The real estate market in Thailand is fast becoming a favorite hub for many real estate investors on an international scene. If you have been wondering why you have not been able to sell your property despite your initial attempts, this post is for you. Understanding why you have not been able to sell your property will help you readjust so that you can sell your property successfully.
1. Lack of due diligence during the initial purchase of property
One of the first challenges you may face when selling a property in Thailand is incomplete documentation. This can arise from the fact that when you bought the property initially, you did not get one or more documents. For example, if you bought a property in Thailand five years ago, there are some extra documentation you need. Now, if you must sell the property, you need at least two more vital documents that the buyer will ask for. Without presenting these documents, you may scare buyers away.
2. Targeting the wrong buyers
What kind of property are you selling? Who does the type of property appeal to? It is harder to sell a property to people who don’t see the need for acquiring such property in the first place. It is better to find the type of buyers that your property is valuable to so you can sell effectively.
3. Ineffective advert strategy
If you own the property and you live away from Thailand, you may not be in the best position to advertise your property by yourself. For instance, it makes more sense to list your property on local Thai newspapers and local Thai real estate classified websites than to run a worldwide advert. This way, you’ll save yourself more advertising dollars and attract more potential buyers.
4. Pricing strategy
Making a profit might be your main motive for selling your property as soon as possible. Although this is commendable, you should be aware that real estate in Thailand is also competitive. If your property is priced too high when compared with the competition, you may find it hard to convince potential buyers to close the deal.
You can come up with an effective pricing strategy by acquiring the service of a certified Thai real estate agent. These people understand the real estate market in Thailand better. They may end up being the single factor you need to sell your property successfully.
5. Faulty first impressions
How you present yourself and your property when meeting buyers for the first time also matters. For instance, decluttering and cleaning your property before meeting with a potential buyer can create an excellent first impression. How you also relate to potential buyers matters. All things being equal, a respectful and calm approach, even during negotiations can help close the deal.
Success in selling your real estate in Thailand boils down to having the required documentation, finding a good agent, and presenting your property as the best deal. Getting a good real estate agent will be of immense help in selling your property profitably.