Q&A: My family and I are temporarily relocating overseas because of work, 3-5 years in a neighboring country. I plan to rent out my property but I’m not sure about what I should prepare. Can you give me some advice?

RE: Renting out your property during your overseas relocation. You are looking for a Property Manager to assist you. 

There are numerous motivations to gather your belongings and embark on a new adventure elsewhere, but the process of renting out your home while you’re away doesn’t always come with an easy solution.

Whether your relocation takes you across the country or to a different corner of the globe, changing your place of residence can present an exciting opportunity. However, it also brings along its fair share of challenges and anxieties.

For individuals moving overseas, the pre-departure checklist can be extensive and exhausting. On top of that, homeowners face the additional pressure of finding suitable tenants to occupy their house during their absence.

Your Property can be resale property that you have been staying or newly purchased.

There are numerous things to be prepared by Landlord:

First, Identify a Real Estate Salesperson that offers professional advice with social proof. He/she needs to be equipped with a portfolio of rental properties to ensure one is experienced in handling all situations, such as damages, theft, or loss of rental income. If they have a team of Insider Sales would be highly recommended because of the intensity of the work involved. One individual may not be able to cope with juggling tasks concurrently. The insider sales team can help to supervise and deal with paperwork and coordination. The property is ready to be rented out after completing this checklist, which our staff will support you along the way:

Checklist of Renting Out Your Property when Relocating Overseas

1) Photos are taken for marketing purposes. They should clearly show the apartment’s inside, outside, overview and details. 

2) Make good your Fixtures and Fittings, such as loose cabinet doors or shower hoses to create and better impression to the tenants and earn better rental income. The curtain and AC also need to be dry cleaned with receipts before handing over.

3) Decide what you will bring overseas or leave behind, Carousell it or give it away? Whether you want just to provide basic appliances, such as fridge, oven, and washing machine. if you are leaving behind your pieces of furniture,  or to make it-is basis or you want to explore having a list of to buy furniture to make it a complete fully furnished apartment staged and to create a good impression on potential renters. Usuaully the appointed property agent will assist in preparing an inventory list of the fixtures, fittings, and furniture provided in the rental property.

4) Appointments between landlords and tenants are arranged for the consent letter provided by CEA (Council for Estate Agencies). It specifies the terms and conditions of the tenancy, including the rent, security deposit, duration of the lease, and other provisions related to the use and occupancy of the property. You can find further information about listing market price in this blog:

Rental Market in Singapore 2022-2023

or detailed instruction about CEA form by the Singapore government:

CEA form detailed instruction 2023

5) Conduct tenant screening, including background checks and credit checks, to ensure that the tenant is reliable and can afford the rent.

6) Prepare two access cards ( Ideally Min 2 set even for Studio apartments, More for larger units) and keys for the future tenant, and explain the Condo rules and regulations they must follow.

7) Remind the prospective tenant to insure their own personal chattels because the landlord will usually only have fire insurance with basic coverage in case of any hazards.

8) Virtual Tour to Represent the property correctly and another window to reach out to expats tenants that are looking for properties in Singapore. You will be surprised that some tenants is willing to commit just based on the Virtual Tours and a walkthrough Video Q&A.

Here is just an overview of the renting-out process. There will be more things to do depending on your specific cases. Please contact us at the phone number (+65) 9450 7545 to receive A to Z guidelines and support. 

Property Manager in Singapore.

FAQ:

Do you also Lease out HDB and Commercial Properties?

Yes We Do. Please note if you own a HDB and relocate to Overseas. You will need to Appoint a POA to sign the documents on your behalf. Even though if you can do E-signing, HDB still wants the Home Owner to appoint a POA to have a point of contact when comes to emergencies. It is not compulsory if you own a Private Property and you want to lease or sell your property.

Best luck to you!

The Wing Tai Holdings Team

The post Expert Advice on Renting Out Property When Relocating Overseas: 8 Essential Steps appeared first on Wing Tai Holdings Singapore.