Leasing property is a daunting task. It’s all the same story in Singapore. As the landlord you have numerous responsibilities, not just receiving rental revenues come to the end of each month. With monthly income, there is a lot that needs to be done just to keep your tenants satisfied. We are here to discuss some of the challenges you will encounter as a landlord in Singapore.
Well, let’s face it humans are difficult to keep happy all the time. This is because we have different needs, character, and mannerism. Some tenants may be mice while others are down-rig cruel and unfriendly. With such diversity, it a challenge to meet everyone need no matter how much you try.
Regardless, it’s always wise not to argue with your tenants as it will turn to be a battle of them against you. In events of commotion, tenants stand to lose their deposit while you can lose your reputation which is vital in a service industry. As a landlord, you should expect to be upset by tenants who are hesitant to pay up the rent which calls for wisdom.
Becoming adult caretaker
Leasing your property means tenants can call you at any time of the day just to ask for assistance. This is their right as long as they keep paying the rent. To offload some of these pressure, you can choose to hire a property manager, otherwise called agents to manage your units. This way you can have free time and enjoy your vacation.
Cash flow issues
Usually, a landlord uses the rent to pay off mortgage loans. This cash flow will defiantly be tested. Sometimes it due to sheer ignorance but sometimes tenants run into genuine financial difficulties and as a human you have to excuse them for a couple of days. Maintenance cost form units is another expenditure that is difficult to predict. When the elevator breaks down, you have to go out of your way and fix it. To avoid running into a lot of trouble, it advisable to have an emergency fund to ensure that the wellbeing of clients is maintained.
All these responsibilities as a landlord bring across a lot of liabilities. You will be presented with problems that ant your responsibility but be obliged to solve if the form you won pocket. As stated above, some clients are stubborn, never mention that to them, and you have to solve even the slightest incidence otherwise they will negatively influence the entire unit.
It better to protect yourself from these inconveniences. How do you do that? Hire property manager. Such service means parting with a small amount of the monthly rent revenue, but you get to enjoy good relationships with the tenants, and no one will call on your vacation just to tell you their toilet blocked, or the lights can work.