Worried becoming a Property Owner? Here are 4 TIPS that can help you today!
Just bought you first home? Buying your first home as a property investment owner can be extremely daunting if you have no idea what to do next. So many questions might be going through your mind. Like, how do I find a tenant? Should the house be fully-furnished, partially-furnished or completely unfurnished? Will I get a tenant that pays me on time?
These are just the tip of the iceberg questions that you may have when you’ve just purchased your first home for investment purposes. The team here at Blueduck have put together a little handbook or guide to help aid you, new landlords, out there.
Looking for Tenants
This is one of the most important things that you would need to do as a property owner. Looking for someone to rent your place or finding the right family to live in your home is a huge part because they will be the ones responsible for taking care of your property. If you rent it out to irresponsible people, you might be in for a shock at the end of the day.
The common procedure in Malaysia is to usually find a property agent to list your home out for you. They will usually be the ones responsible for putting your home on a listing and will be the ones that will screen through tenants for you. However, over the years, it is known that sometimes property agencies can’t seem to find out everything about a tenant as they don’t usually perform thorough background checks. This can sometimes lead to not-so-great tenants. There have been countless horror stories that we have heard based on bad tenants.
This is why we truly believe that you should screen all tenants properly. If you don’t have the time, you can always enlist the help of platforms like BlueDuck, who are committed to finding the perfect tenants for you. You don’t have to worry about reading countless text messages for their names, occupation, race and etc. BlueDuck will conduct proper screening and share profiles with you that is more through, allowing you to make a better decision.
Get Everything In Writing
While this is not news to anyone, there are times when you make verbal agreements to add something, or fix something or the tenant says that they can only pay at a certain time that is not on the contract. You might think that this isn’t important enough to put that in writing but it can come back and haunt you.
This is also important so that your tenant is protected too. Every little detail needs to be recorded. Always have the full record of your tenant profile as well as the lease agreement that is signed by both parties and has stamp duty as well.
Start saving not only paper, but also your time!
Be Kind To Your Tenants
No one wants to live in a rats nest. Yes, you might not be responsible for making the house look like it was featured in a magazine, but the least you can do is to always make sure that is comfortable. If it’s fully furnished, ensure that everything is in working condition. Also always make sure that the air-conditioning works, the kitchen works, as well as the security being up to date.
Always be available if there is an issue because they are people too and they should be treated respectfully. If someone is making your house a home, you should definitely help when needed. Or if you don’t have time, BlueDuck’s tenant concierge service that will do that for you. We will be on call for your tenants when you don’t have the time.
Always Have A Budget Set Aside
The last tip we have for you is to always have a separate budget set aside for any emergency issues that might happen. Things like your tenant having to move out because of an emergency, a major leak or even a break-in.
Having this emergency fund is extremely important so that it does not bother your own monthly budgeting for the month.
There you have it! Some of our favourite tips about becoming a landlord here in Malaysia. It’s not that hard as long as you know how to look out for yourself and the interests of your new tenants!
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