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Real Estate Agencies
How to work with real estate agencies to find housing and the role of agents in Tokyo.
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Comprehensive Guide to Real Estate Agencies in Tokyo, Japan
Navigating the real estate market in Tokyo can be a complex process, especially for foreigners unfamiliar with Japanese customs, language, and legal requirements. This guide provides a detailed overview of real estate agencies in Tokyo, including types of agencies, costs, procedures, and cultural considerations.
1. Types of Real Estate Agencies in Tokyo
Real estate agencies in Tokyo cater to a variety of needs, from short-term rentals to long-term leases and property purchases. Below are the main types of agencies:
a. General Real Estate Agencies
- These agencies handle a wide range of properties, including apartments, houses, and commercial spaces.
- Examples: Apaman Shop, Mini Mini, Able, and Century 21.
- They cater to both Japanese and foreign clients, though not all have English-speaking staff.
b. Expat-Focused Real Estate Agencies
- These agencies specialize in assisting foreigners and often provide English-speaking services.
- Examples: Hikari Homes, Tokyo Rent, Real Estate Japan, and Plaza Homes.
- They are familiar with the challenges foreigners face, such as visa requirements and cultural differences.
c. Luxury and High-End Real Estate Agencies
- These agencies focus on high-end properties, including luxury apartments and houses in upscale neighborhoods like Minato, Shibuya, and Roppongi.
- Examples: Housing Japan, Ken Corporation, and Tokyo Luxury Living.
d. Short-Term and Serviced Apartment Agencies
- These agencies specialize in short-term rentals and fully furnished serviced apartments, ideal for business travelers or those new to Tokyo.
- Examples: Oakhouse, Sakura House, and Monthly Apartments Tokyo.
2. Costs for Renting or Purchasing Property
a. Renting Costs
- Average Rent in Tokyo:
- 1R/1K (studio or one-room apartment): ยฅ50,000โยฅ100,000/month.
- 1LDK/2LDK (one or two-bedroom apartments): ยฅ120,000โยฅ300,000/month.
- Luxury apartments: ยฅ300,000โยฅ1,000,000+/month.
- Initial Costs: Renting in Japan involves significant upfront costs, often totaling 4โ6 months' rent:
- Key Money (็คผ้, Reikin): A non-refundable "thank you" payment to the landlord, typically 1โ2 months' rent.
- Deposit (ๆท้, Shikikin): Refundable, usually 1โ2 months' rent.
- Agency Fee (ไปฒไปๆๆฐๆ, Chลซkai Tesลซryล): Typically 1 monthโs rent.
- First Monthโs Rent: Paid upfront.
- Guarantor Fee: If you donโt have a Japanese guarantor, you may need to pay a guarantor company fee (around 50โ100% of one monthโs rent).
b. Purchasing Costs
- Average Property Prices:
- Apartments in central Tokyo: ยฅ1,000,000โยฅ2,000,000 per square meter.
- Houses in suburban areas: ยฅ30,000,000โยฅ100,000,000+.
- Additional Costs:
- Agent Fee: 3% of the property price + ยฅ60,000.
- Stamp Duty: ยฅ10,000โยฅ60,000 depending on the property price.
- Registration Tax: 0.4โ2% of the property value.
- Property Acquisition Tax: 3โ4% of the property value.
3. Typical Procedures for Foreigners
a. Renting Property
- Search for Properties:
- Use online platforms like Suumo, Homes.co.jp, or expat-focused sites like Real Estate Japan.
- Visit real estate agencies in person for tailored assistance.
- Prepare Documents:
- Passport and residence card (ๅจ็ใซใผใ, Zairyลซ Kฤdo).
- Proof of income (e.g., employment contract or tax returns).
- Guarantor information (or use a guarantor company).
- Application Process:
- Submit an application form for the desired property.
- The landlord will review your application, which may take a few days.
- Sign the Lease:
- Review the lease agreement carefully (often in Japanese).
- Pay the initial costs (key money, deposit, agency fee, etc.).
- Move-In:
- Conduct a property inspection with the agent to document the condition of the property.
b. Purchasing Property
- Consult a Real Estate Agent:
- Choose an agent experienced in working with foreigners.
- Property Viewing:
- Visit properties and assess their condition, location, and amenities.
- Financing:
- Foreigners can apply for a mortgage in Japan, but requirements are strict (e.g., permanent residency or a long-term work visa).
- Make an Offer:
- Submit a formal offer through your agent.
- Sign the Contract:
- Review the purchase agreement with a legal expert or translator.
- Finalize the Purchase:
- Pay taxes and fees, and register the property under your name.
4. Important Local Considerations
a. Language Barriers
- Many real estate agencies operate primarily in Japanese. Expat-focused agencies or hiring a translator can help bridge the gap.
- Key documents, such as lease agreements, are often only available in Japanese.
b. Guarantor System
- Most landlords require a guarantor (ไฟ่จผไบบ, Hoshลnin), who is legally responsible for unpaid rent or damages.
- If you donโt have a Japanese guarantor, youโll need to use a guarantor company, which charges a fee.
c. Cultural Expectations
- Punctuality: Always be on time for property viewings or meetings with agents.
- Cleanliness: Japanese landlords expect tenants to maintain the property in excellent condition.
- Shoes Off: When visiting properties, always remove your shoes at the entrance.
d. Pet Policies
- Many apartments in Tokyo have strict no-pet policies. If you have pets, inform the agent early to find pet-friendly properties.
e. Long-Term Commitment
- Leases in Japan are typically for 2 years, with renewal fees (ๆดๆฐๆ, Kลshinryล) of 1 monthโs rent.
5. Tips for a Smooth Experience
- Work with Expat-Friendly Agencies:
- They simplify the process and provide English support.
- Budget for Upfront Costs:
- Be prepared for significant initial expenses when renting.
- Understand the Neighborhoods:
- Research areas based on your lifestyle (e.g., Shibuya for nightlife, Setagaya for families).
- Use Online Platforms:
- Websites like GaijinPot Housing, Real Estate Japan, and Tokyo Room Finder are great starting points.
- Hire a Translator or Legal Expert:
- For property purchases, ensure you fully understand the contract terms.
6. Recommended Real Estate Agencies for Foreigners
-
Hikari Homes:
- Specializes in helping foreigners find rental properties.
- English-speaking staff.
- Website: www.hikarihomes.com
-
Ken Corporation:
- Focuses on luxury properties and expat housing.
- Excellent English support.
- Website: www.kencorp.com
-
Real Estate Japan:
- Comprehensive listings for rentals and purchases.
- English-friendly platform.
- Website: www.realestate.co.jp
-
Plaza Homes:
- Specializes in high-end properties for expats.
- Website: www.plazahomes.co.jp
-
Sakura House:
- Ideal for short-term stays and shared housing.
- Website: www.sakura-house.com
By understanding the types of agencies, costs, procedures, and cultural nuances, youโll be better equipped to navigate Tokyoโs real estate market. Whether youโre renting or buying, thorough preparation and the right support can make the process much smoother.