Purchasing real estate in Thailand is one of the hottest investment opportunities available to expats and locals alike.
However, the process can be riddled with pitfalls and hazards to the uninitiated who may not have enough information on the issues involved.
You will need data on what to buy, where, when and how, along with information on modes of payment, protecting your investment, important aspects of ownership, understand land titles and ensuring the legality of your purchases. An experienced, qualified, reliable and reputed property agent or a real estate platform in Thailand can partner you in this venture to avoid problems later.
What makes a good real estate agent?
Real estate agents/brokers facilitate the process of buying/selling property. They have to play several roles: that of mediator, consultant, negotiator, investigator, legal adviser, marketer etc.
Some important traits they should have include:
- Honesty and integrity
- Passion for their work
- Genuine interest in architecture/localities/history
- Knowledge of the construction business
- Legal understanding of property rights/ownership
- Knowledge of local regulations
- Ability to think laterally and provide the right options
- Tenacity and persistence
- Ability to deal with problems
- Great communication skills
- Excellent understanding of property markets and trends
- Good connections with local bodies
Why you should find the right real estate agents?
As either buyer or seller, you can benefit greatly by partnering with the right local real estate agents. They have access to a wider pool of options and can conduct detailed searches based on your specifications. Agents know local price trends and can advise you accordingly.
Most importantly, real estate agents handle all the paperwork for you. Contracts, purchase agreements, title-deeds, etc have to be carefully examined and a good agent can guide you.
Agents have visiting rights to hundreds of properties and give honest, independent advice. Most of them are expert negotiators, which is a great advantage for expats and foreign purchasers in Thailand.
How to find real estate agents?
Get recommendations from trustworthy sources like family and friends to find a good agent. Choose the kind of agent you need: whether for buying, selling, listing etc. Remember that the real estate agent has a “fiduciary duty” to clients and if they have both buying and selling operations, they should inform you.
They should have license to practice in the area, market knowledge and experience. Ensure that they stay in communication with you. One with professional networks and local connections can offer better options. You can also attend open houses organized by real estate firms, track signs in the neighborhood, research ads and listings.
What questions to ask before choosing an agent?
It’s important to ask the right questions before hiring the agent. Some things to ask include details about themselves, professional qualifications and licenses, experience. If they’re part of a firm, you need to know exactly who will be handling your case. Ask about recent properties they’ve sold and who are some of their clients.
Before you meet them, ensure that you check their social media accounts, professional website, online reviews and whether they have had any disciplinary actions against them. Ask to see a typical contract. If they give a presentation, note their communication style and finally trust your gut instinct!
Common real estate agent tricks you should avoid
- Typical tricks include misrepresentations about qualifications, experience, clientele and credentials.
- False claims of experience in a specialized sector like apartments, condos, landed/commercial property etc.
- Lack of clear information on the commission they charge, especially if they aren’t part of a firm.
- Assured rental returns and false promises on ROI are other tricks to be wary of.
- Title frauds in collusion with the seller are another risk.
- Immediately red-flag urgent requests and pressure tactics.
- Ensure that your confidential personal information provided to the agent stays secure and protected.
- Ensure you crosscheck all financial transactions.
Final Note
Property transactions represent huge financial transactions and decisions. Many people sink their life-savings into property, hoping for a good ROI. However, this is one area that offers big opportunities for scamsters and unscrupulous players to prey upon unwary, inexperienced buyers and sellers.
That’s why it’s crucial to find a trustworthy, reliable and reputed professional who can hand-hold you through the entire process. This takes a great deal of effort, time and patience, but in the long run, can save you tons of stress, money and legal hassles. Diligent research and patience provide their own rewards, especially for foreigners purchasing property in Thailand.
