how to attract clients for purchase or rent of condos

[ripley]

I've got to thank all of the TVF members who took the time to write in to this topic. This thread is an encyclopedia of information which I really need and  to which I'll be referring constantly! Also I thank you all for your good wishes. If you think of anything else, feel welcome to add it. 

I'm not allowed to access TVF from India where I live part of the year, and I've really missed it!

Edited July 4, 2018 by ripley
addition of sentence

[hackjam]

Trying to shift a condo, Jomtiem area, anyone recommend an agent?

[ripley]

There is East Coast Real Estate, Pattaya Premiere.  Both in Jomthien. But, for me still no sale or even offers.

[Esso49]

Given the ongoing slump in the property market in Pattaya you should adopt Thai retail practice perhaps

 

"Buy one, get one free"

[ripley]

As I said in the beginning, my reason for starting this topic was to get tips on selling strategies. I didn't want to appear to be flogging my property here. But, if okay with the monitors, and because of the questions asked here, I will tell you that the building is Jomtien Complex Condotel - the large and rather ornate one with a red roof. My units are next door to each other and on the 5th floor just over the swimming pool and garden.They are 63.53 sqm and 121.92 sqm respectively. Each has a limited sea view due to the VT7 building in front. Units are on only one side of the corridor which makes them appear more spacious and  quieter. Nice bldg. I'm represented by East Coast Real Estate for long term rentals only. Khun Pan on the Lobby floor represents as well and does shorter term rentals (1 month minimum). I do have other agents as well. Prices have just  been reduced to 3,000,000 and 6,000,000 baht.

[ripley]

I'm thinking over a suggestion on the previous page that I try lowering my rental prices to a very attractive level in hopes of getting permanent occupancy. Interesting....

[Delight]

We are living in difficult times

90 sqm apartments that achieved 22,000 baht per month 10 years ago -now achieve 16,000

The apartments either side  of me  are empty

If I put my condo up  for sale I would expect to achieve 75% of the purchase price(2006)

That said if I repatriate the funds from the sale( at the 75% price ) I would get more £'s than I started with.

For Brits -that is how they have to think.

Remember the 70 Baht to the £ back in 2006 was a financial distortion . One that assisted the Brits.

That distortion has long gone and is unlikely to return.

 

 

 

 

[ripley]

Hi Delight - I remember you mentioning earlier that you only expect 75% of original purchase price. Hard to believe as prices were so low at the time I purchased. If you add in the renovation costs, etc. 75% is next to nothing! A pretty huge cut-down for me.

What do you think of the suggestion here to greatly reduce the rental price of units while waiting for a sale. Make the rents attractive so the money flow continues? To me it makes some sense.

[Delight]

4 hours ago, ripley said:

Hi Delight - I remember you mentioning earlier that you only expect 75% of original purchase price. Hard to believe as prices were so low at the time I purchased. If you add in the renovation costs, etc. 75% is next to nothing! A pretty huge cut-down for me.

What do you think of the suggestion here to greatly reduce the rental price of units while waiting for a sale. Make the rents attractive so the money flow continues? To me it makes some sense.

 

Hello Ripley

I look to the future and try to estimate the price of the Baht

The market seems to like the strong PM . This reflects in the high cost of the Baht.

That could all change following  a future election when possibly the redshirt versus yellow shirt clash resumes.

As things stand that could be many years hence

Clearly you have to cover your costs -i.e service charges etc.

I would just  live in one condo and rent out the 2nd.The market will probably prefer the smaller of the two.

I see no movement in the market until the price of the Baht lowers.

 

 

[KittenKong]

Anyone who thinks that condo prices in Thailand are not way over the top might like to see what one can get for the equivalent of 2MB in Turkey:

 

https://www.rightmove.co.uk/overseas-property/property-74687387.html

 

Houses are also much better value there than here.

 

Thai prices are silly.

[ripley]

I dunno about this. I read online that, although a beautiful country, Turkey has some serious political problems and warnings are up.

[KittenKong]

50 minutes ago, ripley said:

I dunno about this. I read online that, although a beautiful country, Turkey has some serious political problems and warnings are up.

Turkey may not be the most stable country in Europe (or Asia, depending on which side of the Bosphorus you are standing), but in many respects Thailand seems similar to me. It wasn't that long ago that evening curfews were in place here.

 

If any country was as stable as, say, Germany or Switzerland or even the UK, then one would expect property in it to cost a similar price and the average income generally to be similar. Neither Turkey nor Thailand fit that criteria, as far as I can see, so an investment in either would not be risk-free.

[ripley]

It's unfortunate that I don't live here full time - would have more options. However, as I don't, have decided to try the suggestion offered here to greatly lower my rental prices in hopes of encouraging a more regular cash trickle while awaiting a buyer. Will post here in future to let you all know how this works.

[stud858]

A good salesman can sell a hamburger to a chinaman.

Ie. Overpriced hamburgers are being sold by the truck load in china by McDonalds.

So you can sell your overpriced condo. No problem.

Get the price you want by being a good salesman.

One of the rules is advertise right

As someone said, target a foreigner where they look.

Advertise on thaivisa.com classifieds. Not a forum page. Bahtsold.com.

Do a Facebook advert campaign. Target options are available.

Hit public noticeboards at big c and food land. Bars and gyms.

 

I'll leave other rules for you to figure out for yourself.

 

No need to compromise price. The right person is there to buy your condo. Real them in. Close the sale. Good luck.

[ripley]

As I said, I don't live here so can't follow up on these things, tho I'm sure they're good ideas. As for the rest "From your mouth to God's ears!"

[stud858]

23 minutes ago, ripley said:

As I said, I don't live here so can't follow up on these things, tho I'm sure they're good ideas. As for the rest "From your mouth to God's ears!"

Checkout YouTube vids on how to target Facebook users near your condo. You can do it all from anywhere in the world.

Its probably the first thing I'd do.

[Airalee]

On 7/2/2018 at 8:01 AM, kannot said:

Whenever I buy a condo here I usually rip out the entire lot and start from new with low maintenance hard wearing stuff, no crappy laminate  floors as the first leak and its toast, replace  crappy laminate work tops  with stone for the same reason. Buy some nice but hard wearing decent  furniture and ALWAYS with removable washabe covers as they will get filthy. Built in cupboards easy to replace  doors if they get damaged

Heres the last condo i did 6  months ago, new floors   new  doors repaint and decent furniture thats easily cleaned and not easy to damage.............ps i do it myself alone ,the only way to guarantee NO problems EVER.

Had a Japanese  customer for 6  months whose just left. 27k a month 47m2 Phrakanong

Le Luk.

[stud858]

5 minutes ago, Airalee said:

Le Luk.

Looks good. would have prefered lighter floor, but looks ok. bathroom is superb.

[Airalee]

3 minutes ago, stud858 said:

Looks good. would have prefered lighter floor, but looks ok. bathroom is superb.

Bathroom is stock.  I prefer the laminate wood flooring myself too. The floor would be a deal killer for me.  It’s a nice building in a great location (next to W market and close to the BTS).

[Airalee]

My advice...for the less than 2c it’s worth.

 

1 Br...

 

upgrade the crt TV.  Get rid of the pink chairs.  Put a new bedspread on the bed.  At least it isn’t as awful as the guy trying to sell on the 9th floor (That has to be the ugliest remodel I have ever seen in my life)

 

2 Br...

 

Get rid of a lot of the extra mismatched furniture.  Too many chairs, ottomans etc.  Pull the carpet from the bedrooms...especially the green.  Bathroom is gonna kill the sale.

 

Clean and modern is what people want for the most part these days.  For example...

 

http://www.thaiproperty.com/for_rent/condos/pattaya/Jomtien/Jomtien-Complex_1394.html

 

Checking comps for sale, there is a nicer unit on the 24th floor with a much better view for 2.9m and a blank slate 2br for 4.9m

 

You are still pricing it way too high.

Edited August 22, 2018 by Airalee
Added comps

[ripley]

Thanks for critique. Helpful to see thru another person's eyes. I think you were looking at the wrong studio, tho. Mine doesn't have a trace of pink! Furniture is brown sectional sofa, adjustable 1-person sofachair, 1 arm chair. desk chair, stackable ottomans, v.small glass dining table, coffee table, bed and bedside tables and privacy screen. Pretty basic stuff.

Still, there are many changes I would love to make to the places but can't afford them. 

 

[Airalee]

49 minutes ago, ripley said:

Thanks for critique. Helpful to see thru another person's eyes. I think you were looking at the wrong studio, tho. Mine doesn't have a trace of pink! Furniture is brown sectional sofa, adjustable 1-person sofachair, 1 arm chair. desk chair, stackable ottomans, v.small glass dining table, coffee table, bed and bedside tables and privacy screen. Pretty basic stuff.

Still, there are many changes I would love to make to the places but can't afford them. 

 

I was assuming it was this unit...

 

I can understand how stressful it is and really don’t think there is a correct answer.  The best advice I could offer as an amateur real estate geek is to try to make things as neutral as possible and move out as many extraneous things as possible.

 

Hope it all works out ok for you.

 

[ripley]

You were right and this is a picture of the studio as it was. Old picture, so chairs and bed are now different. Those chairs were actually light brown but are now gone! But nothing is modern and uniform, it's true.

Also, to make the unit living space larger, I originally extended room into the balcony so there is a small balcony and a larger room. Pluses and minuses!

Thanks Airalee.

 

Edited August 25, 2018 by ripley
add sentence

[ripley]

Hello All - Don't know whether anyone will see this as topic probably died. But just wanted those of you who offered good counsel that my unit is in final stages of being sold! I didn't renovate anything, tho the place looked pretty good. Sold to a guy who buys places for the purposes of renovation and then sale. Got a fair price.

Thanks so much for your responses.

 

[TimG]

Might I ask, how did the buyer find your property ? Through the agents ?

[ripley]

Agent found buyer who looks for places to renovate and sell on.

[Destiny1990]

4 hours ago, ripley said:

Agent found buyer who looks for places to renovate and sell on.

So yes finally it got sold congratulations but the buyer still needs to sell it to an end user..

[ripley]

Yep. His intention is to ultra-modernize the place which was very "ethnic" in decor. I'm hearing that people are looking for "modern" looking condos these days - white, chrome, glass, etc.

Still have my studio, but will try to sell that as well most likely. Time to move on.