Regardless of how much we foreigners love living in Pattaya, sometimes circumstances beyond our control require us to sell our property and move.  When that happens we are faced with the age old question, “Should I sell my property myself or list it with a real estate sales company?”

Granted, everyone likes saving money, and paying a sales commission is in direct conflict with our nature.  However, should the time come when you must sell your property, hiring a professional to “market” it is money well spent in most cases.  To obtain a timely, successful sale at the best price, a person selling his/her own property needs to have a thorough knowledge of the current market, be available to buyers on a moment’s notice PLUS be an expert salesperson.  Most of us are unable to claim we qualify in any of these categories.

In addition, most foreigners don’t speak or read the Thai language fluently and are not experts in Thai real estate law.  Considering the size of your real estate investment, it is difficult to justify selling your property yourself especially in a foreign country.

Here are some issues that a home, condo or business owner should give serious consideration before attempting to personally “market” their real estate.  Notice that I said “market,” not “sell.”  Selling is only the final event.  Before making the sale, real estate first requires “marketing.”

1.  If you don’t hire a real estate salesperson you save the real estate commission, but you must pay for all advertising.  Although there are free classifieds in some Pattaya publications, running a free classified is NOT “marketing.”  This is especially true when selling property worth several million baht.  Although your ad might bring you a customer, running classifieds are not a “marketing plan.”

Also, consider what type of buyers respond to small, free classified ads?  Perhaps a handful of inquiries may come from legitimate, serious buyers, but bargain hunters looking to save some baht will be the norm.  Like you, they are interested in saving the real estate commission and therefore will attempt to knock you down on the selling price.  They are only serious about buying if they can negotiate a lucrative deal.  Because they are aware you aren’t a professional who has thorough knowledge of the market, they hope to take advantage of that.  Do you really want to suffer through the hassles of negotiating with bargain hunters and speculators?

2. You must be available to show your property any time of the day, every day of the week, to many potential buyers.  Often this may be inconvenient and difficult to accomplish, especially when you have other commitments that require your attention.

3. Many potential buyers will never see your property because most buyers prefer not to negotiate directly with a seller so they solicit the help of a real estate company when purchasing real estate.  In addition, some buyers assume there may be legal or physical problems with a ‘for sale by owner’ property and that is why it is not listed with a professional real estate sales office.

4. It is imperative you know the ‘market value’ of your property.  If your asking price is too low, you may lose more money than if your property was priced right and you paid the real estate commission you think you saved.  Pricing too high will waste a lot of your time, plus advertising money, because buyers will recognize your price is above ‘market value’ and pass it by.  When a property remains on the market too long it becomes stale.  Serious buyers assume there is something wrong with a property that loafs on the market for too many months

5. When you receive a phone call from someone requesting to view your property, how will you determine whether they are qualified to buy it?  You run the risk of showing your property to many people who are only curious, or homeowner hopefuls that either don’t have purchase money or will fail qualify for a mortgage.  You will also not know what type of Thai visa they hold.  They may just be in Pattaya on vacation, have some time to kill and are curious about the property market.  Do you have the time to waste showing your property to lookers that aren’t serious buyers?  It is even possible you could end up showing your property to a criminal that is casing your home, condo or business to see if it is worth burglarizing.

6. Is it cost effective for a person to attempt to sell a large investment without the aid of professional help in moving the process along in a timely and legal fashion?  Are you knowledgeable enough to advise a buyer about available financing options, or about Thai real estate laws and the different methods of securing ownership that are available to them?  Will it be up to your potential buyers to find their own financing and professional legal assistance?

7. Be honest with yourself.  It takes time, knowledge and sales skills to adequately “market” real estate.  Sales skills are important even in a seller’s market, and most certainly in a buyer’s market.  Currently there are many homes, condos and business properties for buyers to choose from.  A timely sale requires professional salesmanship.

These aren’t the only issues, but the preceding list should receive serious consideration by any property owner desiring or needing to sell.  Whether you are selling a home, shop house, condo or business property, selling your property through a professional real estate salesperson is sales commission well spent.

Talk to a professional real estate company you feel comfortable with and allow them the opportunity to procure a buyer and complete a successful sale.  You’ll find several reputable companies advertised right here in this Pattaya Today newspaper’s real estate section.  All things considered, it makes good sense.