🤠’s Dua Sen -Renting investment properties
How to rent out any condo quickly
Looking for a quick read I chanced upon "5 ways to rent out your property quickly" In my opinion, however, there are NOT 5 ways to rent out a property quickly.
Folks, there is actually just ONE way :
"Price your rental properties just SLIGHTLY under the market rental rate."
That's my Dua Sen gleaned from renting out KL investment properties since 2000. Why should YOU pay more attention to my Dua Sen rather than the author of the iProperty.com article (which by the way you should read also because it has some sound advice)? I have no idea how many landlords the author spoke to, but here are my credentials as a KLCC landlord:
Properties previously owned :
one bedroom units -three 940sf apartments at Menara Avenue, KLCC, one 520sf apartment at Bukit Bintang
two bedroom units -two apartments of 1000sf at a resort style condominium near PWTC, one apartment of 1040sf at D'Mayang, KLCC),
a 1500sf three bedroom unit at Downtown Condominium at Bukit Ceylon (bought at "half price"). See here for the story of my first auction property.
I am still holding onto my first KLCC investment property bought in 2000: a 5* luxury condominium unit of 3,000+ SF. But I might have to rethink my (probably sentimental) reasons to hang on to this property in light of the gloomy prospects.
As a landlord, I have seen too many condominiums left empty for literally years because their owners could not accept the fact that market rentals were 20-30% lower than what their properties used to fetch. It doesn't make economic sense to me. (Better cut rents by 20%, even 30% than leave an investment property empty for say two years).
Take the asking rentals at Ryan and Miho- a high density leasehold serviced residence in PJ Section 13 and compare them with asking rents for similar sized apartments at 5* luxury apartments at Platinum Suites, KLCC. The Ryan and Miho asking rents look too high to me. I wonder what is the occupancy level at Ryan and Miho ?
One way to rent faster is to get close to real estate agents aka “professionals” who might know how to rent out your property quickly. My 5* KLCC luxury condominium has been rented out for the past 7 years thanks to “S”, my KL property agent who is exceptionally good at her job.
But on the other hand for every good real estate agent like S there are probably 5 “not so good”agents. From previous encounters with these real estate agents, I jokingly call them real estate agents with “Three NOs- aka no experience, no skill, & no idea. “
One of the ways to find a tenant quickly is also to list on a portal. But these days, a landlord doesn't have to pay $$$ to PropertyGuru or iProperty - they can set up their own website for less than RM600 like yours truly.