Agency fees for rentals

[Johnisonair]

Hi all,

I am planning renting my condo but I shall work with a real estate agent for promoting and taking care of all the hassle of rental

Before considering this, my question is to know how much the real estate agent will charge me for that.

I also heard that a real estate may use the network of another real estate agent, do they share the commission fee or will they charge me additional fee ?

[worgeordie]

The Agent will charge you 1 months rent,so say you are

renting out at 20,000 p.m. they will charge you 20 K.

 

You say you are going to promote yourself,so why not do it

all yourself, adverts on Thaivisa Classifieds,BahtSold,Facebook,

Local supermarkets that have notice board.we used to use

agents,but found we could do much better ourselves,and

save a few Bhat,

regards worgeordie

[baansgr]

Pattaya agents charge,  1year is 1 month equivalent. 6 month's 2weeks equivalent. Shorter 10% month. You need an agent that offers full service, not just finders fee. If they co broker the commission is split between  them,  no extra cost to you. Be sure to sign an agreement stating the agents responsibility.

[Johnisonair]

Thank you for your answers, it helps a lot

Unfortunately, I live outside Thailand and cannot fully take care of the rental myself

[Johnisonair]

Another question : let's say first year, tenant signs a contract of one year, so agent fee should be one month rent. If tenant renews the contract for another year, is the agent fee still one month rent ?

[baansgr]

3 minutes ago, Johnisonair said:

Another question : let's say first year, tenant signs a contract of one year, so agent fee should be one month rent. If tenant renews the contract for another year, is the agent fee still one month rent ?

Of course if they are providing full rental service you will be required to pay commission again. 

[baansgr]

15 minutes ago, Johnisonair said:

Thank you for your answers, it helps a lot

Unfortunately, I live outside Thailand and cannot fully take care of the rental myself

So you will either need a good friend or the services of an agent to market and manage your condo. Where is the condo? 

[Greenside]

 

36 minutes ago, Johnisonair said:

Another question : let's say first year, tenant signs a contract of one year, so agent fee should be one month rent. If tenant renews the contract for another year, is the agent fee still one month rent ?

 

31 minutes ago, baansgr said:

Of course if they are providing full rental service you will be required to pay commission again. 

 

Don't get confused about the terms.  By "full rental service" the last poster means that the agency is providing a full management service in addition to finding (and hopefully checking the credentials of) a tenant.  Full management is what you'll need if you are living abroad and should include everything to do with making sure both you and the tenant are happy.  Maintenance, monitoring the rent payments, condo building issues, periodic visits to check the state of the place, etc.  In the UK at least, a managing agent's fee is generally expressed as a percentage of the rent - usually between 10 - 15% although it's getting tough to find anyone able to do a reliable job for 10% any more.  Factors such as the age and type of a property, the amount of rent and the quality of the tenant may influence what the agent will need to charge.

 

Finding and taking up references for a tenant (not many will have references here) is one month's rent and if you choose to extend the period you can either do it yourself using the same or a similar lease, or pay the agent an agreed sum but certainly not a month's rent unless there are exceptional circumstances that involve significant extra work.