Thailand’s property market set to experience brokerage megashift

[NCC1701A]

i thought this was interesting:

 

"Over the next few months the next domino to fall is a new FazWaz product using online data to create dynamic property valuation, which can be used by financial institutions, developers and prospective buyers in obtaining real-time appraisals. Commenting on the new business model Campbell says that it’s time for reality to bite."

 

https://thethaiger.com/hot-news/economy/thailands-property-market-set-to-experience-brokerage-megashift

[johng]

Quote

Big data allows FazWaz to understand dynamic demonstrated trends 24/7 and uses algorithms that can predict future values.

Perhaps the same algorithms that predicted  millions of WuFlu deaths ?

surely the land department  keep records of how much land and properties sold/sell for  why is that data not freely available ?

[Justgrazing]

Interesting and if taken up likely to bring some reality to property market that is over inflated .. 

Some UK estate agents are also using data models to appeal to particular sectors of the market through social media already rather than rely on more trad' marketing methods .. 

Edited May 22, 2020 by Justgrazing
Sp

[baansgr]

None of it matters..owners dictate to the agent the price they want regardless of what the property may be worth. Still seeing 80 SQM condos at Delamre for 13 million...160k per SQM...joking...at least Riviera can now be bought for 80k per SQM...so some downward movement

[Peterw42]

Unless the data comes from actual sales prices, it is totally irrelevant.

FazWaz will just have a list of stupid asking prices.

 

Its been the problem for years now, there are only two people who know what a property changes hands for, the buyer and the seller. Even the land office dont know the actual sale price, they only know the declared sales price, which may or may not include a separate exchange of money.

I predict lots of sales from Acme developments to Acme holdings, to get the price inflated for FazWaz

[WhatsNext]

That's a lot of marketing <deleted> for 3 lines of code that generate a random discount percentage on the asking price. 

[19DL86]

In a country where nothing is definitive and everything, especially in Govt officialdom is ambiguous and unclear.  Why would the property market be any different?  

It's all BS, lies and spin.  Only three people know how much the property changed hands for. The seller, the buyer and the agent.

 

Currently I d say that figure might be as much as 30-40% down on the "highs".

[Airalee]

Kind of like taking advice from the Chief Economist of the National Association of (r)ealtors back in 2005.

 

 

[Peterw42]

32 minutes ago, Airalee said:

Kind of like taking advice from the Chief Economist of the National Association of (r)ealtors back in 2005.

 

 

 

There is an old adage that goes "If there is a gold rush on, don't go looking for gold, sell picks and shovels"

Books about real estate booms are practicing the same wisdom.

Edited May 23, 2020 by Peterw42