The Rental Process

About Living in
Singapore

Initial Assesment

Once a client contacts IT-Realtor, one of our experienced agents will assess the client’s requirements through our Requirement Analysis form.

Items which are to be considered prior to home search:

Housing budget
Size of Property & Number of Bedrooms
Age of Property (newer properties have modern finishings and facilities but floor area tend to be smaller)
Location (is there a requirement to be near to School/Work/Subway)
Aesthetic preferences
Other requirements (garden, balcony, etc)
Partially Furnished v. Fully Furnished
The majority of rental properties in Singapore are usually partially furnished. This means that they come with air conditioners, white goods (washing machine, dryer, refrigerator, stove, and oven), and blinds/curtains. Fully furnished properties are also available.

Length of Lease
Two (2) year leases are the standard in Singapore. One (1) year or shorter leases can however also be negotiated.

Corporate or Personal Lease
Landlords in Singapore usually prefer corporate leases, however personal leases are becoming more accepted.

Viewing

Once the initial assesment is complete, our agent and client will set a date for viewing properties. Our agent will arrange to pick up the client and begin viewing properties (plan on viewing three properties per hour).

Letter of Intent/Letter of Offer

When the ideal property is found, our agent will prepare a “Letter of Intent/Offer” for our client to approve. This is a letter stating the Tenant’s intention to lease a property from the Landlord. It will outline the Tenant’s requirements for leasing the property. When the Letter of Intent is agreed upon by all parties, a finalized version, signed by the tenant(s) will be sent to the Landlord for signature, along with a good faith deposit equal to one (1) month’s rent. This will serve as half of the two (2) month’s security deposit.

Tenancy Agreement

After the Letter of Intent/Offer is signed, both parties will complete the Tenancy Agreement. This is the legal contract between Tenant and the landlord. It outlines the terms and conditions of renting the property. Upon signing of the Tenancy Agreement, the client is required to pay to the landlord the second (2nd) half of the two (2) month security deposit and the first (1st) months rent.

Security Deposit

A security deposit of two (2) months rent is required for most leases in Singapore.

Utilities and Phone Connection

We will coordinate the connection of utilities (gas, water, and electricity) internet cable, cable television subscription and phone line(s) for our clients prior to their moving in.

Handover

The day of the handover, we will represent our client by reviewing the inventory list/handover form and taking photographs of any flaws, defects, or damage to the rental property.

Agency Commission/Fee

In Singapore, the landlord pays the agency commission whereas the tenant/client does not, except in the following circumstances

Rentals below Singapore Dollars S$2,500 (per month)
(Institute of Estate Agents Guidelines)

- In this case, the tenant shall pay his/her agent a minimum of one half (1/2) month’s gross rental for a lease less than twelve (12) months.

- Or; the tenant shall pay his/her agent a minimum of one (1) month’s gross rental for a lease between twelve (12) months to twenty four (24) months

Government owned properties

- In these properties (Black and White bungalows, some conservation homes) the tenant shall pay his/her agent a minimum of one half (1/2) month’s gross rental for a lease less than twelve (12) months.

- Or; the tenant/client shall pay his/her agent a minimum of one (1) month’s gross rental for a lease between twelve (12) months to twenty four (24) months.

Tenancy Management

During the course of a tenancy, we will assist our client with various issues (repairs, lease extension and renewal etc) that may arise.

Handback

At the end of the tenancy period, we will assist our client(s) in either renewing their lease or handing back the property to the landlord. At the conclusion of the handback, we will also secure the security deposit from the landlord for our client(s).

IT-Realtor
Tel: (65) 7322224
info@it-realtor.com