Singapore is a bustling city-state with a thriving rental market. Many landlords are eager to invest in rental properties, but they may not be aware of the pitfalls that come with being a landlord. This article will help landlords avoid common mistakes and ensure a successful tenancy.
Furnishing The Unit Before Accepting Tenants
One of the common mistakes landlords make is to furnish the unit before accepting tenants. Furnishing the unit can be expensive, and if the landlord cannot find tenants immediately, the unit will remain vacant, which will result in a loss of income.
Making the unit habitable rather than fully furnished is among the best tips when maintaining rental properties. The basic amenities such as a bed, a table, and a chair are sufficient for tenants to move in. This will also give tenants the freedom to add their own personal touch to the unit.
Not Verifying Tenant’s Background
Another common mistake landlords make is not verifying the tenant’s background. It is essential to find a good tenant who is reputable and has a stable income source that is enough to cover the cost of the landlord’s rent. Landlords can ask for the tenant’s employment letter or pay slips to verify their income source.
Failing To Clarify Clauses in Tenancy Agreement
The tenancy agreement is a crucial document that outlines the terms and conditions of the tenancy. However, many landlords make the mistake of not clarifying the clauses in the tenancy agreement. Tenants not understanding the fair wear and tear agreement thoroughly can lead to arguments between them and the landlord. Landlords should thus take the time to explain each clause in detail to the tenant and ensure that the tenant fully understands the terms and conditions of the tenancy. This will prevent any disputes from arising in the future.
Expecting Agent To Oversee Entire Tenancy Period
Some landlords make the mistake of expecting the agent to oversee the entire tenancy period. While agents can assist landlords in finding tenants and managing the property, they cannot be expected to oversee the entire tenancy period. One of the important steps for landlords in renting out a condo, house, or any type of property is taking an active role in managing their property and ensuring that they are aware of any issues that arise during the tenancy period. This will help them to resolve any problems quickly and maintain a good relationship with their tenants.
Leaving Tenancy Agreement Unstamped
One way to prevent illegal subletting is by having the tenancy agreement stamped. The tenancy agreement has to be stamped by the Inland Revenue Authority of Singapore within 14 days of its execution. Landlords who fail to get the tenancy agreement stamped will not be able to use the agreement as evidence in court if a dispute arises between them and the tenant. It is essential to ensure that the tenancy agreement is stamped to protect the interests of both parties.
Not Ensuring a Proper Handover
When a tenant moves out, it is essential to follow property rental guidelines, ensuring a proper handover of the unit. Many landlords make the mistake of not doing a proper handover, which can lead to disputes between the landlord and the tenant.
Landlords should conduct a thorough inspection of the unit before the tenant moves out to ensure that the unit is in good condition. They should also ensure that all keys and access cards are returned and that the utilities have been terminated.
Refusing To Engage Property Rental Services
Some landlords make the mistake of refusing to engage property rental services. Property rental services can assist landlords in finding good tenants, managing the property, and ensuring that the tenancy runs smoothly. It can also save landlords time and effort and ensure that their property is well-maintained. Therefore, it is recommended that landlords consider engaging property rental services to ensure a successful tenancy and avoid managing difficult tenants.
Contact EveryRent Singapore for Property Rental and Property Management Services
EveryRent Singapore is a leading property rental and management service provider in Singapore. We have a team of experienced agents who can assist landlords in finding tenants, managing the property, and ensuring a successful tenancy. Landlords can contact EveryRent Singapore for a free consultation to learn more about their services and how they can benefit from them.
There are several things you should do before becoming a landlord in Singapore, which will lead you to a profitable venture. One crucial aspect is to avoid common mistakes such as furnishing the unit before securing tenants, neglecting tenant background checks, and failing to clarify crucial tenancy agreement clauses. Always remember that you should not rely solely on agents to oversee the entire tenancy period and must ensure their agreements are properly stamped. It is also recommended that you take an active role in managing your property and engage property rental services to ensure that your property is well-maintained. By doing so, you can enjoy a steady stream of rental income and a hassle-free tenancy.
EveryRent Singapore offers a means to simplify property management and provides landlords with a sense of security. You can reach out to us, and we will assist you in managing your property, ensuring a successful and profitable renting experience in Singapore.
EveryRent Singapore is a PropTech company dedicated to providing your properties with a reliable and hassle-free rental and property management experience. We offer a one-stop solution for all your rental and property management needs. Our rental process is simplified and streamlined to help you maximize your property’s rental income while securing quality tenants.
Additionally, we provide our customers with premium property management services that help you arrange seamlessly with service providers – including aircon servicing, floor polishing, plumbing, electrical repairs, mattress cleaning, sofa cleaning, and more. Moreover, we are always here for you with our 365 days of comprehensive customer support. Additionally, everything regarding managing your property can be conveniently handled via WhatsApp.
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