Selling your Property in Phuket Thailand?
Selling your Property in Phuket Thailand?
Selling your property in Thailand can be quite different from the other properties you’ve sold. Many sellers do not know exactly where to start or what is the best way to go about it. With real estate being one of the biggest investments you make as a family, you want to get it right. We think that you will find this article helpful.
Selling Secret #1: The first impression is the only impression
No matter how great the interior of your property looks, buyers have already judged your home before they walk through the door. And you know what they say, you never get a second chance to make a first impression. It’s important to make people feel warm, welcome, and safe as they approach your Phuket property. Spruce up your home’s exterior and landscaping. You can typically get a 300% return on the money you put into your property's curb appeal. Entryways are also important, so make them welcoming.
Selling Secret #2: Always be ready to show
Your Phuket property needs to be “show-ready” at all times because you never know when a buyer is going to walk through the door. You have to be available whenever they want to come to view the property and it has to be in tip-top shape. Do not leave dishes in the sink, try to keep the dishwasher cleaned out, all the beds made and the bathrooms sparkling. It’s a little inconvenient, but it will get your property sold faster.
Selling Secret #3: The kitchen comes first
For many buyers, you’re not actually selling your property, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of this selling secret is that most sellers recoup 80% of what they spend on the remodel. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Try to use a neutral color so you can present buyers with a blank canvas where they can start envisioning their own style.
Selling Secret #4: Take the “home” out of your property
One of the most important things to do when selling your property is to de-personalize it. The more personal stuff you have the less potential buyers can imagine themselves living there. Remove 50% of your stuff and put it in storage. Remove all family photos, collectibles, and personal keepsakes. Arrange your furniture to best showcase the floor plan and maximize the use of space.
Selling Secret #5: Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everyone is a dog or cat lover. Buyers don't want to walk into your home and see a dog food bowl or smell kitty litter.
Selling Secret #6: Light it up
This selling secret costs you nothing and it’s so important. Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Open the curtains, clean the windows, increase the wattage of your light bulbs if you have too and trim the hedges outside to let the sunshine in. Do what you have to do to make your property bright and cheerful.
Selling Secret #7: Half-empty closets
Storage is something every buyer is looking for and can never have enough of. Take out half the clothes in your closets and neatly organize what’s left. Interested buyers will look, so be sure to keep all your closets and cabinets clean and tidy and maximize the space.
Selling Secret #8: Don’t over-upgrade
Quick fixes before selling will always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge upgrade before you put your property on the market. Instead, do upgrades that will pay off and get you top dollar. Painting always pays off. Replacing anything broken is more important than a major upgrade. Make sure doors are on track, fix handles and cabinet hardware, fix leaky faucets, and clean the grout.
Know the market conditions
It’s crucial to know the market conditions when you consider selling your property in Phuket. Is the global economy strong, flat, or weak? For most properties, the new owner will be paying from abroad and it helps to understand the current global economy. It also helps to know how the local economy is doing. Has new infrastructure gone in, like light rail, or underpasses, or 5G? Did the area get a new mall, or marina, or a golf course? These are all things that will influence a new buyer's decision. It helps to be aware and make sure to point them out to prospective buyers.
When is the best time to sell in Phuket?
One of the questions we get asked most often is when is the best time to sell a property in Phuket. It still holds true that between November and April is the best time of the year to market your property in Phuket. The reason is simple, that's when the majority of people are here on holiday. It also doesn’t hurt that the weather is perfect during this time. We still see serious buyers in the low season, however. I do not think that there is a wrong time of the year to market your property and the more prepared you and your home are, the higher chance of success you will have.
Market yourself or appoint a real estate agent
Once you have decided to sell your property in Phuket the next question you need to ask yourself would be the best way to go about it. Do you want to market the property yourself or appoint the services of a realtor?
For sellers thinking of doing everything themselves, they can save paying an agent commission.
For sellers thinking of using the services of an agency should you appoint a sole agent or several agents on a non-exclusive basis? Honestly, we have found that properties usually sell faster when appointing several agents on a non-exclusive basis for maximum exposure. Just make sure that that you give each agent the same selling price and terms so you don't have different prices floating around on the internet which can confuse buyers. It’s best to ask all agents to send you a link when your listing is complete to double-check it.
Promote your properties special features
Make sure to highlight the features that make your property special. If you are using an agent make sure they are aware of the features and benefits and everyone is on the same page. These features will ensure that your property stands out from the others in the estate.
Photos are very important when selling your home. Make sure to only use the best photos of your property. Your photos need to excite potential buyers and it’s not necessary to photograph absolutely everything. Take good photos and just enough to make them want to view your property.
Be realistic about the price you set
Chances are you probably purchased your property by transferring funds from overseas. During the past 5 years, the Thai baht has been stable with some strengthening over the last 2 to 3 years. This is good news for owners of property in Thailand but not so good for the buyer. Just keep this in mind.
Pricing your property correctly means that it will be attractive to a new buyer when they consider value for money, the location, and the condition of the property. If your property is overpriced, it might sit on the market for an extended period. Many times buyers will ask how long a property has been on the market and if it’s been sitting for a while they will surely question why. It’s important to consider what you paid for the property and add a reasonable amount of appreciation per year.
Make sure your tenant understands that you will be showing the property
This just takes some forward-thinking. It’s good to let your tenant know your intentions of selling as soon as you know and have established a price. We have seen that some tenants are interested in purchasing. Let them know that all viewing will be scheduled ahead of time and conducted respectfully.
Be prepared to sell
It’s good to get everything in order before you market your Phuket property for sale. Make sure that you have all your documents in one place that is easy to access. These documents will be needed early in the purchase process and having everything together and ready prevents any unnecessary delays. Not having the necessary documents in order in the early stages can make some buyers nervous and you don’t want to lose a potential buyer due to lack of preparation.
Make sure all repairs are complete and the property makes a good first impression
Admit it: First impressions matter. A property with chipping paint, overgrown bushes, and patchy grass won’t make a good impression. Curb appeal is important so make sure the exterior of your home gives buyers the right impression. Yes, you might have to spend some money to make the exterior of your house more appealing, but it’s money well spent if it gets potential buyers through the door. Plus, if your house is in good shape on the outside, buyers will see it as one less thing they have to spend money on once they move in.
Make sure that your Phuket property for sale is clean and tidy with nothing in need of repair to get top dollar for your home. You will want to make sure that your property is looking at it’s best. If you have pets it’s best to give your home and soft furnishings a deep clean to get rid of any lingering smells. Repairmen are inexpensive in Phuket and spending that little bit of extra money enhances the emotional appeal of the property.
Even minor things, such as a leaky faucet can suggest to buyers that you might not be maintaining the property in other ways, too. Admittedly, it’s easy to put things off. When you make the decision to sell, tackle the projects you have been putting off.
Pest control is important in a climate like Phuket. If you are not already on a current schedule with a pest control company make sure to have someone come out to treat and inspect your home before selling. You do not want any surprises.
Sometimes the task of selling your home can feel as big as the property itself.
We all know people who’ve had properties on the market for a year or more. So how do some Phuket properties sell so quickly? Follow these steps before putting your property on the market to ensure a fast sale.
If you’re still on the fence about whether to list your home yourself or with an agent, Phuket Realtor would be happy to come out and inspect your home to discuss your options of listing with us. We can provide the following:
- List your property with Phuket Realtor and get immediate worldwide online visibility.
- Professional guidance to help you sell your Phuket property fast and easy.
- Promotion of your property through different channels.
- Outline your priorities and discuss available options.
- Get you ready to sell.
We have helped hundreds of owners who wish to sell their property in Phuket. Our professional agents are trained to move you forward quickly and profitably.
Contact us today if you have made the decision to use an agent or if you have questions about our services and commission. We would be happy to help.