How do real estate agents work in Bangkok?

[farang000999]

On the USA for example if someone is selling a condo do they sign a contract with a real estate agent and pay about 6% and handle all paperwork. 3% goes to the buyer agent that shows people condos. There is an MLS which gives like an id to all listed property.

Does it work similarly in Bangkok? Can you please give me an idea of how it works? Thank you.

[beachproperty]

No, Real Estate sales are not the same as the US. There is no MLS (multiple listing service). Generally in Thailand 3% is given to the person who brings the buyer which can be the Taxi driver, the neighbor etc.

So most people put a sign on the property and WAIT!

[wpcoe]

Also, because there is no US-style MLS, some (many?) sellers list with as many realtors as they can, to increase exposure. However, over time if the seller changes the sales price sometimes they forget which agencies they have listed with and you can see the same listing with the same photos on various agency web sites with differing prices.

[farang000999]

So "listing" with a seller means they just give you a contract agreeing them to pay x percent if they find a buyer and then they list it by posting it online? So then are there buyer agents or does it all have to flow through the listing agent?

[Kabula]

Most Realtors worldwide don't work and most are useless in my opinion.

I'm not sure about Thailand, but always best to search for a property yourself and if there's an escrow service have then do all the work and serve the buyer and seller. If none is available, retain a licensed, competent, Lawyer specializing in Real Estate law.

I don't even recommend buying anything now with a worldwide financial retreat underway.

Rent everything and let the owners take higher property taxes, reduced property values and maintenance expenses on the chin.

[dotpoom]

My experience of Real Estate Agents in Thailand is that they are too lazy to get out of their chairs to earn a shilling....want the Vendor to do all the work for them.

[12DrinkMore]

3% goes to the buyer agent that shows people condos.

eh?

Isn't that a seller agent aka real estate agent?

[akentryan]

There is at least one good RE agent here in Pattaya. They charge 5% and give a percentage to someone bringing a buyer in. I am told that Bangkok with much more competition is only 3%. The number of listings of houses in the 15 to 20 million price range is astounding. One listing is over 100 million. Lots of big spenders rolling in from the EU it seems.

[Ace of Pop]

Must be nice to stock a Shop with Goods without buying anything .

[Ace of Pop]

Must be nice to stock a Shop with Goods without buying anything .

[HerbalEd]

There is at least one good RE agent here in Pattaya. They charge 5% and give a percentage to someone bringing a buyer in. I am told that Bangkok with much more competition is only 3%. The number of listings of houses in the 15 to 20 million price range is astounding. One listing is over 100 million. Lots of big spenders rolling in from the EU it seems.

I'm told by two farang real estate agents that the big spenders are mostly Chinese these days.

[smutcakes]

There is at least one good RE agent here in Pattaya. They charge 5% and give a percentage to someone bringing a buyer in. I am told that Bangkok with much more competition is only 3%. The number of listings of houses in the 15 to 20 million price range is astounding. One listing is over 100 million. Lots of big spenders rolling in from the EU it seems.

I'm told by two farang real estate agents that the big spenders are mostly Chinese these days.

Try asking those farang agents if they have actually personally witnessed/been involved in a Chinese acquisition.

There seems lots of bold talk about the Chinese market, and it may develop, but so far according to some of the biggest agencies in Thailand, there have been virtually zero deals actually completed with Chinese nationals.

[Johpa]

There seems lots of bold talk about the Chinese market, and it may develop, but so far according to some of the biggest agencies in Thailand, there have been virtually zero deals actually completed with Chinese nationals.

I am not surprised as the Chinese who can afford to purchase higher priced real estate are too busy buying up properties in the US west coast cities. My daughter works at a newly opened condo complex in such a city and nearly 30% of the units are being purchased by PRC Chinese. One Chinese agent brought over a charter tour group specifically looking for investment property and they sold 30 units in a single day. It takes a pretty ignorant investor to purchase property in a backward country run by a corrupt military dictatorship and in a city that is doomed to increasingly periodic flooding. I won't even bother with the social baggage connected to a city like Bangkok ruled by a Teochew elite.

[Fairynuff]

My experience of Real Estate Agents in Thailand is that they are too lazy to get out of their chairs to earn a shilling....want the Vendor to do all the work for them.

Absolutely true, and they still want 3-5%. The foreign agents don't appear to be any better

[Michael Schrepfer]

Never ever deal with realtors, agencies or developers directly

without the help of a well established lawyer. There are many scammers

in Pattaya Jomtien where i paid more than 1.800.000 bath

nearly 4 years ago. The contract with the developer was never respected.