Farang prices on condos

[pingp0ng]

Is there any trick to avoid farang pricing when hunting for condos? I saw one guy on youtube suggesting you pay a thai student to go in and ask for the price while you wait in the taxi

[Colabamumbai]

Good idea, or some Thai people you know that won't jack the price and get comission. Also get the phone number and call and ask on the phone to see that both concurr. Then have the "student" or other call also.

[mahjongguy]

Is this about renting or buying?

[Pattaya46]

Is this about renting or buying?

Unclear to me ??

- when you buy, there is nothing like a farang price

- when you rent, you will have to sign the contract in person, not "a Thai student"

So?

[KittenKong]

Presumably about renting as there would be little point sending a Thai in to ask about buying a farang-name condo in a building popular with farangs.

[pingp0ng]

Unclear to me ??

- when you buy, there is nothing like a farang price

- when you rent, you will have to sign the contract in person, not "a Thai student"

So?

Of course he doesn't sign, he just goes in and asks for the price instead of the farang. Buying or renting doesn't matter. I'm sure the price would be higher in both cases. He can then walk out to the car and you go in together again

[davejones]

I was interested in a condo to rent a few months ago, so I got my gf to call hoping that the price would be a little lower. An agent answered the phone and said that the owner didn't want to rent to Thais. LOL. No idea if owner was Thai or foreigner.

[KittenKong]

- when you buy, there is nothing like a farang price

One often comes across identical condos with different prices due to one being in Thai name and the other in farang name.

[IMHO]

If buying, there's no getting around farang price if you don't have a Thai ID card. By law, a maximum of 49% of the total floor space in an apartment/condo block can be foreign owned (the body corp. must be Thai controlled), and seeing as the kinds of apartments farang desire are higher up the price range than what most Thai's want, that means they all need to discount the remaining 51% to fill the building and meet the Thai ownership requirements.

In the past, some farang have setup shelf companies to buy at Thai prices via proxy, but there have been crackdowns on exploiting this loophole, so no way would I ever suggest it.

The only way around farang prices when buying would be to put it into a Thai persons name, and sign a waiver stating that you have no claims to make. Sure you can lease it back or make a usufruct, but they are not the equiv. of ownership and from what I've seen, largely untested.

Based on what I read here about the types of relationships the average poster has with Thai's, I would have to say that just paying the extra is the best choice - you'll be able to charge more when selling too if it's registered for foreign ownership.

[IMHO]

I was interested in a condo to rent a few months ago, so I got my gf to call hoping that the price would be a little lower. An agent answered the phone and said that the owner didn't want to rent to Thais. LOL. No idea if owner was Thai or foreigner.

We tried renting out some properties for a while - Thai tenants destroy the place, farang tenants all eventually run late on their payments and then jump on a plane and go home. Both as bad as each other, just in different ways

[PattayaPhom]

I was interested in a condo to rent a few months ago, so I got my gf to call hoping that the price would be a little lower. An agent answered the phone and said that the owner didn't want to rent to Thais. LOL. No idea if owner was Thai or foreigner.

We tried renting out some properties for a while - Thai tenants destroy the place, farang tenants all eventually run late on their payments and then jump on a plane and go home. Both as bad as each other, just in different ways

We charge more for Thais on our rental rooms, reason Thais tend not to take care so much. Never any complaints, they must know the foreigner next door is paying 20% less

[davejones]

I was interested in a condo to rent a few months ago, so I got my gf to call hoping that the price would be a little lower. An agent answered the phone and said that the owner didn't want to rent to Thais. LOL. No idea if owner was Thai or foreigner.

We tried renting out some properties for a while - Thai tenants destroy the place, farang tenants all eventually run late on their payments and then jump on a plane and go home. Both as bad as each other, just in different ways

I suggest you vet potential tenants more thoroughly. How can farang tenants leave without paying? Surely you have collected a 2-month deposit. If they miss two months payments, you still have the deposit to cover it. But you should have kicked them out well before they owe more rent than the deposit. I'd warn them even if they were a day late. If they were a month late I'd change the locks and throw them out. Or sue them so that they can't leave the country. If they run off without paying what they owe, then they need to be taught a lesson. As for Thais destroying the place, where exactly do you find these people.All tenants in both Thai and foreigner in buildings I've stayed have been well-behaved. Never hear any bad things, and I've seen inside a few condos just after they left.

Sounds like you have a very cheap place or you just don't both vetting the tenants at all.

[kurnell]

I've got my big boy pants on. I can go out and negotiate my own expenditure all on my own without getting ripped off.

[IMHO]

How can farang tenants leave without paying? Surely you have collected a 2-month deposit. If they miss two months payments, you still have the deposit to cover it.

That's exactly the mentality that's the problem. The deposit is not in lieu of rent payments, it's to cover damages.

If you knew anything about Thai law, you'd understand that all the remedies you've proposed are illegal.

The rest of your post isn't worth responding to - you sure do have an active imagination though

Edited November 6, 2013 by IMHO

[davejones]

How can farang tenants leave without paying? Surely you have collected a 2-month deposit. If they miss two months payments, you still have the deposit to cover it.

That's exactly the mentality that's the problem. The deposit is not in lieu of rent payments, it's to cover damages.

If you knew anything about Thai law, you'd understand that all the remedies you've proposed are illegal.

The rest of your post isn't worth responding to - you sure do have an active imagination though

So you think suing someone is illegal. LOL.

Not sure why you buy and rent in Thailand if you don't know how to choose decent tenants and don't know how to sort things out when the go wrong. Sounds lie you have no idea how run a rental business.

Cutting off electricity, water, changing locks, etc is not illegal.

[phitsanulokjohn]

Another fine example of how Thai's love a bit of discrimination.They simply cannot help their own greed.

[davejones]

It's not greed, it's just getting the highest price for your property. IN London, most new properties are advertised overseas because those buyers have more money. It's business, not greed. Maybe you are poor and jealous.

[SDM0712]

We rent (and sell) to Thais and Non-Thais (I'm getting to really dislike the term "Farang"), and although most of our stuff is priced out of the Thai market, the price is the price. I think it's fair to say that the type of tenant a property attracts is a reflection of the property itself. An expensive well maintained and properly priced property will attract and usually get decent tenants and the opposite is also true. As an agent I tell my Landlords that even if we are not managing, if they have a problem to call me. If I can deal with it quickly I will, I say the same to the tenants also. On the very few occasions I have had a call from a Landlord saying the rent is late I have normally gone to see the tenant and all is rectified quickly. It happens rarely.

Unfortunately over here in The Land of Smiles (!) we cannot reference or get legal or rent protection insurance. However we also don't need to serve Section 21s or 48s and wait six months to get possession back.

My best advice over the years to landlords is to go on their gut instinct. Forget the money but if they turn up looking like tramps, or you just don't like them but can't put a finger on why, say no thanks.

Same with tenants or buyers looking for property, if you think you are being ripped off then walk away there's lots around.

SDM

Edited November 8, 2013 by SDM0712