Tag Archives: Rental Tips

How to be a good landlord: Working out the right rental price

For landlords, working out the right rental price may be as tricky as finding the right tenant. However, there are some basic guidelines which you can follow to help you work out the right rate.

Look at other similar rental homes.

Do some research on how much rental homes in your area typically go for. As far as possible, try to find rental properties which are similar to yours. This should give you your first, general idea on how much you should price yours.

Consider your costs.

If you have spent some money doing up your rental property to ensure that it is fit for a tenant, you may want to factor that into your estimate. This includes paint jobs, additional fixtures or repair works which you might have carried out.

Make a list of the facilities in your rental property.

By making a list of all facilities you are including with the property, you will gain a better idea of what you are offering to a tenant, thus making it easier for you to gauge the value of the rent.

This should include kitchen cabinets, electrical appliances, water heating systems and air-conditioning, if any.

Assess the neighbourhood.

You should consider both the pros and cons of the neighbourhood.

If your rental property is located near Mass Rapid Transit (MRT) stations or bus interchanges, you could factor that into your calculations.

You should also take other seemingly trivial matters into consideration, such as whether the property is located beside a busy road and the kind of people who live next door to the rental property, as tenants will certainly take note of these and may bring it up during negotiations.

Get a comparative market analysis.

As this is usually carried out free of charge, you should approach a real estate agent to provide you with a valuation of the property and to lend you some input on the figure for rent. If possible, try to get more than one valuation so that you will have a better idea of where your rental property stands.

Go to : Winning over tenants

Go to : Understanding your tenant’s needs

How to be a good landlord: Winning over tenants

The biggest difficulty in preparing a residential property to win over a tenant is that every person has different needs and wants.

Tenants who are students will most likely prefer locations which are near to their schools, while tenants who are families with young children will prefer a neighbourhood with playgrounds, parks and other amenities which would provide for a suitable environment for their children to grow up in.

There is also the issue of the term of lease. Some tenants may only be looking for a temporary place to stay as their own homes may be undergoing renovation works, or they might be in the process of moving to a new home that isn’t ready.

Others may be looking for a property to reside in indefinitely. Therefore, since there is such a wide range of tenants to choose from, it is up to you as the landlord to decide what type of tenant you want.

There are five basic guidelines that landlords should keep in mind when furnishing a rental property for prospective tenants.

When you begin preparing an apartment or a house for lease, you have to consider what your tenant will most likely need.

Be prepared to fill it with basic furnishings and fittings such as kitchen cabinets, a washing machine and a gas stove. You should also be prepared to replace things which are no longer in suitable working conditions, such as light bulbs, shower heads and doorknobs, or to install additional fittings – for example, if you think a room is too dimly lit, you should install additional light fixtures.

At the very least, tenants will look for an apartment that is clean and where everything is in a satisfactory working condition.

It is important that your prospective tenants are able to imagine themselves living there.

Remove any personal items from the rental property and be prepared to invest in a paint job. It is advisable to paint the apartment or house in neutral colours, as you never know what your prospective tenant’s colour preferences are like.

Also, in the event that your tenant does not renew his or her term of lease, it saves you the trouble of re-painting the property for the next prospective tenant.

Be prepared to answer lots of questions.

Tenants may ask questions regarding anything from bus services in the area and neighbourhood schools to how the kitchen appliances work.

While it is not recommended that you hover in the background as prospective tenants view your property, you should make sure that you are readily available to answer their questions.

Be flexible with rental home viewings.

Interested tenants may visit at all times of the day, so try to be as accommodating as possible, especially if a prospective tenant visits more than once.

This could be because the tenant is trying to gain a feel of the neighbourhood at different times of the day, or that the tenant has become confused after viewing several rental home options in a short period of time.

Do not object if prospective tenants take pictures of your rental property.

This is to help them remember how your property looks like, more than anything else. Most tenants and buyers view plenty of homes before choosing one and it may get difficult for them to remember how a property looks like after viewing several options in one day.

Go to : Understanding your tenant’s needs

Go to : Working out the right rental price