There are currently lots of properties that are available for sale in Pattaya. This includes both condominiums and houses in all areas of the city so it could be argued that the present situation is a ‘buyers’ market’. As there is a lot of competition between sellers at the present time it is important that you put yourself in the best position possible to sell your property. Here are a few tips about how you can increase your chances of selling your property.
Use a reputable real estate broker
There are lots of real estate brokers in Pattaya and some are naturally better than others. Try to find an agent who has plenty of experience and knowledge of the local market as they will be able to guide you on the current market conditions and what you should and shouldn’t be doing.
Be realistic with the price
Everybody wants to get the maximum amount of money from the sale of their property but the market average will play a huge part in what people are prepared to pay. The old adage that “something is only worth what someone else is prepared to pay” is certainly true of property and properties that are for sale below the market average naturally tend to sell quicker than any other. This is not an attempt by agents to lower prices to force through a sale but the reality of the market conditions. Sellers can do their own research on the internet as well as listening to experts who work in the industry every day to find out a realistic sales price.
Make sure the price is the same with all agents
If you are dealing with several different agents, something that we would never have a problem with and even recommend, make sure that you keep prices and terms consistent. There is nothing more frustrating than doing an internet search and finding that a property in cheaper with one agent than it is to the others. Different prices arouse suspicion amongst potential buyers and agents alike and will have a negative effect when it comes to selling your property. Also, bear in mind some unscrupulous agents may add their own margin so make sure you keep in touch with all the agents and know the prices that they are charging. Finally, don’t forget to let the other agents know when you have sold your property.
Make sure that you “present” your property properly
By that, we mean making sure that your property looks as attractive as possible and somewhere that people would want to buy. Blurred or cluttered photos do nothing to attract a potential buyer’s interest. It is worth spending a little bit on advertising to gain as much interest as possible. This might include videos as these will give viewers more of an idea about the property rather than just still images. Remember it is better to have lots of viewings and people decide not to buy rather than having no viewings at all.
After receiving your request we will then go through the following process:
We will list your property as “For Sale”. This means that a member of our team will come to your property, complete a listings sheet (which you will be required to sign) so that your property can be included in our database, as well as taking some FREE photographs of the property. These will be included on our website and also potentially in other advertising mediums that we use. This will give your property greater exposure which in turn will make it easier to sell
We will advise you on how much you should list your property for based on our experience and the current market conditions
We update our listings every 2 months to ensure that all the information is still current so we will be in regular contact
We will do all we can to sell your property and match it with potential clients who are already in our database. Our aim, as is yours, is to get your property sold as quickly as possible at a price that is fair for all parties.
When you have found a buyer for your property it is important that a deposit is taken and contract created. The deposit is generally 10% although there are no hard and fast rules. We can help you arrange the contract that should include the agreed sales, who pays the taxes and fees (generally these are split 50/50 although this can vary from deal to deal) and a date for the completion of the sale (usually an on or before date). Any particular stipulations such as certain items of furniture that are not being sold with the property should also be itemised in the contract to avoid any arguments.
Many owners choose to move out of the property a few days before the sale is finalised as moving day can be quite traumatic. If you choose to do this make sure that you have taken everything as agreed in the contract and nothing else. Depending on the ownership of the property the transfer will take place at one of: the local Land Office (if the sale is in Foreign Quota or Thai to Thai), at a lawyer’s office or the real estate agents office if the transfer of a company is involved.
The process is essentially the same, the buyer will pay the remaining balance, the property or company will be re-registered, all taxes and fees will be paid and all keys will be handed over. It should go without saying that all the necessary paperwork such as the Chanote and any other supporting documents relating to the sale are in order at the time of transfer.
If you would like more information about selling your property in Pattaya, please Contact Us.