Rent out the condo while I am not in Thailand

[yengec]

Hi to all, In few months I am planning to go back to my country. I have 2 condo units in Pattaya and I want to rent them out when I dont live in it. My plan is to find a tenant for 1 year rental. Maybe I can find a tenant before I go back to my country, also I have a friend who can take care of the condo when Im not here. 

 

My question is, can ı give another foreigner a power of attorney to rent out my condo and to make a rental agreement?

 

The other question is, would it be better if I work with a real estate agent(if they do this kind of process)? When I bought my condo, the owner was not in Thailand but his friend or the real estate company had the PoA, so they could made the sale. 

 

Briefly, my plan is not to visit Thailand for a long time and I want to benefit from my condos. If someone has similar experiences please share it. Thanks in advance..

[KittenKong]

As far as I know all real estate agencies here will also do rentals. In fact it is probably the major part of their business. Obviously they would take commission, and this is usually in the form of a percentage for finding the tenant and another percentage for ongoing management. They may not do a good job and may rip you off for repairs etc.They may not properly verify the tenant.

 

You may find it hard to find a tenant at all, let alone for one year, unless your condos are particularly desirable and sensibly priced.

 

The buildings your condos are in may have specific rules about the minimum duration of tenancies and may apply these, though many dont.

 

Yes, you could get some farang here to do it for you but technically that would mean they are working and so would require a work permit. Inevitably many people do this without permits.

 

Watch out for agents who rent your property out but dont tell you, and then pocket the rent. Happens often here.

Trust no one.

[soistalker]

I Heard that farang cannot rent out their own condos. It needs to go through a real estate company. The previous response detailed the pitfalls of giving a real estate company carte blanche to do as they please. 

My advice would be to attempt to find a long-term renter, and interview him personally. Find a non-smoker who isn't a whore monger. Just some guy looking to relax in Pattaya. Then set up the rental with a real estate company.

[jippytum]

Renting out your condos in Thailand as a long term absent owner  is fraught with possible problems. Using a friend or an agent with POA  is legal but the possibilities of fraud by agents and condo managers 

is an ongoing problem with little chance of compensation from the legal system in Thailand 

[judax]

Get a Thai girlfriend preferably from a bar and give her the PoA than you have the least worry.

[khunPer]

3 hours ago, soistalker said:

I Heard that farang cannot rent out their own condos. It needs to go through a real estate company.

...

One or two condos are Okay to rent out without a Work Permit, but if one has 10 condos for rent out, one need a Work Permit; that's what Chiang Mai Provincial Employment office said...

Quote

11. A foreigner owns a couple of condominiums and rents them out.

The verdict: " Officially, foreigners are prohibitted to conduct any property related business, this is one of the so-called forbidden jobs for foreigners. Foreigners would have to register this business and they cannot own more than 49%. However, this is NOT considered work when it concerns just 1 or 2 condos but it is when there are 10 condos for rent and he's specifically doing this as a business. If the foreigner only bought the condos as an investment and does no work at all to rent them out but has hired a local Thai to do this on his behalf, then the foreigner does NOT need a work permit. "

Source: Can Digital Nomads legally work in Thailand?

?

[moontang]

Talk to your front office.  A big part of the rental business is still walk ins and people already residing in the building...they will have a near monopoly on that action.  That is where I would go if looking to rent.....Let them do one month rentals, all inclusive....more vacancies, but equal revenue....and will be easier for you to use and reoccupy.  My neighbor did this in Arizona, and a few stayed five months paying double...executive rentals...

Edited August 12, 2018 by moontang

[Sprigger]

Find a tenant for 12 months in Pattaya, join the queue it starts in Chang Mai. Thai Ian has condos in Markland been trying to rent them out on 12 month contracts for at least 12 yrs to my knowledge still empty.

Edited August 12, 2018 by Sprigger

[MyFriend You]

6 hours ago, soistalker said:

I Heard that farang cannot rent out their own condos. It needs to go through a real estate company. The previous response detailed the pitfalls of giving a real estate company carte blanche to do as they please. 

My advice would be to attempt to find a long-term renter, and interview him personally. Find a non-smoker who isn't a whore monger. Just some guy looking to relax in Pattaya. Then set up the rental with a real estate company.

First sentence,  Bar Stool talk.........Bangkok has loads of foreigner investors renting out condos........look at BnB...........I rented a condo in my compound for a month while the one I bought was made ready by  seller, it was an Australian guy that showed up with the keys, he showed me PoA fro the owner, also an Aussie back home.  I paid i advance, where the money goes, is not my business.

[MyFriend You]

1 hour ago, Sprigger said:

Find a tenant for 12 months in Pattaya, join the queue it starts in Chang Mai. Thai Ian has condos in Markland been trying to rent them out on 12 month contracts for at least 12 yrs to my knowledge still empty.

Dang, 12 years without renters or occupants??  wonder what shape the place is in........??

[burningup]

What a load of BS from some posters. Its simple , you dont need a power of attorney to rent it out. Go to several RE agents and list with them. The comms used to be the agent gets the first month rent. DO NOT associate with bar girls, trust me they will be renting it out nightly to short term tenants and you wont even know .

 

Best to be here until its rented . you can trust no one, even the agent once you tell him your gone may line his pockets by letting it out monthly and keeping the dosh himslef and I have friends who have been stung by this

[moontang]

require your own signature on the lease....but come on...it is not that bad.  JP is registered with government, and while looking for a cut, they rarely steal.  Many have degrees in accounting.  I am still friends with one of my former JPs.  Stealing would be the last thing on Earth she would do.  Sticking her nose in others' business?  Evelyday.

[greenchair]

Susie orman would say quickSell the condos at half what you paid for them. You can consider the loss as rent you would have paid. At least you will get some if your money back. There are thousands of new and old condos up for rent and sale. If you don't under sell or under rent, you are in for a long wait. 

Save yourself a headache. 

Sell quickly. 

[anon537687643]

I can tell you that Chinese are buying condos and renting them out without ever being in the country, and they don’t give back the deposit! It’s happening and condo management do nothing about it ! Scams, PM for more info


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[yengec]

I have a trusted friend and he accepts to help me in this process. As ı understood I can sign the rental agreement and send my signed passport and blue book page  by air post. Even without the PoA, I can rent out the condo. I just need my friend to show the clients my condo units. Also I checked that by the signed rental agreement and signed copy of passport of the owner, the tenant can notify the residence in Jomtien immigration by himself(so I dont need to show up at the immigration). 

 

On the other hand I assume that advice was just for fun(to find a thai bar girl to handle this job). Also I dont trust to real estate agents too. I decided to go with my friend. Just in case if he need PoA, how can ı give it to him? Do I need to go immigration or any other places? Also I can give the PoA to my friends thai wife if giving to another farang would be a problem..