Tips on being a good Landlord

[RadX]

Since quite a few of us here have tenanted units, thought this would be a better platform to discuss this.  Been leasing out my units for a while and can compile a list based on anecdotal experience:

 

1.  Get to know your tenant

 

- It goes a long way.  I normally invite them out to dinner if they are new to the country and get to know them better.  This warms up the relationship so that there is mutual respect and understanding.

- Check on them regularly for the 1st few months to see if there are issues and they have settled in.  Most of mine have been Japs and they make excellent tenants

 

 

2.  Involvement in your property

 

- get involved in your property so that you are above on what is happening inside.  Try to attend AGMs as well as be part of the council if the opportunity arises.

- Makes the knowledge of your property and areas more transparent so that should the tenant need help, you are right there with the necessary guidance. 

 

 

3.  Do your homework

 

- if you are a green horn at leasing out, then you may engage a agent at first.  Know the TA and the entire due process.

- Learn how to manage and draft your own TA.  There are standard templates out there for you to take cue from.

- After the 1st lease, best to do your own so that the 2nd comm need not be part of the payment needed to be taken into account.

 

 

4.  Care of your property

 

- If this is the first property, then ensure that after 4/5 years you do a refresh of the unit if need be.  Do repairs, works so as to keep it up to the mark

- Manage defects well and itemise them and follow up regularly so that it is maintained

 

 

 

 

That's all I think I have off hand but the gurus like @throttle2 and @sp4wn can add on and oh, poonde @turboflat4 can ass

 

 

@ttl1976 you can come in later bro......and share some insights

 

 

 

Thanks and do add on so that we can learn.

[Wyfitms]

Since quite a few of us here have tenanted units, thought this would be a better platform to discuss this.  Been leasing out my units for a while and can compile a list based on anecdotal experience:

 

1.  Get to know your tenant

 

- It goes a long way.  I normally invite them out to dinner if they are new to the country and get to know them better.  This warms up the relationship so that there is mutual respect and understanding.

- Check on them regularly for the 1st few months to see if there are issues and they have settled in.  Most of mine have been Japs and they make excellent tenants

 

 

 

 

invite them to dinner? warm up the relationship? check on them every now and then?

 

it only made sense when i saw the last part that they were japanese (girls) 

[Porker]

Tenant will want peace and quiet. I certainly don't want my landlord to come bother me with gathering requests every now and then and I certainly don't want to know my landlord better on a personal level unless he's Warren Buffett

[Wyfitms]

Tenant will want peace and quiet. I certainly don't want my landlord to come bother me with gathering requests every now and then and I certainly don't want to know my landlord better on a personal level unless he's Warren Buffett

[Tonydeath]

Hi,

Can advise me on what documents do I need to prepare and take from my  tenants as they want to extend for another few months after 2 years lease. thank you

[Porker]

didn't u let your landlord bang u in lieu of rental? that is quite personal isn't it?

That's only for @Turboflat4 lah jesus

[1fast1]

That's only for @Turboflat4 lah jesus

[Sp4wn]

Tenant will want peace and quiet. I certainly don't want my landlord to come bother me with gathering requests every now and then and I certainly don't want to know my landlord better on a personal level unless he's Warren Buffett

[Kb27]

Tenants usually want to be left alone, unmolested, have peace and quiet, unless they have questions around the house/apartment/travel.

 

Landlord just want tenants to pay up rental promptly and not for tenants to be rowdy, cause trouble to neighbours, etc.

[Galantspeedz]

do you all bother to resign lease after the initial lease expire?

 

I don't so both sides have flexibility to leave or take back the place........ 

[Sp4wn]

Hi,

Can advise me on what documents do I need to prepare and take from my  tenants as they want to extend for another few months after 2 years lease. thank you

 

extension of duration of tenancy agreement (ie you can specify that the terms for the expiring tenancy agreement are to remain in place for the "extension", and remember to pay stamp duty on the duration of the extension, otherwise, during any legal process, you will not be covered)

 

be sure to let them know that during the extension (say 6 months or whatever), you will be conducting viewings more frequently to find a more permanent tenant (or buyer for sale). put this as part of the extension contract, so you can ensure your property will have very little to no downtime. (i normally fix 1-2 days per week at a specific range of timing for the tenant to allow for viewings, and 100% of them will agree, as they know they are getting the extension from me without much hassle)

[RadX]

Agree on the peace part and it's only for the 1st few weeks or so. After that ... No news is Gd news

 

Eh sp4wn yours is loan shark kind ke... U collect $$ Ono haaaa

[Sp4wn]

do you all bother to resign lease after the initial lease expire?

 

I don't so both sides have flexibility to leave or take back the place........ 

 

yes, otherwise if any issue comes up and your paperwork is not in order, you will have a hard time enforcing your rights.

 

your scenario also leaves you with no real knowledge of where you stand, and doesn't help with planning for rental/sale, since neither party stands here nor there.

[RadX]

Mine are corporate handled so the hr eases them in on the stay. I ease them on the estate

 

Keep the views coming.

[Sp4wn]

Agree on the peace part and it's only for the 1st few weeks or so. After that ... No news is Gd news

 

Eh sp4wn yours is loan shark kind ke... U collect $$ Ono haaaa

 

of course. i have a big chain in my drawer. with a big padlock (complete with saw marks). i have had to take back premises quite a few times due to non-payments (several months overdue) and after going through the standard legal procedures, i just padlock the place and put the notice out of reach.

 

MOST tenants will immediately pay up if they have the cash, cos they want to avoid embarrassment. 

if they dont have the money, just tell them to clear their shit out and take back the place.. nothing worse than keeping a deadbeat tenant around, and taking them to court will be an even bigger waste of money.

[RadX]

I like Corp clients

 

Rental SWEE SWEE on the dot

[Galantspeedz]

yes, otherwise if any issue comes up and your paperwork is not in order, you will have a hard time enforcing your rights.

 

 

 

can give example? not sure how would this affect any rights?

 

for commercial i could understand but for individuals?

[Tonydeath]

extension of duration of tenancy agreement (ie you can specify that the terms for the expiring tenancy agreement are to remain in place for the "extension", and remember to pay stamp duty on the duration of the extension, otherwise, during any legal process, you will not be covered)

 

be sure to let them know that during the extension (say 6 months or whatever), you will be conducting viewings more frequently to find a more permanent tenant (or buyer for sale). put this as part of the extension contract, so you can ensure your property will have very little to no downtime. (i normally fix 1-2 days per week at a specific range of timing for the tenant to allow for viewings, and 100% of them will agree, as they know they are getting the extension from me without much hassle)

Wow! so much paper works to do and how to pay stamp duty? do I collect from tenants first? I am 1st timer on leasing. thank you