Many Phuket property owners favour selling in the high season because of the extra sunshine and increase in visitors to the island. However I’ve noticed over the last couple of years that the quieter tourist months can still bring serious property buyers into town, so there really isn’t a right or wrong time to sell your property. The more prepared you and your property are, the higher chance you have of selling your property, so with that;
Here are my top tips to sell your Phuket property;
Appointing a Phuket Agent
Once you have decided to sell your Phuket property you will ask yourself whether you need the services of a real estate agent or not. If so, shall I appoint a sole agent exclusively or several agents on a non-exclusive basis?
For sellers thinking of doing everything themselves be fully aware of what an agent will do for you, which includes preparation of property details and photos, booking advertising space, designing ads, inclusion in property websites and their marketing, answering enquiries and follow-ups, organising inspection trips, marketing through co-operating agents or networks of agents and sub-agents, negotiating offers and carrying out all jobs until the completion of the sale. These tasks can be time consuming, and will need your immediate attention and follow up.
There’s also the involving task of advising and helping the new owners to settle in their new home
It is also interesting to note that sellers are not often good negotiators when it comes to selling their own property, as they may be emotionally attached to it, which could make the sales process difficult.
Be realistic with the price of your property
If your property is overpriced, you may be committing ‘sales suicide’.An agent is just as intent as you are in acquiring the highest possible return on any property, so by them selling you on too high a price may convert your property into a white elephant, and you will not generate and interest for your property. We are living and working in a moving market and some owners wrongly value their properties, both upwards or downwards, and in some cases this has been due to advice from poorly qualified agents.
You also have to take into consideration the Thai Baht currency strengthening substantially against most currencies that foreigners are buying with. Chances are you probably bought the property transferring funds in from overseas. If you bought a 15 Million THB property in 2006, this would have cost approximately £220k GBP / 300k euros / $350k USD. Now, (2013) a 15 Million THB property is costing approximately £300k GPB / 375k euros / $500k USD.
This means that even if you sold your property for the exact same Baht price that you bought it for you could still be making a healthy profit in your home currency.
Be Prepared to Sell Your Phuket Property
Make sure that you have all your documents, titles and any collateral associated with your property ready and in place. A good idea is to double check with your local lawyer what paperwork will be needed for your property.
These documents will be needed early on in the purchase process, and having everything ready prevents any unnecessary delays during this vital stage of the sales process. Losing momentum at this stage can make buyers nervous, and you don’t want to lose a potential buyer due to lack of preparation.
Spring clean your Phuket property
Every room in your property should be spring cleaned. Anything that could potentially detract from a potential sale needs to be thrown out, put in storage or sold. This includes furnishings, don’t over furnish your home as it will make your property look smaller than it actually is.
Try to make your property look homely and comfortable without having too many of your personal things around.
Create outside appeal
It’s just as important to have the property looking smart from the outside as well as the inside.
Bring in the repairmen
You’ll want to make sure your property is looking at it’s best, so it’s a good time to fix anything that needs repaired or painted. Spending that little bit of extra money and time getting these things right enhances the emotional appeal.
Building and pest inspections
As a seller, you’re not required to have building and pest inspections done, however getting building and pest inspections done can help you to identify and rectify any problems with your property, avoiding having any nasty surprises being revealed when the report comes in from a buyer.
When it comes to marketing, photographs are extremely important. Most buyers will usually judge your Phuket property within ten seconds of looking at your photos and if they’re not excited they simply won’t read on and they’ll go on to the next house.
Don’t show buyers photographs of absolutely everything in the property. You’re better off having eight powerful shots, even if that means leaving a photo of the 2nd toilet or 4th bedroom out.
Pet smells can be a major turn-off for buyers, unfortunately not everyone is a dog or a cat person. During the sales campaign, you might want to find a temporary home for your 4 legged friends, and make sure to give your home and soft furnishings a deep clean to get rid of any lingering smells.
One price for all Agents
If you are listing your property with more than one agent, the best strategy is to make sure that you give each agent the same selling price and terms. Situations where a buyer plays one agent off another loses credibility for everyone, and a potential sale can be lost in all the confusion.