How Are People Selling Properties These Days?

[dutchweller]

 

My wife and I own a 5-floor apartment/townhouse with 4 apartments and a shop, located in a busy area of Sukhumvit Road near BTS Bang Chak. The building was fully renovated about five years ago to a high standard and is fully furnished. All the apartments are rented to long-term tenants, and we've been told by locals that our pricing is reasonable.

We lived in the property ourselves and found it very comfortable, with a good income generated from the rentals. However, due to our children's education, we need to relocate overseas and are now looking to sell the property as is, with everything included.

Despite our efforts, selling has been challenging in the current stagnant market. We have clear "FOR SALE" signage in both English and Thai, and we've engaged an agent, but unfortunately, we've seen little effort or progress from her.

Most inquiries seem to come from middlemen without serious buyers. We even contacted Century 21 in Bangkok, but they were not very helpful, asking us to handle most of the work ourselves without even visiting the property.

We’re wondering how people are successfully selling properties these days. Are platforms like Facebook Marketplace, forums, or proper estate agents the way to go? Any advice or shared experiences would be greatly appreciated!

 

[Peterw42]

A lot of property gets listed and sold on Facebook marketplace nowadays, or Facebook property groups in your area.

Given you have a a niche property (investment/live in), the traditional places to sell probably don't apply.

Dont forget, everything sells for the right price, if you are getting no enquiries or lookers then its as simple as your price is probably to high. 

[dutchweller]

That's the thing 

We have no indication of price posted bar the agent who told us we are selling cheap...

We seem to get no inquiries regardless.

 

[bradiston]

3 hours ago, dutchweller said:

That's the thing 

We have no indication of price posted bar the agent who told us we are selling cheap...

We seem to get no inquiries regardless.

 

It took me 3 years to sell my 3 storey house on a "paradise island", with chanote on the land. To cut a long story short, I simply asked myself what was the bottom line to break even, given the huge currency difference between now and 15 years ago. It worked out that even selling at a huge discount on the Baht cost to buy and build, I still broke even. I sold everything included, furniture, linen, tools, wood, you name it. I had no use for any of it. The price I sold at seemed fair to me, and the buyer. Everybody was happy. Plus, I'd rented out over 7 years on Airbnb, so saw a decent return there.

Edited 22 hours ago by bradiston

[dutchweller]

2 hours ago, bradiston said:

It took me 3 years to sell my 3 storey house on a "paradise island", with chanote on the land. To cut a long story short, I simply asked myself what was the bottom line to break even, given the huge currency difference between now and 15 years ago. It worked out that even selling at a huge discount on the Baht cost to buy and build, I still broke even. I sold everything included, furniture, linen, tools, wood, you name it. I had no use for any of it. The price I sold at seemed fair to me, and the buyer. Everybody was happy. Plus, I'd rented out over 7 years on Airbnb, so saw a decent return there.

Thanks for the reply 

How did you end up advertising/marketing it?

 

[SportRider]

Since this would be an investment property to the buyer, it's worth crunching the numbers and showing realistic income possible (assuming your unit is also rented out). 

 

This figure will then allow you to do some yield comparisons to the market, which can guide your asking price. 

 

A buyer will most likely want to see these calculations anyway. 

[bradiston]

1 hour ago, dutchweller said:

Thanks for the reply 

How did you end up advertising/marketing it?

 

Ah, that's where I got lucky. I used a couple of websites but got nothing of any real interest. Some Chinese money launderers but they proved too dodgy even for my Hong Kong contact. I put up a for sale sign in Thai by the road and had a few enquiries. Finally a long standing friend got interested. He'd had a businesson on the island for ages. His wife got fed up with living in a small apartment and he had 2 grown up sons. Buying the house was a no brainer for him. Loads of room. Its own well.  So in the end we reached a deal. He could probably sell it tomorrow for twice what he paid for it. It wouldn't worry me. But finding a buyer.... I'm in the same position now in Philippines. Got a house I can't sell.

[dutchweller]

1 hour ago, SportRider said:

Since this would be an investment property to the buyer, it's worth crunching the numbers and showing realistic income possible (assuming your unit is also rented out). 

 

This figure will then allow you to do some yield comparisons to the market, which can guide your asking price. 

 

A buyer will most likely want to see these calculations anyway. 

After crunching the numbers based on a current income of roughly 60,000 THB per month, here’s the estimated

property value range based on different yields:

- **5% Yield**: 14,400,000 THB  
- **6% Yield**: 12,000,000 THB  
- **7% Yield**: 10,285,714 THB  
- **8% Yield**: 9,000,000 THB  
- **9% Yield**: 8,000,000 THB  
- **10% Yield**: 7,200,000 THB  

 

We're aiming for a price point just below the middle of this range.

 

 

 

[newnative]

      Thailand does not have an MLS system--Multiple Listing.  In America, you list with one agent and the agent puts your property on MLS and all the agents and agencies can see it and it will come up when they do a property search.  If you have only listed with one agent, only one agent is aware your property is for sale.  

     The sign on your property is a good idea--make sure it is clear and very visible.  Maybe add some photos to it.  By all means, list on Facebook, Craigslist and other Thai websites yourself.   BUT, my best advice, having sold about 20 condos and houses in Thailand, is to list with as many real estate agencies as you possibly can, starting with the ones closest to your property.   The objective is to get your property for sale known as widely as possible.  One agency listing isn't hacking it.  Do web searches for real estate agencies, get their email addresses, and then send them an email with detailed information on the property and good photographs.  

     I mostly do Pattaya so I don't know Bangkok that well.  But, to give you an example, with my last house sale I sent the listing to about 40 agencies.  The house had a contract on it in a couple of months.  Once you send your email out, you should hear back from some of the agencies.  If you are uncertain regarding price, you should be able to get some feedback from the agencies regarding pricing--but don't go with the opinion of just one agency.  Try to get several to compare their thinking and pricing.   Good luck!

[8OA8]

On 11/5/2024 at 7:24 PM, dutchweller said:

 

My wife and I own a 5-floor apartment/townhouse with 4 apartments and a shop, located in a busy area of Sukhumvit Road near BTS Bang Chak. The building was fully renovated about five years ago to a high standard and is fully furnished. All the apartments are rented to long-term tenants, and we've been told by locals that our pricing is reasonable.

We lived in the property ourselves and found it very comfortable, with a good income generated from the rentals. However, due to our children's education, we need to relocate overseas and are now looking to sell the property as is, with everything included.

Despite our efforts, selling has been challenging in the current stagnant market. We have clear "FOR SALE" signage in both English and Thai, and we've engaged an agent, but unfortunately, we've seen little effort or progress from her.

Most inquiries seem to come from middlemen without serious buyers. We even contacted Century 21 in Bangkok, but they were not very helpful, asking us to handle most of the work ourselves without even visiting the property.

We’re wondering how people are successfully selling properties these days. Are platforms like Facebook Marketplace, forums, or proper estate agents the way to go? Any advice or shared experiences would be greatly appreciated!

 

Personally I've never sold a property, therefore sorryi cant answeryour question,  however I can share that for every property I've purchased,  I've never given a second glance to anything that isn't showing the asking price.

[UKJASE]

we sold on facebook.  join loads of the bangkok group and grung thep (using thai script) and write a nice ad with good photos, then post this to all the groups you have joined, then bump up the listings every week or two

 

start at the price you want, then slowly drop the price if you want to.  give it lots of sales spiel to make it sound like the bargain of the year

 

also, post physical for sale signs in reception etc of teh condo building

 

tell friends and offer them 3% / 5% of the sale if it completes with their buyer