Top 3 Things to Consider Before Renting Out Your Property

The property market is a tough nut to crack these days, considering that there’re tons of new places (commercial and residential) popping up. It sometimes feels just a little bit overwhelming, a little bit scary, but that’s okay. (Just sounds scary only >_>)

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Rental Frights: The Things That Landlords Go Through

What are the scary things about renting a house? Let’s get to the bottom of all the rental horror stories that we always hear about in the media.

You could be a landlord looking to rent out a unit. It’s probably an old apartment and your grandmother used to live there. Since you have no means to move into it and you’d still like to keep the unit because all the memories are sentimental to you, you refurbished the place, added new furniture and painted the walls. The apartment is now a minimalist living space for young and outgoing people to call home..

 

Then you put up advertisements, posters and even list it out on rental platforms saying the unit is available for rent. You even took the time to get a proper camera to take decent pictures of your place so that it looks nice on an ad. You’re well on your way start your career in the real estate industry as a landlord!

BUT WAIT

You hear stories from relatives and friends about the pains of being a landlord. 

connie britton panic attack GIF by Nashville on CMT

 

What if your unit doesn’t get rented out? You’d have to pay unnecessary bills like utilities and maintenance fees. Plus, you’ve already put a huge investment in redecorating, It’s gonna take a while for you to earn back that amount of money if you don’t get it rented out soon.

 

If your own advertisements don’t attract any inquiries, well, you can always turn to agents. Oh man, another add-on expense! If you’re lucky, you’ll get an agent who’s really passionate about getting your house rented out. And if you’re really lucky, you’d get a tenant who is not fickle minded and is desperate enough to move in (some tenants do have the time and luxury).

 

However, if the tide turns, you miiiight end up with these type of tenants:

The Negotiator

Tenants who would die to negotiate your rental price and demand for more than what is needed for basic furniture.

 

negotiate GIF

The First Timer

These type of tenants just recently move out of their parents’ house. Mostly college kids or just starting up with their career. You can most likely expect that these tenants do not know how renting a place work.

The Delayer

The tenant who keeps “forgetting” to pay the bills. The most common and casual answer you’ll get when chasing for payment is “I promise I’ll pay lah”. So you wait and wait until you get sick of waiting then the moment you want to evict them, they’ll send you a text saying “I paid already. Thank you”. And you being the nice landlord, you forgive this person and give them another chance. Also because you got your money already.

The Disappearer

One word for these tenants – RUDE. They’ll just disappear without a trace like a phantom.

 

tv show no GIF by The Daily Show with Trevor Noah

 

… with your TV probably.

 

And other valuable furniture…

 

Now, take a deep breath.

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