Renting out the unit thru exclusive agent or should not?

[newbie12]

Dear all forumers,

I am a newbie, wanted renting out the unit. Got many agents calling, too confuse.. Please advice renting out the unit should go thru exclusive agent or should not? What are advantages and disadvantages? Or just go for open market? Any recommended agent please. Thank you and much appreacited all advices here!

Regards,
NB

[Regulators]

Just throw an ad and rent out yourself, that is the best. Save the rental commission being your family go on a holiday

[carbuncle]

you may need to take a different strategy depending on how hot potato your property is. from the sound of it looks like rather hot. if you are fine to spend the time and energy dealing with viewings then by all means save on the commission. else better to have an open listing and let agents handle it. whether you trust them enough to pass your keys to them for each viewing or go down personally just to open door, is up to you.

[radha08]

the ONLY difference i see between an agent and owner is that agent can advertise in property guru....:mad:

[radha08]

for the record my previous 2 rentals i did myself advertised in papers...but SOME people may find it better doing thru agent...;)

[carbuncle]

I think bro rad runs his own businesses that's why his time is more flexible and can afford to diy.

Besides, one needs to have a lot of patience too.

[newbie12]

Thanks for the responses!

I just more concern if there will be some issues happen during the 2 years tenacy lease, legal terms or so. Would agent help to follow up? Thanks

Regards,
NB

[carbuncle]

Agent supposed to represent you in all matters of service and negotiation. That's what they are paid half month rental per leased year for.

[DC33_2008]

I suggest that you use the agent as you are leasing it for the first time. It is easier for agent to handle when there is any conflict or raise of rental upon renewal. Third party. Is always more powerful. :D

[CondoWE]

Thanks for the responses!

I just more concern if there will be some issues happen during the 2 years tenacy lease, legal terms or so. Would agent help to follow up? Thanks

Regards,
NB

My agent is my ex-colleague who did all for me includes after rental services like change bulb..etc. I just need to confirm the monthly rental fee by ibank check only :D !

[newbie12]

My agent is my ex-colleague who did all for me includes after rental services like change bulb..etc. I just need to confirm the monthly rental fee by ibank check only :D !

Can recommend your agent? PM me can? :)

Heard few cases that the agent turns uncontactable after took the comm.. anyone experience such..

Regards,
NB

[DC33_2008]

Especially when one has quite a number of properties on rental. No news being good news. So much better if a few agents are helping to market your unit for rental. Just got a call from one of them that an american interested in my two bedder condo and offers a higher rental from the last tenant for a two-year on corporate lease. Hope he will look after my place well like the last one. It is like looking for a domestic helper.
My agent is my ex-colleague who did all for me includes after rental services like change bulb..etc. I just need to confirm the monthly rental fee by I bank check only :D !

[radha08]

I think bro rad runs his own businesses that's why his time is more flexible and can afford to diy.

Besides, one needs to have a lot of patience too.

in the virtual world anybody can be what they want...man or woman NOBODY knows...:D

[auroraborealis]

Depends on your objective; if you looking for higher than average rent in your project may require agent to advertise continuously, if you're ok with average rent can just advertise on free online classified ads like gumtree...

I just use Gumtree most of the time... For example, if everybody in propertyguru asking 3200 for unfurnished 2br, then I'll just offer 3200 full furnish or 3000 unfurnished. To me, leaving the property empty for 1 month to get 200 extra for next 12 months is not worth - 2400 vs 3000 :doh:


Dear all forumers,

I am a newbie, wanted renting out the unit. Got many agents calling, too confuse.. Please advice renting out the unit should go thru exclusive agent or should not? What are advantages and disadvantages? Or just go for open market? Any recommended agent please. Thank you and much appreacited all advices here!

Regards,
NB

[lajia]

for the record my previous 2 rentals i did myself advertised in papers...but SOME people may find it better doing thru agent...;)

What about the legal aspect of it? Contracts?

[DC33_2008]

I done renewal on my own without agents as we cannot find the agent. We just use the same contract and change the period. Stamping of agreement is so easy with the e-stamping of IRAS.
What about the legal aspect of it? Contracts?

[lajia]

I done renewal on my own without agents as we cannot find the agent. We just use the same contract and change the period. Stamping of agreement is so easy with the e-stamping of IRAS.

But for the first time someone need to draft it right? Or we can just take it our own?? :o

[radha08]

What about the legal aspect of it? Contracts?

mine hdb....no issue..get hdb approval..get tenant to pay stamp duty....ho seh liao...

http://smartpropertybuyer.blogspot.sg/2007/09/blog-links.html

http://www.google.com.sg/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCIQFjAA&url=http%3A%2F%2Fwww.case.org.sg%2Fdownloads%2Fbuffet%2Fmodel_tenancy.pdf&ei=ModVUK6qCYvRrQejlIDgDg&usg=AFQjCNHagQcknZWF2YMRGzlP91zE41slnw&sig2=xJkYxxDEt_Fp2FE7b4kGBg

[radha08]

I done renewal on my own without agents as we cannot find the agent. We just use the same contract and change the period. Stamping of agreement is so easy with the e-stamping of IRAS.

its just like buy and selling car...DO you need agent...if you think you do...then go ahead...but for me direct buyer seller...:cheers1:

[DC33_2008]

Gets from friends who have such tenancy agreement. You can edit the clauses if you want too.
But for the first time someone need to draft it right? Or we can just take it our own?? :o

[carbuncle]

I believe I seen samples of the TA at CES or IEA website before.... if not get from your lawyer who helped you buy the house.

[graveyard]

Agent supposed to represent you in all matters of service and negotiation. That's what they are paid half month rental per leased year for.

This includes chasing after the tenang for overdue rent? O$P$

[Ringo33]

If this is yourfirst time, use an agent.

[carbuncle]

of course chase tenant for late rent is part of his job. he also want to be paid commission for lease extension.

[Estella83]

Can put exclusive but actually not exclusive? :D

[nav14]

Dear all forumers,

I am a newbie, wanted renting out the unit. Got many agents calling, too confuse.. Please advice renting out the unit should go thru exclusive agent or should not? What are advantages and disadvantages? Or just go for open market? Any recommended agent please. Thank you and much appreacited all advices here!

Regards,
NB

Advertising yourself in ST will always get you the tenant fastest but you will need to entertain lots of call and even up to 1 year later. For the day of the ad you will only get 3-4 calls but there will be more calls the following days as the agents retrieve your data from a listing databank. So the sole purpose of your ad is to get it into the databank. For private properties, you will be very lucky if the tenant responds directly to your ad. 99.9% of tenants for private property go through agents So all those responding to you will be agents. But with opening up to agents, you will have access to a wider pool of tenants, and thus likely to rent out faster.

For HDB , 30% chance you will be able to get a tenant directly.

[silver023]

If this is yourfirst time, use an agent.

Agree... no need to give exclusive to the agent. Unless you personally know a good agent, just give the listing to 2-3 agents... whoever gets you the deal you want wins

[zeamybro]

There are diff kinds of agents, some have their own tenant base whereas some simply just help u list in pptyguru/iprop and expect other agents to call them up for co-broke.

The advantage of putting up your own newspaper ads is that you get to receive calls from direct agents (with ready tenants). My experience tells me that these agents would usually help to push harder for your units, as they get to enjoy the full commission. Some are even willing to give you some discounts since they need not split up the commission with any co-broke agents.

The disadv is that you get to receive endless phone calls almost every other day for years... but if you have a few ppties which leases expire at diff time frame, you can refer them to yout other unit(s).

[vip]

I used to advertise by myself for my 1st property. Just like any new owner, I made some mistakes. Lessons learned over the years and gradually I relied on my exclusive agent to handle all my properties.

I have written about property agents in my blog. For your question, please read "To let: by agent or by yourself? part I and II"
http://propertysoul.com/?s=To+let%3A+by+agent+or+by+yourself%3F

If you want to know how to find a good one, you may also read another post "In search of good property agents".
http://propertysoul.com/2010/10/08/in-search-of-good-property-agents/

For avoid fallen into any trap, please read "Tricks deployed by a property agent".
http://propertysoul.com/2010/09/26/tricks-deployed-by-a-property-agent/

Hope this helps. Happy reading!

[newbie12]

I used to advertise by myself for my 1st property. Just like any new owner, I made some mistakes. Lessons learned over the years and gradually I relied on my exclusive agent to handle all my properties.

I have written about property agents in my blog.

Hope this helps. Happy reading!


Thanks much vip! Is really worth sharing!
Regards,
NB

[newbie12]

Thank you all forumers! Appreciated!
Regards,
NB

[Lovelle]

great read. So where are you staying now ? seems that you keep upgrading with every sale of your property


I used to advertise by myself for my 1st property. Just like any new owner, I made some mistakes. Lessons learned over the years and gradually I relied on my exclusive agent to handle all my properties.

I have written about property agents in my blog. For your question, please read "To let: by agent or by yourself? part I and II"
http://propertysoul.com/?s=To+let%3A+by+agent+or+by+yourself%3F

If you want to know how to find a good one, you may also read another post "In search of good property agents".
http://propertysoul.com/2010/10/08/in-search-of-good-property-agents/

For avoid fallen into any trap, please read "Tricks deployed by a property agent".
http://propertysoul.com/2010/09/26/tricks-deployed-by-a-property-agent/

Hope this helps. Happy reading!

[carbuncle]

better don't advertise your site too much unless your are running commercial entity or risk kena invite lim kopi

[minority]

for the record my previous 2 rentals i did myself advertised in papers...but SOME people may find it better doing thru agent...;)


u advertis on papers all the agent will call u!

[radha08]

u advertis on papers all the agent will call u!

tell them STRAIGHT...i NOT paying u :2cents::D

[vip]

Thanks much vip! Is really worth sharing!
Regards,
NB

The pleasure is all mine :)

[vip]

great read. So where are you staying now ? seems that you keep upgrading with every sale of your property

Thanks.

No, I stay at the same place before and after selling my properties. It's not necessary to change one's lifestyle with any increase in net worth.