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Agent fee for lease renewal?

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  1. #11

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    Plain and simple

    If the new lease has not been drawn up yet then negotiate the fee thats due to be charged down to say $750 or something like that that, Your trump card is to say that you can get a local colleague to negotiate direct with the landlord thus she gets nothing otherwise.

    Not exactly rocket science.


  2. #12

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    Quote Originally Posted by falang
    When I started this thread I was looking for past experiences of people who were in a similar situation. These folk could give me some perspective on what the normal fees are.

    I'm not looking for pissy comments from agent apologists nor speculation from self-informed experts.

    Thanks.
    The normal fees are what your being told by the " pissy squad ".
    HKD7500 for 2 yrs piece of mind seems mighty cheap and anyone who is giving you advise should not be treated as an apologist just because you want bargain basement.


    Seems your just a tight wad.
    If the landlord insists on the agent then YOU --- can always move -- if you don't like it.

  3. #13

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    I avoid using agents. I recently had a bad experience with a landlord and ended up losing my deposit and two weeks rent and the agent did zilch.

    I subsequently found a private landlord, drew up a contract with her from a template, tweaked a few terms to our mutual satisfaction over some coffee (which I paid for), signed it and moved in. Total cost about HKD 100 and a couple of hours of my time on a Sunday.

    I read with a certain sense of schadenfreude yesterday that estate agents in the UK were laying off staff due to the recent housing slowdown. I tried not to cry.

    I tend to agree with Jimbo's last comment. Take a Chinese speaker with you to negotiate with the landlord and agree the terms of the new contract. If you were both happy with the terms of the last contract then simply draw a similar one up (changing anything you agree on mutually). The landlord will normally have to pay the agent as well so this could work out better for the landlord.

    Presumably the landlord trusts you as she would not wish to keep you as a tenant so it should not be too much of a problem.


  4. #14

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    Quote Originally Posted by shilo507
    I subsequently found a private landlord, drew up a contract with her from a template, tweaked a few terms to our mutual satisfaction over some coffee (which I paid for), signed it and moved in. Total cost about HKD 100 and a couple of hours of my time on a Sunday.
    Would you have a copy of that template, perchance?

    Quote Originally Posted by shilo507
    I read with a certain sense of schadenfreude yesterday that estate agents in the UK were laying off staff due to the recent housing slowdown. I tried not to cry.



    To the OP, we have renewed leases and always negotiated the fee with the agent who did the original footwork. One time the landlord paid the total amount; another time it was reduced to 25% of one month's rent which fortunately wasn't too high.

  5. #15
    jgl
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    Quote Originally Posted by Boris
    The normal fees are what your being told by the " pissy squad ".
    HKD7500 for 2 yrs piece of mind seems mighty cheap and anyone who is giving you advise should not be treated as an apologist just because you want bargain basement.

    Seems your just a tight wad.
    If the landlord insists on the agent then YOU --- can always move -- if you don't like it.
    Exactly what "peace of mind" does this 7500 fee get you- it's just tweaking a couple of fields in a standard document, as opposed to the agent actually providing any insurance against landlord performance.

    A 50% fee is standard when the agent is trying to find you a place. Quite fair as they have to run around showing you different properties. It doesn't really compare to what in essence is re-signing an existing document. On a per-hour basis, it looks like the agent is charging on par with international tax advisors, which is a bit cheeky.
    Last edited by jgl; 07-05-2008 at 12:45 PM.

  6. #16

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    Quote Originally Posted by jgl
    Exactly what "peace of mind" does this 7500 fee get you- it's just tweaking a couple of fields in a standard document, as opposed to the agent actually providing any insurance against landlord performance.

    A 50% fee is standard when the agent is trying to find you a place. Quite fair as they have to run around showing you different properties. It doesn't really compare to what in essence is re-signing an existing document. On a per-hour basis, it looks like the agent is charging on par with international tax advisors, which is a bit cheeky.
    Total bollocks from someone with absolutely no idea of what they are talking about.

    I watch an agent work on her days off and having worked from 10am to 8pm, 6 days a week, arrive home at 8.45pm, Eat food and then sort of leases and legal paperwork until midnight.

    Yes a lease may just seem like " Tweaking a couple of fields " but it ain't and you have no experience to make such a statement. If you understood how much work could be involved , even with a re lease , you would never have considered making such a stupid comment.
    SalseroHK likes this.

  7. #17
    jgl
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    You seem to be having a particularly bad hair day. You didn't answer my question though- what additional "peace of mind" does using an agent in this case give you?

    I'm sure that agents work hard. And I'm convinced that most of that is for work unrelated to renewing an existing contract.

    I've arranged my own, templated leases with landlords. It ain't rocket science.


  8. #18

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    [QUOTE=Claire ex-ax;212726]Would you have a copy of that template, perchance?

    /QUOTE]

    Hi Claire, you can purchase standard tenancy agreement forms in larger bookstores or stationery stores. There are spaces for you and the landlord to amend/insert your own clauses (with initials). The forms are green in colour and are in standard format.


  9. #19

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    Quote Originally Posted by jgl
    You seem to be having a particularly bad hair day. You didn't answer my question though- what additional "peace of mind" does using an agent in this case give you?

    I'm sure that agents work hard. And I'm convinced that most of that is for work unrelated to renewing an existing contract.

    I've arranged my own, templated leases with landlords. It ain't rocket science.

    Answer to " peace of mind " -
    That the lease is negotiated without loopholes of favour to the landlord and that you have received professional licenced advice for the coming years of continued tenancy.

    That ( if bi lingual ) that both text match without any ambiguities.

    That the contract is IAW the latest law amendments.

    That your lease advising agent has protected you by their need to be regulated by the Estate Agents Ordinance and Code of practice. If the agent has done wrong you can get legal recompense and the agent would also lose their livelihood.

    ON POINT 2 - as you have no knowledge of the work or the industry so your view is worthless

    On Point 3 - Maybe - You can also make out your own will and conveyance your own house. BUT WOULD YOU ??? What about representing yourself in a trail for your life ???

    People always try to take the easy way out to save some dollars and think, when nothing comes round the corner to bite them, that they are really clever people. The odds are not on your side especially when a landlord is looking for ways to get you out and earn more money.

    In the case of the OP - the landlord trusts the agent and that should be an end to it.

    BUT --------------
    If you bought and Oasis ticket cash ( save the CC fee ) then maybe you might have another view. Or maybe you could conveyance your own village house or place on the mainland and watch someone else take over the thing you thought you had bought. That would never happen to you because your such a smart arse - right ????

  10. #20

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    boris - all of that is ok .. assuming that the agent is doing ANY work at all. If they're doing work and the tenant feels otherwise, they're doing a bad job communicating it.

    You forget .. an agent's job is to sell their services to both the tenant and the landlord, if either feels they've not earnt their fair $ then they're doing a piss poor job presenting what they've done and the value they've delivered to the clients.

    Lets also not get into defending what might actually be an agent taking advantage of a gwailo ... god knows that could NEVER happen in the property business!