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AS LANDORD - FREQUENTLY ASKED QUESTIONS (F.A.Q)
- What is the best way to rent out
a shop?
There are 3 ways:
i) Do-it-yourself
ii) Call many agents
iii) Appoint a sole-agent.
Appointing a sole-agent will help you to:
i) Protect your privacy & free your time and avoid annoyance
from unsolicited calls from agents & insincere enquiries.
ii) Maintain your price. iii) Harness other agents service
through co-broking.
- What should I do if tenant owed
me rental?
Most Tenancy Agreements state that after 7 to 14 days of
rent arrear, the Landlord can call off the lease/terminate
the contract and re-enter the premises. The landlord can
also start legal proceeding to seize the tenant's own belongings
& business asset to sell off in an auction to make good
the rental arrear. The landlord should not wait beyond 2
months to demand payment.
- What follow-up step can I take
to ensure my shop still generate rental?
Step 1 - Inform us about your problem.
Step 2 - Get an undertaking that the tenant will move out
by certain deadline.
Step 3 - Standby a new Tenant through us.
Step 4 - Finalise documentation to replace defaulting
tenant.
- In what conditions should my departing
Tenant hand over the shop premises?
Landlord should instruct departing Tenant to hand over an
empty shop free of existing fixtures & fittings. Walls should
be white-washed and carpet stripped off leaving raw cement
floor or existing tiles. While it may seem wasteful not to retain
existing fixtures, often the landlord will waste time &
money to get rid of existing fixtures when the new tenant
insists on a vacant shop to suit their renovation designs.
- How do I know about the market
rental?
All shops in Far East Plaza have been informally valued and given a
market price range recommendation. You can come to #05-134B
Far East Plaza or call 67326266/ 62353066
- What should I be aware when signing
a Lease Agreement?
1) It is better to sign under a personal name as in the
case of individual/sole proprietor and partnership. A Pte
Ltd may have only S$2 paid up capital and you may not recover
debt from the directors/shareholders.
2) Never fix the rental on the Option Period as it would
affect the shop value for rental return & capital value.
3) Putting the option to renew as " at mutually agreed price"
will need to be determined and agreed by 2 parties. "At the future market value" means rent can then
be measured & quantify (call us for assistance to express
a fair market price).
4) The Tenancy Agreement should be stamped from the start
within 14 days ( or 28 days if the landlord/tenant is stationed
oversea). The Tenant pays for both stamp duty and the legal
fee/admin fee of landlord & tenant. Landlord to get the
copy with the "REPRINT" duplicate agreement).
5) Never let the Tenant sub-let without your written permission
or else you may not trace who is accountable to you for
rent & duty to the relevant authorities.
6) Landlord should quote rental inclusive of maintenance,
otherwise landlord is still held responsible for arrear
to the Management Corporation.
7) Call for our assistanceTel: 67326266:
If you detect or suspect tenant's conduct as follow: i)
Always late in rent. ii) months rent over due. iii) Shop
not open for many days. iv)Tenant always asking for rent
reduction. v) Tenant want to sub-let. vi) shop already rented
to sub-tenant vii) Possibility of tenant running away over-night.
- Why is it I always have Tenant
problem?
Possibility that you did not qualify & check tenant's suitability.
| * Business capital |
* Existing track record |
| * Suitability of location for their trade |
* No tracking on rent delay |
| * Absent business ownership |
* Foreign business ownership |
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Call us. We provide property management and rental collection.
We give a service warranty that should your Tenant quit,
we will find another free of commission.
- Who can help me to
solve my tenants' problems?
Kindly come down to the Far East Plaza
Tenants/Owners Service Center situated at
#05-134B
LAST UPDATED ON JULY 2011 |
