Fees and scope

MyLoft Management Fees & Service Scope

MyLoft manages whole-unit, long-term residential rentals for owners in selected Penang Island areas. The ongoing management fee is straightforward, and the costs that stay separate are set out plainly below.

No separate agent or tenant-placement fee. MyLoft’s ongoing management fee is 10% of rent actually collected.

If rent is not collected, there is no percentage-based management fee on that uncollected rent. The fee applies to rent MyLoft collects while it continues managing the tenancy under the agreement.
No separate advertising, photography or listing charge, and no separate renewal or replacement-tenant charge, under the current MyLoft offer. The ongoing 10% management fee still applies.
A RM250 documentation fee applies and is borne by the owner. Stamping fees are additional if required, are also borne by the owner, and the amount depends on the document and circumstances.
“Zero agent fee” means no separate placement commission. It does not mean there is no ongoing management fee, or that documentation, applicable stamping fees and property expenses do not apply.
A balance after the management fee is not necessarily the final owner payout.

Tenant-placement timing: we target tenant placement within 30 days after the property is rent-ready, access is available, the asking rent is approved, required listing information is complete and active marketing begins. Actual timing depends on asking rent, property condition, location, market demand, viewing access, furnishing, tenant suitability and owner decisions. If MyReno is used, renovation or furnishing and rent-ready handover must be complete first. This is not a guarantee, verified average or refund promise.

Labelled illustration

How the fee is calculated.

Rent actually collected: RM1,900
MyLoft management fee, 10%: RM190
Balance after management fee: RM1,710

Before other applicable property expenses, documentation or stamping charges where relevant, and agreed deductions. This is an illustration, not a guaranteed final owner payout.

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See the monthly fee

Monthly rent actually collected

MyLoft management fee, 10% of rent collected: RM 190
Balance after management fee: RM 1,710

Before other applicable property expenses, documentation or stamping charges where relevant, and agreed deductions. This is an illustration, not a guaranteed final owner payout. No separate agent, placement, advertising, listing or renewal fee applies; a RM250 documentation fee applies and stamping fees are additional if required, both borne by the owner.

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What the management service covers.

Property-readiness assessment and rental positioning.
Marketing and listing coordination, enquiry handling and viewing coordination.
Tenant-screening support and tenancy-documentation coordination.
Move-in coordination and condition checking.
Rent collection and follow-up by our full-time finance administration team.
Tenant communication and repair or maintenance coordination.
Owner reporting and month-end payout processing.
Move-out coordination, plus renewal or replacement-tenant coordination.

For the fuller description of each activity, see the service explanation on the homepage.

What stays separate from the 10%.

MyLoft coordinates the work below, but the underlying third-party costs are the owner’s and are agreed before anything proceeds. Repairs, furnishing and renovation are not included in the management fee.

RM250 documentation fee, borne by the owner, and stamping fees if required — also borne by the owner, with the amount depending on the document and circumstances.
Repairs, maintenance parts and contractor charges.
Furnishing, appliances and renovation work.
Utility bills, maintenance fees, assessment and quit rent.
Other statutory or third-party charges that apply to your tenancy.

Preparing a unit before renting? MyReno handles rental-ready renovation and furnishing separately.

Deposits, collections and monthly reporting.

Tenant security deposit

Tenant security deposits are held and administered by MyLoft Management according to the applicable tenancy agreement. The deposit amount is set by that agreement. Outstanding rent, relevant tenant bills, or permitted property-damage and tenancy deductions may be taken from it where allowed. The refundable balance is returned within 14 days after move-out, subject to inspection, return of keys and access devices, and final reconciliation. If the deposit does not fully cover an outstanding amount, the remaining treatment follows the tenancy and management agreements.

Rent and tenant bills

Our full-time finance administration team follows up rental payments, relevant tenant bills and outstanding amounts. MyLoft does not guarantee tenant payment, advance unpaid rent or bills, or promise that the deposit will cover every shortfall.

Owner statements and payouts

Owner statements are prepared and payouts are processed at the end of each month. Relevant rent collected, expenses, deductions, outstanding payments and late collections should be itemised. Month-end payout amounts depend on rent actually collected and completion of the relevant monthly reconciliation. The management fee is never calculated on uncollected rent.

Repair approvals

MyLoft may coordinate repairs costing up to and including RM500 per incident without obtaining prior owner approval. Repairs exceeding RM500 require prior owner approval. Repair and replacement costs remain owner expenses unless otherwise agreed. Emergency action needed to protect occupants or prevent material property damage follows the signed management agreement.

Condition checks and inspections

MyLoft coordinates move-in and move-out condition checks. Additional issue-based or scheduled inspections may be arranged according to the property’s management scope and owner agreement.

Appointment and termination

Available appointment periods range from six months to two years, subject to the agreed arrangement. The standard termination notice is three months. If a tenant remains and MyLoft continues collecting rent and performing management duties, the 10% fee continues during that management period. The final management end date and handover of records, keys, deposits and tenancy responsibilities follow the signed owner agreement and the status of any active tenancy.

MyLoft coordinates and manages the rental; third-party repair, furnishing and renovation costs are quoted and borne separately.

Confirm the property-specific agreement.

Your signed agreement confirms the deposit amount and permitted deductions, any additional inspection scope, emergency repair process, active-tenancy handover, final reconciliation and precise management end date.

See selected MyLoft whole-unit rental examples and what those September 2026 supplied figures do and do not show.

Deciding between renting the whole unit or by room? Compare whole-unit and room-rental approaches. Owning from abroad? Preparing to manage your Penang property from overseas?

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