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Korean Job Discussion Forums
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cavationa
Joined: 10 Jun 2008
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 Posted: Wed Apr 14, 2010 9:37 pm Post subject: Realtors and Key Money Questions |
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Do most people who have to find apartments on their own use realtors?
How much do they usually charge? Are realtors in popular areas more expensive?
Who keeps the key money? Someone on Dave's ESL was selling their officetel for 5mil deposit and 700/month. I went to nearsubway.com and saw the same officetel (room was exactly the same, just on a different floor) for 10mil deposit and 700/month... |
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Hootsmon
Joined: 22 Jan 2008
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| Posted: Wed Apr 14, 2010 10:16 pm Post subject: |
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I used one of the realtors, a 부동산, to find my place. I went in, told them what I was looking for (how many rooms and how much I was willing to spend) and they took me around any places they knew of. A lot of the realtors share information and the realtor I started from wasn't the one I signed the contract in.
There is a fee, a certain percentage I think, but I can't remember how much. Maybe 100~200k. It was a couple of years ago, so apologies for my rubbish memory.
The key money goes to the owner of the apartment to do with as he or she pleases. I believe most use it for investment to try and earn more money off it. That means the owner can choose how much to set the deposit it, so it's possible that, in the same building, you might get one person asking for more key money than another.
There are forums on the internet where people advertise their apartments so you can skip the realtor fee but they're mostly in Korean. If your Korean skills are up to it, you should have no problem tracking the info down, or ask a Korean friend to help you. Most Koreans know how to find these forums, I'd guess - they're very popular. |
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You
Joined: 31 May 2009
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| Posted: Wed Apr 14, 2010 10:44 pm Post subject: |
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| If you pay a higher key money price, does that lower the price of your monthly payment? |
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cj1976
Joined: 26 Oct 2005
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| Posted: Wed Apr 14, 2010 10:49 pm Post subject: |
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| You wrote: |
| If you pay a higher key money price, does that lower the price of your monthly payment? |
Depends on the landlord. There's no set rule for rent price in Korea, but most of them will probably say no because they lose profit. Still, it can't hurt to ask. |
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b0101
Joined: 24 Jul 2009
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| Posted: Thu Apr 15, 2010 4:49 pm Post subject: |
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| I'm not in Seoul, but my city has a classified newspaper that comes out daily that has hundreds of apartments advertised (I'm guessing most places do). Many of my friends have found apartments through there. If you can ask a Korean friend to help you look through that, that may be a good starting point. |
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Hootsmon
Joined: 22 Jan 2008
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| Posted: Thu Apr 15, 2010 7:51 pm Post subject: |
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| cj1976 wrote: |
| You wrote: |
| If you pay a higher key money price, does that lower the price of your monthly payment? |
Depends on the landlord. There's no set rule for rent price in Korea, but most of them will probably say no because they lose profit. Still, it can't hurt to ask. |
Indeed, depends on the situation but lots of landlords like more key money instead of monthly rent. Actually, if you have enough money, like around 50 Million, you can pay what's called 전세 (Cheonse), which means you pay the huge deposit and no monthly rent at all. At the end of your lease, you get the money back. At least that's the idea, though a lot of people (myself included) feel nervous at the thought of entrusting so much money to a landlord you don't know. However, for Koreans, it's the norm. I'm sure there are some posters on here who have done this and could give you more info.
As a general rule, if you pay more key money, you're going to pay less rent. 10 Million won is a good place to start, but if you have double that you can expect to knock 100~200k off the monthly rent. |
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