Accomodation in Park island

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  1. #1

    Join Date
    Aug 2016
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    3

    Accomodation in Park island

    Hi, I'm looking for a studio apartment on rent in Park Island listed by an owner and not an agent. Any ideas how I contact only owners. None of the real estate sites seem to show owner listings for this location.


  2. #2

    Join Date
    May 2006
    Posts
    5,649

    Owner listings are usually posted on message boards in the clubhouses of the developments.


  3. #3

    Join Date
    Feb 2011
    Location
    Hong Kong
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    6,180

    Why do you need an owner? They are usually more expensive because when owners first have a flat available. They try themselves at a high price and they are not willing to negotiate. After they get an agent, the agent puts a lower price to attract tenants and then submits offers as take it or leave it to the landlord. They usually consider it otherwise their flat may be empty a few more months, or in the case of HK side maybe only another week (so they may choose to wait for a better offer).

    Without pain, landlords will not decrease their rent. Pain is time and landlords won't focus on re-posting ads at the frequency needed to find a tenant.

    You can also search the classifieds on geoexpat and Asiaxpat. The clubhouse notice board is a for sure deal, but as a non tenant you can not get in unless you know someone there.


  4. #4

    Join Date
    Aug 2014
    Posts
    450

    Agree with MandM! We have signed two leases in Park Island through an agent. They were quite helpful in getting the landlord to accept a lower offer, throwing in some extras etc. And if you negotiate the right way (I let my wife do that in Cantonese) there is no need to pay the agent the full fee.

    My observation aligns with MandM! too that usually the landlord wanting to rent out quickly engages an agent and is willing to negotiate. The rent by owner option is usually done by landlords who are either not in a real hurry to rent out and/or they want to avoid paying the agent a fee. The latter in itself can be a pre-warning that once you do rent directly from that owner they are likely to be "cheap" too when it comes to fixing issues.


  5. #5

    Join Date
    Aug 2006
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    6,266

    As an owner / landlord (not on Park island), let my try to put the other side.


    • when I rent out, I advertise privately and use agents; whichever way gets the tenant first 'wins'; however, as is frequently pointed out on these forums, many agents are pretty bad at their job, whether they are acting for the landlord or the tenant (e.g. I have a one bedroom flat and they show it to tenants looking for a two bedroom)
    • having to pay the agent half a month's commission (I know it's negotiable) is annoying when I know how little work they have done; if they do find a suitable tenant, then they do get their commission
    • when I advertise privately, I'm more likely to get English speaking tenants, which is good for me.
    • as a landlord, I want to rent out as soon as I can, but at the same time I want to try to make sure that the tenant will be OK - a letter from their employer is a minimum requirement
    • I'm certainly willing to negotiate, and within reason buy furniture for the new tenant.
    • Keeping the flat well maintained (i.e. doing repairs as needed) makes sense to me in terms of keeping the flat's value, my tenant happy, and giving me an easier life


    That said, I'm sure there are landlords who are a pain (as are some tenants) - but I'm not sure whether they are more likely to be ones who rent out privately or through an agent. If you do rent privately, make sure the agreement is stamped (you should pay half the stamp cost).

  6. #6

    Join Date
    Aug 2016
    Posts
    3

    Hi Everyone,

    Thanks for the advice. I was told that the agent need to be paid 2 months rent by the buyer and I am not sure if I will stay beyond 10 months to a year, which makes the rental of the flat even more expensive.

    Anyone has any good agents or solutions to suggest?


  7. #7

    Join Date
    Dec 2009
    Posts
    4,642

    You need to pay 3 months rent upfront (2 months deposit + the 1st month) and half a month's rent for commission to the agent.

    The 3 months is standard regardless if you use an agent or deal with the landlord direct.


  8. #8

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,180

    @jenn,

    That is very true. The lease needs at least 14 months (it is a 2 year lease but you can give a 2 month notice to quit after 12 months).

    You need 2 months deposit plus first month rent plus half month agent fee plus stamp duty. Everyone pays this, yes that's why people say HK is expensive. But other things are cheap to make up for it.

    So you can look to rent a room in someone's flat, they may be more flexible on the terms. Some landlords will allow a 10 month lease (you will still sign a 2 year lease just have a one month notice to quit after 9 months). Now if you are asking for this, do NOT ask for a discount on the rent and you need to start paying rent immediately, i.e. your move in date is like tomorrow, not two weeks from now.

    So don't be a pain tenant, you can probably find something. If you start saying oh I want this fixed and I want $1000 off the rent, just forget it. Be easy, landlord might be easy too.


  9. #9

    Join Date
    May 2011
    Location
    Hong Kong
    Posts
    9

    Hard to find

    The studio apartments are incredibly difficult to find. There is only 1 block that have them, and they are generally long-term tenants or owners in them. You may have more luck finding a 1 bedroom


  10. #10

    Join Date
    Aug 2016
    Posts
    3

    hi

    great to have all the advice.

    Bruce, can you let me know the name of the building with studio apartments.. My alternative is the 1 bedroom as suggested. I am talking to agents so hope to find something soon


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