View Full Version : Renewal of lease
Hi, new to being a landlord so hope to get some advice here.
The 2 year lease on my property is ending soon and the tenant has expressed interest in renewing it.
It's a corporate lease and I've been liasing with their agent, no agent acting for me.
My question is do I have to pay commission to their agent?
Any other matters I should look out for when signing the new TA?
Just for reference, how much on average do you increase your rent?
Thanks.
You may want to go through your current tenancy agreement first to see if it is a 2+1 based on prevailing market rental rate, etc. You can use the ura rental market data as a guide for your condo.
Hi, new to being a landlord so hope to get some advice here.
The 2 year lease on my property is ending soon and the tenant has expressed interest in renewing it.
It's a corporate lease and I've been liasing with their agent, no agent acting for me.
My question is do I have to pay commission to their agent?
Any other matters I should look out for when signing the new TA?
Just for reference, how much on average do you increase your rent?
Thanks.
Hi, new to being a landlord so hope to get some advice here.
The 2 year lease on my property is ending soon and the tenant has expressed interest in renewing it.
It's a corporate lease and I've been liasing with their agent, no agent acting for me.
My question is do I have to pay commission to their agent?
Any other matters I should look out for when signing the new TA?
Just for reference, how much on average do you increase your rent?
Thanks.
Check the contract if there is a clause that says you have to pay the agent for lease renewal. If it's there, too bad... Just make sure that its not in the new contract. Agents always tries to slip this clause in. TAKE IT OUT...
If it's not there, tell the agent that you prefer to deal with the tenant directly, bypassing the agent. You can contact the tenant directly since you have their contact. Some companies insist their staff go through an agent.... too bad for you again...
You can give 2 rates, 1 lower offer without the agent, and another higher one with agent to cover your commission.
proud owner
13-12-13, 17:09
Check the contract if there is a clause that says you have to pay the agent for lease renewal. If it's there, too bad... Just make sure that its not in the new contract. Agents always tries to slip this clause in. TAKE IT OUT...
If it's not there, tell the agent that you prefer to deal with the tenant directly, bypassing the agent. You can contact the tenant directly since you have their contact. Some companies insist their staff go through an agent.... too bad for you again...
You can give 2 rates, 1 lower offer without the agent, and another higher one with agent to cover your commission.
do you believe in free lunches ?
my house has been rented out for over 6 years ... and at each renewal .. I continue to pay comm to the agent ...
after all he does all the works for me ..even though I already know the tenant..
For HDB ...if you rent out..you need to register with HDB and pay $20/ for every 18th mth...
do you think you can tell HDB to FO cos you are not paying them $20 every time you renew the rent .. can you ?
why with govt you LL pay ...with agent who does all the work ..paper work, stamping, going thru defects, inventory etc ..and you want to rid them ?
this is something I cannot understand ...
afterall agent comms is tax deductible .. I rather pay to get the job done...although I know I am well capable of doing it ...
do you believe in free lunches ?
my house has been rented out for over 6 years ... and at each renewal .. I continue to pay comm to the agent ...
after all he does all the works for me ..even though I already know the tenant..
For HDB ...if you rent out..you need to register with HDB and pay $20/ for every 18th mth...
do you think you can tell HDB to FO cos you are not paying them $20 every time you renew the rent .. can you ?
why with govt you LL pay ...with agent who does all the work ..paper work, stamping, going thru defects, inventory etc ..and you want to rid them ?
this is something I cannot understand ...
afterall agent comms is tax deductible .. I rather pay to get the job done...although I know I am well capable of doing it ...
This is one dilemma I will face with my tenancy agreement renewal. My tenants GIRO the rental automatically at the end of each month. After my tenancy agreement was signed, I have not engaged my agent for any help so far (hopefully not during the tenancy). I'm not too sure whether to pay 1 month commission again for my tenant to re-sign the tenancy agreement.
This is one dilemma I will face with my tenancy agreement renewal. My tenants GIRO the rental automatically at the end of each month. After my tenancy agreement was signed, I have not engaged my agent for any help so far (hopefully not during the tenancy). I'm not too sure whether to pay 1 month commission again for my tenant to re-sign the tenancy agreement.
1/4 for 1 yrs seems reasonable? new is different as they incur cost run adv and getting all docs signed,viewing etcc...so 1/2. Renewal cho bo sai reprint contract and changed date only...look see yr place kay kay inspect...1/4 more than enough...if u don't need to pay anything or pay 250 for contract signing for renewal..U re good!
proud owner
13-12-13, 17:52
This is one dilemma I will face with my tenancy agreement renewal. My tenants GIRO the rental automatically at the end of each month. After my tenancy agreement was signed, I have not engaged my agent for any help so far (hopefully not during the tenancy). I'm not too sure whether to pay 1 month commission again for my tenant to re-sign the tenancy agreement.
if you want to stamp the new tenancy agreement yourself,
if you want the tenant to call you whenever they have issue with the house,
if you want to tenant to contact you to help find contractors to do minor repairs
if you want etc etc ...
then DONT PAY comm on renewal ..
I just feel that sometimes agents do have their usefulness and at least mine does all the work for me and does it swee swee ...
they will in future recommend really good tenants...
for those who burn the bridge ...cutting the agent off after 2 years ... don't think the agent would want to give you their good clients in future ...
and words spreads ..ahhahha ... just as you wont recommend lousy agents ...agents also wont recommend good tenants to you ...
proud owner
13-12-13, 17:58
1/4 for 1 yrs seems reasonable? new is different as they incur cost run adv and getting all docs signed,viewing etcc...so 1/2. Renewal cho bo sai reprint contract and changed date only...look see yr place kay kay inspect...1/4 more than enough...if u don't need to pay anything or pay 250 for contract signing for renewal..U re good!
so whats your thought about having to pay HDB on every renewal ?
somemore you go online and do all the work yourself ... yet still have to pay HDB ...
can tell HDB that they deserve 1/4 fee ? or zero fee ?
at least the agent PRINT the documents .. when dealing with govt ,,you print it yourself hahha
[quote=proud owner;451790]so whats your thought about having to pay HDB on every renewal ?
My thought is :
HDB is very good to give options to those landlords..
they have the choice to pay the present affordable official amount to get Approval themselves(with some paperwork) or they could pay a third party(agent) Another Amount ( which costs more) to get approval on behalf for them if they choose to...
proud owner
13-12-13, 22:58
[quote=proud owner;451790]so whats your thought about having to pay HDB on every renewal ?
My thought is :
HDB is very good to give options to those landlords..
they have the choice to pay the present affordable official amount to get Approval themselves(with some paperwork) or they could pay a third party(agent) Another Amount ( which costs more) to get approval on behalf for them if they choose to...
you are missing my point ....
HDB charges landlord at every renewal ... landlord HAS to pay like it or not ..
it may just be $20 but HDB does nothing ...
while agents charge more ... they also do a lot more
Just becos its a govt body, it leaves the people no choice so people L L pay up ... when it comes to agents, can squeeze, just squeeze ...
that's the attitude ...which is sad ...despite they doing all the work
[QUOTE=peterng8;451813]
you are missing my point ....
HDB charges landlord at every renewal ... landlord HAS to pay like it or not ..
it may just be $20 but HDB does nothing ...
while agents charge more ... they also do a lot more
Just becos its a govt body, it leaves the people no choice so people L L pay up ... when it comes to agents, can squeeze, just squeeze ...
that's the attitude ...which is sad ...despite they doing all the work
Bro
my agent does it all for me
air con service, washing of curtain after tenancy ends, changing of washing machine water pipe, light bulbs, accompanying tenant to buy new TV consoles mattress for new tenant, new coat of a paint ...etc etc :D:D ...
proud owner
13-12-13, 23:50
[QUOTE=proud owner;451815]
Bro
my agent does it all for me
air con service, washing of curtain after tenancy ends, changing of washing machine water pipe, light bulbs, accompanying tenant to buy new TV consoles mattress for new tenant, new coat of a paint ...etc etc :D:D ...
exactly ... and yet there are many landlords who think that agent should not be paid on renewal ...
can u imagine ...
after 2 years ... tenant renews .. landlord do it himself without the agent cos he thinks agent doesn't deserve it ...
then tenant calls agent asking where to get this get that ... and since agent is not paid this time .. what should agent do ? tell tenant to fly kite ? or just ignore the call ?
I tell you ... agent will take the tenant to somewhere else on renewal
SIMI you have a good agent who does more than what agents are supposed to .. I hope you do pay him on renewal ... like I do
[QUOTE=Simi;451818]
exactly ... and yet there are many landlords who think that agent should not be paid on renewal ...
can u imagine ...
after 2 years ... tenant renews .. landlord do it himself without the agent cos he thinks agent doesn't deserve it ...
then tenant calls agent asking where to get this get that ... and since agent is not paid this time .. what should agent do ? tell tenant to fly kite ? or just ignore the call ?
I tell you ... agent will take the tenant to somewhere else on renewal
SIMI you have a good agent who does more than what agents are supposed to .. I hope you do pay him on renewal ... like I do
Bro
a S$500 ang pow on top of the 1month comms for 2years renewal :D
proud owner
14-12-13, 00:19
[QUOTE=proud owner;451822]
Bro
a S$500 ang pow on top of the 1month comms for 2years renewal :D
ok I am not as generous ... I just pay 1 mth comm for 2 yr renewal ....
[QUOTE=Simi;451826]
ok I am not as generous ... I just pay 1 mth comm for 2 yr renewal ....
Actually all these work by agent is not in scope . Their comm is to only find u tenant.
[QUOTE=Simi;451826]
ok I am not as generous ... I just pay 1 mth comm for 2 yr renewal ....
one of the main reason was that before the tenancy expired
she already found another tenant in waiting (previously)
the continuity of the lease was perfectly timed !!!
a very good agent
if you want to stamp the new tenancy agreement yourself,
if you want the tenant to call you whenever they have issue with the house,
if you want to tenant to contact you to help find contractors to do minor repairs
if you want etc etc ...
then DONT PAY comm on renewal ..
I just feel that sometimes agents do have their usefulness and at least mine does all the work for me and does it swee swee ...
they will in future recommend really good tenants...
for those who burn the bridge ...cutting the agent off after 2 years ... don't think the agent would want to give you their good clients in future ...
and words spreads ..ahhahha ... just as you wont recommend lousy agents ...agents also wont recommend good tenants to you ...
My dilemma is because after signing the tenancy agreement, I did most of the rest (like coordinating repairs) myself.
This thread comes just in time for me. I was also wondering whether should I pay my agent renewal commission should he able to close my 1st tenancy.
Though already >2 months, but I can see that he is really trying very hard to get the tenant for me. I feel paiseh to exclude the renewal commission clause from the tenancy agreement because we are like friend now, trusting each other.
What happen if during the 2 yrs tenancy period, but within 6 months, the tenant breaks the agreement, should the agent still entitle to the full commission.
I understand that there is a GST charge for the commission, so if the rental is $2,500, I should pay $2,500 + 7% GST is it?
This thread comes just in time for me. I was also wondering whether should I pay my agent renewal commission should he able to close my 1st tenancy.
Though already >2 months, but I can see that he is really trying very hard to get the tenant for me. I feel paiseh to exclude the renewal commission clause from the tenancy agreement because we are like friend now, trusting each other.
What happen if during the 2 yrs tenancy period, but within 6 months, the tenant breaks the agreement, should the agent still entitle to the full commission.
I understand that there is a GST charge for the commission, so if the rental is $2,500, I should pay $2,500 + 7% GST is it?
Hi Lav
now is the time to get your agent to start working
prepare to service the electrical appliances like air con...
getting the tenant to clean up before vacating
change all light bulbs
If he could negotiate rental higher and so on...............
Do "A Check List" on things to do now:D
This thread comes just in time for me. I was also wondering whether should I pay my agent renewal commission should he able to close my 1st tenancy.
Though already >2 months, but I can see that he is really trying very hard to get the tenant for me. I feel paiseh to exclude the renewal commission clause from the tenancy agreement because we are like friend now, trusting each other.
What happen if during the 2 yrs tenancy period, but within 6 months, the tenant breaks the agreement, should the agent still entitle to the full commission.
I understand that there is a GST charge for the commission, so if the rental is $2,500, I should pay $2,500 + 7% GST is it?
The comms should excludes the 7% GST
7% cannot escape...pay to gov
all other fee borne by tenant like Tenancy agreement
after 6 month if tenant breaks tenancy
Agent has to pay back to you comms on pro rate basis
2500 / 24 x 18
Hi Lav
now is the time to get your agent to start working
prepare to service the electrical appliances like air con...
getting the tenant to clean up before vacating
change all light bulbs
If he could negotiate rental higher and so on...............
Do "A Check List" on things to do now:D
Actually all have done already, is in a ready move in condition. Normally what are the things that I have to pay special attention to regarding the tenancy. If a local tenant wants to shift in immediately after he views the unit and will pay you 2 days later with 1 mth deposit + 2 mths rental, do you think this type of tenant is "fishy"?
Actually all have done already, is in a ready move in condition. Normally what are the things that I have to pay special attention to regarding the tenancy. If a local tenant wants to shift in immediately after he views the unit and will pay you 2 days later with 1 mth deposit + 2 mths rental, do you think this type of tenant is "fishy"?
that's why is good to have a good relationship with your agent
He will on your side on the look out
if your place is more than 10years old...look out for water pipe choke
can be quite nasty in the midst of the tenancy
Get agent to go through the Inventory List with tenant leaving
sit down and do a check list with your agent :ashamed1:
Do not give hp number to your tenant or establish too close relationship with them and everything should go through agent. It is better to stay a distance from tenant as it will be easier to raise rent in the next renewal. Agents will go all out to serve their landlords, especially those with a couple of investment units, these days given the stiff competition. I believe most of them deserve the commission.
Do not give hp number to your tenant or establish too close relationship with them and everything should go through agent. It is better to stay a distance from tenant as it will be easier to raise rent in the next renewal. Agents will go all out to serve their landlords, especially those with a couple of investment units, these days given the stiff competition. I believe most of them deserve the commission.
Hi DC33_2008
fully agreed
let the agent face the blast from the tenant if things goes wrong
we put on a silly face and collect the rent :)
we pay them comms to be the bad guy :D
Actually all have done already, is in a ready move in condition. Normally what are the things that I have to pay special attention to regarding the tenancy. If a local tenant wants to shift in immediately after he views the unit and will pay you 2 days later with 1 mth deposit + 2 mths rental, do you think this type of tenant is "fishy"?
yes, fishy. Never let tenant move in until the cheque has cleared.
Wrong way lah.
You should state in Tenancy Agreement that this pro rate amount will be deducted from tenant's deposit - This is the only right way to treat a hard-working and good agent!
Why should the agent be penalized because tenant break tenancy agreement? If tenant knows and believes they are likely to stay for the whole tenancy period, they will not complain about such clause. If they know and they want to remove such clause so that they have no liability, then chances are they are likely to break tenancy early (they know that), such tenant better don't want. :rolleyes:
The comms should excludes the 7% GST
7% cannot escape...pay to gov
all other fee borne by tenant like Tenancy agreement
after 6 month if tenant breaks tenancy
Agent has to pay back to you comms on pro rate basis
2500 / 24 x 18
after 6 month if tenant breaks tenancy
Agent has to pay back to you comms on pro rate basis
2500 / 24 x 18
i have not seen tenancy agreements where agent commission can be clawed back. The agency or agent will not cough up the pro rated difference. however can claw back from tenant deposit.
The comms should excludes the 7% GST
7% cannot escape...pay to gov
all other fee borne by tenant like Tenancy agreement
after 6 month if tenant breaks tenancy
Agent has to pay back to you comms on pro rate basis
2500 / 24 x 18
Is it have to ask from him or he will refund me automatically, especially now become so close, so paiseh to ask from him if this happens.
Wrong way lah.
You should state in Tenancy Agreement that this pro rate amount will be deducted from tenant's deposit - This is the only right way to treat a hard-working and good agent!
Why should the agent be penalized because tenant break tenancy agreement? If tenant knows and believes they are likely to stay for the whole tenancy period, they will not complain about such clause. If they know and they want to remove such clause so that they have no liability, then chances are they are likely to break tenancy early (they know that), such tenant better don't want. :rolleyes:
Will the tenant deposit be forfeited if he breaks the tendency?
Wrong way lah.
You should state in Tenancy Agreement that this pro rate amount will be deducted from tenant's deposit - This is the only right way to treat a hard-working and good agent!
Why should the agent be penalized because tenant break tenancy agreement? If tenant knows and believes they are likely to stay for the whole tenancy period, they will not complain about such clause. If they know and they want to remove such clause so that they have no liability, then chances are they are likely to break tenancy early (they know that), such tenant better don't want. :rolleyes:
Teddy Sir
I rather make this agreement with my agent than with tenant because I dont even know the tenant except for his/her name and his signature.
Every month before certain date if dont see rental money in my account I will call my agent to find out why. (So far so good)
Btw : easier to deal with your agent or with your tenant ?....you decide.
Is it have to ask from him or he will refund me automatically, especially now become so close, so paiseh to ask from him if this happens.
No need to ask
Have an agreement signed
So no need to talk
Produce the Agreement to claim or replace
with another tenant.
Is it have to ask from him or he will refund me automatically, especially now become so close, so paiseh to ask from him if this happens.
Hi Lav123
do not need to be emotional
Agreement is signed between you and the agent company
Comms also pay to the agent company
Just remember this
There is no such thing as a Standard Agreement
if your agent try to tell you this.....can ask him go fly kite :):cheers1:
Treat your agent well if you find the right one
because he/she is going to find you a Money god who pay you 2500 a month
2years = S$60,000 :cheers1:
You insert this clause that pro-rata commission to be deducted from tenant deposit on early termination on the belief that tenant will stay for the whole period, and the agent will explain to the tenant whole-heartedly and persuade them to accept such clause (because commission don't have to come out from his pocket)! As you say, should keep good agent happy and they also make us happy isn't it? :beats-me-man:
Penalizing the agent because tenant break tenancy doesn't make any sense.
Anyway, the above practise is very common nowsday (if you are not aware).
Teddy Sir
I rather make this agreement with my agent than with tenant because I dont even know the tenant except for his/her name and his signature.
Every month before certain date if dont see rental money in my account I will call my agent to find out why. (So far so good)
Btw : easier to deal with your agent or with your tenant ?....you decide.
[quote=peterng8;451813]
you are missing my point ....
HDB charges landlord at every renewal ... landlord HAS to pay like it or not ..
it may just be $20 but HDB does nothing ...
while agents charge more ... they also do a lot more
Just becos its a govt body, it leaves the people no choice so people L L pay up ... when it comes to agents, can squeeze, just squeeze ...
that's the attitude ...which is sad ...despite they doing all the work
I don't miss your point and if you are happy to pay your good hardworking agent with 1,2 or 3 months commission for renewal, just go ahead and do it!! NObody is stopping you from doing that, it is your money , u do what u deem fit!!! It is good to share your view but everyone has their reason or thought to get their things done...
Let keep the focus of your discussion on whether to pay agent on the renewal...
No need to digress and KPKB on the pittance amount ($20 is it? assume it is $20, I don't know) taken from you to give the very important approval that u need. are u trying to hint that that the $20 be scrapped? or increase it further or maybe IT WILL prompt some actions to implement more HDB policies or rules to get the approval due to the justification for the fee collected that is needed??
so leave that alone ...singing out loud to attract wrong attention...LOL
You insert this clause that pro-rata commission to be deducted from tenant deposit on early termination on the belief that tenant will stay for the whole period, and the agent will explain to the tenant whole-heartedly and persuade them to accept such clause (because commission don't have to come out from his pocket)! As you say, should keep good agent happy and they also make us happy isn't it? :beats-me-man:
Penalizing the agent because tenant break tenancy doesn't make any sense.
Anyway, the above practise is very common nowsday (if you are not aware).
Dear Teddy Sir
You have a good point
if the tenancy is a Company lease...then no problem
If it is on personal basis, then I prefer to do it my way
deal with the agent's company :)
at present both are on personal and not company lease
to this day never meet any of my tenant :confused::(
Hi Lav123
do not need to be emotional
Agreement is signed between you and the agent company
Comms also pay to the agent company
Just remember this
There is no such thing as a Standard Agreement
if your agent try to tell you this.....can ask him go fly kite :):cheers1:
Treat your agent well if you find the right one
because he/she is going to find you a Money god who pay you 2500 a month
2years = S$60,000 :cheers1:
wow $60K so good leh...the whole world must know to buy buy buy and rent rent ...property market now very good...short of HDB and condo supply and lots of tenants waiting to rent...no more cap on foreigners ... luggy good in 2015....:D:D:D
wow $60K so good leh...the whole world must know to buy buy buy and rent rent ...property market now very good...short of HDB and condo supply and lots of tenants waiting to rent...no more cap on foreigners ... luggy good in 2015....:D:D:D
yo, peterng8
sorry la
me just a small speck of dust compare to a big stone like you
just ignore me la...
Wait till you see the property prices after 2016, you eye balls will pop out and fall to the ground! Don't say I didn't warn you if you want to short property................ :scared-1:
wow $60K so good leh...the whole world must know to buy buy buy and rent rent ...property market now very good...short of HDB and condo supply and lots of tenants waiting to rent...no more cap on foreigners ... luggy good in 2015....:D:D:D
wow $60K so good leh...the whole world must know to buy buy buy and rent rent ...property market now very good...short of HDB and condo supply and lots of tenants waiting to rent...no more cap on foreigners ... luggy good in 2015....:D:D:D
Actually not net $60K for 2 yrs, need to deduct the mtce fees and the ppty tax. Eg if both add up to be $500 per month, that means the rental is only $2000 per month, so 2 yrs will be $48,000. If I need to pay my installment $2,200 per month, I still have to foot out addn $200 per mth + interest.
proud owner
16-12-13, 00:19
ok
seems some people are not happy about me commenting on how stingy one can get ... squeeze blood out of stone ... burn the bridge etc etc
well shant comment further
CASE CLOSE
anyway .. if tenant breaks the lease within the contract period, by right the comm paid to agent should be prorated and returned to landlord... but in many cases, it is hard to reverse the payment ..
cos you pay agent company .. agent company pay agent ...
sometimes the break lease occurs after income tax period .. imagine you already paid tax for that comm and then have to reverse ,,, you think IRA will reimburse the agent ?
which is why ... now if tenant breaks lease... landlord can claim back some of the comm from the deposit ..
afterall it is the tenant who breaks lease ... he needs to pay for all the cost involved ..
I also agree that landlord SHOULD not have too much contact with tenant.. leave it to the agent ... it makes 'negotiating' rent easier.
I believe in rewarding for a job well done ..
even though the agent did a good job in securing my tenant ... and need not advertise again after 2yr when the tenant renews the lease .. I still reward him ..
I can always choose not to pay him comm on renewal ...
agent can also choose to recommend tenant to somewhere else .. right ?
if he does .. I L L stand to lose 1 to 2 mths rent .. if times are bad .. can be longer ..
so why not build a good relationship with agent ?
that's my stance ...
ok
seems some people are not happy about me commenting on how stingy one can get ... squeeze blood out of stone ... burn the bridge etc etc
well shant comment further
CASE CLOSE
anyway .. if tenant breaks the lease within the contract period, by right the comm paid to agent should be prorated and returned to landlord... but in many cases, it is hard to reverse the payment ..
cos you pay agent company .. agent company pay agent ...
sometimes the break lease occurs after income tax period .. imagine you already paid tax for that comm and then have to reverse ,,, you think IRA will reimburse the agent ?
which is why ... now if tenant breaks lease... landlord can claim back some of the comm from the deposit ..
afterall it is the tenant who breaks lease ... he needs to pay for all the cost involved ..
I also agree that landlord SHOULD not have too much contact with tenant.. leave it to the agent ... it makes 'negotiating' rent easier.
I believe in rewarding for a job well done ..
even though the agent did a good job in securing my tenant ... and need not advertise again after 2yr when the tenant renews the lease .. I still reward him ..
I can always choose not to pay him comm on renewal ...
agent can also choose to recommend tenant to somewhere else .. right ?
if he does .. I L L stand to lose 1 to 2 mths rent .. if times are bad .. can be longer ..
so why not build a good relationship with agent ?
that's my stance ...
Losing 1~ 2 months rental is LEAKAGE which I try to prevent
Most importantly, with new tenant comes new requirement...another headache
and worst if the new tenant bring along their own bed, dinning table and etc ...
you thrown away yours ? :confused::(:doh:
.. if tenant breaks the lease within the contract period, by right the comm paid to agent should be prorated and returned to landlord... but in many cases, it is hard to reverse the payment ..
cos you pay agent company .. agent company pay agent ...
sometimes the break lease occurs after income tax period .. imagine you already paid tax for that comm and then have to reverse ,,, you think IRA will reimburse the agent ?
which is why ... now if tenant breaks lease... landlord can claim back some of the comm from the deposit ..
afterall it is the tenant who breaks lease ... he needs to pay for all the cost involved ..
I believe in rewarding for a job well done ..
I also believe in rewarding for a job well done but if the tenant breaks the lease, isn't his deposit will be forfeited by the owner to compensate for the lost of the rental should the owner has problem in renting out his/her unit.
So if the commission is deducted from this deposit, that means the owner will be compensated with lesser amount and yet he/she still has to pay another commission for the new tenant?
:scared-5: wow guys, surprised to see a 5-pg long, energetic discussion going on here!
I pored through the TA and didn't find any clause on agent commission.
I personally feel having an agent as a proxy helps in the handling of matters and raising of rent.
My issues as follows:
1. This agent is employed by the company that leases my apartment.
She acts for the tenant. I contacted her to enquire about lease renewal (tenant said yes, depending on rental) will she expect commission for it?
I'm prepared to pay a token fee though, probably 1/2 mth for 2 yr renewal.
She has never run any errands or settled any issues for me, just passed messages on my behalf to tenant.
2. Do I hire an agent to act in my interest?
If I give a months commission to him/her for renewal, what kind of sharing arrangement does he/she have with the tenant's agent?
Assuming I perform the renewal with the tenant's agent, what procedures do I have to get done personally? Just signing of the new TA? Inspection of apartment and furniture/white goods for damage?
Thanks to all for your help so far.
is it very difficult to rent it yourself without the help of agent?
proud owner
16-12-13, 14:55
I also believe in rewarding for a job well done but if the tenant breaks the lease, isn't his deposit will be forfeited by the owner to compensate for the lost of the rental should the owner has problem in renting out his/her unit.
So if the commission is deducted from this deposit, that means the owner will be compensated with lesser amount and yet he/she still has to pay another commission for the new tenant?
sorry I think I might be wrong
if tenant breaks lease .. in the TA .. I believe it says tenant will have to compensate the landlord on the pro rated comm that has been paid to agent..
so NO does not deduct from deposit...
actually the deposit is a safe guard for damages done to the unit not rectified after tenant moves out ... so for LOSS of rent due to break lease
can season landlord comment on this part ?
proud owner
16-12-13, 15:07
is it very difficult to rent it yourself without the help of agent?
I feel it is ....
1.
I recall when I put out my first unit for rent .. this agent ( whom I am still using) somehow had a lot of expat contacts .. and these renters came to view in the day time ... office hour ... sometimes in the morning ...
unless it was weekend .. I could not have done it myself ...
in fact ... I wanted to lease out for 2+1 at 7k at that time ... but the renter only wanted 1+1 ... as they may have to leave spore after 1 yr ..
and guess what ? my agent on the spot said for 1 + 1 it would have to be higher .. like 10k ...
and 'OK' said the renter .. and my agent called me straight away to tell me 10 k for 1 + 1 ... if I was ok ?
I immediately made him sign the contract ..
2.
agents usually have several listings... including yours.
if there are enquiries on some units other than yours, they can "recommend' yours to these enquiries.. that increases your chance ..
example your unit is in D9 ... agent has listings in D10, 11, 15, 16 etc
say a tenant asks about the listing in D10 and make appt to view .. agent can also recommend that the tenant also take a look at your unit at D9 ...
this increases the exposure of your unit...
or if other agents call to cobroke some other listings, they always ask each other agents to swing their clients over to their other units ...just to view ..
as a landlord .. do you have the time and tools and contacts to do these ?
now u know why I strongly believe landlord needs to have good relationship with agent ...
they will do anything for you , legally ...
I feel it is ....
1.
I recall when I put out my first unit for rent .. this agent ( whom I am still using) somehow had a lot of expat contacts .. and these renters came to view in the day time ... office hour ... sometimes in the morning ...
unless it was weekend .. I could not have done it myself ...
in fact ... I wanted to lease out for 2+1 at 7k at that time ... but the renter only wanted 1+1 ... as they may have to leave spore after 1 yr ..
and guess what ? my agent on the spot said for 1 + 1 it would have to be higher .. like 10k ...
and 'OK' said the renter .. and my agent called me straight away to tell me 10 k for 1 + 1 ... if I was ok ?
I immediately made him sign the contract ..
2.
agents usually have several listings... including yours.
if there are enquiries on some units other than yours, they can "recommend' yours to these enquiries.. that increases your chance ..
example your unit is in D9 ... agent has listings in D10, 11, 15, 16 etc
say a tenant asks about the listing in D10 and make appt to view .. agent can also recommend that the tenant also take a look at your unit at D9 ...
this increases the exposure of your unit...
or if other agents call to cobroke some other listings, they always ask each other agents to swing their clients over to their other units ...just to view ..
as a landlord .. do you have the time and tools and contacts to do these ?
now u know why I strongly believe landlord needs to have good relationship with agent ...
they will do anything for you , legally ...
1) can't you say the same thing like higher rental for less than a certain no of years? and taking leave, or half day, to run errands. I don't mind if i can save a few grand?
2) there is so many plaforms for free advertisment, even if there is an agent who saw your advert which matches his pool of customers, i don't think you will have to pay 100% of the 1 or 2 month rental right? maybe just an ang pow?
i'm actually doing it myself all these years, maybe could be i'm too free and it is just a HDB flat.
proud owner
16-12-13, 20:57
1) can't you say the same thing like higher rental for less than a certain no of years? and taking leave, or half day, to run errands. I don't mind if i can save a few grand?
2) there is so many plaforms for free advertisment, even if there is an agent who saw your advert which matches his pool of customers, i don't think you will have to pay 100% of the 1 or 2 month rental right? maybe just an ang pow?
i'm actually doing it myself all these years, maybe could be i'm too free and it is just a HDB flat.
free adverts ? where ? how ?
I know newspaper ad very expensive
and mind you all these expenses by agents ... are not tax deductible ..
imagine after advertising for a few weeks and no taker ?
petrol cost etc
if you are a retiree ... can ... do it yourself ... for those working .. not possible ...
free adverts ? where ? how ?
I know newspaper ad very expensive
and mind you all these expenses by agents ... are not tax deductible ..
imagine after advertising for a few weeks and no taker ?
petrol cost etc
if you are a retiree ... can ... do it yourself ... for those working .. not possible ...
Just google. Online website, foc. I'm working, can always ask for weekends or after working hour for viewing. So far no issue for me for the last few years.
proud owner
16-12-13, 21:08
Just google. Online website, foc. I'm working, can always ask for weekends or after working hour for viewing. So far no issue for me for the last few years.
can share with me which website is FOC ?
yes sometimes viewers can accommodate your timing ... some wont ...
sorry I think I might be wrong
if tenant breaks lease .. in the TA .. I believe it says tenant will have to compensate the landlord on the pro rated comm that has been paid to agent..
so NO does not deduct from deposit...
actually the deposit is a safe guard for damages done to the unit not rectified after tenant moves out ... so for LOSS of rent due to break lease
can season landlord comment on this part ?
Hi
do a role play and view it from another angle
You be the agent :D
You be the tenant :D and a smelly leg type who break lease and has no intention of returning the comms you had already paid to the agent :ashamed1:
I feel it is ....
1.
I recall when I put out my first unit for rent .. this agent ( whom I am still using) somehow had a lot of expat contacts .. and these renters came to view in the day time ... office hour ... sometimes in the morning ...
unless it was weekend .. I could not have done it myself ...
in fact ... I wanted to lease out for 2+1 at 7k at that time ... but the renter only wanted 1+1 ... as they may have to leave spore after 1 yr ..
and guess what ? my agent on the spot said for 1 + 1 it would have to be higher .. like 10k ...
and 'OK' said the renter .. and my agent called me straight away to tell me 10 k for 1 + 1 ... if I was ok ?
I immediately made him sign the contract ..
2.
agents usually have several listings... including yours.
if there are enquiries on some units other than yours, they can "recommend' yours to these enquiries.. that increases your chance ..
example your unit is in D9 ... agent has listings in D10, 11, 15, 16 etc
say a tenant asks about the listing in D10 and make appt to view .. agent can also recommend that the tenant also take a look at your unit at D9 ...
this increases the exposure of your unit...
or if other agents call to cobroke some other listings, they always ask each other agents to swing their clients over to their other units ...just to view ..
as a landlord .. do you have the time and tools and contacts to do these ?
now u know why I strongly believe landlord needs to have good relationship with agent ...
they will do anything for you , legally ...
Bro
Nice to agent is a Big Yes for me
but only to Respectable Agent who has a great sense of Responsibility :D
Wait till you see the property prices after 2016, you eye balls will pop out and fall to the ground! Don't say I didn't warn you if you want to short property................ :scared-1:
Meaning the prices will shoot up?
I feel it is ....
... I wanted to lease out for 2+1 at 7k at that time ... but the renter only wanted 1+1 ... as they may have to leave spore after 1 yr ..
and guess what ? my agent on the spot said for 1 + 1 it would have to be higher .. like 10k ...
and 'OK' said the renter .. and my agent called me straight away to tell me 10 k for 1 + 1 ... if I was ok ?
I immediately made him sign the contract ..
2.
agents usually have several listings... including yours.
if there are enquiries on some units other than yours, they can "recommend' yours to these enquiries.. that increases your chance ..
example your unit is in D9 ... agent has listings in D10, 11, 15, 16 etc
say a tenant asks about the listing in D10 and make appt to view .. agent can also recommend that the tenant also take a look at your unit at D9 ...
this increases the exposure of your unit...
or if other agents call to cobroke some other listings, they always ask each other agents to swing their clients over to their other units ...just to view ..
as a landlord .. do you have the time and tools and contacts to do these ?
now u know why I strongly believe landlord needs to have good relationship with agent ...
they will do anything for you , legally ...
Your agent is very good, a real helper to you. My current unit already 3 months still no offer, sign.... and I have even reduced my rental fee, still cannot rent out. I believe finding a good agent is very important but I just don't have the luck leh. I have passed the key to 2 of the agents, one of the agents said he has been trying very hard, about >20 viewings and the other said so far only 2 viewings, I wonder whether did they do their jobs or not. Occassionally, I will go back to my place to have a look, realise that sometimes light and TV plug not off, sign...
My agents, only when I start to ask him how is the outcome, then he will said, oh there will be how many how many viewings this weekend and then he will said I want to find a good profile tenants for you, don't want anyhow find one for you.
Your agent is very good, a real helper to you. My current unit already 3 months still no offer, sign.... and I have even reduced my rental fee, still cannot rent out. I believe finding a good agent is very important but I just don't have the luck leh. I have passed the key to 2 of the agents, one of the agents said he has been trying very hard, about >20 viewings and the other said so far only 2 viewings, I wonder whether did they do their jobs or not. Occassionally, I will go back to my place to have a look, realise that sometimes light and TV plug not off, sign...
My agents, only when I start to ask him how is the outcome, then he will said, oh there will be how many how many viewings this weekend and then he will said I want to find a good profile tenants for you, don't want anyhow find one for you.
sis iris, i tot ur melosa rented out liao?
Your agent is very good, a real helper to you. My current unit already 3 months still no offer, sign.... and I have even reduced my rental fee, still cannot rent out. I believe finding a good agent is very important but I just don't have the luck leh. I have passed the key to 2 of the agents, one of the agents said he has been trying very hard, about >20 viewings and the other said so far only 2 viewings, I wonder whether did they do their jobs or not. Occassionally, I will go back to my place to have a look, realise that sometimes light and TV plug not off, sign...
My agents, only when I start to ask him how is the outcome, then he will said, oh there will be how many how many viewings this weekend and then he will said I want to find a good profile tenants for you, don't want anyhow find one for you.
Have you checked your neighbourhood, neighbour's profiles and the rental they are paying (assume they are tenants)?
Have you checked your neighbourhood, neighbour's profiles and the rental they are paying (assume they are tenants)?
Never check with the neighbourhood but looks like their profiles are not bad. So far saw Indians, Singaporeans and lots of angmoh, I think also have Philipino.
Rental wise I knew it from the agent, lower floor and smaller unit can fetch the same price as I offer, that's why I don't understand, my unit looks so soothing.:ashamed1:
So many agents told me that my unit should have no problems in renting out, it has a pleasant look but why ???
Never check with the neighbourhood but looks like their profiles are not bad. So far saw Indians, Singaporeans and lots of angmoh, I think also have Philipino.
Rental wise I knew it from the agent, lower floor and smaller unit can fetch the same price as I offer, that's why I don't understand, my unit looks so soothing.:ashamed1:
So many agents told me that my unit should have no problems in renting out, it has a pleasant look but why ???
Visit your neighbours and get their agents' contacts.
Visit your neighbours and get their agents' contacts.
Maybe can try, but not knocking at their houses, I feel shy. I will talk to them if I happen to see them outside. :cheers1:
Maybe can try, but not knocking at their houses, I feel shy. I will talk to them if I happen to see them outside. :cheers1:
after 2 months with same agent you must give yourself a chance and get a few more agents from different agencies for better exposure. most tenants will have arranged for tenancy this period to start in the new year. hopefully dun miss this period else will have to wait for another few months. good luck sis.
What will you all think if the tenant says want to negotiate something about the furniture. Bed, chairs, tables, sofa, coffee table, tv, fridge, washing machine, all already have, what do you all think the tenant will ask further?
What will you all think if the tenant says want to negotiate something about the furniture. Bed, chairs, tables, sofa, coffee table, tv, fridge, washing machine, all already have, what do you all think the tenant will ask further?
I have tenants asking for extra tv, extra fridge, sofa bed, recliner, wine chiller, dish washers .....
I have tenants asking for extra tv, extra fridge, sofa bed, recliner, wine chiller, dish washers .....
So did you provide or reject them?
They can buy on their own lah! :beats-me-man:
So did you provide or reject them?
Can, charge them extra three times the price of what you can get, anything also can........................... :doh:
I have tenants asking for extra tv, extra fridge, sofa bed, recliner, wine chiller, dish washers .....
Can, charge them extra three times the price of what you can get, anything also can........................... :doh:
http://www.tvwatercooler.org/images/smilies/x_like.gif
So did you provide or reject them?
any other option beside Yes or No ?
The reason they asking for the xtra is technical issue, imo
Is not like : "I don't like the place" which is not technical but emotional issue which cannot be solved most of the time even if you want to give all those FOC :)
So technical is technical
like 1 plus 1 = 2
so it can be solved if can expand more time into it
How much should I pay the agent's commission for 1 year's lease? Is it half month rental fee?
How often does the tenant need to service the aircond, is this a standard clause in the tenancy agreement?
If the agent is good, how you show your appreciation? I'm no good at this leh, haha:ashamed1:
any other option beside Yes or No ?
The reason they asking for the xtra is technical issue, imo
Is not like : "I don't like the place" which is not technical but emotional issue which cannot be solved most of the time even if you want to give all those FOC :)
So technical is technical
like 1 plus 1 = 2
so it can be solved if can expand more time into it
I think the tenant demand is too much lor.
How much should I pay the agent's commission for 1 year's lease? Is it half month rental fee?
How often does the tenant need to service the aircond, is this a standard clause in the tenancy agreement?
If the agent is good, how you show your appreciation? I'm no good at this leh, haha:ashamed1:
1 yr lease generally half month commission.
Aircon service contract is every quarter, usually is stated in the tenancy agreement.
If agent good, just give the agent repeat business lor.
1 yr lease generally half month commission.
Aircon service contract is every quarter, usually is stated in the tenancy agreement.
If agent good, just give the agent repeat business lor.
Thanks so much. So the aircon service contract should start on the 1st qtr when the tenant shifts in?
How about the cap for any repair cost, normally how much then is considered reasonable that the landlord has to bear?
How about the cap for any repair cost, normally how much then is considered reasonable that the landlord has to bear?
Normally anything below $150 tenant bears.
Repairs requiring above need consult landlord for permission and resolution.
Normally anything below $150 tenant bears.
Repairs requiring above need consult landlord for permission and resolution.
Thanks. Is this a std term that will be included in the tenancy agreement or I have to let the agent know? May I know what are the things that are not included in the tenancy agreement but we have to include it in order to protect ourselves.
Normally after collecting the deposit, how long it takes to sign the tenancy agreement?
proud owner
28-12-13, 23:18
Thanks. Is this a std term that will be included in the tenancy agreement or I have to let the agent know? May I know what are the things that are not included in the tenancy agreement but we have to include it in order to protect ourselves.
Normally after collecting the deposit, how long it takes to sign the tenancy agreement?
I am guessing you are getting a tenant soon .... ?
I am guessing you are getting a tenant soon .... ?
Hopefully.
proud owner
28-12-13, 23:26
Hopefully.
good ...
new year present to yourself ...
Here :
http://www.globalpropertyguide.com/Asia/singapore/Landlord-and-Tenant
http://www.hsr.com.sg/File/Tenancy%20Agreement%20(Residential)(HSR)TM%20logo%206.11.12.pdf
http://www.propnexwarriors.com/wp-content/uploads/2012/02/Tenancy-Agreement-Residential.doc
Here :
http://www.globalpropertyguide.com/Asia/singapore/Landlord-and-Tenant
http://www.hsr.com.sg/File/Tenancy%20Agreement%20(Residential)(HSR)TM%20logo%206.11.12.pdf
http://www.propnexwarriors.com/wp-content/uploads/2012/02/Tenancy-Agreement-Residential.doc
Thank you so much for the links. It really gives me an idea how the contact is like. There is a term stated that landlord cannot claim back the pro-rated commission from the agent should the tenant break the lease but instead tenant has to reimburse the landlord for this pro-rated commission.
When I got my first pte condo, I paid my agent buyer's commission. I didn't have to (he himself told me). I gave him 0.5% of the buying price. Before this transaction, we didn't know each other. We met "accidentally" when my next door neighbour sold his HDB flat. Since then, he has provided stellar service.
When I bought my first pte condo it was tenanted and the tenancy was nearing its end. The tenants (a group of FT men) kept the place so messy and the agent handled it beautifully - told them no renewal, checked the TA (tenancy agreement), did inventory check, held back part of the deposit for the damage, etc. Then he got his colleague to come down to take a look at the vacant unit and they arranged for a contractor (his reservist friend) to fix problems at lower cost (I verified this by getting quotes from other contractors, which were all higher). Then both of the agents got a good profile ang moh tenant and even got him to sign a 2-year TA. The tenant was actually looking at a development in another area. I did not hesitate to give my agent his well deserved 1 month's commission.
Fast forward 1 year 10 months (2 months before end of lease). The agent automatically got new tenants to visit the place and did the negotiations, sourced for painting contractors at low cost, checked tenants' immigration status, etc. etc. When the new tenants wanted a bigger fridge, etc. he agreed but increased the rent!
The agent told me not to deal directly with tenants regarding technical problems and to direct the tenants to him instead. He said he is paid to handle issues, so don't take the trouble to sort them out myself.
Once every few months, he will give me a courtesy call and update me on govt policy changes, etc. His colleague agent also keeps in touch with me. So, it's like 2 agents helping me. In fact, whenever I post the commission cheque, I feel very happy. The $1.3K commission is nothing compared to the 100's of thousands in future rent. Also, the agents save me tons of trouble, especially those relating to tenant issues i.e. this not working, that broken... Planning to treat both agents to dinner one day as my way of thanking them.
Of course, not all agents are so good. But if you are willing to pay, I believe agents will do their job willingly. Just as Mr proud owner said, they will refer good tenants and sincerely help you.
When I got my first pte condo, I paid my agent buyer's commission. I didn't have to (he himself told me). I gave him 0.5% of the buying price. Before this transaction, we didn't know each other. We met "accidentally" when my next door neighbour sold his HDB flat. Since then, he has provided stellar service.
When I bought my first pte condo it was tenanted and the tenancy was nearing its end. The tenants (a group of FT men) kept the place so messy and the agent handled it beautifully - told them no renewal, checked the TA (tenancy agreement), did inventory check, held back part of the deposit for the damage, etc. Then he got his colleague to come down to take a look at the vacant unit and they arranged for a contractor (his reservist friend) to fix problems at lower cost (I verified this by getting quotes from other contractors, which were all higher). Then both of the agents got a good profile ang moh tenant and even got him to sign a 2-year TA. The tenant was actually looking at a development in another area. I did not hesitate to give my agent his well deserved 1 month's commission.
Fast forward 1 year 10 months (2 months before end of lease). The agent automatically got new tenants to visit the place and did the negotiations, sourced for painting contractors at low cost, checked tenants' immigration status, etc. etc. When the new tenants wanted a bigger fridge, etc. he agreed but increased the rent!
The agent told me not to deal directly with tenants regarding technical problems and to direct the tenants to him instead. He said he is paid to handle issues, so don't take the trouble to sort them out myself.
Once every few months, he will give me a courtesy call and update me on govt policy changes, etc. His colleague agent also keeps in touch with me. So, it's like 2 agents helping me. In fact, whenever I post the commission cheque, I feel very happy. The $1.3K commission is nothing compared to the 100's of thousands in future rent. Also, the agents save me tons of trouble, especially those relating to tenant issues i.e. this not working, that broken... Planning to treat both agents to dinner one day as my way of thanking them.
Of course, not all agents are so good. But if you are willing to pay, I believe agents will do their job willingly. Just as Mr proud owner said, they will refer good tenants and sincerely help you.
You are also very lucky to meet such a good agent. 所謂緣份可遇不可求。
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