How to Rent my Private Property
1st Step – List Your Property with PGproperty
Post your property for rent at PGproperty & start your renting journey with us.
Some Tips to assist you before posting your property for rent the DIY way. Before create your own listing to post, take some time to read through. Doing it Yourself (DIY) helps you to save on commissions and DIY has never been easier.
Many owners fear hassles, thinking home staging is a difficult task. However, they do not know that home staging has always makes it easier for buyers to visualize a property as their future home. Home owners who took the efforts to do so sell faster than homeowners that don’t. So what is home staging?
Home staging is designed to showcase your home’s best assets, impress buyers, and sell it quickly for the highest possible price. Not all sellers take the time and effort to stage their homes therefore you’ll be at an advantage if you could take the extra step of staging your own property.
Most homeowners thought that they need to spend a lot money on that. Contrary, you do not need to spend a single cent if you are willing to make these efforts and follow these few pointers recommended.
Clean up the house
Everyone likes to enter a clean home. A clean home shows potential buyers that you’ve taken good care of the property. Recall and visualize how show flats are staged to create the emotions so comfortable to the extent of making then wanting to own a unit and make buyers commit readily. .
Decluttering is one of the most important steps to staging a home for sale. Decluttering your home will make it seem larger and more appealing to home buyers. It is a simple step yet create a major impact on how your house shows. Knowing how to effectively and efficiently declutter your home means you ready to host your open house like a show flat.
Houses that are too run down may need a fresh coat of paint in order to create a fresh looking property to make buyers feel welcome with great vibes. If you are willing to repaint the whole house to create a brand new aura like most people does for selling second hand cars, chances are offer prices will fetch higher and get sold faster. The lower cost as compared to hiring workers to paint is to opt for DIY. If you are lazy to do up the whole unit, focus on areas that need to touch up most.
A plus point to beautify a house and makes one call home is to add a few potted plants that cost merely a few dollars is to the bathrooms and some living hall spaces. You can also roll up some new towels on your own neatly like some 5 stars hotel does and place them on toilet bowl with cover lid down. You get to hide any unpleasant smell or stains too.
A Picture Tells a Thousand Words
The DIY journey to sell on your own has allowed savings on thousands of commissions without the services of a property agent. So the next step is take a few great shots of your home to create a great impression after home staging to attract potential buyers because pictures are what make potential buyers to come to view your property.
Do take note when taking a photograph of your beautiful home, it is advisable to remove all personal items such as family pictures, sports memorabilia or religious items so as to allow buyers to visualize and feel for themselves the space that they can eventually call their home.
So start taking beautiful pictures of your home and capture the hearts of your potential buyers now.
2nd Step – Expecting Calls & Conduct Viewings
Start expecting potential tenants to call and arrange for viewings.
On the day of the viewing of your home, do a quick tidy up and switch on the air-conditioning (if any) for a better presentation of your home.
Recall how developers show cases their show flat units. Most of the times, it makes one feel so good when stepping into a show flat and create an instant adrenalin rush to own or buy the property. With that, objective is to create the same feel for your potential buyers when stepping into your unit and have that impact too.
Slowly guide the buyers around your home and share with them what amenities the estate enjoys. Remember to share only what the potential buyers requires. As the saying goes, sometimes less is more. Good luck!
3rd Step – Review Offers & Negotiate
Before negotiation with the potential tenant, do your homework by making use of the SRX x-value pricing as a general reference or URA that comprises private residential properties with rental contracts submitted to IRAS for Stamp Duty assessment within the last 60 months, so you can make an informed decision before entering into a rental contract.
Negotiate and agree on the rental price of the property as well as other terms whether the unit is rented furnished, unfurnished or partially furnished and list down the inventory thereafter.
4th Step – Letter of Intent (LOI) / Tenancy Agreement (TA)
Letter of Intent
A Letter of Intent (LOI) is a document that outlines a preliminary agreement between two parties before a deal is finalized. Sometimes there maybe uncertainties to be confirmed before committing directly to a tenancy agreement, hence an LOI may be signed to express the tenant’s intention of renting your property by collecting 1 month security deposit.
If the terms in the LOI is agreeable by you as the landlord, you can sign on the ACCEPTANCE section of the LOI and keep a one month of rental (good faith deposit) as part or full amount of the deposit, depending on the lease period.
Arrange to sign the tenancy agreement when both parties are ready to commit and prepare the Inventory List at the same time and collect the remaining deposit and 1 month advance rental from the tenant. Landlord and tenant to run through the Inventory List together against the fittings and fixtures.
All Tenants and occupiers must show the originals of their Passes and passports to landlord for verification. A copy of all these documents must be provided for the landlord.
5th Step – Estamping & SP Services
Stamp duty is payable on documents relating to leases of immovable properties in Singapore such as lease or tenancy agreement.
The tenant has to apply and pay for the stamp duty for this rental at IRAS. Tenant has to pay the stamp duty within 14 calendar days of the TA being signed.
After the payment is made online, the tenant will be able to download the Original Certificate of Stamp Duty and provide this copy of the Original Certificate of Stamp Duty to you.
The tenant has to apply or take over your existing SP utility before or on the handover date so that the respective utility charges will be borne accordingly.
Once your tenant has successfully applied for the SP utility, you will receive an SMS confirmation from SP.
If you did not register your mobile with SP, ask your tenant to forward the SMS or email confirmation from SP to you. Alternatively you may call Singapore Power at 1800-222-2333.
Last Step – Handover
Arrange a date for the Handover of your unit to your tenant. Do an inspection together and remember to take pictures of the unit thereafter to avoid any miscommunications. Save those images in your mobile for easy retrieval and also email to each other for reference in future.