TIPS FOR NEWBIE LANDLORDS

[jxmail00]

Trying to start a thread to improve the knowledge of new landlords.

Let me start with some questions, hope the experience landlords will give their invaluable comments.

1. Would it be preferable to get a few agents or only 1 agent to market your rental property? What are the pros and cons?

2. Do we leave the keys with the agent? will there be security issue? if a few agents is engaged to market the rental property, it would be difficult to tell which agent is the culprit if there is any damage or theft.

3. For contract renewal, do we really need the agent's services? Seems like easy money.

4. Does higher % of tenant prefers fully furnished or most like to bring their own furniture, or it is a combination of both?

5. I understand lightings and curtain must be installed. What kind of lightings is good for rental property? Easy to clean or elaborate ones? Anyone installed false ceilings with lights for their rental property, recommended?

Thanks in advance.

[august]

1, 2, 3. All depends on whether you have the time to handle yourself.
4. Combination of both. Boils down to tenant's budget and your budget (willing to provide).
5. If unit already comes with false ceiling I will use down lights. Otherwise simple is good.

[henryhk]

Stick to one or two capable agents first....give them a chance to get some viewers for u, ... don't need ask too many, the agents might know tat u are desperate... If is a good agent, he/she will do a good marketing for u

[bigbear]

Make sure u take pictures of the site and pass a copy to the tenant in case dispute. my fren has bad experience with tenant who obviously neglect to house keep but they called it WEAR N TEAR.

[sh]

Do not agree to agent commission for renewals. Agents will always try to slip the clause into every new contract. Take that out. If you choose to give the renewal commission, it's your choice, not because you're obligated to.

[sh]

Recessed lights if there's a ceiling. They're the cheapest and will not clash with anyone's decor and no one will object to them. Trickier if there's no ceiling. Go for simple, neutral designs.