How do I tell if I'm not being ripped off?

Closed Thread
  1. #1

    How do I tell if I'm not being ripped off?

    So I've been spending a couple of days looking for apartments to rent and have of course been meeting with property agents.

    I've noticed that the ads on the internet are never accurate. For instance, a unit may be advertised at maybe 8.5 K but when I go down to view it, the agents show me apartments with prices ranging 10-12 K instead.

    Is there any reliable way of finding out how much a unit is really worth? I don't mind paying more but would like to know that I'm getting a fair price.


  2. #2

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,561

    all i can say is...

    negotiate, negotiate, negotiate!!!

    remember the agent is paid a commission based on the monthly rental. it is in their interest to hve you pay a higher rent!


  3. #3

    Join Date
    Nov 2005
    Location
    Cramped island
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    5,711

    ask a few more units around that area. its almost priced there.
    a few k difference. if its priced too pricey the agent wldn't be bothered to bring ppl there cos they know most ppl wldn't rent it.


  4. #4
    Waterloo

    and ask around with different agents as well. (I know it sounds obvious but it's true) After asking two, three and even four different agents, you will realise the average price. Owners give keys to different agents for them to show around their flats, so if you have asked around, it would be quite reliable. And, post what's on your list and their rent here and ppl who have experience will give you reponse I believe.


  5. #5

    The apartments I was looking at were in Kornhill.

    The only one I liked had a floor area iof 582 square feet. Rent offered was 11.5 K. The agent said we could get it with a washer/dryer/refrigerator but otherwise it was unfurnished.

    The other units I saw which I didn't like were about 10K, same size but looked dirtier, had ugly built in stuff or smelt bad.


  6. #6

    Join Date
    Apr 2005
    Location
    Sai Kung
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    8,561

    then offer 10k and see what happens.


  7. #7

    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    54

    I think $11.5K for a small unit in Kornhill looks expensive, esp. when it is not fully furnished. A way to test the market is to pick a flyer displayed outside some realty shops (assuming you can read Chinese). These flyers are intended to attract tenants (and buyers) and only units that are "value for money" are listed. Take a look of those units first and then compare some others so that you can have a better idea of a fair rental for the intended estate. Good luck.


  8. #8

    Join Date
    Jul 2006
    Posts
    67

    if you go to the site of midland, you can check transactions which happened in the past so you know whether you get a good deal or not.


  9. #9

    Join Date
    May 2007
    Posts
    86

    I offered $22 on a $25 place I knew was on the market at least a month - the agent told me that $22 wouldnt be accepted and to pay more -I refused.

    Agent knew i was leaving my serviced apt in 6 days so cyncally suspect she thought I'd over-pay as didn't have other options than to stay in a hotel - stuck to my guns and the offer was accepted anyway.

    Guess its the same as the UK, they're sharks with smiles and although they want to find you a place, you are definately not their #1 priority.