Rental questions

[DesertWind]

mathsparks:

For condo rental, can anyone advise who pays the agent commission and how much is it if stay is 6 months? Thanks in advance.

Hi Mathsparks,

From my experience as a landlord renting out my condo. to tenants, my property agent was the one who got the tenants for me and I pay him commissions pro-rated according to the number of months of rental. I think the standard commission rate is 1 month commission for every 2 years rental contract. So if the rental is only for 6 months, then pro-rated accordingly. The shorter the tenancy, the higher the rental income is suppose to be.

However, I also have experience renting a condo for my own stay through another property agent. I wanted the contract only for 6 months extendable to 9 months. This property agent charged me for commission equivalent to 1-year rental (not pro-rated!). But because he was our neighbour and he said the work involved was no less etc... we pai-seh to argue hence we just give. But he was very helpful in that whatever problems we encountered in the rental condo, we would call him for help!
:celebrate:

[mathsparks]

:thankyou: desertwind. So looks like there isn;t any fixed rule regardg commission. We're at the mercy of agents.


Any idea if it's possible to rent less than 6 months? Accordg to agent, ura regulations must be more than 6 months. Anyone can confirm this?

[tree nymph]

Hi mathsparks,


I don’t think there’s such regulations. Its just a demand and supply and the stamping of document and the commission involved. My cousin is currently renting his condo for 3 months while waiting for his place to be renovated. My neighbour did it before too. I think your agent maybe trying to pull a fast one on you. Best to check with other property agents about this.

[DesertWind]

mathsparks:

:thankyou: desertwind. So looks like there isn;t any fixed rule regardg commission. We're at the mercy of agents.


Any idea if it's possible to rent less than 6 months? Accordg to agent, ura regulations must be more than 6 months. Anyone can confirm this?

Hi mathsparks,

I had been renting out my condo for past 10 years and never heard of any URA regulations more than 6 months???

As a landlord, I was willing to rent out even as short as 2 months! My agent was willing to handle all the hassle for me ie. he got a lot of expats requiring housing for all sorts of short tenor plus perhaps I am those rare landlord willing to rent out short term (because monthly rental much higher!). But after a while, all the paper work got me fed-up so I told agent to do longer term of 2 years for me! (BTW, I have already sold my condo. during this property boom, heh....heh.....)

But when I was trying to rent a condo. for myself after we sold our house and in-transit waiting for the renovation to complete, this other agent also told me that minimum lease is 1-year!

I think if you go through agent you will face this problem because they are trying to charge you for commission and probably only worth while to help if the commission is at least 6-months equivalent (or one year).

Perhaps you can try another agent or look at the newspapers yourself and call and ask whether the landlord is willing to rent out short-term.
:celebrate:

[Eagle-Ladybird]

I’ve had several 6-month period rentings. And our tenancy agreements are officially stamped/lodged. That much I can confirmed. In fact my tenant just renewed another 6 months

[mathsparks]

:thankyou: treenymph, desertwind and and eagle-ladybird. :lovesite: shall dump this agent who is either a greenhorn or hasnt been honest with me.


I'm so glad it's possible to rent a few months.

I've another qn: Regarding utilities, which I understd is paid by tenant, how is the amt worked out? As the utility bills are sometimes estimated, other times adjusted, how to ensure that we're not paying for the previous tenants' usage?

[mathsparks]

DesertWind:

(BTW, I have already sold my condo. during this property boom, heh....heh.....)

heehee, sold my apt too! :hi5:

[DesertWind]

mathsparks:

I've another qn: Regarding utilities, which I understd is paid by tenant, how is the amt worked out? As the utility bills are sometimes estimated, other times adjusted, how to ensure that we're not paying for the previous tenants' usage?

Hi Mathsparks,

You are welcome! Glad to be able to be of some help here!

For the utilities, tenant have to apply to open account with the PUB from the day you agree to take over the rental apartment. And after you finish the rental, you have to inform PUB to close the account. In this way, you only pay utilities from the day you take over until you vacate!

Sometimes if the timing is not done right, you can get no electricity if the period in-between tenants are long and landlord did not bother to apply for the electricity. On the other hand if the tenant come and go quite quickly, then the housing agent will close the old tenant's account and start the new tenant's account immediately following hence you don't get any disruption.

So for this you can check with your agent or the landlord itself.


:celebrate:

[mathsparks]

Thankyou, desertwind. For condo rental, how/where to open pub account?

[DesertWind]

mathsparks:

DesertWind:

(BTW, I have already sold my condo. during this property boom, heh....heh.....)

heehee, sold my apt too! :hi5:

Hee...Hee!! :imcool:

I have \" Ku Ku De\" waited for 10 years for the market to finally come back up again and finally sold. Phew!

Now feel so relieved no need to bother about renting out anymore!
:congrats: to you too!
:celebrate: