So you’re planning to sell your condo or house in Chiang Mai and, sensibly, want to engage the services of a local real estate outfit to list your property. While it’s easy to assume that every agent out there would gladly take on the sale, their agreeing to advertise your property is by no means guaranteed! Because the majority of agents the world over operate entirely on commission so don’t get paid unless they land the sale, it makes far more business sense for a real estate company to pour their limited time, money and energy only into those properties which they feel sure will sell. So why then might an agent graciously decline to list your property? More often than not for one or a combination of the following reasons:
There’s nothing more certain to torpedo the chances of an owner getting their property listed for sale than their setting an inflated asking price. Vendors regularly take their pricing cue from all manner of folk; everyone, in fact, but those most qualified to lend a fair and realistic market value – the real estate agent! Worse, many will decide the price based not on comparable properties which have actually sold but, misguidedly, on those which haven’t. Of course, the higher the sale price, the greater an agent’s cut but any real estate broker worth their salt understands that an overpriced property isn’t going to change hands any time soon (if ever) and will more than likely just end up languishing unsold on the market, disappointing the owner and raising alarm bells with would-be buyers.
That 4 bedroom ultra-luxury villa with private pool for sale in the wilds of Mae Taeng district may well be the stuff of dreams as well as promising a potentially lucrative return but a city-based real estate concern knows that in the time it takes to make a single round trip there, they can pull off a dozen viewings of various condo units in the upscale Nimman neighbourhood. So to maximise the odds of securing a sale, it’s wiser for an agent to refuse to list a property which they feel is just too far out and instead leave the owner to approach a rival agency closer to their exact whereabouts.
Sure, any self-respecting agent appreciates that there may be occasions when it’s genuinely not convenient for those occupying a property under sale to open up their home to an inspection by a prospective buyer. But if the agent feels they’ll encounter real difficulties gaining access to show the property, chances are they’ll shy away from listing it. Like if the place is rented with a sitting tenant who doesn’t care to be disturbed during the day; or the ex-spouse of the owner who still happens to be living there and, with a vested interest in staying put, demands no less than two week’s notice before the agent is allowed through the front door; or an owner who insists on being present for the viewings so offers only the briefest of time windows to fit in with their busy work schedule. Not to mention it giving the impression to what might otherwise be a suitable buyer that the vendor will be troublesome to work with and so put off pursuing the sale which obviously isn’t in the best interests of the agent…or the seller themselves for that matter!
No buyer should part with one baht of their hard-earned money to purchase property without carrying out the utmost due diligence and, most importantly, a background check to ensure the property’s title deed is “clean”; that’s to say where there are no encumbrances (such as an outstanding mortgage) registered against the property and that the person selling the property is the true owner. Or else, closing the sale will be jeopardised and precisely why any level-headed agent will be extremely wary of listing a property without first confirming that the vendor is also the legal owner and that the title deed’s authentic and doesn’t come with any strings!
The real estate business is very much one of relationships with mutual trust and respect going a long way in building a healthy, ongoing connection between an agent and a property owner. Except, human nature being what it is, sometimes the two parties simply don’t gel! So if the agent expects to be continually locking horns with the vendor, they’ll tend to turn down the listing in spite of the financial rewards up for grabs, and rather save themselves and the owner a ton of unnecessary heartache.