Advice On Renting Out New Condo

[Beavis and Butthead]

I bought a new unit pre construction (sukhumvit) 2 years ago. The bldg is now complete and opening soon (not the Trendy). I will NOT be living in the unit. The unit cost me 5.6 mil baht. How much rent can I reasonably expect to get? How long would I likely need to wait to get a renter? I will not be living here so will be relying on the bldg office or broker. what will my commission be? I'm concerned about the flood of units soon to be on the market in the area. There are 5 building getting ready incl Trendy, in the area.

one final question: would I be better off taking a sure long term tenant (multi year guaranteed), who would move in right away and that I could trust 100%. Should I take this guy even if the rent is at 30% below full retail value or more? If I take him, obviously I need not ever have to worry about a vacancy. any thoughts?

[think_too_mut]

I bought a new unit pre construction (sukhumvit) 2 years ago. The bldg is now complete and opening soon (not the Trendy). I will NOT be living in the unit. The unit cost me 5.6 mil baht. How much rent can I reasonably expect to get? How long would I likely need to wait to get a renter? I will not be living here so will be relying on the bldg office or broker. what will my commission be? I'm concerned about the flood of units soon to be on the market in the area. There are 5 building getting ready incl Trendy, in the area.

one final question: would I be better off taking a sure long term tenant (multi year guaranteed), who would move in right away and that I could trust 100%. Should I take this guy even if the rent is at 30% below full retail value or more? If I take him, obviously I need not ever have to worry about a vacancy. any thoughts?

I am renting from someone like you. The rent is about 5.2% of the unit price per year. I have no idea what levies the landlord pays, could be 2-4K baht per month (deducted from the income my rent represents), judging by the amenities the building has and all the security guys that roam around with their screaming walkie-talkies.

You would have to rely on a real estate agency. They would know what the situation and the prospects are. The realtor gets 1 month rent fee for bringing in a tenant, so 30% discount is not in their interest. Maybe, for 1 unit, secretly negotiated, but not for 100s.

Lower rent for a long term renter won't work - once the renters hear it is possible, they will ask for that price for 6 months contract and ruin the business for all the units available for rent.

Generally, 1 year contract appears to be the upper limit of commitment. I offered a full 1 year payment in advance for a discount but it was rejected. So, I pay monthly (the landlord said I can pay in advance if I wish, but no discount).

You did not say if it is a 1BR or 2BR unit. Sounds like a 2BR. They are most difficult to rent as their price goes up into the area expats would pay (their companies). Those who have that option would go for much bigger and more expensive units.

[sunshine13]

will u live in bkk? why not put up posters, advertise it online, give it to some real estate brokers etc and get a 1 year contract like everyone else. If it is brand new, you shouldnt have a hard time getting it rented.

[quiksilva]

Note that if you lease it out on a multi-year tenancy you may want to take a bigger security deposit in case they decide to leave half way through the term, its almost impossible to sue for unpaid yet contractually due rental payments. Note also that leases longer than 3 years must be registered at the land department, so you may want to stick to a 36 month term as a max.

As for finding tenants, exposure is everything, try the classifieds at Villa markets nearby, let every broker know about your space, also use the web. eg: google "apartments / condos for rent in Bangkok", which websites get the best results? Advertise with those. Then repeat with other popular search engines like Yahoo etc.