What Real Estate Agents do here in Thailand.
A good question, and one that needs clearing up in all honesty. We are often asked what Real Estate agents do, and what is their involvement with buying and selling property here in Thailand. There are certainly mixed views when you ask people what their opinion is of Real Estate agents.
So, let’s get the negativity out the way first. There are horror stories out there showcasing rogue agents, mis-sold properties, nightmare dealings and unhappy purchasers and sellers. Of course there is going to be situations that could have been handled better. Maybe more so in Thailand than many other countries, as it appears the regulations are very relaxed compared to working in this industry elsewhere in the world.
But that said and done, lets look at this in more detail. There are three types of Real estate agents here in Thailand. Freelance agents, mainly working from home. Employed agents working for a Real Estate company out of an office. Developer agents, mainly associated to one or two projects being constructed by the developer.
So let’s look at what Real Estate Agents do.
Generally these agents work from home. They are self-sufficient in regards to the fact they do not get paid a monthly salary. In-fact unless the agent manages to make a sale or a rental, they do not get paid at all. However, regardless of their financial situation, Freelance agents offer a service. Because they are self employed, this means the share of the commission due on any transaction is 100% theirs. The knock-on effect of this payment means that some Freelance agents are prepared to negotiate a better deal. They have no overheads so are able to giveaway more of their commission to help assist in the sale.
However, being self employed also means that you may encounter problems further down the line with communication. Freelancers work the hours that suits them and have no fixed office to work from. Communication is normally handled through social media or other applications such as LINE or WhatsApp. So if the phone is switched off or they don’t reply for whatever reason you really are in a tricky situation.
Employed Real Estate agent
It is common practice around the world, and almost an expectation, for a Real Estate agent to have an office to work from. Professional companies provide an office for many reasons. Knowing where an agent works from, what hours they are at the office from is quite reassuring. Buying or renting a property in Thailand can be stressful at times, so having a fixed point of contact can offer peace of mind.
Real Estate agents who work for a company are generally less pushy. They receive a salary whatever happens during the month, so although they may have set targets to work towards, they are less aggressive in their attitude. As a result, you may find the whole process more relaxed and enjoyable.
Real Estate companies also have a wide selection of properties available. In general people who are looking to sell or rent their property, look for an agent with a fixed location. It is the same for buying as it is for selling. Peace of mind is often a feeling worth paying a little extra for.
Thailand is, and no doubt will always be a much sort after destination to live in. As a result, there is a constant availability of developer projects available. The projects range in price, design and size. There are readily available apartments suitable for either renting out or living in, up to high end luxurious apartments. Look for established Developers with a good reputation such as The Riviera Group for example.
Developer agents have huge flexibility in terms of finance packages, interior packs and price negotiation. Naturally if a Developer agent is showing you an apartment, remember the Developer is most likely not paying out commission at the same level as they would to an external agent.
Developer agents also know the Developer company inside out. They know what future plans are in the pipeline as well as have a firm understanding of the company itself. Look around as there are many Developer projects currently ongoing.
So, now we know what the three types of Real Estate agents there are, what next?
In general you can expect an agent to be able to do a lot to help you with viewing properties, paperwork, finance and many other aspects. Here is a brief list of what you can look for in your selected agent.
1) Show you properties that suit your requirements and budget.
2) Have a firm understanding of the local area and any aspects you need to be aware off.
3) Negotiation, mediate between seller and buyer to obtain the best possible price.
4) Legal services such as appointed Lawyers, Land Office visits, paperwork completion.
5) Ongoing support, help and advice after the sale/rental has been completed.
It is not uncommon to hear of people who have used the same agent for years. This shows and reflects that in the right hands, an agent is worth their weight in gold. So now, when someone asks you what do Real Estate agents do in Thailand, hopefully this article will help answer that question.
Final Advice for you.
No matter if you choose a Freelance Real Estate agent, an Employed Real Estate agent or you deal direct with a Developer agent, take your time in choosing what property you are looking for. Hence, try not to let emotion take the better of you, and see each property for its’ real value. Take a good look around the local area, be certain it meets your requirements. Don’t be afraid to get a second opinion, remember this is your future we are discussing.
Therefore, if you are looking for a reputable agent, take a look at our Real Estate agent directory, there is sure to be an agent in the area you are looking at living in.
If you are looking for a Property, why not use our Property Finder Service. This completely FREE of CHARGE service connects you to Real Estate agents who have properties available that match your requirements exactly. No more wasting time trawling out of date websites.
What do you class as a short drive in Thailand?
Interesting, as many have different opinions what is a short drive? So, the other day I was in a conversation with someone. WeRead More