Special Advertising Feature: Cashback isn’t a new sensation, it’s already a given in certain markets and an effective way of popularising a product and (re-)generating sales. Leading insurance companies, supermarkets, travel and accommodation sites, even gas stations, are already offering cashback sales to entice new business and create greater loyalty, but it’s a somewhat new concept to the Thai property market.
Actually, that’s not totally true. Cashback has been around for some time with regards to property sales; agents and developers have been offering cash gifts and rewards to buyers for several years now, especially during those not so prosperous times, but it is something we’ve not yet seen or heard of before in the Thai Property market. However, that may be about to change.
Property Sumo
www.propertysumo.com is leading the way, becoming the first Thai property company to offer Cash-Back rewards on every deal they make; that includes all sales and rentals. The first company of its kind in Thailand, Property Sumo isn’t a gimmick or one time offer, the main concept of the business is built around their cashback system and promises to give each and every customer a cash reward.
Founded by Bangkok property mogul Varin Narula, we predict that Property Sumo is about to inject some new life and energy into the Bangkok Property market. With a large database of properties to fit just about every taste and budget, and a slick, modern website which has user experience as its heart, making searching and sorting properties a breeze, they are certainly someone to take seriously, but it’s their promise of cutback on every property they rent and sell, which is sure to put their name firmly on the map.
How it works
It’s a very simple concept. When you rent or buy ANY property through Property Sumo you are entitled to a cashback reward of around 25% of one month’s rent or 1% of the sales price. Their prices are not marked up, and are in fact equal to what you’ll see on the same and similar properties priced on other Bangkok properties sites. Below each rental and sales price you’ll also see a green highlighted cashback figure which is the amount you will receive once the deal has been complete (customers should expect to receive their cashback in full around 1-2 month after the ink has dried on the contract).
How do they do this? Again, it’s pretty simple, Property Sumo share their commission and profits with their customers. There’s no small print or hidden charges or any unwelcome surprises at all, they simply reward their customers by giving them a cut of the money they make through these deals, so as soon as the referral fee checks have cleared the customer gets rewarded with a cash reward.
Is it sustainable?
What are the possible flaws in this idea? For the client it seems none at all, it’s very much a win-win situation. The cashback amounts are a fixed percentage of the sale or rental agreement, so there’s still the opportunity to barter and haggle over the price with the usually amount of flexibility, after which the cashback amount is adjusted accordingly. It’s also a great deal for property owners and landlords who are not affected in any way as the cash comes directly out of property sumo. For Property Sumo there is the fact they will be handing over a lot of that hard earned commission money to their customers, but if it creates the buzz, attention, and loyalty they hope for it will all be worth it.
So is this just another property market fad or could it be a lasting new trend in Thai property? Buyers and renters will hope for the latter, and we have a feeling things could really take off for Property Sumo and the concept of cashback rentals. We will certainly be watching them very closely over the next year, as I’m sure their competitors will be doing too!
To browse all the exclusive cashback properties for rent and sale in Bangkok, check out www.propertysumo.com
