Tips for real estate agent / how to sell farm land

[phungo]

My thai wife has inherited 9 rai of farmland in Aranyaprathet. We've been trying to sell it by getting a real estate agent, it's been over a year but nothing has happened. The agent doesn't do any postings of the land, does not contact us, when we contact him, we get the same answer that hes workimg on it. This is now starting to really <deleted> me off. Why don't he just say he dont want to do it anymore instead of wasting our time for over a year now.

 

We have so many questions that could use this forum's help and guidance.

 

1. How much do you think we could sell for? The land is fertile and grows rice,

mangos, coconuts, etc.

2. We want to sell it ASAP b/c we need the money. How long do you think this takes?

3. Are there well known agents or buyers that you know of that we could comtact?

4. What is the tax rate for this? if land sold for 100 baht, how much will we actually get?

 

Thanks for your help!

 

Edited January 9, 2020 by phungo

[Tagged]

It useally goes from mouth to mouth among neighbours. 

 

The price?

 

what other pay for farm land in the neighbourhood with same title, close to infrastructure, water etc. 

[farmerjo]

What title is the land and does it have it's own paper.

Are family currently farming the land or sitting idle.

More information needed,if as good as you say it is it would have been picked up in a month if the price was right.

 

[phungo]

Nice hearing that it could be sold as quick as a month. It has its own title, wife said the title is the kind for land with no house on it. She doesn't know what to call it.

Family is farming the land.

 

It is next to (3 min walk) a new road being built to get to the Cambodia border/Rong Klua from Aranyaprathet. It is 15 minutes from the border.

 

Are there any pointers on how to sell this? Do we go talk to all the neighbors to see who wants to buy it? Find a new real estate agent? 

[4MyEgo]

13 minutes ago, phungo said:

Are there any pointers on how to sell this? Do we go talk to all the neighbors to see who wants to buy it? Find a new real estate agent? 

Word of mouth is usually the way land sells, should have a mayor if its close to a village, the mayor is usually a good source, and can spread the word, Thai's usually make a commission from this, so you will have to pay for their referral of a buyer, something you can negotiate first.

 

Things are slow at the moment, economy isn't that good and banks are tightening up from what I hear.

[Tagged]

Everything from 50 - 70 000 a rai I would guess from what you describe!

 

I have seen farmland as you describe starts from 130 000,- pr rai with chanote next to a district road. The most places I have been in Isan, the lowest price I have seen is 50 000,- for por bor 5 (i think it was called)

[Tagged]

Por bor tor 5

https://pugnatorius.com/por-bor-tor-5/

 

We have the same title, and this is the information I found. However this is not the same Thai practic in daily life, and also different from ampur to ampur. 

 

 

[farmerjo]

36 minutes ago, phungo said:

Nice hearing that it could be sold as quick as a month. It has its own title, wife said the title is the kind for land with no house on it. She doesn't know what to call it.

Family is farming the land.

 

It is next to (3 min walk) a new road being built to get to the Cambodia border/Rong Klua from Aranyaprathet. It is 15 minutes from the border.

 

Are there any pointers on how to sell this? Do we go talk to all the neighbors to see who wants to buy it? Find a new real estate agent? 

I'm afraid if the family is farming the land it will be hard.

Put up a sign with phone number and 30,000 baht/rai.

If you get interest you can always put the price up.

[madmen]

He cant be bothered because its to expensive. Keep dropping the price untill you meet the market (for land sold not asking price) How much you asking for it right now

Edited January 9, 2020 by madmen

[bwpage3]

Realtors are useless selling land

 

You should kick yourself for letting a realtor waste a year

 

30,000 a rai is about right for farmland

 

Need to advertise on Thai social media websights and Thai newspapers put a sign on the property with a phone number talk to all the neighbors

 

However if you are in desperate need for this money, sounds like you have bigger problems than that

 

That money might stretch a year, then what?

 

 

 

 

Edited January 9, 2020 by bwpage3

[phungo]

thanks for all the replies!

 

The title is a chanote.

She is asking for 1.2 million baht per rai. She has talked to neighbor and says that the going rate is 1 to 1.2 M. 

 

This seems like a huge discrepancy to what you suggested the price to be.

 

Prices on here seem to be a bit more in the ball park of what she is saying but there is a huge range also. https://www.ddproperty.com/en/sa-kaeo/aranyaprathet

 

I have no idea. I told her that if we can sell it for 1M / rai I'd be super happy.

 

 

[steven100]

23 hours ago, phungo said:

We want to sell it ASAP b/c we need the money. How long do you think this takes?

If you want to sell it asap .... then price it accordingly.

Local land office has prices for land in most areas so they would be the one to contact and get an idea of what is the current rate per rai,  then cut 20% off that and place it on the internet, contact ddproperty thailand and have it placed with them and on their website, get some advertised posters made up with a picture of the land and size and price and place a few of them around near the land location & on the land of course.

Then wait for the call ... 

[LivinLOS]

13 minutes ago, phungo said:

thanks for all the replies!

 

The title is a chanote.

She is asking for 1.2 million baht per rai. She has talked to neighbor and says that the going rate is 1 to 1.2 M. 

 

This seems like a huge discrepancy to what you suggested the price to be.

 

Prices on here seem to be a bit more in the ball park of what she is saying but there is a huge range also. https://www.ddproperty.com/en/sa-kaeo/aranyaprathet

 

I have no idea. I told her that if we can sell it for 1M / rai I'd be super happy.

 

 

ha ha.. 'the going rate' yeah Thais love to do that.. Usually the highest boast anyone locally ever came up with times 2.. I know beautiful hill land >25 minutes from Chiang mai in a up and coming village with tourist appeal and restaurants etc.. 800k a rai.. Or a half decent 2 story house on 9 rai chanoted for 4 million.. 

Rice land.. in the boonies.. 50 - 500 depending on road access, water, etc etc.. Otherwise it needs an outstanding feature, (main road, tourism business potential, etc)

[Democracy74]

47 minutes ago, phungo said:

thanks for all the replies!

 

The title is a chanote.

She is asking for 1.2 million baht per rai. She has talked to neighbor and says that the going rate is 1 to 1.2 M. 

 

This seems like a huge discrepancy to what you suggested the price to be.

 

Prices on here seem to be a bit more in the ball park of what she is saying but there is a huge range also. https://www.ddproperty.com/en/sa-kaeo/aranyaprathet

 

I have no idea. I told her that if we can sell it for 1M / rai I'd be super happy.

 

 

Chanote is the highest grade of land title and allows you to build permanent structures upon the land (in accordance with local building regulations) so it could be used for development which adds value. Farming land typically has a low grade title like Tor Bor 5 which does not allow for property development and so is typically used for crops or as a pasture/garden etc. This would have a much lower value. I don't know your area or the land prices there but the Chanote title would indicate a higher value. Try asking the local land office what their valuation would be (they would know for transfer tax purposes).

[LivinLOS]

2 hours ago, Democracy74 said:

Try asking the local land office what their valuation would be (they would know for transfer tax purposes).

Was going to say the same.. Land office rates are usually low, but thats 'quick sale' rate. 

[farmerjo]

2 hours ago, Democracy74 said:

I have no idea. I told her that if we can sell it for 1M / rai I'd be super happy.

I wish you good luck but somehow don't see it being sold in your lifetime at that price.

From a farmers point of view,your not going to pay that amount when it would take you over 100 years of farming it to get your money back.

 

 

[Tagged]

23 hours ago, bwpage3 said:

Realtors are useless selling land

 

You should kick yourself for letting a realtor waste a year

 

30,000 a rai is about right for farmland

 

 

 

 

 

If you still going to be with your wife, both is healthy, I would never sell any land in Thailand at the moment. Well, the only reason would be if you plan to transfer the money out of course, then I can see a value to it. Whatever reason you have for a quick sale, rich bangkok people always looking for land in rural areas for investment purposes. With a chanote it should be a better chance to make a proper sale. 

[bwpage3]

3 hours ago, phungo said:

thanks for all the replies!

 

The title is a chanote.

She is asking for 1.2 million baht per rai. She has talked to neighbor and says that the going rate is 1 to 1.2 M. 

 

This seems like a huge discrepancy to what you suggested the price to be.

 

Prices on here seem to be a bit more in the ball park of what she is saying but there is a huge range also. https://www.ddproperty.com/en/sa-kaeo/aranyaprathet

 

I have no idea. I told her that if we can sell it for 1M / rai I'd be super happy.

 

 

The neighbor is dreaming if they think farmland is over 1 million per rai

 

You will still have that land the rest of your life at that price

[phungo]

Awesome advice re land office valuation. So we can then know what the floor price is.

 

Just talked to wife, she said when she got the title transferred to her, the land dept value it at 300K baht per rai.

Edited January 10, 2020 by phungo

[phungo]

58 minutes ago, Tagged said:

If you still going to be with your wife, both is healthy, I would never sell any land in Thailand at the moment. Well, the only reason would be if you plan to transfer the money out of course, then I can see a value to it. Whatever reason you have for a quick sale, rich bangkok people always looking for land in rural areas for investment purposes. With a chanote it should be a better chance to make a proper sale. 

What is wrong with selling it now? vs later?

 

we have a bunch of loans that could use some money to pay off.

[bwpage3]

300K is a lot less than 1 million.

 

300K might be the max value, now it will all depend on what you can get for it. Just because it is valued at 300k doesn't mean a buyer will pay 300k

 

I think it is known in Thailand, people that sell land are desperate, the buyers know this and always offer much less.

 

Selling land is not a good idea to most Thai's

 

If you are living in Thailand and taking out loans, I would re-evaluate.

 

 

[kickstart]

To me 30 000/Rie is cheap ,we paid 80 000 baht /rie  12 years ago ,but now it could be sold for for 300 000 baht/rie.

But at the same time  15km up the road is very light land one crop of rice a year ,and cassava ,and that is it ,that was being sold for 20 000 baht/rie ,now about 150 000 baht/rie,some land has been sold and broiler farms have been built on the land ,that has pushed  the land in that area up .

1.2 M is top book ,land next to a road water/electric laid on ,can grow anything ,not just rice ,and a house?.

In our area they are board's up every where selling land 2-50 rie , a lot have been up for a long time ,I would say the owners are asking silly money,it did not help,3 years ago  when 25 rie was sold for 5 M, 200 000 baht/rie ,land owners think they land is worth that ,plus more .

[LivinLOS]

9 hours ago, phungo said:

Awesome advice re land office valuation. So we can then know what the floor price is.

 

Just talked to wife, she said when she got the title transferred to her, the land dept value it at 300K baht per rai.

Strikes me that this is an exceptionally high land office valuation for farmland. Land office values are usually bottom book, lowest absolute price paid real world. Thats the value they will apply for tax and people will fight tooth and nail to be charged 'over'.

Either theres something appealing about the land you havent made clear, or I suspect its incorrect and its wifes interpretation. Basic farmland, in issan, seems way over what I would think bottom book to be. 

 

For reference, wife bought 5 plus rai of highly attractive land 20 mins from chiang mai in a borderline rural suburbian village, tourist attractions around it, rolling hills, access to western amenities on our doorstep, etc etc and a stunning view to a golden topped white cheddi on a hilltop direct in our sunset, one of the best development plots in the village. Not in any way farm land values... The land office valuation on that was high 500s about 5 years ago. 

[steven100]

10 hours ago, phungo said:

Awesome advice re land office valuation. So we can then know what the floor price is.

 

Just talked to wife, she said when she got the title transferred to her, the land dept value it at 300K baht per rai.

If you want to sell it asap .... then price it accordingly.

Local land office has prices for land in most areas so they would be the one to contact and get an idea of what is the current rate per rai,  then cut 20% off that and place it on the internet, contact ddproperty thailand and have it placed with them and on their website, get some advertised posters made up with a picture of the land and size and price and place a few of them around near the land location & on the land of course.

Then wait for the call ... 

[ireckonso]

I guess you dont read the papers or watch the news much. More land for sale now than any time I can remember due to the economy and the prices are actually coming way down for a change, although still way too expensive for what I would pay for worthless dirt.

[phungo]

For those not familiar with Aranyaprathet, it is the major border town to Cambodia. On the Cambodian side, there are many casinos. Thosands of tourists and thais cross this border everyday. There are many hotels and restaurants etc. 

 

I would guess that 800k/rai is reasonable? Again neighbors are saying 1 to 1.2M/rai How does anyone go about figuring this out? 

[baansgr]

18 hours ago, Democracy74 said:

Chanote is the highest grade of land title and allows you to build permanent structures upon the land (in accordance with local building regulations) so it could be used for development which adds value. Farming land typically has a low grade title like Tor Bor 5 which does not allow for property development and so is typically used for crops or as a pasture/garden etc. This would have a much lower value. I don't know your area or the land prices there but the Chanote title would indicate a higher value. Try asking the local land office what their valuation would be (they would know for transfer tax purposes).

Although what you say is correct...still in some places Chanote is referred to as any land title deed..nor sor 4 being the highest and usually referred to as Chanote..however, older people or country folk will even call nor sor 3 gor or por bor 5 Chanote...OP will need clarification of the actual title deed.

[baansgr]

22 minutes ago, phungo said:

For those not familiar with Aranyaprathet, it is the major border town to Cambodia. On the Cambodian side, there are many casinos. Thosands of tourists and thais cross this border everyday. There are many hotels and restaurants etc. 

 

I would guess that 800k/rai is reasonable? Again neighbors are saying 1 to 1.2M/rai How does anyone go about figuring this out? 

Price wise, you must take into consideration...one rai may very well sell for 1mil....however a 9 rai plot dosnt automatically command 9 million...the smaller the plot, the higher the price per talang wah

[farmerjo]

1 hour ago, phungo said:

How does anyone go about figuring this out?

What colour Garuda is on the paper/chanote.

[ireckonso]

Just go to the land office with your paperwork they will tell you what class of title you have and also any availible options to upgrade your title to increase value. And yes the valuations at the land office are worthless based on lies told by buyers and sellers to reduce their tax and transfer fees when bought and sold. Land in thailand is only worth what a fool will pay.