We have a property to rent. Which scenario am I?
a) We have been staying in this property for awhile. Then one day, my wife and our family went shopping and there is a property show at the shopping center. We see different properties from various developer and then one nice salesman made an appointment with us and brought us to see the showroom. The beautiful interior design caught our eyes, and after some calculation, we decided to purchase this new property.
b) My wife and I have some extra money and we thought why not we buy another one for investment? We have friends who have properties not just here in Malaysia, but in overseas too. That is how many property and real estate moguls make money like Donald Trump, Robert Kuok, and our very own Malaysian property developers. Unless you a an IT geek like Facebook Mark Zuckerberg and Alibaba's Jack Ma, then most probably property is one way to make money since everyone needs a roof.
So finally one day my agent called me and she found a new tenant for us! We need to pay the property agent 1 month commission, and the rest of the rent we collected shall be our income. That is pretty much a good deal.
But the tenant disappeared without paying my rentals. 2 months rentals! Why we did not check the payment online regularly is because the tenant were so prompt in their initial monthly rental payments. So it does not occur for me to check the bank online. They did not pay the electricity too and the TNB supply was terminated. Look at the mess they did before they left. The house need 2 whole days and 2 cleaners to clean. On the bright side, there isn't much in the fridge before the TNB was cut off 😓
Year 2020 is an unforgettable year for the world. The coronavirus pandemic caused many in the world lost their jobs due to this unprecedented event. Tenants may suddenly have problems to pay their rental. If you are lucky, you may encounter someone who just ask for discount. What is the discount that shall depends on you. What about those that really cannot afford anymore because he lost his job and the wife runaway too? This a true story from a property agent. The nice owner actually did not ask for rental and instead allow the tenant to stay on until he find a job or look for a cheaper unit elsewhere.
So what to do during this pandemic? It is difficult to get new tenants now. So instead of fretting and being upset about it, why not look into refurbishment and seek for new tenants later?
How to make my property to be attractive to potential tenants?
1) Painting
This is the most inexpensive way to make the whole house look nice and new. Everyone likes a fresh coat of paint. Your previous tenant may left some children's drawing on the wall or there are some cracks which you have not fix. Take this time to rectify and fix it while giving a fresh coat of paint is always good.
2) Wallpaper in the living room or in the master bedroom can always give a good impression. It maybe slightly more expensive than paint, but wallpaper always give a very nice feel and since there are tons of design to select, take your time to think!
3) This is the time to check all the cupboards and timber floor. Check if there are any loose or disappeared hinges, any drawers that are stiff, doors that are cracked, or any timber floor that need to be fix. Get the contractor in to do all these jobs and check all the room doors too!
4) Get the electrician to check all the switches, sockets and change the burnt bulbs. Unless you know how to do yourself, it is better to leave to the expert.
5) Check the house appliances. The oven, stove, microwave, are they working well? Are they dirty and need to clean up? Are the lighting working still?
6) Air conditioner is one of the most important item in homes since we are staying in a tropical country. Get the air cond man to come in to do the services. When was the last time the air conditioner was serviced? It is best to service the air cond every 6 months to keep the life of air conditioner.
7) Take the curtains to wash. Most of the time, heavy draperies and curtain need the expert. There are professional curtain cleaner which can do dry cleaning. They will come to your place to dismantle, take to their shop to clean and bring back to hang up for you. Great!
8) Check all the furniture. Are the sofa, dining table and dining chairs still ok? What about the bedroom bed frames, mattress and side tables? Are they still alright or need to change? You can always get the contractor to fix the minor problem without buying new ones..
9) Cleaning. This shall be the final part. Send in from the cleaning company to do this job and not your maid at home. The cleaning company will come in and do the entire place for you with a fixed price and you can just come back later.
Now is the time to do the final touch up. Lay clean bed sheets, place some soft cushion, place a mat, hang some picture, display some flowers, and now is ready for photo shoot. Grab your phone and take photos with good angle and forward to your property agent.
Good photos always get attention. A newly touch up property is great when you are seeking in the competitive world of looking for tenant . Good luck!
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