Renting Deposit

[baansgr]

I have mostly been an owner here but will be renting for the next 12 months. Ive had friends and heard/read stories of people loosing their deposits as the owner dosnt want to pay it back, with that in mind I decided to use an agent. We arranged for a viewing but then the agent called me and stated that this particular house was a new property of theirs and the owner insisted on him keeping the deposit so they wouldn't show me. What is the normal procedure with renting. I would think agents keep deposits not owners that may well spend it and not return it. As its 2 months rent 50,000 is a lot to walk away from.

[KittenKong]

If I was renting through an agent I would also expect the agent to hold the deposit money, for the reasons you give.

 

But it is not unknown here for agents to run off with deposit money or, indeed, to rent out units without telling the owner at all and to pocket all the money received.

 

Trust no one.

[merijn]

I don't think that this is common.

Most if not all the agents i use to rent out my houses give the deposit to me as the owner.

[trogers]

My tenants are required to transfer all monies into my bank account directly, deposit and rent. I don't accept cash.

 

In the same way, I return deposits to them by bank transfer, after we agreed on the amount of deductions.

[inThailand]

As a renter here, I would avoid paying a large deposit and only pay to the owner. And pay the deposit and rent by bank transfer. In this way you have a undisputable audit trail of payments.

[merijn]

25 minutes ago, inThailand said:

As a renter here, I would avoid paying a large deposit and only pay to the owner. And pay the deposit and rent by bank transfer. In this way you have a undisputable audit trail of payments.

That's how we do it. 1 month deposit and the rent payment by bank transfer. (sending payment slip to by email or line for confirmation)

[inThailand]

8 minutes ago, merijn said:

That's how we do it. 1 month deposit and the rent payment by bank transfer. (sending payment slip to by email or line for confirmation)

Yes the email confirmation with the payment receipt is a must.

 

I even pay my maid this way to avoid, "you not pay me last month" discussions.

[smutcakes]

Why would the agent hold the deposit? Agents are paid commission by the landlord, they have no contractual obligation to the lessee at all, all they are doing is sourcing a property, organizing inspections and liaising between the two parties.

 

I have moved 4 times and never had any issue getting a deposit returned in full.

[baansgr]

Its a difficult one but personally I prefer the agent to hold the deposit. The agent I was dealing with has been around a long time. What happens if the owner dies 1 week befor my deposit is due to be returned, its likely I would never see it again. Along with the bad stories Ive heard that's what I prefer. Also, why would the owner be adamant to keep the deposit...after all they cant spend it so it just makes me think its another desperate owner and that money wont be returned on time.

[smutcakes]

10 minutes ago, baansgr said:

Its a difficult one but personally I prefer the agent to hold the deposit. The agent I was dealing with has been around a long time. What happens if the owner dies 1 week befor my deposit is due to be returned, its likely I would never see it again. Along with the bad stories Ive heard that's what I prefer. Also, why would the owner be adamant to keep the deposit...after all they cant spend it so it just makes me think its another desperate owner and that money wont be returned on time.

Why would an agent hold your deposit for you? What do they get out of it?

[baansgr]

Agents work as an intermediary. I thought they were supposed to work in the interests of both owners and tenants. I would think in order to keep their reputation. As said what if the owner dies, what happens. I understand agents can go bankrupt but still more chance of recovering a deposit than from a dead or absent owner. Anyway its a moot point as the agent refused to take the property on their books because the owner wanted the deposit

[merijn]

7 hours ago, baansgr said:

Agents work as an intermediary. I thought they were supposed to work in the interests of both owners and tenants. I would think in order to keep their reputation. As said what if the owner dies, what happens. I understand agents can go bankrupt but still more chance of recovering a deposit than from a dead or absent owner. Anyway its a moot point as the agent refused to take the property on their books because the owner wanted the deposit

But it's the same as the agent dies.

Agency's come and go so i would trust them as same as i trust some of the house owners.

 

[trogers]

21 minutes ago, merijn said:

But it's the same as the agent dies.

Agency's come and go so i would trust them as same as i trust some of the house owners.

 

With the oversupply hanging in the market, the agency would probably go belly up before the house owner...?

[scubascuba3]

Could you offer to pay 6 months up front and forget the deposit?

[merijn]

2 hours ago, scubascuba3 said:

Could you offer to pay 6 months up front and forget the deposit?

I don't think any owner would agree to this. 

We give a discount when paying for the whole year up front but the deposit is still required.

[Naam]

1 hour ago, merijn said:

I don't think any owner would agree to this. 

We give a discount when paying for the whole year up front but the deposit is still required.

only imbeciles agree to that.

[scubascuba3]

That's a plus for hotels, no deposit required

[Techno Viking]

1 hour ago, scubascuba3 said:

That's a plus for hotels, no deposit required

only the ones that dont required a credit card.

[scubascuba3]

only the ones that dont required a credit card.

I guess the concern is condo owners withholding the deposit for no good reason. Hotels in theory should be more legit and not charge thousands of baht for nothing. So i wouldn't worry about a credit card. Usually you can review them online so you can slaughter them if need be

[up-country_sinclair]

14 hours ago, merijn said:

We give a discount when paying for the whole year up front

If you don't mind me asking, what percentage discount?

[mogandave]

If the landlord died, would you be able to stop paying rent? Why would you expect that you would forfeit the deposit?

Most of the people I see on here moaning about their deposits (generally) have not fulfilled their end of the bargain.


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[amykat]

When the landlord is using an agent, YOUR DEPOSIT becomes his commission.  Many people here struggle to manage their finances and cash flow, so since they have given your deposit away from the first moment, you are even less likely to get it back when using an agent ...in my opinion.  The agent does not and will not HOLD it for you and is just lying if they tell you that. 

 

Usually, the reason you don't get the deposit back is because people don't have it to give back. So they make up any kind of BS they can to blame it on you even if you have been perfect. This has been my experience anyway.  Finding a landlord who has money and cash on hand would be important in this case, for me.  How to tell, I don't know.  Thai Chinese people maybe?

 

Or just consider it a cost of rent, and don't move very often?  I moved often when I was first here and that cost me a lot of money and I did not enjoy it.  Negotiate rent as if you will lose that money and if you get it back consider it a gift.  Don't depend on them to pay for ANY SINGLE THING after you have paid them your money, especially if you prepay your rent ...I prepaid a year's rent once, and two months security deposit, to a very wealthy family, and that house is a hotel now, and was a hotel before I rented it.  They did not do ONE THING they promised during the course of the contract, no services happened, no utilities that were included, like internet was paid, no gardener, no f'ing nothing ever happened, and then they kept the deposit also, and the excuse they gave me was because the water drainage pipe from the roof, did damage to the garden???  WHAT?? The water pipe that they own and installed and that deposited water onto gravel on the driveway  ...somehow that is my fault??  They can't even come up with a good excuse .. and that is worth two months rent for a very expensive house?

 

And they complained like little babies when I sued them HOW DARE I, what kind of crazy person was I???  Nothing like that ever happened to them before??? You must understand Thai people, they just have to come up with any kind of stupid excuse to keep your money, and to be polite, you must let them.  One friend of theirs tried to tell me one night that she was having trouble with her gay lover and I should try to understand and let her keep the money ..what is wrong with me???  I don't know, her parents are millionaires, and she doesn't work and her kids go to international school here and I should donate money to her for the hell of it!!

 

You never know here, be careful ...agents are the worst, don't think that is protection. There is no protection here. Come to grips with that number 1.

[JohnLick]

11 minutes ago, amykat said:

And they complained like little babies when I sued them HOW DARE I, what kind of crazy person was I???

Did you win?

 

I agree - pay as little as you can, don't pre-pay ... I got most deposit back, but still paid for stuff that was not my fault or responsibility.

[scubascuba3]

If you don't mind me asking, what percentage discount?

My Thai owned hotel gives a 15% discount if you pay up front for 6 months +. The risk is though is something dodgy happens and it gets closed. Like last year a lot of talk of hotels being closed down for not complying with regs.

[trogers]

1 hour ago, scubascuba3 said:

3 hours ago, up-country_sinclair said:

If you don't mind me asking, what percentage discount?

My Thai owned hotel gives a 15% discount if you pay up front for 6 months +. The risk is though is something dodgy happens and it gets closed. Like last year a lot of talk of hotels being closed down for not complying with regs.

The reason is because they are not licenced as a hotel in the first place. Money is a minor issue in such a case. Able to survive an emergency is the paramount importance.

[KittenKong]

3 hours ago, amykat said:

When the landlord is using an agent, YOUR DEPOSIT becomes his commission.  Many people here struggle to manage their finances and cash flow, so since they have given your deposit away from the first moment, you are even less likely to get it back when using an agent ...in my opinion.  The agent does not and will not HOLD it for you and is just lying if they tell you that. 

 

Some years ago before buying my condo I did rent through a small Thai agent. They held my deposit and did pay it back at the end of the tenancy, with no deductions.

 

I know some people who have got their deposit back and others who have not, or only partially after many unreasonable deductions. There doesnt seem to be any hard and fast rule about it.

[merijn]

5 hours ago, up-country_sinclair said:

If you don't mind me asking, what percentage discount?

1 month free.