Korean Job Discussion Forums

[wes1989]

I am trying to find a new place to live in near 강남구청역 in Seoul. Havn't had much luck on forums, craigslist or http://www.seoul-apartment.com/. Thinking of using a 부동산, what can I expect the average fee to be? Any tips when using one?

[Underwaterbob]

If you know enough Korean, there are boatloads of listings online. Just search for 부동산 and the area you're looking in. Find a place you're interested in and contact the appropriate 부동산. You'll only be charged if you actually end up renting/buying the place, and then usually it's a commission that comes out of the owner's pockets, not yours (at least not directly.)

[Ruthdes]

What Underwaterbob said, however, both times I got an apartment through a BDS in Korea, I had to pay a commission upfront when I moved in (and I believe the landlord paid too). This was 4.5 years ago, so it's possible it's changed in the meantime. At the time, I think I paid somewhere between 200,000 and 300,000 won for a place that was 700,000 a month, with 5M down.

If you break your lease, I believe you're expected to pay your landlord's portion of the BDS fee to re-lease (as well as rent for any unoccupied time) as a penalty.

If you don't have a decent grasp of Korean, take a Korean speaking friend with you. Most realtors here don't speak much English.

http://nearsubway.com/ is another site and apparently the guy running it speaks decent English. I've never used him but I know of several people who have and had no complaints. This was two to four years ago now, and things change, but they all found apartments in the Gangnam area, so definitely worth a try. One even found one with no key money, just a one month deposit.

[furtakk]

Also keep in mind that the realtor fees for officetels are way higher than for proper apartments or villas. They can be 2 or 3x as much. I'm also looking for a place at the moment, and the realtor fees are 700k~ for almost all of the officetels I've looked at.

[schwa]

I'm now in my third BDS-brokered place. Each time I've been required to pay a commission to the realtor, due at the time of signing the lease.

The real estate industry here is quite heavily regulated. Heres a nice explanation of what they are allowed to charge:
http://hiexpat.com/korea-blog/how-much-do-i-have-to-pay-the-real-estate-agent-for-my-new-apartment.html
They face serious penalties if they try to overcharge you.

For what its worth, my experiences have all been professional & pleasant. In each instance the agent worked quite hard for her reasonable fee. The advice above to have a Korean acquaintance along to help explain things to you, at least your first time, is apt.