Selling houses or apartments is not as difficult as many people think. But at the same time, buyers should be aware that owning property is not a straightforward process in Thailand.
The Thai laws are strict for foreigners regarding ownership of land in Thailand. Therefore, it is extremely important to speak with an independent lawyer before going ahead with any type of contract.
When selling a property, the seller should not only look at the price but also at the terms and conditions of payment. In addition, they also need to look at the installment plans and carefully examine payment methods.
In case, if you have a poor understanding of the real estate market, then it is recommended that you take help from a real estate agent.
They will help to collect complete information about the state of the market, place the property in the right place, and will accompany the transaction until its completion.
Professional help is a must, especially if there is a language barrier. What else do you need to take into consideration when investing in real estate business in Thailand?
Here are some of the things to consider when selling houses or apartments in Thailand:
1. Preparation of necessary documents for sale
Preparation of documents for sale is necessary. Having on hand a set of documents will be able to draw up a housing purchase and sale transaction as soon as possible.
That is why the collection of documents must be taken with all responsibility.
The correctness and completeness of the set of documents will not only make the process of sale and execution fast but also make the legal purity of the transaction as soon as possible.
To collect a complete set of documents, it is better to contact a lawyer or the registration authority. In addition, you should carefully check the correctness of filling in all documents.
2. Make a pristine presentation
Before selling a home, make sure the appearance of the house is more attractive and clear. This means you need to present the property in the best possible way so you can attract more and more buyers.
For this, you need to make sure that your house is clean, neat, and tidy. A pristine presentation will help you in selling a home as soon as possible.
Untidiness and poor cleaning habits are not attractive and create short-sighted. It may also leave a wrong impression in clients’ minds and they ignore such houses to buy.
If you do not have time to clean the house, then it is recommended that you adopt the services of professional cleaners. Having a clean house will add more money to your account.
3. Think about the garden
Having a well-groomed beautiful courtyard with a playground and flower beds will raise the price of real estate.
If the property overlooks the park is located with beautiful trees, flowers, and playgrounds, then this will attract the client and increase demand.
With accuracy, windows facing the roadway will adversely affect the price. If a container with garbage is located right in front of your porch, then again the price will drop sharply.
Landscaping, mowing lawns, refreshing gravel, painting boundaries, and cutting back overgrown shrubs will make your outside space more attractive. Therefore, it is recommended to make it well-managed.
4. Local services nearby
If the living space is in a disadvantaged area or industrial zone, then this will significantly reduce its cost. In the case of the proximity of the park, forest, pond, natural object, the price sharply increases.
In addition, the cost also rises significantly with incremental access to public transport or the metro. The presence of developed infrastructure will positively affect the price of living space for sale.
It is important that you make sure prospective buyers are aware of the potential flexibility and versatility of the property so you can widen the target market audience as much as possible.
5. Determine the cost of sales
It does not matter how much you purchased your apartment or villa, how much you invested in repairs, furniture, etc. The price is always determined relative to similar apartments sold in the current season.
In order to understand the estimated cost of the apartment, you need to find out about recently sold apartments in the same or similar location, with similar characteristics.
After you determine the sale price, deduct the amount of the commission (usually 5 to 10 percent, depending on the terms of the contract with the agency), and also take into account the amount of tax on the renewal of ownership.
6. Capture high-quality images of your property
Advertising is impossible without a set of quality promotional materials. It is necessary to prepare the apartment by taking high-quality photos.
Describe your apartment, highlight its advantages, talk about the infrastructure and amenities of the area. This will help to make a competitive offer for sale.
High-quality photographs and a description of the object attract attention and increase the chances of a successful result.
7. Presence of simple inexpensive repair
If there are defects in the decoration, then a potential client may have the opinion that no one has been involved in this apartment, which will negatively affect her assessment.
Therefore, it is necessary to make some inexpensive renovation and repair or your property.
Having a separate bathroom, high ceilings, a large kitchen, and the presence of a balcony will significantly increase the cost of housing.
8. Choose an experienced realtor
When choosing an intermediary agency, find out how many objects it sells per month, how long it has been on the market.
The more transactions the agency has in its portfolio, the better developed are its tools for attracting customers and the transaction procedure is more thoroughly developed.
This will allow you to quickly find buyers and easily go through legal formalities.
9. Terms of the contract with real estate agency
When choosing between an exclusive or non-exclusive contract with an agency, you should choose exclusive. Otherwise, the agent will not have the motivation to actively engage in the sale of the object.
An exclusive contract entails an increased commission rate, which affects the final cost.
However, if you do not have the opportunity to delve deeply into the sales process, it is worth finding the agent that is right for you.
Conclude a contract for a period of one year with the possibility of extension by mutual desire.
Since under an exclusive contract the agency shares a commission with other sub-agents, you also have the right to be one of them.
Conclusion: Selling houses in Thailand
Having decided to start selling houses or apartments in Thailand, then you should be well aware of every process and prepare yourself carefully.
Your offer of houses for sale in Thailand or other countries should be competitive and relevant. Do not overstate the cost but you can not reduce it.
Pre-prepare all the necessary documents and tidy-up the property for making the best income. A very important point: when selling your apartment you need to be in Thailand.
If for some reason you cannot be in this country, you need to make a power of attorney to sell the apartment, certified at one of the Thai consulates.
I am David Lane realtor cum writer at Thailand Property. I write about real estate, business, and technology.
