Page 1 of 2 12 LastLast
Results 1 to 30 of 43

Thread: How do I rent out my studio condo when I work abroad?

  1. #1
    Join Date
    Nov 2017
    Posts
    32

    Default How do I rent out my studio condo when I work abroad?

    My investment apartment at Woodlands area while in the past couple of years I used to post ads and
    screen tenant myself. Now I am posted to US for a few years and what are the usual methods for home
    owners like me to rent out unit? How would they do it?

    I don't have family in SG and am not so well connected here.

    Thank you in advance.

  2. #2
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    POA

    https://singaporelegaladvice.com/law...-and-usages-2/

    B) Disallowing Salespersons to be an Attorney pursuant to a Power of Attorney (POA) for their Clients

    10. The norm in any POA case is to appoint a person who is a family member or close family friend, as the person given the POA (i.e. the attorney) will be entrusted with heavy responsibilities related to the property matters. A salesperson is already in a contractual relationship with his client and there is a conflict of interest in acting as an attorney concurrently for the same property transaction. In view of the inherent conflict of interest, salespersons shall not be attorneys for clients whom they are acting for in the property transaction. If a salesperson is not facilitating the property transaction and he is appointed by the buyer or seller to be an attorney, this is permissible but the salesperson is not allowed to directly or indirectly handle, direct or instruct the distribution of the sales proceeds. If the salesperson is appointed as an attorney by one party, he cannot represent the other party to the transaction.

    http://www.iea.sg/news-42

  3. #3
    Join Date
    Nov 2017
    Posts
    32

    Default

    Are there companies which can take my apartment, manage it and I pay a fee?
    The bottomline is I get some money to offset my loan.

  4. #4
    Join Date
    May 2012
    Posts
    4,035

    Default

    Quote Originally Posted by buyer_east View Post
    Are there companies which can take my apartment, manage it and I pay a fee?
    The bottomline is I get some money to offset my loan.
    This service is quite common in some places such as Phillipines.

    I am sure there are in SG as well. My trusted agent friends can help if I were posted elsewhere.

    But it's not easy to work out the fees required for this. If everything dealt with by the company, I would say 10% of rental is not expensive given the work involved.

    Refer below for some

    http://cairnhillproperties.com/

    http://www.citiprop.com/
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  5. #5
    Join Date
    Nov 2017
    Posts
    32

    Default

    Quote Originally Posted by Kelonguni View Post
    This service is quite common in some places such as Phillipines.

    I am sure there are in SG as well. My trusted agent friends can help if I were posted elsewhere.

    But it's not easy to work out the fees required for this. If everything dealt with by the company, I would say 10% of rental is not expensive given the work involved.

    Refer below for some

    http://cairnhillproperties.com/

    http://www.citiprop.com/
    thank you and nice to know that.
    are the companies selective over the type of properties? i understand these companies carter for rich and famous but my 1 room studio is too small for such clients.

  6. #6
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    At your service.

  7. #7
    Join Date
    May 2012
    Posts
    4,035

    Default

    Quote Originally Posted by buyer_east View Post
    thank you and nice to know that.
    are the companies selective over the type of properties? i understand these companies carter for rich and famous but my 1 room studio is too small for such clients.
    Need a trusted agent. You can either appoint Arcachon who is experienced and passionate or try asking this question on PropertyGuru and select an agent from those who responds.

    If small studio, just handover everything to an agent. Some of them hold many keys and can deal with all the arrangement for you. I think.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  8. #8
    Join Date
    Nov 2017
    Posts
    32

    Default

    Quote Originally Posted by Kelonguni View Post
    Need a trusted agent. You can either appoint Arcachon who is experienced and passionate or try asking this question on PropertyGuru and select an agent from those who responds.

    If small studio, just handover everything to an agent. Some of them hold many keys and can deal with all the arrangement for you. I think.
    Oh. Thank you I never thought that is a way of doing about it.
    I thought agents only go pester buyers.

    I bet Arcachon can get better response if he/she writes proper posts. The way he does in this threads looks like a spammer.

  9. #9
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    Quote Originally Posted by buyer_east View Post
    Oh. Thank you I never thought that is a way of doing about it.
    I thought agents only go pester buyers.

    I bet Arcachon can get better response if he/she writes proper posts. The way he does in this threads looks like a spammer.
    Thanks.

    You can never make everyone like you, including LKY.

  10. #10
    Join Date
    Nov 2017
    Posts
    32

    Default

    Quote Originally Posted by Arcachon View Post
    Thanks.

    You can never make everyone like you, including LKY.
    Thank you anyway.

    Normally what's the rates agents charge for these rental deals?

  11. #11
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    Quote Originally Posted by buyer_east View Post
    Thank you anyway.

    Normally what's the rates agents charge for these rental deals?
    Normally agents don't waste their time for these rental deals.

    Most prefer to hit and run, you hardly get the million dollar type of agent.

    If you find one never let go.

    http://www.straitstimes.com/singapor...erty-agent-15m


  12. #12
    Join Date
    Nov 2017
    Posts
    32

    Default

    Quote Originally Posted by Arcachon View Post
    Normally agents don't waste their time for these rental deals.

    Most prefer to hit and run, you hardly get the million dollar type of agent.

    If you find one never let go.
    Interesting and thank you.

  13. #13
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Quote Originally Posted by Arcachon View Post
    Normally agents don't waste their time for these rental deals.

    Most prefer to hit and run, you hardly get the million dollar type of agent.

    If you find one never let go.

    http://www.straitstimes.com/singapor...erty-agent-15m

    The rental market has completely collapsed. We rented out our condo for $5,000 4 years ago. After the last tenant moved out in June, we have not been able to get a new one, even after we reduced our asking rate to $3,900. We plan to cut it to $3,000 to get a bite. That is a 40% collapse. In any other country, when rental rates fall 40%, the economy would soon sour. Let's see whether that is true or not in Singapore.

  14. #14
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    Quote Originally Posted by stalingrad View Post
    The rental market has completely collapsed. We rented out our condo for $5,000 4 years ago. After the last tenant moved out in June, we have not been able to get a new one, even after we reduced our asking rate to $3,900. We plan to cut it to $3,000 to get a bite. That is a 40% collapse. In any other country, when rental rates fall 40%, the economy would soon sour. Let's see whether that is true or not in Singapore.
    I just got my agent to renew 4000 for another year. Pay him 2000 plus GST.

    Yesterday was looking for HDB for PRC tenant from Eunosville HUDC.

    Overheard from PRC market rate for a bed is 260 a month.

    Where is your place, did you DIY or get RES to help.

  15. #15
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Our condo is located in the west coast area. We always use an agent. Now we have two agents, or maybe three. But still no bites. The market is really bad.

  16. #16
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,768

    Default

    Quote Originally Posted by stalingrad View Post
    Our condo is located in the west coast area. We always use an agent. Now we have two agents, or maybe three. But still no bites. The market is really bad.
    Maybe you should consider room rental instead.

  17. #17
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    Quote Originally Posted by stalingrad View Post
    Our condo is located in the west coast area. We always use an agent. Now we have two agents, or maybe three. But still no bites. The market is really bad.
    Never use multiple agents.

    If you have 3 agents working on it, there will be 3 duplicate advertisements
    It gives renters a false sense of "many to choose from"
    It makes renters feel YOU ARE DESPERATE
    It frustrates renters when they think they have 3 units to view ..only to find out its the same one.


    Anyway, my view is that from 2018 onward, rental prices will go up ...

    hang on there

  18. #18
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    Quote Originally Posted by Arcachon View Post
    Maybe you should consider room rental instead.

    Unless you send a helper to go clean up weekly, trust me, your unit will look worst than a 40 yr old HDB within 6 mths ...

    individual room tenants care less about doing clean..

  19. #19
    Join Date
    May 2012
    Posts
    4,035

    Default

    Can't say completely collapsed.

    I have engaged a trusted friend agent to help. We had to benchmark to close to market price to secure new tenants but have always managed within a month or so.

    From the peak in 2013, I have had to drop rent by 20% for one unit having same tenant for numerous renewals. For another, drop of about 8% from 2015, yield still about 3.4% latest. The last one also managed to secure at 2.8% yield, paltry but surviving and comfortably cover all interests and costs.

    The MAS concern of the imbalance between price, rent and interest rate is real especially for investment properties including office and commercial units. This is especially true since we expect developers to price new units much higher than current ones and create the imbalance. The only group to keep buying at the increased prices are those buying mainly to live in.

    The only solutions are further relaxing of CMs or to increase population faster. If neither, the tax will drop and the Govt will have to increase taxes tremendously.

    Quote Originally Posted by stalingrad View Post
    The rental market has completely collapsed. We rented out our condo for $5,000 4 years ago. After the last tenant moved out in June, we have not been able to get a new one, even after we reduced our asking rate to $3,900. We plan to cut it to $3,000 to get a bite. That is a 40% collapse. In any other country, when rental rates fall 40%, the economy would soon sour. Let's see whether that is true or not in Singapore.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  20. #20
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Quote Originally Posted by proud owner View Post
    Never use multiple agents.

    If you have 3 agents working on it, there will be 3 duplicate advertisements
    It gives renters a false sense of "many to choose from"
    It makes renters feel YOU ARE DESPERATE
    It frustrates renters when they think they have 3 units to view ..only to find out its the same one.


    Anyway, my view is that from 2018 onward, rental prices will go up ...

    hang on there
    I agree. It was my wife who got so many lazy agents working for her. The rental market is bad, so the agents have no faith in getting a tenant and they don't work very hard. So many units have been left vacant and the government keeps selling land and developers keep buying en bloc to build more condos. What is wrong with this picture?

  21. #21
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Quote Originally Posted by Kelonguni View Post
    Can't say completely collapsed.

    I have engaged a trusted friend agent to help. We had to benchmark to close to market price to secure new tenants but have always managed within a month or so.

    From the peak in 2013, I have had to drop rent by 20% for one unit having same tenant for numerous renewals. For another, drop of about 8% from 2015, yield still about 3.4% latest. The last one also managed to secure at 2.8% yield, paltry but surviving and comfortably cover all interests and costs.

    The MAS concern of the imbalance between price, rent and interest rate is real especially for investment properties including office and commercial units. This is especially true since we expect developers to price new units much higher than current ones and create the imbalance. The only group to keep buying at the increased prices are those buying mainly to live in.

    The only solutions are further relaxing of CMs or to increase population faster. If neither, the tax will drop and the Govt will have to increase taxes tremendously.
    LHL has already given notice that taxes will go up. GST is already going up. Government revenues are already drying up.

    So, when the government said GDP growth is 5.9%, who is paying attention? Probably no one. The situation on the ground does not mesh with that 5.9% figure.

  22. #22
    Join Date
    Mar 2012
    Posts
    495

    Default

    Quote Originally Posted by stalingrad View Post
    The rental market has completely collapsed. We rented out our condo for $5,000 4 years ago. After the last tenant moved out in June, we have not been able to get a new one, even after we reduced our asking rate to $3,900. We plan to cut it to $3,000 to get a bite. That is a 40% collapse. In any other country, when rental rates fall 40%, the economy would soon sour. Let's see whether that is true or not in Singapore.
    $3000? Why not try $3500 first...

  23. #23
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Quote Originally Posted by anythingwhatever View Post
    $3000? Why not try $3500 first...
    Everyone else is asking for $3,500. We want to stand out. We may even try $2,800 just to get some cash flow. From $5,000 to $2,800. That is how bad the situation on the ground is. And it just happened all of a sudden. Only one year ago, rent for similar units hovered around 4,200 to 4,000. Then all of a sudden, everyone is throwing in the towel and the average has dropped to $3,500. That suggests a significant change in demand and supply.
    Last edited by stalingrad; 03-12-17 at 23:20.

  24. #24
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    Quote Originally Posted by stalingrad View Post
    Everyone else is asking for $3,500. We want to stand out. We may even try $2,800 just to get some cash flow. From $5,000 to $2,800. That is how bad the situation on the ground is. And it just happened all of a sudden. Only one year ago, rent for similar units hovered around 4,200 to 4,000. Then all of a sudden, everyone is throwing in the towel and the average has dropped to $3,500. That suggests a significant change in demand and supply.


    if you can hold on and hold out ... i still believe rental will go up next year ...

    we are already in Dec 2017 ...

  25. #25
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    In May 2017 i predicted sale prices will go up in 2018 ... market beat me to it... started flying in Sep oct ...

  26. #26
    Join Date
    Apr 2009
    Posts
    869

    Default

    Quote Originally Posted by stalingrad View Post
    Everyone else is asking for $3,500. We want to stand out. We may even try $2,800 just to get some cash flow. From $5,000 to $2,800. That is how bad the situation on the ground is. And it just happened all of a sudden. Only one year ago, rent for similar units hovered around 4,200 to 4,000. Then all of a sudden, everyone is throwing in the towel and the average has dropped to $3,500. That suggests a significant change in demand and supply.
    The sudden and large drop should be caused by a new development being completed and coming on the rental mkt.

  27. #27
    Join Date
    Dec 2008
    Posts
    2,419

    Default

    Quote Originally Posted by proud owner View Post
    if you can hold on and hold out ... i still believe rental will go up next year ...

    we are already in Dec 2017 ...
    Explain to me what will make 2018 better than this year?

  28. #28
    Join Date
    Nov 2008
    Posts
    1,385

    Default

    Quote Originally Posted by proud owner View Post
    Never use multiple agents.

    If you have 3 agents working on it, there will be 3 duplicate advertisements
    It gives renters a false sense of "many to choose from"
    It makes renters feel YOU ARE DESPERATE
    It frustrates renters when they think they have 3 units to view ..only to find out its the same one.


    Anyway, my view is that from 2018 onward, rental prices will go up ...

    hang on there
    You are right, I donít use more than 1 agent to ad my place. To flood the propertyguru and looks like many units flooding the estate.

  29. #29
    Join Date
    May 2012
    Posts
    4,035

    Default

    Bro, your strategy is wrong.

    Firstly, I see your wife doing all the liaising and you are just in the passenger seat criticising the wife and the agents. Tenants especially good ones need careful thought and planning to attract. All my units were rented at market and above. Every listing did not exceed a month to attract serious tenants, with less than a week between changes of tenants (professionals).

    Secondly, it’s exactly that kind of blind dropping of rent that is causing other landlords issues with rents dropping in your area.

    People who are renting small units at 2K and larger units at 3K have a certain mentality, and they will not go for units that only and merely cut rent drastically, but will instead use it as a bargaining chip, ie there is this unit from landlord B asking for 2.8K but I am offering landlord A 3K max because I like landlord A’s unit, even though landlord A asked for 3.5K.

    Focus on meeting the needs of your prospective tenant profile. Don’t be a sabo king.

    Quote Originally Posted by stalingrad View Post
    Everyone else is asking for $3,500. We want to stand out. We may even try $2,800 just to get some cash flow. From $5,000 to $2,800. That is how bad the situation on the ground is. And it just happened all of a sudden. Only one year ago, rent for similar units hovered around 4,200 to 4,000. Then all of a sudden, everyone is throwing in the towel and the average has dropped to $3,500. That suggests a significant change in demand and supply.
    Last edited by Kelonguni; 04-12-17 at 06:17.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  30. #30
    Join Date
    Jul 2015
    Posts
    484

    Default

    Quote Originally Posted by stalingrad View Post
    The rental market has completely collapsed. We rented out our condo for $5,000 4 years ago. After the last tenant moved out in June, we have not been able to get a new one, even after we reduced our asking rate to $3,900. We plan to cut it to $3,000 to get a bite. That is a 40% collapse. In any other country, when rental rates fall 40%, the economy would soon sour. Let's see whether that is true or not in Singapore.
    sorry to hear that. btw may I just ask, at $3000 p/m, what's your gross yield? (just trying to get a clearer picture, you don't have to answer ).

    anyway hope your unit gets rented out soon.

Similar Threads

  1. Condo in Geylang stopped work for 5 months
    By iridrium in forum Singapore Private Condominium Property Discussion and News
    Replies: 7
    -: 12-11-13, 11:28
  2. Choa Chu Kang work: rent at Sengkang or near Cityhall or near Orchard
    By Stockbroker in forum Singapore Private Condominium Property Discussion and News
    Replies: 11
    -: 14-07-13, 19:30
  3. DK condo to rent out studio unit or buy 2 br private for investment?
    By chan600 in forum Singapore Private Condominium Property Discussion and News
    Replies: 22
    -: 21-02-13, 07:31
  4. 'Residences' expert@work in naming a condo
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 01-03-10, 22:09

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •