Having relocated hundreds of expatriates to Bangkok, Thailand, I’ve discovered that majority of them do not know what to expect or know how the property rentals market works here. The good news is, it’s a renters market. How so?
1) The agency commission is paid by the landlord. Aren’t we off to a good start already?
2) There are hundreds of real estate agencies to choose from in Bangkok alone and the number is growing by the day.
3) Since the Landlords pay the commission, you pay absolutely nothing to the real estate agency assisting you, and there are no obligations whatsoever!
4) As an expat, you pay the same rental rates as a Thai national. In fact, majority of landlords prefer an expat tenant and go the extra mile (sometimes) to get you to sign on the dotted line.
Now that you know all that, here’s what you wouldn’t normally know unless you are an agent here in Bangkok!
In Thailand, anyone can be an agent! There isn’t an association, with any authority at least, that overlooks the activities of agents in Thailand. Walk into a bar and tell someone, anyone that you are looking for an apartment, and chances are there’ll be a “freelance agent” somewhere in the midst to help you out. I think that is fine as long as you are not asked to pay anything since landlords pay the commission here. However, you may be subjected to inferior choices since these are not professional who have established relations with apartment buildings and home owners. That said, I do occasionally hear of some lucky fellow who found a great deal through a friend’s friend who happened to be a “part time agent.If you do not know already, anything is possible in the Land of Smiles!
Here’s how I see it. A real estate agent’s job is pretty much like a match maker’s. Except in this case, he/she must match you to your ideal home, and preferably within 8 relevant choices. I don’t know about you, but I do not believe in seeing every property available in order to make a decision. 6 – 8 well selected choices seen within a day or two, is much more gratifying than spending days stuck in the infamous Bangkok jams trying to hit the 25th property-viewed mark. Fact is, people don’t usually have an array of favorites to choose from (since not all the best ones will be available at one time) Homes for sale in naples florida and I don’t think there is a “perfect” apartment or house when it comes to renting. You’d be lucky to have 2 top choices to choose from, but most of us usually settle for the place that feels most like home in a foreign country.
The other thing you should know before you line up a dozen agents for your showing is that all agencies have access to the same apartment buildings. Condo and house listings may vary from agency to agency but landlords often contact more than one agency to promote their property so nothing is exclusive to an agency here. Or should I say, rarely. Just surf around and you’ll find similar properties listed on multiple agency websites. Thus, arrange your viewing with one agency at a time. That way, if you feel that your appointed agent does not understand your needs, switch agency but tell them what you have already seen with your previous agent. It is only fair that only one agent represents you for each property. Bangkok is a small town, and many agencies practice co-broking to provide as many choices for their clients as possible, so your name will get around, especially if you’ve been agency shopping.
Another thing I’ve encountered is that some companies have what they call a “preferred agent” which they strongly encourage their expatriate executives to use. More often than not, these are agencies with relations in the HR department who may understand what HR wants but not necessarily what you want! What you and I call “Western standard” can be a totally different concept to some of them, so be sure to explain your requirements and needs to your appointed agent as thoroughly as possible to avoid wasting your time. You have the right to choose whichever agency that best understands your needs. You’d usually find that agents not appointed by your company tend to try a lot harder than these “preferred agents” because they don’t think you are obliged to use them. They work very hard to make sure you choose them over your company’s preferred agent!
There are many real estate agencies that are run by foreigners catering to foreigners, whom most expats prefer to go to. It makes ALL the difference when your agent has a very good idea of your taste and preferences; and know exactly what you mean when you say “bright and spacious” versus an agent who just does not get it no matter how much time you spend explaining. Remember that you do have to bridge cultural gaps here which means different standards and expectations!”
All apartments and agencies have pretty standard contracts. Should you decide on an apartment, they will provide their own contract, whilst the agency will prepare the contract for private owners i.e. condos and houses. International companies often ask for the addition of a Diplomatic clause, and sometimes another to say that the deposit belongs to them, should they be the ones paying your security deposit. All of which may be added to the lease, and it’s your agent that needs to sort this out between your company and the apartment/landlord. Be discerning of “advise” that pushes you towards using a particular agent because they supposedly comply with company policies. It’s just a matter of working out what each party requires in the lease agreement, which I believe is the same all around the world and any experienced agent should be able to do that.