Here is a simple question; Who knows your property best? Your agent or you?
My guess is that you know your property a lot better than any agent. I know mine, much better. I know the history, the improvements, where we spent money, how old the washing machine is, the air-con service history and when the rooms were last painted. I can also bet that I know the local area much better; my neighbours (lovely people), restaurants, shops, clinics and schools. These are all very important points when renting a condo or apartment in Singapore. Good information can make a difference in securing the tenant.
So if you know your own property much better than an agent, why are you paying him or her thousands of dollars to do something that is natural to you?
Tech disruption is clearly putting property owners back in control. Perhaps you have read some articles about new platforms disrupting the Singapore real estate sector? Landlords and Sellers going direct and not using an agent? Interestingly, 24% of HDB transactions do not use an agent and that means owners save on significant agent fees? Airbnb put hundreds of thousands of “tenants and landlords” (guest and hosts in Airbnb speak) in direct contact every day, all over the world.
Seems to make sense. You know your place better than any other agent. You are usually there to open the door and you get to answer the client questions over the agent. Technology is connecting the marketplace.
So why do you need an agent at all?
The truth is that you don’t. In Singapore, you can self-transact on your own long-term rental property and also on the sale of a property and many people are making significant savings on agent fees by going direct. Direct or DIY rental transactions are just getting bigger.
Platforms such as RENTAL.SG offer an absurdly simple and highly effective service. As Singapore’s first residential and commercial rental community to connect landlords and tenants directly they cut out the real estate agents and replace that experience with potential savings of thousands of dollars in transaction fees.
They do this by offering their members an easy online solution to upload the property for rent with a secure community. RENTALS.SG provides free photography (yes, that is right, they send around a professional photographer), downloadable generic letter of intent, lease agreement and easy links for online filing. Landlords now have all the tools to easily transact their rentals and at a fraction of the cost of an agent.
With RENTALS.SG, members can even meet the tenant compliance and background checks themselves or pay a small optional service fee to save time.
Going direct presents landlords with a secure and impartial opportunity to reach new potential tenants with better photographs, more relevant information and significant cost savings.
You are definitely the best person to rent your own property.