A Miracle Rental Case Study of a Lovely Condo in Jurong
For 2 long months, the house sat there, empty.
For 2 months, the owner wringed his hands, wondering what was wrong with his property and why was he unable to rent it out.
His agent was advertising for 2 months before the tenant moved out, and now another 2 months has passed with no sign of viewings, or the sight of a potential tenant.
‘Is the market that bad?’ the owner wondered aloud to his siblings.
‘Why not I introduce you to my agent?’ asked his sister.
And that was how we got to know Mr Ke.
J Gateway is a lovely condo just next to Jurong East MRT station. In the heart of Jurong Regional Hub, with International companies and schools nearby, there should be no reason why this 2 bedroom with 2 bathrooms apartment was NOT rentable.
In case you are wondering about his price, he was asking for $3,000, which is the market rate for the property.
We met Mr Tan at his condo and immediately saw the problems.
These are the Real Reasons why his property was not rented.
(1) It was unloved.
The property was not in a terrible condition, however, it was obvious that the last tenant did a lot of cooking. The cooking area was dusty, the hood was oily. The house was dusty, and there were leftovers, graced by the last tenant. A broken broom, some papers, a spoilt chair at the corner, one lone filthy pillow in the wardrobe.
The toilet bowls were filthy. There was a dark black spot at the bottom of the bowl – it looked like the tenant flushed ashes for months.
We threw out the unusable items and got a cleaner in to clean up the house.
(2) It was empty.
Expat Tenants who rent 2 bedrooms usually do not bring their things from their countries, as it’s just one to three of them living in the property. Moreover, most companies do not provide budgeting for transporting furniture over. Usually these tenants prefer not to bring items as well as moving them is troublesome. Hence, furniture was the second thing we suggested to the owner.
What We Suggested
(a) TV Console
(b) Sofa Bed
(c) Dining Table & Chairs
(d) Queen Bed with Mattress
These items costed the owner only…S$895.32.
(3) Photos & Videos Needed an Update
The Photos of the house did not showcase the property at its prime – a bright, high floor house. We took some new photos of the house, empty. And started advertising aggressively.
(4) Detailed Viewings
Within 1.5 weeks, we had 3 viewings. As the furniture had not arrived yet, we showed the tenant what was purchased through the iPad. One of the groups offered – a young couple from Brazil.
We secured $3.3k for One Year Lease, and the tenant moved in within 5 days, the moment the furniture arrived.
This was one of our happiest moments, as we do understand what a waste it is to leave the property empty and NOT collect a cent for a supposed investment property.
Each property, given the right care and attention can be rented or sold.