View Full Version : renting property-one agent or several?
francophile
24-12-10, 08:03
So,how does the rental market work?Do you usually engage one agent or several?
i also wwan to know
If its to rent out your own ppty, stick to one you trust and be patient. If you go with multiple agents to market for you, it gets confusing and you might get undesirable tenants. I have been using the same agent for the last 10 years.
However if its to search for rental apartments, diy unless you are an expat.
francophile
24-12-10, 08:45
If its to rent out your own ppty, stick to one you trust and be patient. If you go with multiple agents to market for you, it gets confusing and you might get undesirable tenants. I have been using the same agent for the last 10 years.
However if its to search for rental apartments, diy unless you are an expat.
so i guess the next question is-how do you know your agent is doing a good job-just trust your instincts?
If its to rent out your own ppty, stick to one you trust and be patient. If you go with multiple agents to market for you, it gets confusing and you might get undesirable tenants. I have been using the same agent for the last 10 years.
However if its to search for rental apartments, diy unless you are an expat.
at 1 instance, i waited for several mths to get a tenant becoz i trusted 1 agent.
devilplate
24-12-10, 10:30
at 1 instance, i waited for several mths to get a tenant becoz i trusted 1 agent.
if 2wks not a single offer find another one liao lor....
Non exclusivity works well for me so far.
devilplate
24-12-10, 10:38
Non exclusivity works well for me so far.
more cumbersome lor....u goto open the doors for diff agts....if sm1 is lazy and busy, goto pass key to a trusted agt
Wild Falcon
24-12-10, 11:54
The rental market is very strong so most units should be able to rent out within 1-2 weeks unless one is asking for way above market prices. But I know some agents are SUPER LAZY - so it's important to choose a hardworking and reliable agent.
2 weeks ? so fast !
my past experience, it's in months.
btw, do u guys make ur curtain here or in JB ?
devilplate
24-12-10, 13:13
2 weeks ? so fast !
my past experience, it's in months.
btw, do u guys make ur curtain here or in JB ?
err....can save how much??
curtains doesnt cost alot rite...around 1-2k max only:D
devilplate
24-12-10, 13:15
The rental market is very strong so most units should be able to rent out within 1-2 weeks unless one is asking for way above market prices. But I know some agents are SUPER LAZY - so it's important to choose a hardworking and reliable agent.
yeah...after a while...u noe which agt's number to keep:D
ymgsterling
24-12-10, 13:30
Under the current market, what %age of gross return is considered worthwhile to rent?:confused:
3% shld be ok
btw anyone knows where to get the filter layer for the cooker hood ?
mine is a elba i think
You can find a good agent by trial & error.
1) Talk to agents showing houses in the same condo.
2) Advertise your property with the word 'owner'.
Look at the personality of the person first, before his title or real estate company.
(Extracted from my blog post at http://propertysoul.com/2010/10/08/in-search-of-good-property-agents/)
I use the same agent for the past 5 years. She's the best I find so far.
To owners, time is money. Good agents will minimize the 'vacant time' of your unit as much as possible.
My agent will find out whether the existing tenant is continuing/moving out and arrange the necessary. New tenancy agreement, repairs, etc. will be done for me before the new tenant moves in.
The moving out and the handover are often arranged on the same day so I don't have to lose rent for a single day.
I guess this is what you should expect from an exclusive agent.
Regulators
24-12-10, 15:27
no need agent lah, just do yourself lor. tenancy agreement can get online or get a friend working in property agency to email you one. Delete away the company name and change a bit, after that you can use that for your rental. Want to advertise, put an ad in the news paper monday to friday lor, you will sure get calls coming in
Regulators
24-12-10, 15:29
i am targeting to rent my regent heights unit for a 5% return :)
Under the current market, what %age of gross return is considered worthwhile to rent?:confused:
ymgsterling
24-12-10, 21:49
i am targeting to rent my regent heights unit for a 5% return :)
Wow! That's good. My agent advise that the
return should be collected based on original
cost of investment. I thought it should be
based on current market value of the property.
Which is correct?
So,how does the rental market work?Do you usually engage one agent or several?
It depend on hOw much trust and confident you have on your agent
no need agent lah, just do yourself lor. tenancy agreement can get online or get a friend working in property agency to email you one. Delete away the company name and change a bit, after that you can use that for your rental. Want to advertise, put an ad in the news paper monday to friday lor, you will sure get calls coming in
What if agents call up in response to your ad? Im sure they will want some commission.
My agent left me to face with problematic tenant . Still awaiting to collect my 1st mth rental which is 10 days overdue.
Giro not done as per contract she mention tenant problem.
Tenant no pay on 1st mth of rental she mention lawyer problem.
Ask her to chase she want me to make direct contact with tenant.
Till date still no reply from her as she insist she have done a lot !
Wonder when do duties of agent end ? After collect commission ?:mad:
In my early days as an owner, I tried to rent properties on my own.
After spending much time to show the place, I still need to pay the same amount of commission to the tenant's agent. Also, the tenant's agent can disappear after getting my commission.
I might as well rely on my exclusive agent to do all the work for me and look after my interests.
Agree. But this agent works for me leh.
And yet the level of service disappears after getting
For me a problematic tenant !
Renta return Should be based on current market value of property.
You will get a better response and can also screen your poteetial tenant first before allowing to view your property if you advertise on your own.
Its hard to get a reliable agent that will be able to rent out your propperty to a good tenant & reasonably high rent.
Agree. But this agent works for me leh.
And yet the level of service disappears after getting
For me a problematic tenant !
u can lodge a complaint with CEA ~
Regulators
25-12-10, 15:39
just pay them half of standard com as they are not your exclusive agent. 2 years rental just pay them half month.
What if agents call up in response to your ad? Im sure they will want some commission.
I pay her usual 1mth+gst for 2 Yr lease.
Sigh. Now I still awaiting her reply. CEA ? Her rice bowl leh.
If the tenant pay and all outstanding issues settle then forget it lah.
Pray myself got poor judgement of character .
Sigh.
Regulators
25-12-10, 17:03
if tenant don't pay, it is not the agent's fault so complain to CEA also no use. You have to go to Smalls claims tribunal to settle. if small claims still cannot settle, just get an order for the tenant to vacate the premises and if they still don't, get the police to evict them as tresspassers (that is the last resort)
I pay her usual 1mth+gst for 2 Yr lease.
Sigh. Now I still awaiting her reply. CEA ? Her rice bowl leh.
If the tenant pay and all outstanding issues settle then forget it lah.
Pray myself got poor judgement of character .
Sigh.
Txs for Yr advice. You are more knowledgable than my agent.
I put the date on the cheque to agent 5 days after the agreed tenent payment date. This is just to put some presure to ensure my agent will get the tennet to pay. Mine is a 2 year contract, I have issued another cheque for the 2nd year commission. The cheque is dated 1 year later. So far the agent is still working hard for me to settle minor things between tenent and myself. (For example, the tenent was not happy with the color of the curtain, I refused to change. The agent managed to persude the tenent to buy his own and rented mine.) This is why you need an agent, saves lots of on going troubles. Agent will sweat talk between tennet and owner. (For example, agent has persuded me to buy an additional gate access card - S$20, no big deal. But if the tennet was directly asking me to buy it, I might refuse based on "principle" that he should pay anything not in the Lease contract.)
Ongoing agent is always useful. How I wish there is ongoing marriage agent between husband and wife.
Thanks,
Richard
My agent left me to face with problematic tenant . Still awaiting to collect my 1st mth rental which is 10 days overdue.
Giro not done as per contract she mention tenant problem.
Tenant no pay on 1st mth of rental she mention lawyer problem.
Ask her to chase she want me to make direct contact with tenant.
Till date still no reply from her as she insist she have done a lot !
Wonder when do duties of agent end ? After collect commission ?:mad:
if you look at the rental aggreement, most of the articles are bewteen the landlord and tenant, only one or two is between the agent/landlord...
that speak much of it already...
you may complain to the company first..
francophile
26-12-10, 15:30
If I decide to go the diy route what are the documents I need to have on hand in case i get some enquiries.What is an LOI and where do I get a copy of one?
The nightmare continues. Go down myself to collect Cheq which is long overdue. Bank in. Hope dun bounce like their Gd faith deposit.
Meanwhile the agent no sound no picture.
The nightmare continues. Go down myself to collect Cheq which is long overdue. Bank in. Hope dun bounce like their Gd faith deposit.
Meanwhile the agent no sound no picture.
hello bro, it is not true ur agent can just wash hand off the matter
not long ago my tenant's cheque bounched. i got the agent representing me to do all the chasing with the other side... this is the least and minimal std of service they shld provide otherwise i go lodge CEA complaint... they reacted pronto ~
I pay her usual 1mth+gst for 2 Yr lease.
Sigh. Now I still awaiting her reply. CEA ? Her rice bowl leh.
If the tenant pay and all outstanding issues settle then forget it lah.
Pray myself got poor judgement of character .
Sigh.
Your agent should settle this for you, as the contract is drafted under the company she worked and the contract is signed between you and the tenant and the agent as witness...
No payment of rental will incur late interest charges...the agent will need to settle all this for you either by getting the tenant to pay or to get them out and replace you a tenant, than you forfeit the deposit, the tenant will need to compensate the commission too to the agent...if she cannot, call her company to help...if the tenant is good, treasure them, if the tenant is bad, show them the bloody color and get them the bloody hell of the place asap...
The saga continues... The agent inform me via SMS Tat can only bank in
Cheq tomorrow. Too late as when I collect I already bank in!
Still awaiting agent replies on Wat action to take. Now already 2 wks late !
And this is the 1st mth ! Does landlord have any rights against errant tenants ? Sigh..
The saga continues... The agent inform me via SMS Tat can only bank in
Cheq tomorrow. Too late as when I collect I already bank in!
Still awaiting agent replies on Wat action to take. Now already 2 wks late !
And this is the 1st mth ! Does landlord have any rights against errant tenants ? Sigh..
since this is 1st mth, it is same as the deal did not go through, means time to evict the tenant. For my case once the cheque bounced twice i evict the tenant right away
if got 1 mth deposit, u can makan that.
as for comm paid to agent, proceed to recover that from agency, and if no rental deposit then proceed to get your agent to collect damages from tenant..
agent must do work, cannot pat pat backside and walk away
who knows maybe your agent in cahoots with tenant, right?
thxs for yr kind advice... The cheq indeed "bounce" today.. Talk to the agent. After several calls, she promised to call them to get the signed cheq for me tomorrow.. Sigh .... :doh:
She not sure if I got right to evict the tenant as this is commerical prop.
As for her company, she decline to let me speak to her manager.
Hope can collect cheq and giro all in time.. I rest the case and consider myself bad rotton luck to struck with a irresponsibe agent and a "bad" tenant.
Wonder what rights does landlord have in this case. Any experienced prop agent or lawyer can advise ? Thxs and happy new yr !
Nightmare ! The agent SMS me tenant no reply. Ask me to await as they outstation. So still no fresh cheq. Ask her to forward ultimatium to tenant she said cannot . Told me to consult lawyer.
She refused to call me to explain. Sigh.
HELP ! Upline manager contact also dun give me.
acidic.straw
29-12-10, 13:22
Nightmare ! The agent SMS me tenant no reply. Ask me to await as they outstation. So still no fresh cheq. Ask her to forward ultimatium to tenant she said cannot . Told me to consult lawyer.
She refused to call me to explain. Sigh.
HELP ! Upline manager contact also dun give me.
Forget about your agent. You can deal with her later.
For now, you have to get your hands dirty and take action on your own.
First thing is to go back to the tenancy agreement and understand what it said for late payment and termination of tenancy.
If necessary, the second step is to get a lawyer to write a letter of demand to the tenant, spelling out the consequences of non-compliance very clearly. A letter of demand is abt 300 bucks if I'm not mistaken. You don't need a fancy lawyer to do this. Go to the law society's website for more info on lawyers available.
Nightmare ! The agent SMS me tenant no reply. Ask me to await as they outstation. So still no fresh cheq. Ask her to forward ultimatium to tenant she said cannot . Told me to consult lawyer.
She refused to call me to explain. Sigh.
HELP ! Upline manager contact also dun give me.
u are not made to be a landlord sorry to say that...
your commercial property is factory, warehouse or shophouse? this is condo forum leh..
Nightmare ! The agent SMS me tenant no reply. Ask me to await as they outstation. So still no fresh cheq. Ask her to forward ultimatium to tenant she said cannot . Told me to consult lawyer.
She refused to call me to explain. Sigh.
HELP ! Upline manager contact also dun give me.
did u tell her u will complain to her agency and CEA? :cool:
do go to CEA website and really look into it and not just say say only
u are not made to be a landlord sorry to say that...
your commercial property is factory, warehouse or shophouse? this is condo forum leh..
Rent to commercial may have more means to get money back, depending what type of business the scum tenant is in. If it’s a business with customers at the property, threaten to demand for rental at the premises in front of customers.
Happened to a friend once, a doctor refused to pay last 2 months of rental because he said it was to be deducted from deposit. The landlord threatened to demand for the rental at his clinic. The payment came in promptly after that. :)
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1101706/1/.html
210 property agents disqualified
CEA is pretty serious at this point so the threat of a complaint to CEA should wake the agent up real quick.
can u also name the agent and agency here? so that will take note and avoid in future
Thxs for all Yr suggestions ! Happy new Yr to all and wish everyone have a great 2011 ahead.
For those tat I may have bored with my encounter with the agent and tenant I offer my humble apologies. My intent is only to share my experiences.
Cheq bounced again ! Still no rent ! Agent disappear ! Tenant no response.
Anyone here knows procedure of kicking tenant out ?? Tis is sort of office use... :doh:
Regulators
10-01-11, 12:05
What is your tenant's profile
Cheq bounced again ! Still no rent ! Agent disappear ! Tenant no response.
Anyone here knows procedure of kicking tenant out ?? Tis is sort of office use... :doh:
First, you have to check whether the tenant is still staying in your property? Have they paid the security deposit?
Then, send them a registered mail to pay and also that they need to pay up the late payment interests as well (as stipulated in tenancy agreement) or quit the place within 1 week. Paste a copy of the letter on your tenant's door as well.
1 week later still no pay, get court order to evict them. Kick the hell out of them for not paying! :simmering:
Deduct outstanding amount from security deposit.
Cheq bounced again ! Still no rent ! Agent disappear ! Tenant no response.
Anyone here knows procedure of kicking tenant out ?? Tis is sort of office use... :doh:
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