Many Tips And Info To Rent Out A Flat From Real Experience

[toapayohflat 0]

hi,

i want share some tips to rent out a flat my own experience.

- don't rush to rent out your flat.

even a central location flat that walkin to mrt station under shelter in 5 min, could be take 6-9 months or more to get a good tenant.

- don't judge the tenant by their profession, nationality, personal status, etc.

many people think local people could be less problem of payment, cooperation, etc compare other nationality.

many people think have single's tenant is much better than a family that have young kids.

dirty place can be somehow clean up with relative small cost but damage place definitely need more cost.

- don't shy/ shame to have more than 10-20 pages of lease agreement.

make sure the lease agreement written in clear, simple, plain, readable or understandable by common people for each rules/ conditions.

do not thinking, it is a standard/ common sense thing. what you think it is standard/ common sense thing maybe not for other people.

- be open and straight forward in the begining of the deal, before accept the downpayment.

make sure every thing been said have writeen in the lease agreement in simple, plain and understandable english sentence.

be open or honest that this agreement is a pure/ 100% business transaction and not something like charity/ non profit/ mercy relief organization, where you can accept a-z, incredible, touching story (just assume it is a real story) of what ever.

please don't get anything wrong/ feel shy/ shame about it in the first place, because some tenant think, they are dealing with charity/ non profit/ mercy relief organization instead of normal individual owner.

- don't shy/ shame to ask tenant lifestyle/ comfortable level.

again, don't judge the tenant by their profession, nationality, personal status, etc.

be mature and straight forward that the rent cost is this price for this location/ place.

i believe and sure for same available bedroom no. the rent price will be different whether it is 5 or 50 minutes walk to mrt or whether it is central or outside central.

because some people have/ used to a very high lifestyle/ comfortable level but with normal earning level.

and to achieve that very high lifestyle/ comfortable level, these people will try anything from a-z, incredible, touching story (just assume it is a real story) for excuse of their defence.

again, please don't get anything wrong/ feel shy/ shame about it in the first place,

- terms of late payment should be as clear as possible.

don't shy/ shame to put in clear, simple, plain and understandable english sentence for late payment terms.

is it ok if every month payment late more than 10 working days?

if payment late than 10 working day, tenant paid the late interest, than when should be the tenant pay for the remaining months.

is it ok if every month tenant paid the late interest payment?

if the payment due on 1st day of the month, is that mean you will receive the money of that day, or the tenant will take out the money on that day but landlord received 1-3 days later (something like bank transfer/ auto giro/ post/ etc)

sad to be hear/ know, something like this people will think/ say "late 1-3 day, you already not happy".

to be honest and mature, can you say every month "late 1-3 day, you already not happy" to your car/ flat/ credit card loan person in charge?

- be clear about how many bedroom available.

if you have 1 bedroom locked, don't shy/ shame to put in clear, simple, plain and understandable english sentence in lease agreement, that the room available is exclude that locked bedroom.

don't shy/ shame to put in clear, simple, plain and understandable english sentence in lease agreement, more detail that any kind/ situation, partition to make additional bedroom is not allowed for what ever reason.

- be clear about how many percentage that the flat will be use as home, home office, bedrooms and bathrooms only, etc

don't shy/ shame to ask this question and write it in clear, simple, plain and understandable english sentence in lease agreemen.

do you care if your flat from previously a normal place for living become a pure bedroom and bathrooms only.

- don't shy/ shame to share your expectation to rent out a flat.

if you expect, a family who will live as a normal family, need kitchen, need living room, need dining room, etc, please stick firm to that expectation.

if you expect, any people will do, maybe no need kitchen, no need living room, no need dining room, etc, you can do that too.

- be clear about how many average people will visit or just come in and come out in a week.

don't shy/ shame to ask this question and write it in clear, simple, plain and understandable english sentence in lease agreemen.

do you want about 10-30 different peoples each week in average visit your flat? because some neighbor with young kids feel not comfortable about so many different people come in and out/ by pass their corridor daily.

i hope my experience can help many landlord to get a good tenant.

[roland 0]

Hi,

I agree with toapayohflat 100%. Really need to be very careful.

I have a tenant (a family of 2 adults 2 kids)... Before renting, they seems quite ok, keep assuring me that they are a very simple family, absolutely no trouble...blah blah...

After renting to them, quite a number of issues

1. Spoiled 2 washing machines within 7 months (I have been using one of them for 7-8 years without issues. They spoil it within 2 weeks. Get a second hand one, spoil it within 6 months. Even wanted me to cover their laundry charge... $#%#@$@%#). Once may be a coincidence, but twice seems suspicious...

2. Late payment each and every month.. Supposed to pay by day 0, always pay around 6-8 days late. Every month need to remind them to pay rental. One of the months, I reminded them on day 5, they complain that they have already transferred on day 4 and I should have waited.

3. Spoiled my heater within 5 weeks (I gave them warranty of 30 days as per normal rental contract). Requested me to change one, saying that they are unable to get their property agent to reach me in time.

4. Insisted that I have to help them put back the sofa cover after I have send them for dry cleaning when I first rented to them (saying that they are too tight, don't how to put it back)

There are still other minor things which are too minor (but pesky). I won't have rented to them if I know their pattern... sianz..

Now can only hope that they refuse to pay me rental (so that I can evict them legally) or wait till the rental agreement has lapsed..

[toapayohflat 0]

Hi Roland,

Thanks for your sharing.

from my experience:

- it is harder to rent out a non-furnished than furnished flat.

but considering problem that might appear in the future, non-furnished flat is much better for everyone interest.

if you have furnished flat, it have to be written in detail, clear, simple, plain and understandable english sentence in lease agreement.

if you have a custom/ full wide and high tv cabinet, please be written in detail, clear, simple, plain and understandable english sentence in lease agreement that it can't be fully/ partly dismantle at any time.

- tenant probation period.

I will lower rental fee 50% for first 3 months, to see/ experience what kind of tenant rent my flat in the future.

this insentive 50% for first 3 month because landlord have option for not continue the remaining 9 months of the lease agreement.

- late payment terms

i will make late payment as:

more than 5 days late will have 10% interest form rental fee.

5-10 days or mroe late will have 50% interest form rental fee.

11 days or more late will have 100% interest form rental fee.

3-6 times late, either continuous or not, will have 50% interest form rental fee

7 or more times late, either continuous or not, will have 100% interest form rental fee.

Hi,

I agree with toapayohflat 100%. Really need to be very careful.

I have a tenant (a family of 2 adults 2 kids)... Before renting, they seems quite ok, keep assuring me that they are a very simple family, absolutely no trouble...blah blah...

After renting to them, quite a number of issues

1. Spoiled 2 washing machines within 7 months (I have been using one of them for 7-8 years without issues. They spoil it within 2 weeks. Get a second hand one, spoil it within 6 months. Even wanted me to cover their laundry charge... $#%#@$@%#). Once may be a coincidence, but twice seems suspicious...

2. Late payment each and every month.. Supposed to pay by day 0, always pay around 6-8 days late. Every month need to remind them to pay rental. One of the months, I reminded them on day 5, they complain that they have already transferred on day 4 and I should have waited.

3. Spoiled my heater within 5 weeks (I gave them warranty of 30 days as per normal rental contract). Requested me to change one, saying that they are unable to get their property agent to reach me in time.

4. Insisted that I have to help them put back the sofa cover after I have send them for dry cleaning when I first rented to them (saying that they are too tight, don't how to put it back)

There are still other minor things which are too minor (but pesky). I won't have rented to them if I know their pattern... sianz..

Now can only hope that they refuse to pay me rental (so that I can evict them legally) or wait till the rental agreement has lapsed..

[qohsg001 0]

As someone who is renting, i must say that it is also a headache for me.

Just move into a new rented place, after my first rental finished. The first place was a nightware! the LL was horrible!

The place i had was fully furnished. Of course he furnished it with cheap *kea things so when the sofa bed was worn out, he claimed i have damaged it!

it was a nightmare settling it, and i couldnt get back my deposit.

So for this new place i chose unfurnished. yes another kind of headache but i enjoyed shopping for my stuff..

[kusudama 0]

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Edited January 16, 2017 by kusudama

[thomasleemengjie 0]

Renting is a luck. I did all the check but still didnt turn out well. 

 

I usually dont furnish as different people have different taste of home decor

 

[rogerperry 0]

Thanks for your sharing.

[Guest propertyboulevard]

Thanks for your sharing.

[srscontracting 0]

Thank you for sharing this useful information.

[jamescoane 2]

Valuable information Thank you for sharing this useful information.