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) Real estate agents offer their services for free, so you
can engage as many agents as you want!
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 is no governing
body or an association (with authority) that regulates 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 don't think there is any real
harm in that as long as they don't ask you to pay them for
their services, but you may be limited to inferior housing
options since these are not professionals who can show you
an array of places that best suit your needs or budget.
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." You'll realize in time that
anything is possible in Thailand!
Here's how I see it. A real estate agent's job is pretty
much like a match maker's. He/She needs to match you to the
"right" property, and preferably within 8 selected options.
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) 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 also many real estate agencies in Bangkok that
are run by foreigners and these are generally where the
majority of expats go to. It makes a whole lot of
difference when you have an agent who understands your
needs, and knows exactly what you mean when you say "I want
something spacious, modern and bright" versus trawling
around day after day going from one cruddy apartment to
another thinking "there has to be better choices than these
in Bangkok!"
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. Multinational
companies usually require a diplomatic clause, and if your
company is paying your deposit, then they would also
require an additional clause that states that this deposit
will be returned to the company at the end of the lease
term. 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. It's utter nonsense when someone
tells you to use a particular agent because they comply
with the company's 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.
Thailand is a great place to live and Bangkok, in
particular has many superb housing choices for expats that
are reasonably priced compared to neighboring countries
i.e. Singapore and Hong Kong. Choose an agent who takes the
time to understand your needs and house hunting becomes a
fun and exciting experience! Feel free to drop me an email
should you have queries.
----------------------------------------------------
Maddy Barber helps hundreds of expats relocate to Bangkok
every year and writes regularly about living and working in
Thailand. Read more about Thailand real estate, travel and
living at:
http://www.bangkokfinder.com/blog/
If you are visiting or thinking of moving to Thailand,
start by searching hundreds of property listings at:
http://www.bangkokfinder.com
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