Finally, rented out my unit in Banyan Tree after 20 months of trying to sell. Allotted 1 year to sell and another 8 months to rent. There were a few offered for rental and almost concluded a deal in mid July, but it fell through when the couple from UK became uncompromising and demanding. They were willing to pay RM7k per month for fully furnished. I agreed to it and allocated RM5k to buy the furniture. The wife wanted to see the colours and etc so I sent her the pictures my biz partner took. It looks good to me. But the wife of the potential renter didn’t like the colours and wanted to choose the colours and again we agreed. I told them the budget and where we shopped so off they went to look for furniture they wanted.
And that was the caused of why the deal fell through. The wife complaint the mattress was too soft and wanted a harder one. And her request didn’t stop there. She wanted me to increase the budget to RM7k for her to buy the furniture she liked!! When the agent told me that I was really pissed off as I had stated clearly I didn’t want to furnish it as my intention is to sell the unit. Rental is just a temporary measure only. I told the agent to give them a choice – either take it without furnishing at RM6.5k or RM7.2k per month and she can get RM7k budget for the furniture. I was willing to compromise halfway if they are willing to do so. But they weren’t so the deal fell through.
There were 2-3 more potential offered, but in the end they chose other units as they are plenty of choices. I began to worry especially in the month of September as it was really quiet with no viewings of my unit at all. I went to temple to pray to ask for blessing to rent out my unit in October and I got it. Although the rental is only RM6k (I wanted RM6.5k lowest) and I still need to install the lightings and curtains, but the consolation is the tenant will pay 6 months rental advance. So at least I don’t need to worry about chasing for rental for 6 months and I can use the money to pay for the curtains and lightings instead of using my own money. I will be using the money to pay for the outstanding service charges + sinking fund too. Give me some breathing room in my bank account.
I’m aiming to sell the unit for RM2.9 to RM3mil or else it won’t justify my holding cost. I think if the market recovers I should be able to sell even higher. Well, at least I don’t need to worry for 1 year 1st and anything can change in a year. Who knows 😊?
Finally, 1 headache less although I still need to top up almost 45% every month to pay the loan instalment and service charge + sinking fund, but at least the bleeding is lesser. So is a good news! And the agent did a good job too. He was smart to convince the tenant to pay me 6 months advance rental as a catch for the low rent because if not I wouldn’t agree to it. Is a trade off and given the current market condition, isn’t too bad.
The last headache I needed to take care off is the shops I own in Ipoh. This property is burning a big hold in my bank account and almost bleeding me dry!! Really have to sell it asap. Will pray again and ask for blessing 😊! Haha.
At last…..I’m slowly tidying up loose ends in my life and getting rid of headache issues. Thank god!!