its better to lower your rent to get direct tenant at $780 (only $480 loss over 24 mths) than to pay $800 to an agent.

[zirhk3355 1]

remember to register ur tenant to HDB.

thru' words of mouth.

Ask around especially foreigner colleague, anyone want to rent a room.

I'm thinking of 1 thing.

When we register the room tenant to HDB, do we need to declare the room rate?

if yes, by end of the year, will IRAS indicate that room rental to be my other income?

When we rent out whole unit, the TA always has 2 section of rental. 1 is room rental, 1 is furniture rental.

can we do the same for room rental?

You have the same thoughts as me; HDB claimed that they are doing this "subtenant registration" in-line with ICA's move to clamp down illegal harbouring, that you do not have to ask HDB for approval but just register only.

But in the registration, they asked for all the details of your tenancy, how long, what price, etc!! What for, if its not to be submitted to IRAS to tax you??

For room rental, you can also split the rent into net rent and furniture rent using the 65%-35% rule.