It is a well-known fact that property agents earn their money from being the middlemen. You introduce two parties, everything goes well, handshakes are exchanged, and you wait for the commission to roll in. Pretty nice, right?
Okay, we know, this glosses over the paperwork as well as blood, sweat and tears needed to market listings (and the agents themselves). But bottom line is, it is a pretty decent job that brings in a sweet amount of moolah.
For most agents, rentals are a simpler and quicker way to earn commissions. Agents get paid after every signed tenancy agreement! Despite this, there are some downsides to rental transactions that will make property agents roll their eyes in dread. If you’re a property agent and reading this, these scenarios will sound familiar:
Tenant and landlord disputes
He-said, she-said arguments are bad enough, but it’s worse when you are the middlemen. While the majority of tenants and landlords are upright citizens, there are tenants who will trash apartments like there is no tomorrow, as well as unreasonable landlords who will demand compensation for the tiniest scratch. In such cases, you will need to act as a mediator.
Being the (reluctant) go-to guy for maintenance contacts
Picture this: You’re having a delicious family dinner and receive a call from your tenant. The room he rented features a top-of-the-class, bed bug-infested mattress. The thought of it makes you retch. “How did we miss this in the inventory and condition checks? Those sneaky buggers,” you say. You spend the next hour finding a pest control company that is both affordable (based on the signed agreement, either the tenant or landlord has to bear the cost) and available on short notice.
Conducting credibility checks
To avoid signing on tenants who might up and leave mysteriously, background checks are necessary. Is your tenant in Singapore legally? How much is he earning, and does it match the rent? (The loose rule of thumb is that a tenant’s gross monthly income should be three times their monthly rental, to minimise the risk of missed payments.)
Agents can’t scrimp on checks on landlords, either. If a landlord is renting out a HDB flat, you must ensure it has met the eligibility conditions.
Nodding in agreement yet? There’s a service that will take care of all of these for you.
Sing-Guarantee is a trusted rental security deposit service that helps tenants pay their security deposits with a cheque-in-lieu (otherwise known as a Sing-Security Deposit). The tenants need only pay an annual fee for this service, which is much cheaper than the traditional, two-month security deposit.
The landlord pays nothing. If the landlord does spend on repairs during the tenancy, the amount will be deducted from the Sing-Security Deposit held by the landlord, and Sing-Guarantee will claim the amount back from the tenant.
Here is how it will benefit property agents:
Sing-Guarantee conducts the professional checks for agents
Sing Guarantee offers a thorough move-in, move-out inspection for both landlords and tenants. With a comprehensive report of the inventory and its conditions, and even a V360 degree filming service, the chances of a landlord trying to rip off an unsuspecting tenant — are much lower. And, vice versa.
Parties are privy to value-added services like insurance
Be it locksmiths, electricians, or pest control, Sing-Guarantee has a list of trusted and affordable service providers. They also offer home accidental damage protection insurance that covers up to $750,000. No need to spend time searching for these on your own, plus, you will be known as an agent whose listings come with benefits.
Tenant Financial Checks
Sing-Guarantee verifies the financial stability of tenants, so your landlords will meet quality tenants that pay up on time. Here is how it is done. A happy landlord means more business for you.
Being an agent that partners with Sing-Guarantee gives you an edge over competitors. Tenants know your listings will un-freeze their money, while landlords are assured that the tenants you bring them are trustworthy. With the important stuff settled, you will have more time to close more deals and work on your business strategy. If this sounds good to you, click here to learn more.
This advertorial was produced in partnership with Sing-Guarantee.