Real Estate

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Sir_Quality_U_Feel
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Real Estate

Post by Sir_Quality_U_Feel » Mon Jun 23, 2014 8:30 pm

What if one guy wanted to set up a real estate company that catered to westerners, with maybe a newcomer to Phnom Penh type of nice/marketing target? How does a 1 man operation between a barrang real estate agent and a Cambodian landlord/owner typically go? What do the Khmer agents for the well known companies do. In some cases, they are not raising your monthly rent. I checked at my old placed and everyone was paying the same, some agents, some not. I heard that there is a legal ( thumb printed) agreement made between the landlord and agent just like back home ( sans thumb print) that basically says if they get anyone to sign a lease they get a percentage of the first months rent or some type of agreed upon lump sum.

I heard 6 month lease signs are 25% of 1st month's rent and 1 year+ are 50% of first months. Is this bullshit? Anyone else hear this? I know there are some barrang managed estate agents in town. Whats the story here? What should a real estate agent going out on foot, trying to get landlord agreements expect?

Speculation to a degree is accepted in this thread. :)

Sir Q
I'll give ya 500 Riel for it...
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StroppyChops
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Re: Real Estate

Post by StroppyChops » Mon Jun 23, 2014 9:01 pm

Based only on what I've been told, the kickback is much higher, especially on longer term leases. 100% of the first month and then a percentage to the spotter. If the lease amount can be inflated to further support this, so much the better. I was told by one ex-expat lady that the westerners who 'helped' her get an apartment were getting their own lease paid in on the deal. She didn't find out about it for years.
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Sir_Quality_U_Feel
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Re: Real Estate

Post by Sir_Quality_U_Feel » Tue Jun 24, 2014 9:02 am

StroppyChops wrote:Based only on what I've been told, the kickback is much higher, especially on longer term leases. 100% of the first month and then a percentage to the spotter. If the lease amount can be inflated to further support this, so much the better. I was told by one ex-expat lady that the westerners who 'helped' her get an apartment were getting their own lease paid in on the deal. She didn't find out about it for years.
Word- Say I wanted to help other westerners find apartments to rent. What is the "smart" way to set up listings. I was thinking about this in regards to western real estate companies or independent agents. How would they get listings or agreements from Khmer landlords? You mention a spotter? For established companies with some employees, this system could work. For a one man start up/side gig, I am just curious how you would approach landlords. For an apartment complex and perhaps a landlord renting out 1 room of a house/shop style place.

I guess having Khmer translator/friends would help, but what is the best approach once you find out who is in charge ( the decision maker you should be talking to about setting up kickbacks for getting tenants to sign)?

What course does a western agent take if he or she gets a tenant to sign a lease with a Cambodian landlord, contract sorted and thumb printed before hand, and yet the landlord decides to not pay the commission. Take landlord to court? I am just wondering what is in place to actually make the landlord pay out on the commission.


ALSO- My old apartment next to Russian Market had multiple khmer agents showing people the units. When I signed my 6 month lease, the rent price was right in line with surrounding market value, so no real need to negotiate down, although I tried but failed.

A few new people moved in while I was there during my 6 month lease. I always asked them in the context of real estate agents what they were paying for rent. The 1 younger couple used an agent and were paying the same price I was. The landlord didn't try shit, the price was the price. I was expecting a complex full of people paying different rates, as some of us found the place on our own and some used agents. Nope, $400 per month, all 3 of us (3 different units)
I'll give ya 500 Riel for it...
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