Over recent years with the development of Bangkok, its surrounding areas, and the Eastern Economic Corridor, Pattaya has become ideal for corporate workers moving into this area of Thailand. With the implementation of new infrastructure projects planned in the next couple of years, most excitingly the fast rail speed link will be even more opportunities for corporate tenants to reside in Pattaya. After all, if you can travel to your company’s headquarters in Bangkok in just 45 minutes, why not move yourself to a seaside residence?
Numerous companies provide their foreign employees with housing allowances, ranging from 10,000 to 100,000 THB+ for executives. Having this allowance often means that corporate tenants are less likely to negotiate hard deals on rental prices as it may not be considered “their money” in real terms. Also as rental agreements are often in the company’s name rather than the individual tenant’s, a landlord has the chance of charging a little extra for the administrative costs of issuing invoices, receipts, etc.
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Another definite point on the pro side is that corporate tenants usually get posted in their employment position for a fixed period, perhaps two or three, or even five years. It means that they can sign lease agreements for longer than the standard 12 months. It would also be fair to say that corporate tenants are more likely to take good care of their rental accommodation. They come from a known, professional background and will not want any complaints about slovenly behaviour or trashing properties to get back to their employers.
So what if any are the cons for landlords choosing to rent to corporate tenants? Well, the first consideration is that the property must match the high standards that will be required. It will need to be in the middle to upper price bracket development and offered in absolutely pristine condition, with stylish decor. Everything included enabling the tenant to move in if needs be, with just their personal effects. Therefore pillows, duvets, bed sheets, cutlery, crockery, etc. must all be there. Other expected appliances would be a dishwasher, washer-dryer, microwave, fridge, freezer, and oven. Indeed, a big-screen TV and TVs in all bedrooms will be a must. Just remember your new occupier needs to walk in with only a suitcase and find the rental ready to set up home in.
Suppose a foreign tenant is new to the country, let alone the area. In that case, they may require additional help with procuring services such as the internet, cable tv, knowing how to pay utility bills and where local commodities, services, and transport are available.
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Earlier on administrative procedures were mentioned as one of the pros because of the possibility of charging for these. However, they should also be considered in the cons since there will have to be time and effort allocated to produce these. A landlord may have to provide monthly invoices and corresponding receipts but often withhold tax certificates. Another consideration is that the company will declare the monthly rentals for their corporate employee as an expense to the Bangkok Revenue Department. So the landlord will be duty-bound to report the corresponding income generated on the rental property.
Any worries that may arise can quickly and easily be managed by using a professional property agent. You can even employ them to deal with household emergencies that may occur such as burst pipes, lost keys, broken boilers, etc. to avoid panic-stricken phone calls from tenants at all hours of the day or night.
So if you would like your property to be considered a rental for corporate tenants, remember Pattaya Prestige Property already works directly with many companies looking to relocate employees to your area and put your property in front of these potential corporate tenants. Contact us to ensure that your property gets increased exposure to the world of corporate tenants who will be happy to pay a premium for quality accommodation.