When you’re selling your Thailand property, some people will tell you that you do not need a real estate agent.
Technically that’s true; there is no need for one in Thailand’s property buying and selling process, but here are five reasons why you may end up regretting not using one.
Whilst saving the agent’s commission might seem attractive, do you have the time and money to market your property as a real estate agent would? That’s what they do. All day, every day.
What you don’t know can hurt and can come back to bite you in the future. A real estate agent’s knowledge is priceless. Agents will know what the Internet and other publishing platforms don’t tell consumers. That’s valuable insight and they will know how the entire process so sellers and their homes are fully prepared before hitting the market.
Everyone’s time is valuable, but do sellers truly have time to attempt to play the real estate agent role? Are sellers available to show their home in a safe manner, and is it accessible on a moment’s notice? How will sellers handle property viewings when they are on vacation for a week and there are cash buyers in town? Can you say lost opportunity? Can sellers offer solutions to buyer-perceived obstacles with the property without a second thought?
How are sellers going to market their property? Do they know who the buyer demographic is for their home and/or neighbourhood? How do sellers reach buyers? Do sellers have access to predictive analytics, or know how to strategically promote the listing to other agents in the community and on social media? What agents are most likely to have buyers for the home? In real estate, the world doesn’t seem so vast as agent networks are strong, and six degrees of separation often happens when an agent in Bangkok reaches out to his or her agent contact in China about a buyer for a property.
So, the sellers received an offer. Now what? How do they respond? What do they look for in that purchase agreement? Are sellers prepared to take multiple offers and milk a bidding war to get the best deal? What terms and conditions could be disadvantageous to the sellers? What costs should or shouldn’t they incur? Do they know how to negotiate to keep the buyer in the game versus walking away? How do they strike a delicate balance between protecting their interests as a seller and working with the buyer toward the goal of putting an agreement together? Here’s where what sellers don’t know can hurt them the most.
Closing the deal
Do sellers know what the closing protocol is, and what the expectations are? When do sellers have to be completely moved out of the house? What condition are sellers expected to leave the home in? How do they handle unexpected, last-minute issues that may arise: the movers damage the home when moving belongings out, the air conditioner is on the fritz, or worse yet, the moving crew doesn’t show up when they are supposed to?
Selling a home without a real estate agent could be akin to throwing caution to the wind, along with the commission.
The perceived savings can come back to bite sellers in terms of uninformed decisions and costly mistakes that, in the long run, end up costing sellers more money than using a real estate agent to protect their interests and help to justify their home’s value in the first place.