The search for a new home to rent can be a quite a headache for both
future tenants and real estate agents.
However, according to Ian Soo, the managing director of Hamptons
Real Estate, which specialises mainly in rental properties and
the expat market, there are many steps both parties can take to
make the process easier.
For the tenant, the first step is to consider carefully, the requirements
needed and be as precise as possible. Those who entertain out a
lot might consider a smaller but higher quality space in a central
location while those who have a family would prefer a bigger space
and might have compromise on facilities, or live in an older building
or perhaps be in a location that is far the mass transit system.
"Talking about public transport, the proximity to the BTS
and subway is a big factor for most tenants but if you have a car
you need to consider how important this is," Mr Soo said.
It is best to clearly explain one's requirement in subjective
terms like how close the apartment needs to be to the BTS. Being
vague can lead to misunderstandings between the tenants and agents
as each party may interpret terms differently.
"Most people say a five-minute walk but we have had some
clients to whom 'close' means only 100 metres away. It gets a bit
silly sometimes," Mr Soo said.
Those hunting for houses should also give some indication about
the preferred areas they would like to live in, especially if they
are already in Bangkok, he said, adding that the best approach
is to list the top three desired locations.
It is also important to choose a reputable agent. Some ways to
find one include getting referrals from friends, checking different
agents' web sites or looking at different agents' marketing materials
to get an idea of their accuracy and professionalism.
"Before contacting the agent, they (tenants) can be proactive
themselves. Don't just rely on the agent to do all the work," Mr
Soo said.
One way is to utilise the features on an agent's web site and
select properties listed there and then call the agent and mention
the properties' reference numbers.
Perhaps the most important factor when looking for a rental property
is for tenants to work out their true budget and expectations.
"We do get some crazy requests, like for a three-bedroom
apartment in Lang Suan. What's your budget? 45,000 baht," the
Hamptons Property boss said.
Bear in mind that choosing too many properties can make house
hunting a bigger chore.
Mr Soo's advice is to narrow down the list to the top five or
six properties with the agent being able to assist by providing
specific details about each apartment and the traffic conditions
in the area.
"I think one full day of viewing properties that have been
screened carefully is enough," he said.
Another trap to avoid is not starting to look too early, with
a month or six weeks before moving deemed to be enough. It is pointless
to start looking too early because if you find a suitable apartment
the landlord may not hold it or the unit could possibly go to someone
else.
Also it must be noted that a tenancy is not secured until an agreement
has been signed and a deposit paid.
"If you see a place that you really like, you have got to
be ready to act fast," Mr Soo said, adding the standard upfront
payment is two months' security deposit which is returnable at
the end of the tenancy and one month's rent.
Tenants should be realistic about prices and negotiate reasonably.
Typically you might get 5% off or maybe a little more if the unit
has been vacant, he said.
Also do not expect the landlord to make huge changes. It is reasonable
to ask the landlord to put in a new shower curtain or a new sofa
but do not expect him to completely change a bathroom.
Those who have pets will find that their choice of accommodations
limited.
"Probably only 30% of the condominiums will accept pets," he
said.
From an agent's point of view, tenants should try to be punctual
with agencies. Tenants should call beforehand to the agent if they
are going to be late for an appointment, not after the agent has
been waiting at the meeting spot for 10 minutes, Mr Soo said.
Regarding the outlook for the rental market, Hamptons has found
that it has been pretty stagnant lately with more units coming
onstream.
"Rentals are actually stable but there are signs that prices
will fall just because of supply and demand," he said.
Landlords have to be aware of changing market conditions. It is
almost certain that currently they will not get the same rental
rates as last year due to an increase in supply. The fall in rates
could be as much as 10%, Mr Soo said, pointing out that those who
do not adjust rents will find that their chance of getting tenants
will be reduced dramatically.
Newer projects near the skytrain will be in demand with the ones
that are further away facing problems with the cut-off point being
the area between Thong Lo and Ekamai. The biggest demand is for
two-bedroom units followed by a one-bedroom ones, he added.
|