As a landlord you will want to rent your property with the minimum of fuss, to the best tenant/s and at the highest possible yield. Our simple guide explains point-by-point the process you need to follow to get your property to market…
Prepare Your Thailand Condo For Rent:
- Open a Bank account. This is vital for receiving rent and paying monthly / yearly maintenance bills. Landlord can open an account in Thailand if they provide their title deed or purchase contract for their property. We recommend Kasikorn Bank as the easiest to setup, various other local banks will offer accounts too.
- Furnish your property. Normal size condos (20m2 – 150m2) are typically rented furnished. Large houses or penthouse apartments can be rented unfurnished. If you need assistance with furniture packages please visit our blog. Ensure you choose simple designs, neutral colours and choose modern appliances. The less clutter the better!
- Take beautiful photos and videos of your property. Too many landlords overlook the need for professional photos when it comes to attracting tenants. Research proves that pictures are the most important part of a high performing property listing. Take time to present your property in the best possible way, or use our service for a reasonable fee:
Choose a Reputable Rental Agent:
- There is currently no licensing for agents in Thailand. Check agency website and social media profiles for consistent work history and customer reviews.
- Avoid Freelancers and unregistered businesses for security, especially due to cash handling at booking.
- Check with your juristic office who are the most active and successful agents in your building.
- Ensure you choose an agent that will communicate effectively with you.
Duties of The Rental Agent:
- Quality agencies have multiple marketing channels and will gain more exposure for your property.
- Agent will acquire tenants, manage viewings, manage booking, provide and manage tenant / landlord agreement, manage check-in, manage check-out.
- Some agents offer a comprehensive property management service for an annual fee. The full management should usually include: cleaning on check-in, cleaning on check-out, water bill payment management, electric bill payment management, mailbox checking, yearly maintenance fee payment management, tenant rental payment receipts. These fully comprehensive property management services often include extra marketing exposure, whereby the agent will offer your unit to a network of 3rd party partner agents who will be paid 100% of commission if they find a tenant.
Standard Thailand Rental Commission
- Rental commissions are paid by the landlord in Thailand. 6 month contracts and 12 month contracts tend to be the most common, but 3 month contracts are also highly sought after by tenants because this duration fits perfectly with an extended tourist visa. We recommend landlords to increase their monthly rate the less the duration period of the tenant contract. Here are the typical fees to expect:
Rental Commissions Guide For Thailand Property
|1/2 Month Commission|
|1/2 Month Commission|
|1 Month Commission|
|1.5 Month Commission|
|1/2 Month Commission|
Duties of the Landlord:
- Keep the keys for the condo, mailbox, building access and parking access at your juristic office for the building. Agents will sign out / sign in your property keys here on a viewing.
- Landlords are required to keep up with the small monthly electric bills and water bills when the condo is not occupied to avoid being cut off. Electric Bills can now be paid via a phone app called “MEA Smart Life”, we strongly recommend this. Water bills must be paid at your juristic office. The tenant will pay these bills if your property is occupied.
- Landlords have the responsibility to pay the annual maintenance fee for the building, this is not the responsibility of the tenant.
Duties of the Tenant:
- Tenants are required to pre-pay their rent in monthly instalments.
- Tenants are required to pay monthly water bills and electric bills.
- Tenants will usually supply their own internet provider but landlords sometimes offer this inclusive as a promotion.
- The Tenant is required to employ a cleaning service at the time of check-out. The agent will assist the tenant in this.
Thinking about Short-Term Daily Letting on AirBnB?
– Please read our previous article with lots of information on this approach in Thailand, as it is something we do not fully support or recommend.
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