There are a number of condominium and house owners in Pattaya who are looking to rent out their properties. Some of the properties have been purchased with that in mind whilst others may have decided to rent out their homes due to a change in circumstances. Regardless of your reasoning the theory behind finding new quality tenants is still the same. We have put together this straightforward guide to help landlords get the best return on their investment (ROI).
A good starting place is to find a reputable real estate broker. Local knowledge and experience are essential when it comes to finding tenants as they will be able to advise potential new tenants on the best properties, best areas and what to look for. They will also be able to advise landlords on the price that they should charge and any changes that they should make to property in order to make it more appealing to potential clients.
You are obviously looking to get the best ROI but you also need to be realistic. You need to remain close to the market average and it goes without saying the closer you are to the average, the easier it will be to rent out. It is often assumed by landlords that agents are trying to force prices down but this is simply not the case. We therefore advise landlords to do their own research via the internet to gain a good feel for the market values. Also, it does pay to listen to the advice of experts who are dealing with property rentals day in, day out and are aware of the current trends.
if you are dealing with several different agents, something that we would never have a problem with and even recommend, is to make sure that you keep prices and terms the same. There is nothing more frustrating than doing an internet search and finding that a property is cheaper with one agent than it is with the others. Different prices arouse suspicion amongst potential tenants and agents and and will have a negative effect when it comes to renting your property. Also, bear in mind some unscrupulous agents may add their own margin so make sure you keep in touch with all the agents and know the prices that they are charging. Finally, don’t forget to let the other agents know when you have rented out your property.
Make sure that you “present” your property properly. By that we mean making sure that your property looks as attractive as possible and somewhere where people would want to stay. Blurred or cluttered photos do nothing to attract a potential tenant’s interest. It’s well worth spending a little bit on advertising to gain as much interest as possible. This might include videos as these will give viewers more of an idea about the property rather than just still images. Remember it is better to have lots of viewings and people decide not to rent rather than having no viewings at all.
We always recommend that you professionally clean the property prior to a tenant moving in. This means that you have a benchmark or a standard to which the property should be returned in. This makes it easier for the owner or the agent to insist on a professional clean when the tenant vacates the property.
To advertise your property with us you can supply us with some details Here. After receiving your request we will then go through the following process:
We will list you property as “For Rent”. This means that a member of our team will come to your property, complete a listings sheet (which you will be required to sign) so that your property can be included on our database, as well as taking some FREE photographs of the property. These will be included on our website and also potentially in other advertising mediums that we use. This will give your property greater exposure which in turn will make it easier to rent out
We will advise you on how much you should rent your property for based on our experience and the current market conditions
We update our listings every 3 months to ensure that all the information is still current so we will be in regular contact
We will do all we can to rent your property and match it with potential clients who are already in our database. Our aim is to get your property rented as quickly as possible at a price that is fair for all parties.
What are the different types of rental terms available in Pattaya?
Long term leases
This is certainly the favoured option by landlords. This involves finding a tenant who signs a one year contract and then often the only thing you have to worry about is collecting the rennet every month! There are a few things that you would be expected to provide. These include ensuring that the water and electrics are in working order, not to mention safe, air conditioning (that has been recently serviced), standard kitchen appliances and in most cases, a fully furnished property. Anything else should be negotiated prior to signing the contract.
Short term rentals
Short term rentals tend to be for a period of one to six months. The rental fee is slighty higher due to the added inconvenience of tenants changing more frequently and the standard expectations in terms of furnishings and equipment being higher. Bed linen is a must, as well as a n internet connection, better TV packages are also becoming increasingly requested.
This is by far and away the most profitable option (when the property is rented) but at the same time is the one that requires the most work. Holiday rentals are usually for 30 days or less and the property must be extremely well located in order than it can compete with the hotels. This option is certainly not desirable to all landlords as the landlord is expected to provide everything – even down to the toilet roll and detergents (think hotels and you won’t be far off what you will need to provide). If you do follow this option you should use just one agent otherwise it is impossible to have an effective booking system and double bookings are common place. This is embarrassing for the owner and agent and can cause great distress to tenants.
If you would like more information about renting your property in Thailand Contact Us.