manly100 Posted April 15, 2014 Share Posted April 15, 2014 We want to rent out our furnished 2 bed, 2 bathroom Patong townhouse long term. Should we just go to the local real estate agents and have them take care of it all like we do in the west? What are the pitfalls? Link to comment Share on other sites More sharing options...
eezergood Posted April 15, 2014 Share Posted April 15, 2014 Advertise yourself here for a start - GET INSURANCE Link to comment Share on other sites More sharing options...
LivinginKata Posted April 15, 2014 Share Posted April 15, 2014 Would depend if you or family would be in the Phuket area. Best take care yourself, hang out a for rent board, place ad in classifieds. If you use an agent they will do the bare minimum effort for the maximum commission and fees. Link to comment Share on other sites More sharing options...
manly100 Posted April 15, 2014 Author Share Posted April 15, 2014 Would depend if you or family would be in the Phuket area. Best take care yourself, hang out a for rent board, place ad in classifieds. If you use an agent they will do the bare minimum effort for the maximum commission and fees. Our whole family will be moving overseas. So we won't have anyone to keep an eye on it. So does that mean we must use an agent? Would an agent at least collect rent and deposit it in our account? And would they do inspections like they do in the west? Link to comment Share on other sites More sharing options...
littleboylost Posted April 15, 2014 Share Posted April 15, 2014 This is recipe for disaster even in the west never mind here. You are relying on an unknown company or persons to find a tenant, collect rent and then make inspections on your behalf all for 10% commission. What is to stop them from renting the house out and not informing you? Who is going to be responsible for damages caused by tenants and trust me there will be damages? Either lock the place up and forget about it or just sell. Link to comment Share on other sites More sharing options...
manly100 Posted April 15, 2014 Author Share Posted April 15, 2014 This is recipe for disaster even in the west never mind here. You are relying on an unknown company or persons to find a tenant, collect rent and then make inspections on your behalf all for 10% commission. What is to stop them from renting the house out and not informing you? Who is going to be responsible for damages caused by tenants and trust me there will be damages? Either lock the place up and forget about it or just sell. We could power down the house but when we return in 2 years and turn the power back on how many appliances will be dead after so long without use. Seems it may be cheaper to collect rent and keep the house in use. The tenants may do some damage granted but we still may be well ahead. Of course our neighbors would be quick to tell us if the house is occupied our not. We don't want to sell. I've not yet experienced a disaster with agents taking care of my property in the west. I understand a bond helps to prevent damages. Link to comment Share on other sites More sharing options...
littleboylost Posted April 15, 2014 Share Posted April 15, 2014 You are not in the west. This is Thailand. So called real estate agents here come and go with alarming frequency. The don't care about building a reputation and providing a high quality service. Also how and where are you going to get a bond to cover damages? Not too sure why you think you will have issues with the electric after 2 years absence but the possibility of having to repair a few appliances upon your return is a small price to pay for peace of mind. I would certainly think twice about it but whatever you choose to do I wish you well. Link to comment Share on other sites More sharing options...
LivinginKata Posted April 15, 2014 Share Posted April 15, 2014 Post removed. Let's not turn this into a classified advert. Link to comment Share on other sites More sharing options...
PattayaPhom Posted April 16, 2014 Share Posted April 16, 2014 This is recipe for disaster even in the west never mind here. You are relying on an unknown company or persons to find a tenant, collect rent and then make inspections on your behalf all for 10% commission. What is to stop them from renting the house out and not informing you? Who is going to be responsible for damages caused by tenants and trust me there will be damages? Either lock the place up and forget about it or just sell. Absolute nonsense. Commission is 10% if rented on a monthly basis, long term is either 2 weeks or 1 month for a years contract. Damages will be covered by deposit, and as for insinuating an agent would rent the property and not inform the owner, when and where has this happened as it would be news to me. 100,000s let their properties through agents without issues whilst they are based abroad. 1 Link to comment Share on other sites More sharing options...
steelepulse Posted April 16, 2014 Share Posted April 16, 2014 Here's a few suggestions, bahtsold.com, facebook phuket real estate page, thaivisa classifieds, phuketgazette classifieds. BTW, are you here now so you could meet people interested in your property? Link to comment Share on other sites More sharing options...
NamKangMan Posted April 16, 2014 Share Posted April 16, 2014 Here's a few suggestions, bahtsold.com, facebook phuket real estate page, thaivisa classifieds, phuketgazette classifieds. BTW, are you here now so you could meet people interested in your property? "BTW, are you here now so you could meet people interested in your property?" - if the OP "shows" the property to a prospective tenant, wouldn't they be working illegally? I was under the belief a foreigner could only "manage" a real estate agency, not actively perform "inspections and viewings" which I thought was an occupation reserved for Thai's. Link to comment Share on other sites More sharing options...
Scarpolo Posted April 16, 2014 Share Posted April 16, 2014 you have got to be joking about not being legal to rent your oen place and show it Link to comment Share on other sites More sharing options...
littleboylost Posted April 16, 2014 Share Posted April 16, 2014 This is recipe for disaster even in the west never mind here. You are relying on an unknown company or persons to find a tenant, collect rent and then make inspections on your behalf all for 10% commission. What is to stop them from renting the house out and not informing you? Who is going to be responsible for damages caused by tenants and trust me there will be damages? Either lock the place up and forget about it or just sell. Absolute nonsense. Commission is 10% if rented on a monthly basis, long term is either 2 weeks or 1 month for a years contract. Damages will be covered by deposit, and as for insinuating an agent would rent the property and not inform the owner, when and where has this happened as it would be news to me. 100,000s let their properties through agents without issues whilst they are based abroad. Commission for 1 year rentals is 1 month rent which is just a tad over 8%. Never heard of 2 weeks, that's a pipe dream. Unless you are going to get at least 3 months security deposit then chances are you will get burnt. Agents renting properties and not informing overseas owners happens all too frequently. I am not referring to reputable companies like Siam Real Estate, just the fly by night ones that are all over the island. Where did you get this number of 100,000's renting out property through agents whilst abroad? TAT? Link to comment Share on other sites More sharing options...
Jongmanee Posted April 16, 2014 Share Posted April 16, 2014 Hi PM sent pls check inbox Link to comment Share on other sites More sharing options...
NamKangMan Posted April 16, 2014 Share Posted April 16, 2014 (edited) you have got to be joking about not being legal to rent your oen place and show it I said I was "under the belief" - I never said I knew it to be fact. I put it out there for comment. The Thai Labour Law does state the three below occupations as reserved for Thai's. "Labor work except labor work in fishing boats under the next category below" - isn't "showing" a property labour? What about advertising and marketing? Isn't that giving of your "labour" as well? "Driving motor vehicles or vehicles which do not use machinery or mechanical devices, except piloting international aircraft." - surely you would pick up the prospective tenant and take them to the property, as addresses here can be hard to find. Sure, this can be done in a taxi, but we all know how expensive that would be. "Brokerage or agency except in international trading" - is this not directly involved with all forms of property? Of course, the OP may have a Thai wife, and that's fine if she does it, but what about a foreigner? Can a foreigner actively advertise, market, show and rent, and also manage, and/or sell their own property, or their Thai company's property, legally? Edited April 16, 2014 by NamKangMan Link to comment Share on other sites More sharing options...
manly100 Posted April 16, 2014 Author Share Posted April 16, 2014 Here's a few suggestions, bahtsold.com, facebook phuket real estate page, thaivisa classifieds, phuketgazette classifieds. BTW, are you here now so you could meet people interested in your property? Yes I am here in patong for a while longer. Link to comment Share on other sites More sharing options...
SDM0712 Posted April 26, 2014 Share Posted April 26, 2014 If you use an agent they will do the bare minimum effort for the maximum commission and fees. Please don't tar us all with the same brush !! SDM Link to comment Share on other sites More sharing options...
SDM0712 Posted April 26, 2014 Share Posted April 26, 2014 Our whole family will be moving overseas. So we won't have anyone to keep an eye on it. So does that mean we must use an agent? Would an agent at least collect rent and deposit it in our account? And would they do inspections like they do in the west? Really you need someone, if not an agent then trustworthy friend or family member, to take care of problems that arise from time to time, minor repairs that kind of thing. Also rent collection, deposit administration, inventories, check in and outs etc. We are an agent, and I strongly advise that if you are shopping around for agents ask if they have a Client Bank account for Client money. It seems a common problem here that agents just use one bank account for all the money they hold and I often here about problems being caused by agents not returning deposits etc. The main reason is that when they mix trading money with client money mistakes can occur and they end up overspending. When I opened here I found it very hard to explain to my bank why I needed two accounts for the same company, ie one for company money and one for client money. In the UK that is the way we all must operate, but it's a bit different out here ! Regards SDM 1 Link to comment Share on other sites More sharing options...
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