“Every little bit helps” and a few thousand baht knocked-off your monthly rent means more to spend on other things.
Those monthly savings could go towards paying the utilities or better yet it could be spent on the thousands of restaurants, bars, shops and venues Bangkok (…and Thailand) has to offer!
As a professional Property Agency, we negotiate Rental Deals on a regularly basis; advising and assisting clients into new rental accommodation weekly. From experience, Bangkok does benefit from a negotiation culture and it is perfectly standard to ask for a discount on the marketed rental rate of a property!
So how do you negotiate you way to a better rental rate and save yourself a few thousand baht?
1. Boast about your background!
It is every Landlord’s dream to have a stable and responsible tenant that will take care of his/her Unit. If you are a working professional working for a “big name” company, be sure to mention this (Loud and proud)! Don’t be shy about re-affirming your financial status and ensure the Landlord/Agent understands that you will be a responsible Tenant that will maintain the Unit!
2. Long-term Rental
Standard rental terms in Bangkok, tend to last between 6-12 Months. Obviously depending on your personal situation, you could negotiate on the basis of an 18 Months+ Rental Contract. This would give you enormous bargaining power, as the vast majority of Tenants are unable to guarantee rental terms above 1 Year. This condition, if used wisely can offer substantial discount benefits!
3. Book and Sign ASAP
Most landlords are concerned about 3 main monetary factors notably:
– Rental Price
– Length of Contract
– How fast will the Tenant move-in
These 3 factors affect their bottom-line and the rental profits achieved on their investment condo. Therefore being able to sign and move-into a property fast, is an enormous advantage and can be used as a form of leverage during negotiations. This bargaining tool can be extremely effective especially if the Landlord has been struggling to find a tenant.
4. Paying Rent Upfront
In Bangkok the standard for tenants is to automatically be liable to pay 1st month’s rent upon moving-in. However if your financial position allows it, you could propose to pay 6-12 Month rental payments upfront. This would be highly advantageous and attractive to a landlord, as he would receive a lump sum payment rather than “smaller” monthly installments. This interesting offer very often persuades the Landlord to offer substantial discounts, especially if the property is at a relatively low monthly-rate.
5. Request Furniture/Appliances/Items
Sometimes price negotiations end-up going in circles and the landlord will simply not “discount” further out of principal. If this is the case, it is always worth trying to request an item that you will require during your stay (I.e. TV, Furniture, and Electrical Appliances). This is usually a win-win request, as the landlord is making an investment for future tenancies and you will not have to spend on purchasing the item yourself.
On a final note, it is important to see negotiations as an exercise that seeks to create win-win situations for all parties. Ultimately the Landlord is also human and trying to “squeeze” too much, may start a potential rental on a bad note. Beware creating negative feelings this early in a tenant/landlord rental agreement, may affect the deposit refund process upon check-out. Always try to seek a compromise, that is financially acceptable to both you (The Tenant) and your future landlord!
…Good luck in your rental negotiations!
