THERE are many things potential landlords will need to do before they can conclude a successful tenancy, says the former president of the Malaysian Institute of Estate Agents (MIEA) Siva Shanker.
1. VET YOUR TENANT
The more information you are armed with, the easier it will be to make a decision whether to accept them as your tenants.
2. FIND OUT TENANT’S FINANCIAL POSITIONS
Look for tall-tale signs of difficult people. You can bet that a person who enters into negotiations with you in bad faith will continue to display those characteristics throughout the tenancy.
3. FURNISHED OR UNFURNISHED
Try not to furnish your unit until a tenant is confirmed. Once the tenancy is secured, you can agree to provide them whatever furniture they require. But put a limit on the amount you are prepared to spend on furniture and relay this to them right from the start.
4. BASIC NECESSITIES
Whether you plan to furnish your property or not, you have to provide basic items like lights, air conditioners, kitchen cabinets, wardrobes, curtains, etc. In an oversupply situation, things like this will matter whether you succeed in securing a tenant or not.
5. TENANCY AGREEMENT
A well crafted tenancy agreement is essential in order to ensure a smooth period. Do not create your own tenancy agreement. Seek professional help from a lawyer or an estate agent as to the clauses that are essential in a contract.
6. SEEK PROFESSIONAL HELP
Always seek the help of a professional. The service they provide you will more than be equal to the fee you will pay them. They do this for a living and as such they will be better at reading the tenant and making the right decisions on your behalf.
7. KEEP AN INVENTORY
Before handing over the unit to your tenant, make a detailed inventory of all items in your property. This inventory list should be countersigned by both landlord and tenant, and should form part of the tenancy agreement, as an attachment. A photographic inventory is a very good idea to remember all the things you have in your unit.