| Finding Tenants |
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Finding tenants for Asian rental properties is a process requiring time and experience to avoid potential problems for property investors. Healy Consultants assist our clients by project managing the process of finding tenants to occupy newly purchased residential and commercial property. Below is information on tenant selection and our services related to the process of finding tenants:
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1.
| The majority of markets in Asia are free rental markets, meaning the process of finding tenants involves free negotiation of costs between the agent/landlord and the tenant. Rent control systems have gradually been dismantled in countries that previously employed them. China, Japan, Malaysia and Singapore are four Asian countries to follow this trend in the early 2000's.
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2.
| Finding a suitable tenant is a key step for property investors. Whether the purchase is in the residential property market or commercial property market, finding tenants ensures rental income to contribute to the return on investment.
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3.
| Philippines and Taiwan are two Asian markets that have some rental control systems in place. The Philippines has a rule governing the maximum rental increase that can be implemented. Another form of rental control is maximum rent where the rental amount is partly determined as a percentage of the value of the property, this form of rental control exists in Taiwan. Cost is still an important aspect of finding tenants in these markets.
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4.
| Global Property Guide classifies countries based on their favourability toward the landlord or the tenant. The classifications are based on variables such as rent adjustments, deposit requirements, duration of contract and eviction notices, the effectiveness of the legal system and recent history related to regulation in the market. Such variables can be referenced when developing a strategy for finding tenants. An advantage for investors in this region is that the majority of countries are seen as pro-landlord. The classification lists Hong Kong, Philippines, Singapore, Taiwan, Thailand, Vietnam and China as being pro-landlord. Australia is classed as neutral and Malaysia is a country classed as pro-tenant.
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5.
| Healy Consultants assist international investors manage this time consuming aspect of property investment. The managed processes for finding tenants include:
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i)
| Appointing and supervising realty agents to find potential tenants and manage the contract functions.
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ii)
| Determining the optimum rental for your residential or commercial property based on current market trends and sentiment.
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iii)
| Agreeing on the optimum marketing strategy for finding tenants together with the related advertising costs.
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iv)
| Interviewing potential tenants and negotiating terms and conditions including monthly rental.
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v)
| Obtaining the necessary due diligence from tenants for our clients' protection.
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vi)
| Collecting the necessary rental deposits and arranging the necessary system for collection of monthly rental payments.
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vii)
| Obtaining efficient resolution of tenant issues or disputes.
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Contact us
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For more information on our services related to finding tenants, please contact Healy Consultants at our Singapore office at (+65) 67350120 or email us at email@healyconsultants.com
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