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How to avoid paying excessive deposits/key money/finders fees etc

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  1. #1

    Join Date
    May 2011
    Posts
    38

    How to avoid paying excessive deposits/key money/finders fees etc

    Hi,

    I am moving to HK in a few months and I've been looking at Craigs List/Gum Tree etc. Basically I was wondering if it is possible, by avoiding agencies, to avoid paying excessive fees when renting a flat.

    Surely in this technological age we live in we don't need a thrid party to 'find' a flat for us.

    Any thoughts on this from some real life Honkies?

    Cheers
    Steve


  2. #2

    Join Date
    Feb 2010
    Posts
    7,441
    Quote Originally Posted by stevo78:
    Surely in this technological age we live in we don't need a thrid party to 'find' a flat for us.
    Yes, wish it was that easy. You can negotiate the rate but you might be 30% but I think it's rare.

  3. #3

    Join Date
    Aug 2009
    Posts
    966

    Stevo,

    I know how u feel. I went thru an agent a few months back. Mainly coz piece of mind + there were no many private lets in the area I was lookin at. The advantage was the tenancy agreement was the template of the agent (Standard terms) and also I gotta rent free period which I had no idea I could ask for. That period (one week in my case)
    almost covered the estate agent fee.


    Or maybe try and get your employer to pay for the estate agent fee's

    Last edited by bak875; 06-06-2011 at 05:39 PM.

  4. #4
    Quote Originally Posted by stevo78:
    Hi,

    I am moving to HK in a few months and I've been looking at Craigs List/Gum Tree etc. Basically I was wondering if it is possible, by avoiding agencies, to avoid paying excessive fees when renting a flat.

    Surely in this technological age we live in we don't need a thrid party to 'find' a flat for us.

    Any thoughts on this from some real life Honkies?

    Cheers
    Steve

    Yes you can negotiate your deposit.

    ...and...

    ...you can rent directly from landlords
    ...you can book rooms directly from hotels
    ...you can book flights directly from airlines
    ...you can buy cars directly from owners

    ...but there is also a market for going through middlemen...

    Pick your choice.

  5. #5

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,561

    it is possible, but deposits are still high: 2 months plus first month, so 3 months....going it alone is not easy especially if you are looking at areas outside of hk island. besides using an agent is much more time-efficient.... you can see numerous properties in an afternoon, rather than making various appts yourself.

    besides craigslist/gumtree are chalk full of frauds. i don't know anyone here who has been able to find anything with them...


  6. #6

    Join Date
    May 2011
    Posts
    38

    Thanks for the info. I'm thinking an agent looks the best bet then

    So is the norm about 3 months up front?

    Also what are people's experiences regarding getting the key money back?

    Last edited by stevo78; 06-06-2011 at 07:09 PM.

  7. #7

    Join Date
    May 2006
    Location
    Pampanga, Philippines
    Posts
    29,766
    Quote Originally Posted by stevo78:
    Thanks for the info. I'm thinking an agent looks the best bet then

    So is the norm about 3 months up front?
    Very much so. What is it where you are from?

  8. #8

    Join Date
    May 2011
    Posts
    38

    Well I haven't paid rent in a long time as my company has always paid it but in HK I'm on my own!

    I would think that 2 months up front (i.e. 1 month deposit and first month up front) seems 'fairer'.


  9. #9

    Join Date
    May 2011
    Posts
    91

    U will have ur key money back, once u tell ur landlord in advance that u will leave a month later . It's depends ur contact if it's for a year dead deal ( mean u cannot move out throu out this period , except u pay for t rest of rents ) & other year that u can leave anytime without against t properly contact. FYI . It better if u rent a house throu properly agency .


  10. #10

    Join Date
    May 2005
    Location
    Hong Kong, from UK
    Posts
    3,838

    cnt u wrt?


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