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Blog - Tips to be a perfect Landlord in Singapore

Tips to be a perfect Landlord in Singapore
By Gerald Peck 2/22/2017 5:55 PM

Having a property management company though seems to be an easy money making business, but is equally terrible. One has to deal with numerous issues like listening to complaints tenants constantly making, dealing with tenants who do not make rent payments on time, property repairs and the list goes on. Thus, buying and owning a rental property is as tough as any other business. Many times, there are issues when you have to increase the rent rates, it is quite difficult to maintain a good relationship with the tenant. In order to avoid such issues, here are some tips and advice that will help you understand how to deal with such issues and what makes you a good landlord.

 

Customise your lease

It is easy to get an approved agreement from any of the office supply stores. It includes the necessary requirements such as security deposit costs, rent, legal tenant rights, etc. Let these primary documents work as a structure for your lease. Put additional rules as per your demands making sure you have included everything right from tenant behaviour to maintenance responsibility and late payment fees.

 

Be aware of the laws

A landlord should be well known with the tenant act that includes landowner obligations, security deposit rent, tenant rights, etc. Get a copy of the same from the Housing Board, from property agents in Singapore or through the web. This is imperative to avoid violating tenant claims and landing up in the civil court. 

 

Make the repairs

As and when a tenant calls you up for making repairs, make sure you get it done soon ensuring premium repairs that do not make the tenant fall into a problem again. There are different form of agreeements regarding the same. Some agreements less the cost from rent if you do not get the repairs done on time and some have other policies. Thus, ensure that you get the repairs done faster in order to retain the tenant. 

 

Listen to the resident’s issues

If your tenant has a complaint, a problem or some concern, he will call you only when every possible thing goes out of his hand. Thus, make sure you listen to his concerns and communicate. If there’s a dispute between the tenant and the neighbour, try to sort out stuff in a way that you maintain good relations with your neighbour as well as your tenant. Address to the problem with due care.

 

Stay in communication with the tenant

A situation like a tenant calling you from hours and you just cut yourself off from them isn’t the right thing to do. Make sure that when you get into a property business, you should stay available to attend your tenants’ calls. Give him your alternative number and better keep the communication through emails to have a written record of the same.   

 

Respect your tenant’s privacy

Do not show up at odd hours. Ask the tenant beforehand about the timings he would be available to meet you. Residents look for their privacy. Limit your visits to ensure the tenants do not feel interrupted while you move in. 

 

Tenants love it when they get a friendly, compassionate and a kind landlord. Staying right by your side lets the tenant accept your conditions effortlessly. If you behave as an understanding landlord, the tenants too will understand you and go ahead with what you say. So, keep these tips in mind and go ahead forming a successful real estate business.