With so much involved, few property owners have the time, inclination or expertise to sell their own condo or house in Chiang Mai single-handedly. Sensibly, the bulk of vendors choose to hand off doing the legwork to one or more third-parties. Exactly how many agencies to enlist to help sell your Chiang Mai property, though, is the 64 million baht question! The obvious answer, of course, is the more, the merrier. But when looking to sell your property fast and at the best price (relative to the prevailing market conditions), do many hands really make for light work?
THE OPEN LISTING
Admittedly, it’s not difficult to see the appeal of playing the number games in Chiang Mai; as well as a ready supply of real estate outfits scattered throughout the city, nearly every man, woman, child and the neighbour’s dog here will happily act as a freelance sales rep in a bid to cash in on a tidy commission. At Perfect Homes, our decades or so of trusted professional experience in residential sales, however, tells us that listing a property through multiple agencies simultaneously is normally bad news for the vendor.
With so many individuals vying to secure the sale in a haphazard, unstructured way, it usually turns into nothing more than a mad dash to the finish line with price of secondary importance.
Once a prospective buyer has been sought, the agent won’t be willing to spend extra time sourcing a higher price for fear of losing the sale to a rival in the meantime; in fact, they’ll more than likely push the vendor hard to accept the first offer and unless the property owner is steely-minded that a better deal will arise, the price will be driven down.
Without a guaranteed payout, efforts to sell the property tend to be half-hearted and short-lived; mainly as no agent will be be prepared to freely expend time, energy and, most of all, their own money with the constant threat they’ll be pipped to the post by a competitor.
By engaging multiple agencies at the same time, no one party assumes overall ownership for the sale. Worse, the vendor has no central point of contact making communication disjointed with the seller struggling to keep track of what’s happening and often having to continually repeat the very same instructions to different agents.
A multi agency listing doesn’t actually enjoy anywhere near as much exposure as popularly believed because agents are seldom prepared to invest any of their advertising budget without a cast-iron return (or otherwise impose an inflated fee to offset against the uncertainty). Equally worrying, marketing capability will vary dramatically between agencies with the real concern that the property won’t be showcased at its best or its saleability severely damaged through an unwitting remark or action.
With the promise of financial recompense, an exclusive sales agreement between an agency and the vendor will always take precedence over a general listing; without which a property is liable to stay on the market and, in turn, raise suspicions among potential buyers about why it hasn’t sold
In order to incentivise buyers to connect, agents habitually quote the lowest possible price and, with this figure exposed, there’s subsequently no room for manoeuvre. In the absence of a mandate to control the asking price or an agent who lacks the suitable negotiation skills, the vendor is vulnerable to being undercut (sometimes by a significant margin).
Enlisting multiple agencies can pose a security risk from having to hand over any number of sets of keys and, if necessary, share building access codes.
Having a diversity of listings for the same property prompts the buyer to perceive the seller as confused or even desperate and gives the buyer the impression that the price is open to being exploited.
Property viewings are often disorganised, superficial, conducted with little or no notice and, if the house or condo isn’t vacant at the time, cause frequent disturbances to the current occupant.
Integral to Asian culture is the concept of ‘saving face’ so accepting a reduced final price from a buyer or agreeing with the vendor on an unrealistic asking price are just two of the common practices amongst Thai agents to avoid causing injury to their own or another’s dignity, honour, influence, reputation or social standing.
THE SOLE AGENCY
In light of so many negatives of an open listing, it shouldn’t come as any surprise to learn that Perfect Homes is committed to providing Chiang Mai homeowners with the benefits of an exclusive right-to-sell agreement:
We handle the entire sales process from beginning to end and serve as the single point of contact for all communication (including with all sub-agents) relating to the property affording complete peace of mind for the vendor.
Following a preliminary assessment of the property, we present proven guidance on how to stage your house or condo so as to optimise its saleability.
As sole agent, you can be assured not only of maximum effort from the Perfect Homes team collectively but also a personal service and close business relationship.
Critical to attracting the attention of prospective buyers and in the interests of hastening the sale, we use our vast experience in Thailand and the region to assess a realistic market valuation for your property but also know how to distinguish the qualified buyers from the time-wasters.
We actively monitor the progress of the property sale, providing you with status updates and any recommended strategy or pricing adjustments on a regular basis.
Upon receiving multiple offers, we will exert leverage within the pool of would-be buyers in order to achieve the most favourable market value for you.
We offer the foremost marketing platform in the whole of Chiang Mai and dedicate every conceivable resource at our disposal to ensure your house or condo benefits from a focused and proactive advertising campaign with the broadest reach, whilst maximising discoverability of the listing to prospective buyers locally, nationwide and internationally. Property walkthroughs are properly coordinated, non-intrusive and assisted.
For us to feature for sale a residential property located outside of our main catchment area or else a house within a moo baan (Thai style gated housing community), Perfect Homes must be authorised by the vendor as sole agency for the property in question.
The minimum contractual period is six (6) months during which time other real estate agents and brokers will not be permitted to show or sell your property without us being present.
Our agency fees are extremely competitive at 3%-5% of the final sales price depending on the property – remember, though, no closure on our part, no charge to you!
For further information or any queries about our exclusive right-to-sell arrangement, please don’t hesitate to get in touch.