Affordable, Yet Effective Ways, To Keep Prompt Paying Tenants

As a landlord, you understand what a good tenant is, and they are hard to find especially if the demand for the leasing place is very low due to the rampant available renting places in the market. Twhy,o help you keep your good renters, we have a few simple, affordable yet effective ways to keep prompt paying tenants from leaving their rented place.

1. Create rapture in the way you communicate with your leaser
Sometimes between the renter and owner relationship, there is what we call an invisible wall between them. On the side of the renter, it is understandable that they will feel aloof with their landlord especially if their landlord is strict and does not look approachable to them. Having a genuine interest and care for their welfare will make them feel that you are not the type of landlord who is just after the money. If the communication is open between the leaser and the landlord, the landlord will know personal details about the leaser such as their birthday, and they take upon themselves to send them birthday cards or a compliment when you heard that they won in some school tournament.

2. Know the situation of your leaser
If you know the situation of your leaser, you will know their weak points, and using that you can extend some services that they can appreciate. Tenants who have a one-year-old baby would appreciate if you have the medicine cabinet stocked in the house or a few packs of things sponsored by you such as coffee or snacks in the cupboard. If you would put your shoes in the renter’s place, how would you feel if you know your landlord is giving off such freebies to their tenants? Wouldn’t you be delighted and touched on the simple gestures?

3. Motivate and cultivate a good attitude of your leaser
If your leaser is a prompt payor, you can show appreciation for this act by giving them a little gift. Of course, the most valuable token most leasers can wish for is some discount on the lease. You can do so if you are not tight on budget, such as giving them rebates on their monthly payments when they pay early.

4. Take note on the date they move in into your place
Well, the important of jotting down notes when your leaser moves in into your place will be your basis to send compliments on the anniversary. Most leasers have not thought of it, and are often accustomed to having a cold-hearted landlord who will just show at the end of the month to get the pay. Some other time, send bags of groceries on the anniversary and the renewal date. If you want to make renovations to the place as a compliment on their anniversary on the place you can ask about their opinion since it is for them.

5. Don’t be too uptight with the rules
It is good to have set rules and regulations on the place you have rented to avoid misunderstandings. This will also set boundaries on what the leaser can do in the place they lease, however, giving them some leeway for some cases will bring a more harmonious relationship between the leaser and the landlord. Say, for example, the leaser is not allowed to use the lawn of the house but if they ask you to hold a little party for their five-year-old kid and the use of the lawn is needed to cater the numbers of kids that might attend the party, let it. Anyway, it will just be for that occasion. A tenant who has versatile landlord will tend to reciprocate it in whatever ways they can.

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6 Important Rental Terms Singapore Tenants Should Know

Real Estate Agent with Clients in New Home

Renting as a housing option in Singapore is a common thing for people who cannot afford to purchase their own homes. Singapore citizens, Singapore Permanent Residents (PR), and foreigners have many renting options available in the country. Renting may not be a big problem to some, but for others, they may encounter difficulty with landlords and their rental contracts. Sometimes tenants can get confused with many terms cited in a rental contract, therefore to send some light and ease out the confusion here are a few important rental terms tenants should be aware of;

1. Good Faith Deposit
Upon signing the Letter of Intent (LOI), the landlord will usually request and demand the good faith deposit. This deposit helps in assuring that the landlord will not look for other tenants, between the time you sign the LOI and the signing of the Tenancy Agreement (TA). The standard amount is one month’s rent. The deposit can be refundable or non-refundable depending on the circumstances when rent is not pushed through.

2. Letter of Intent (LOI)
This document specifies the interest of the tenant to rent the unit. The tenant’s agent usually prepares this document. The LOI is submitted together with the good faith deposit and serves as the landlord’s promise to rent out the unit to the specific tenant signing the LOI.

3. Tenancy agreement (TA)
This document sets out the terms and conditions of the lease and is a legally binding document to the landlord and tenant. It is the landlord or the landlord’s agent task to prepare the document. The TA should also contain the agreed-upon terms and conditions that were submitted by the tenant in the LOI. It is the tenant’s duty to check the TA to avoid landlords from adding new terms and conditions that the tenant may not agree on.

4. Security Deposit
After signing of the TA, this deposit is given to the landlord. The deposit is withheld to pay for damages, fees and any unpaid rent by the tenants. It can also be retained if ever tenants break the terms of their lease. The amount of the deposit is usually one month’s rent.

5. Tenant’s Agent
This person is charged with representing the tenant’s side when it comes to renting. The agent helps in making sure that the LOI and TA are fair for the tenant and also negotiate prices for the tenant. The agent also helps out in negotiating terms for the tenant in cases of unavailability.

6. Landlord’s Agent
This person represents the landlord’s interests. They decide if tenants are okay to have a unit rent out and bargain for higher prices. They handle the landlord’s main business when it comes to renting and all aspects of the rental unit.

These are among the many terms one should be familiar with. It is important for one to be aware of the many rental terms in contracts to avoid problems with the landlords and rental agreements in the future.

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