Real estate investors from all over the globe see Thailand as a profitable destination to buy property. Over the last few years, the investments made in Thai real estate market have skyrocketed. Most of the foreigners buy property in Thailand so that they can use it as their vacation home when they visit the country. This makes them save their money which they would have spent in order to book a room in a hotel or look for an apartment on rent.
Giving property on rent is also a great way to recover the investment that a person has made for owning the property. Most of the property owners find it a cumbersome task to rent out their property. However, if you follow the right strategy and approach then you would end up renting out your Thai property quite quickly that too at a good price.
So, if you are among those who are looking to rent out their Thai property then the 5 tips which I am going to showcase below will prove quite handy.
#1 Look for a Trusted Real Estate Agent
This is one of the foremost tips which I would like to present to you. Hiring a real estate agent is recommended especially if you visit Thailand once a year and are not well versed with the conditions of the real estate market. The agent will find out tenants for your property according to the rent which you are looking for. As a real estate agent is generally in touch with all those people who are looking for rental properties, he would streamline the whole process for you. However, do not pick any real estate agent. Look for someone who has a good amount of experience in renting out Thai property. The agent would charge some amount of fee from you for showcasing the potential renting options. Do not fall into the trap of a few of the real estate agents who ask for an extravagant amount for showing the property.
#2 Post Professional Photos of Your Property Online
There are a number of online platforms where you can showcase your property that you are willing to rent. So all you need to do is click pictures of your property and post them on the various websites which showcase rent property in Thailand. A few of these websites would be free while some would be paid. Start initially with the free ones and later on in case you do not get a response then you can look for the paid ones. Just ensure that the pictures which you click on your property must have the needed lighting so that everything is visible properly. You can even take the assistance of a professional photographer who will click great pictures of your property. A professional would be aware of what all elements to focus upon that will result in high-quality pictures.
#3 Furnish Your Property
Furnishing your property is necessary especially if you are going to rent it out for a short term. However, this doesn’t mean that if you are renting a property for the long term then there is no need to furnish it. Adding furniture to your property will increase its rental value and you will be in a position to ask a high rent value. While adding furniture there is no need to go over the top and spend too much on it. Simple and modern furniture is highly preferred these days. If you want, you can add a few decorations which will enhance the overall appeal of your property. The sole purpose of furnishing a property is that it looks great and in a presentable condition.
#4 Set a Realistic Price For the Property
Do not go over the top in setting a price for your property. This would make use lose a few of the potential tenants who would have taken your property for rent. The price which you set must be reasonable enough which is quite similar to what the others are asking. In order to figure out the price of your rental property the best way is to look for some other rental options in your region on the different online platforms. While deciding the rental value take into account all the amenities which are offered. These amenities include on-site parking, access to pool or gym. If you are offering a few facilities then you are entitled to ask for the extra rental value.
#5 Negotiate, if possible
There will be a very high possibility that the potential tenants will ask you to reduce the rental value of the property. In such a situation, you should consider the response which you are getting for the property. If you are getting good enough response then you can say no to a few of them who are offering you less than your asking price. However, if on the contrary, you are getting a very response then it would be better to negotiate with the potential tenant. It is much better than keeping your property vacant which would result in a loss for you. There have been a lot of renters in the past who have had to keep their properties vacant due to unrealistic price expectations. You should not commit the same mistake as in the end, it would be you who would be at a loss.
In The End
Renting out your property in Thailand comes with its own challenges. However, the whole process is not that tedious as it seems to be. The 5 tips which have been mentioned in this post will prove quite handy to you. You can do a research of your own if you wish to leave no stone unturned in renting out your Thailand property at the best possible price.
Please let me know if the tips mentioned above are worthy of a read or not. Looking forward to your views on the post in the comments section below.