Have you recently bought a private residential property for investment? If so, you probably would have thought of renting out the unit to generate passive income or positive cash flow to cover your expenses. But being a landlord has its obligations. If you don’t have the time to manage your property, you can consider working with a co-living operator who can help to manage your property and tenants for you.
What does working with a co-living operator entail?
This means that instead of leasing your unit to tenants, you lease the unit to a co-living operator instead. The co-living operator will assume all the responsibilities of a landlord and sub-let out your unit (with your agreement) to individual tenants. By working with a co-living operator, you only have a single point of contact and they will pay you the agreed rental for your unit on time each month.
Here are the main benefits of working with a co-living operator
1. They have experience in looking for suitable tenants
Co-living operators usually have a network of property agents who are able to help them advertise for tenants. They will be able to perform the proper verification checks to ensure that prospective tenants have the right to work or study in Singapore and have the financial means to make timely payments for rent. They know how to market your property through property listings, online ads and established networks and are able to conduct property staging for viewings.
2. They have developed proven onboarding processes in place
Co-living operators are experienced and have proven methods of onboarding tenants. Some have even developed their own tech-enabled, in-app solutions which allows easy communication with the tenants. This makes the process of onboarding more seamless and also allows co-living operators to resolve any maintenance issues more quickly when tenants log in requests through the app.
3. They have a reliable network of services
Co-living operators usually have their own network of services contacts. They are able to quickly organise services such as housekeeping and cleaning as well as maintenance and repairs such as aircon servicing, plumbing and light-bulb changing. They will take care of all maintenance issues which arise, saving you the trouble of doing so.
4. They are able to help you maximise returns
Co-living operators are able to help property owners fetch better returns because they lease out individual rooms instead of the whole unit to one single tenant. They know how to maximise space in the unit which translates to being able to command an overall higher rental for the entire unit. This ultimately translates to better returns for the property owner. Working with a co-living operator, you also are guaranteed stable monthly income because of the locked in contract with the co-living operator.