selling property in paradise city ...
There are a number of considerations you will need to make if you wish to sell property in Hua Hin.
The options are available to appoint a real estate agent or try and advertise and sell the property yourself, both have pros and cons and these will be discussed below.
Firstly you need to ensure all of the paperwork for the property is in order and that you have the legal right to sell it. Make sure you have the title deeds and all relevant documents at hand (chanote and tabien bahn), also ensure that there are no outstanding debts on the property.
Once you are ready and you have a sale price in mind you can begin the process.
There are literally hundreds of property and real estate agents in Hua Hin today so finding one wont be difficult ... finding a good one maybe a little trickier.
A professional real estate agent will be able to assist you with the sale and any questions or doubts you may have. They should be able to advise on how to present your home, list it on the internet, access a large database of potential buyers and screen them, assist with price negotiations and ensure all legal proceedings and documentation transfer goes smoothly.
The selection process should involve a number of questions you pose to the agent:
You may also want to look at the quality of their promotional material and website and possibly confer with recent clients to gauge their experiences.
Once you have decided upon an agent an agreement or contract should be drawn up to determine commissions and fees and any additional expenses that may be incurred. You will also need to consider lawyers fees and settlement costs such as title deed transfer expenses and whether the buyer or seller will be responsible for these.
Determine the selling price
The agent will also be able to help you with this if required, although you may have a figure in mind it maybe a little off the current market value so listing it would be a waste of time. There are too many over priced houses in Hua Hin as it is so a realistic figure will only increase the chances of a successful sale. The agent may conduct an appraisal to asses the current market value of your property. Take a look at similar properties and try to ascertain what people are willing to pay, the agent should have access to this information.
Preparing the house
In order to attract buyers you may want to spend a little time and money on a few small improvements, remember you're trying to sell it so do not over spend. The agent should also be able to assist you with changes that need to be made. First target the exterior and put yourself in the buyers shoes, make any enhancements you need to even if they are just fixing a fence or squeaky gate. Make sure the interior is clean and all fixtures and fittings are fully operational for inspection. Western buyers will also pay close attention to kitchens and bathrooms so ensure they are in tiptop condition.
Showing the property
Your agent will be bringing prospective buyers so let them get on with it and try not to interfere, although they may want to ask you a couple of questions, be honest as it is highly likely the agent has already answered them. Make sure the house is well lit, clean and tidy, odourless and at ambient temperature, you want the buyers to feel comfortable instantly.
Making the sale
The price negotiations are usually handled by the agent with close conference with yourself for guidance. Offers should be made in writing but this is rarely the case in Hua Hin. Once you're happy with the offer accept it as soon as possible and let the agent go to work organizing the documentation and financial transfers. You should also employ a Thai lawyer to assist with this process as legislation regarding foreign ownership of land is prone to frequent change.
Settlement and commissions
When the legal proceedings and transfers are complete you should receive payment for your property less the agents commission. The procedure for this should have been laid out in the contract you signed with the agent at the beginning. Real estate agents in Hua Hin usually ask for 3% to 5% commission so it pays to find a good one as this can be a fair amount on a high priced property. You may even have to adjust your selling price to account for these expenses.
If you are confident enough to sell the property yourself and have a lawyer to assist with the documentation and transfer you may not need an agent. There are a number of local media publications offering advertising in print, radio and on the internet (where most potential buyers will start their search). The advantage with this option is that you will save the 3-5% commission so maybe able to drop your selling price a little, advertising in Hua Hin is relatively inexpensive.
If you do decide to advertise be aware of publications that have disproportionate amounts of real estate commercials, most of them will be agents and your property could get swamped and go unnoticed. The internet is a good choice and many sellers even get themselves a small, inexpensive website designed for that extra professional touch. There are also one or two large community websites that have a number of advertising packages and can expose your property to high quantities of potential buyers, you will get direct contact with the buyer and cut out the middle man.
There is also the option to use both methods of selling for the most effective exposure of your property to buyers interested in the Hua Hin area.