A good reputation can help landlords attract tenants in a property market where there are many potential occupants, according to Superior Wealth Group CEO, Alan Poon.
“One of the better ways to stand out in a sea of rental properties, in my personal opinion as a practical investor, is to be known for all the good reasons. This, I mean, not just the rental price of value-add facility provided within the premises but also to be known as the landlord that a tenant would like to deal with,” said Poon.
“This encompasses being a nice and considerate landlord or even someone whom the tenant can make a reference point for. I would say word of mouth is the best leverage you can get to market your rental unit as a landlord.”
Poon explained that establishing an amiable reputation starts when the landlord meets a potential occupant as the latter scouts for a suitable property to rent. But the ultimate objective of tenant management, a skill that investors should master, is to find and retain good quality occupants.
He noted that it is important to choose would-be tenants with utmost care and diligence. “Every landlord hopes to find good, if not great tenants, (so) that they do not need to be worried about getting late or insufficient payments.”
Poon, who has a set a record in Malaysia for being the first author to launch three books at the same time, said that one of the most basic ways to screen out poor paymasters is to ask for the rent in advance.
It also helps to interview potential renters about where they are studying if they are students or where they work if they are professionals, aside from asking for copies of supporting documents, like IDs.
“In cases where punctual payment is not met, the frequency of such incidents can be reduced by rewarding tenants with rental discounts should they choose to be prompt, instead of the much-dreaded penalties which most delinquent tenant choose to ignore anyway,” he added.
This interview with Superior Wealth Group CEO, Alan Poon first appeared in New Straits Times.
Image sourced from Metro News. Picture for illustration purposes only.
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