We from snapflat.hk are free property agents. We do not charge any commission to tenants. How come you have to pay other agents in Hong Kong several thousands of HK$?
To make it short: because landlords are busy & nice people. And because flat viewings are expensive.
snapflat.hk is for free for tenants, unlike most agents
When looking for flats, you have tons of options in Hong Kong. But most are expensive.
If you go to an agent, you pay. If you search online, you likely end up with an agent too – and pay.
You can still try to find free direct deals with tenants or property owners – but you get no service and less choice. We created snapflat.hk to give you both: SERVICE and FREE (no commission).
Why don’t all agents do that?
Reason 1: Landlords are busy & nice people
All starts with the property owners. They are busy people. Most do not have time to advertize & show their flat. They also don’t have the tenant network of agents. That is why property agents exist. Of course, landlords pay them for this service. Makes sense so far, right?
Besides being busy, landlords are nice people. They could (and are legally entitled to) ask their tenant to show the flat to interested people. This would help them have less vacancies in their flat. But most of the time, landlords wait for the tenant to move out – and only then ask agents to show the flat.
Why? When you ask landlords, they say: “I do not want to bother my tenant”. This is why most flats you view are empty.
But this is a tricky point. And the reason you pay commissions as a tenant.
Reason 2: flat viewings are expensive for agents
As landlords are busy and nice, they must rely on someone to show the flat once it is vacant: agents.
Agents get paid 50% of a month’s rent by landlords. But with that money they must cover their costs: salaries & rent. And what drives salaries? The number of agents they need. And that is driven by what? Right, the number of viewings.
To make it short: if you want to be able to show your portfolio of 100 flats to hundreds of people, you need a little army of agents. That is expensive.
And that is the reason why other agents in Hong Kong will ask you to pay 50% of a month’s rent in commission – to help funding the flat viewings.
The outcome of all that is far from ideal:
Landlords pay a commission and find a tenant – but usually lose rent as their flat has vacancies.
Tenants find flats – but have to pay a high commission to agents.
And agents have high costs due to many viewings.
snapflat.hk solved this problem: everybody wins!
SnapFlat found a way to make everybody win – by solving the problem of too many viewings in vacant flats.
The solution is simple: the departing tenant (about to move out) takes care of the viewings at his preferred time – and gets paid 15% of a month’s rent for that!
And suddenly everybody wins:
Landlords do not lose rent anymore – as SnapFlat (with the help of the departing tenant) finds their next tenant before the current one moves out.
SnapFlat does not need an army of agents as we do not do the viewings anymore.
As a result, we do not need to charge tenants – who enjoy our free service! And who can even make good money when they move out.
Looking for a flat or a new tenant? Willing to get paid 15% of the rent when you move out? Just go to www.snapflat.hk!