Like many industries, the property world had to quickly adapt to adhere to social distancing. However, there are some simple steps and precautions that can be taken to help sell a property during a pandemic.

Guide

Keeping Homes COVID-19 Free!

1. Tidy up!

Many real estate agents now have pre-recorded film footage of available units as part of the marketing collateral for prospective buyers to view. To show the property at its best ensure that it is tidy and looking spick and span. You might even want to trial filming it to see how it looks at the end of the camera to make any necessary adjustments.

2. Virtual viewings

Equally, many agents now offer virtual viewings where they view a property with a prospective buyer with the use of a video messaging platform. This enables a buyer to ask the agent specific questions of anything they have spotted during the viewing or to direct them to open cupboards and doors. Be flexible in allowing virtual viewings and ensure that the property presents well.

3. Mask up

To help reduce the risk of COVID-19 spreading either leave the property entirely should you be living there or mask up for in-person or virtual viewings. Even in pre-Covid times, it was often best to allow a potential buyer to have a nose around without being there so that they do not feel like they are intruding to have a proper chance to look around.

4. Provide hand sanitiser

Ask anyone entering the property to adequately clean their hands. It is also an idea to reassure the agent and viewers that regularly touched surfaces such as door handles, light switches, keys and cupboards are frequently cleaned to minimise the risk of germs spreading.

5. Be helpful

Let your agent know that you are happy to do virtual viewings to save them coming to the property and that you are on hand to answer any questions or even take any photos should a potential buyer have a particular query. Showing an agent that you are proactive will help generate offers!

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Securing an asking price offer in a buoyant market is more achievable and sometimes, although rare, an over asking price offer should there be more than one interested party.

However, achieving an asking price offer in a lacklustre market is trickier. A glut of properties on the market gives buyers more choice and negotiation power while leaving sellers in a weaker position.

Accepting a lower offer is dictated by personal situations and the urgency to access capital. It will also depend on the market and where the demand lies as if most buyers are securing a property below the asking price, why would they be motivated to pay the asking price for yours?

This is when working with a good real estate agent is key. A knowledgeable real estate agent should have their pulse on the market to advise what is an achievable price, how much people are negotiating, and whether it is worth accepting a lower offer.

Should a property have had numerous viewings but no offers, this is an indication that the price is too high, and accepting a lower offer is the right tact.

Request feedback from viewings from the real estate agent to ascertain if there is anything to do to generate more interest. Buyers tend to be short-sighted and put off by defects that can be quickly and cheaply fixed.

It could be something as small as a tap that drips or a musty smell in an empty property, both are superficial but might leave the buyer wondering if these are hiding bigger and more costly works like bad plumbing and pipework.

Another point to consider is the cost to leave a property empty as opposed to accepting a lower offer with a sooner transfer of ownership date. Monthly outgoings such as the common area fee and utilities can stack up not to mention the time taken to manage these.

Finally, a property that has been on the market for some time will appear stale. Many buyers spend time looking through listings online on www.ddproperty.com before going out to view and will question why a property has not sold should they see it repeatedly.

A property that does not sell is priced too high or does not present well, or both. In such cases, it is advisable to take the property off the market and then relaunch at a later date with newer photography and description to refresh it.

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1. Price

The most obvious thing that could be putting people off is the price. If you aren’t even having any viewings, then the property is certainly priced too high. Speak with the experts and take a look online at your competition to make sure your property is competitively priced.

2. Competition

Is there another unit in your building for sale that is comparable to yours but more affordable, has a better view or a newer kitchen? If a prospective purchaser has the choice of more than one unit, then naturally they will pick the one that is suited to them better assuming that they are both comparable. However, if the units differ in condition or size, then this needs to be reflected in the price. If it isn’t then, of course, they will go for the more attractive option.

3. Market conditions

Should the market be buoyant with property transacting no problems then this should ring alarm bells. But at slower times of the year, typically around the holidays, or due to economic conditions, then all property owners should be experiencing the same providing reassurance that you are not the only one disadvantaging from this. >>DDproperty Property Market Outlook Insightful Data And Analysis

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4. Presentation

The viewings are happening but there are no offers? This is a partial success since you are getting people through the door suggesting that the price is right, however, something is stopping them for making an offer, even if it's not an asking price one. Is the property tidy? Are the photos misleading online? Or is there water damage from a leak? Buyers tend to be short-sighted and cannot see through the clutter or beyond any repairs. Create a nice welcome for them and the offers will start rolling in. >>Tips On How To Present Your Property At Its Best

5. Negotiation

You are receiving offers but a sale has not been agreed. Could it be that you are sticking to your guns and are unwilling to shift on the price? If this is the case then you need to be prepared to wait out until an asking price offer comes in. However, this wait is unlikely to be worth it for someone willing to transact immediately freeing up your money. Lower offers are a starting point for you to negotiate on. If you want more and they aren’t willing to shift, then include something else in as part of the deal such as a piece of furniture. Skilled negotiation will result in a sale, a happy seller and a happy buyer.

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There are a few factors to consider when picking the right time to sell. First and foremost is considering your own personal financial situation and how quickly you need to transact. Should there be no urgency then marketing the property at a more buoyant time for the market theoretically means that there will be heightened interest and it will sell quicker. This is a better course of action than placing it on the market at a quieter a time of the year, receiving little interest whilst it becomes stale as it sits on the market. Purchasers will wonder why it has not sold and be wary of it.

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• 5 Ways To Pick The Best Time To Sell Your Property
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Speak with real estate agents to get a grip of the market’s current state of play. There might be some natural dips to be aware of such as around holiday season where people’s interests are preoccupied with matters other than looking for a property to buy. Also take a look at what is going on around your condominium. A new project that is currently being built will lure interest in this direction, plus any construction noise might put people off. Likewise, if your building is undergoing any maintenance works then wait for these to be completed as this is another factor that can easily impact the attraction to your property. However, once works have been completed it can improve an area so holding out can be to your benefit.

Any new government introduction such as a change in property taxes can also make a difference. Keep an eye on the news to assess any changes and market your property accordingly. Countries that have introduced extra purchasing taxes for owners with more than one property naturally see a lot of transactions occurring before this date to avoid incurring any extra charges. >>What Is The Inheritance Process In Thailand?

Lastly, think about the presentation of the property. You want to attract interest from the photos that are online as well as from viewings. Marketing a property before it is ready is detrimental so only do this once the property is looking at its best to generate as much interest as possible rather than a buyer being disappointed on a viewing and putting in a lower offer. >>Tips On How To Present Your Property At Its Best.

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Many buyers will be coerced by this set up, and probably a bit disappointed when their unit is complete and it is just a bare shell. There is no need to go this far when selling your own home, but a little effort will make a difference particularly if it shows off the property’s best features. A show unit will have been designed by an interior designer at a considerable cost, and who has access to a wide range of furnishings. Visiting them will give you an idea of the latest interior trends, which you could replicate at your property is you are lacking inspiration or starting from afresh.

Should this not be the case then stand back and look at what you have. If the items don’t coordinate or the room is filled with ornaments and personal effects, then remove them. After all, less is often more especially since contemporary styles veer more towards a minimal look, which is much easier to achieve than having to spend time and money sourcing items to fill a room. >>Bring A Minimal Look To Your Home

It is possible to sell at home that is empty. Sometimes it is better to remove the furniture entirely than have dated items that look out of place and do not complement the property. Smaller properties will, however, benefit from being furnished as prospective purchasers will be able to visualize the space, which can often be hard if rooms are on the smaller side.

Only the basics are really required: a bed, sofa and dining table and chair, but adding a few other items will make all the difference. Such as a freestanding light, rugs, cushions on the sofa and a made bed. These items will need to match to bring the room together to create the overall look rather than just throwing them all together in a haphazard fashion. Adding smaller neutral items such as candles, pictures or even towels are good but not always necessary. A room will look sufficiently dressed and inviting with the basics provided that there are items to tie in the theme.

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1. Public holidays

Typically, around public holidays things slow down. There are fewer people around so the numbers of people looking for a property to buy reduces. Speaking with your local real estate agent will help determine when these quieter times are but remember you want to avoid your property being on the market for too long as prospective purchasers will wonder what is wrong with it and why it has not shifted.

2. Market conditions

Use your local agent as your eyes and ears on the market to find out at what point of the cycle the market is at. If there is a glut of properties then it is likely the offers will be agreed below asking price. However, if demand outstrips supply then this is the perfect time to sell, and an over asking price offer could even be agreed if more than one buyer puts an offer forward.

• DDproperty Property Index Q2 2018
• DDproperty Property Market Outlook 2018

3. Competition

Are there any other units in your building for sale? If the answer is yes, then this could work both ways by giving buyers more than one unit will give them the opportunity to play each one off against each other. However, if your property is the better option and is priced right, then this will steer them away from the competition.

4. Surrounding environment

You are unable to control what is going on outside your home such as the building of a new condominium but avoid marketing your property at these times of construction especially the early stages which are noisy and dusty. Any neighbouring development will improve an area so a new shopping mall complete with services will benefit your property and help with its value.

5. Maintenance

Always market a property when it is ready. If there are any small repair works that need carrying out, do these first. Most buyers lack the imagination to look beyond scuffed walls, loose tiles on the wall or even a cluttered room. Make sure everything is presenting at its best otherwise a buyer can use these as leverage against the price.

• Make It Easy For Your Agent To Sell
• 5 Questions To Ask Yourself Ahead Of Marketing
• How Much Is My Property Worth Exactly?

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• 5 Questions To Ask Yourself Ahead Of Marketing
• How To Make Sure Your Agent Is Working Hard To Sell Your Property

As agents work on commission it would be easy to assume that they are already motivated to sell. However, problem properties will get pushed to the wayside in favour of easier one. So, make it easy on your agent such as from gaining access by giving them keys or leaving a set at the juristic office. No agent has time to run around trying to get keys and there are plenty of alternatives they could show to their prospective purchaser instead.

Always been contactable whether this is by phone, SMS, a social media platform or by email. Check with the agent what their best form of communication is and be on hand to answer any questions in a prompt manner.

If you are living in the property, keep it tidy and inviting. Where possible turn the air conditioning on ahead of viewings and the lights too. This will make for a warm welcome for a great first impression. Plus, it will allow the agent to concentrate on their purchasers rather than running searching for switches.

A good agent will provide feedback after viewings. Be open to this and take on any constructive criticism to help sell your property quicker. If multiple prospective buyers comment that the price is too high, then reduce it. Likewise, if the pink on the walls isn’t to everyone’s taste then paint it in a more neutral tone. Remember most buyers want a hassle-free purchase and they often lack the imagination to envisage what it would look like should any alternations been made.

Whilst keeping in regular contact with your agent is key, there is a fine line between keeping them motivated and annoying them. You may even find that they are desperate to get rid off you so this might even encourage them to push your property even more!

>>>Find Good Agent

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5 Questions to ask yourself ahead of marketing.

1. Is the price right?

Probably the most common reason a property does not sell is the price. Pitched too high and there is no hope of generating any interest. A property is worth what someone will pay for it, and buyers are able to be market savvy with the aid of the Internet. The price should reflect the property but if you are in a hurry to sell quickly then you will most likely need to consider taking a slightly lower offer to free up your capital.

2. Have you chosen the right agent?

A good real estate agent will be able to guide you throughout the whole sales process. They will be able to advise on its value to ascertain the right marketing price particularly if purchasers are negotiating that influence achieved prices. Additionally, agents can provide information on works that need carrying out and give invaluable market news to help with your sale. Finally, a proactive agent will have an active list of purchasers that they have lined up to view the property.

3. Is the property ready?

Properties that present the best will inevitably look better in the photographs and will excite people more during a viewing. This does not necessarily mean a complete refurbishment but a quick coat of paint can immediately freshen up a property (Read The Project Reviews) especially in a modern tone. Decluttering and tidying up will go a long way in first impressions.

4. Is now the best time?

Typically the market goes in peaks and troughs throughout the year. The quieter periods tend to be around popular holidays. Your agent will be able to advise of the best time to start marketing your property as you may want to push the marketing date forward or back.

5. What is the competition? 

Have a look to see what your competition is. This could be other units in your building or a neighbouring property that is comparable to yours. If there is a glut of properties available naturally this will make it harder to sell yours. Therefore, it is even more important to make sure that the price is right and your property is well presented. You want to be ahead and on top of the game.

Firstly, an agent should provide an insight into the current state of play of the market. They should know exactly what is in demand and the prices that are being achieved. Armed with this knowledge they can advise whether the price you want to achieve is realistic.

A good agent will come to inspect the property to help provide a market appraisal and to advise if there are any remedial works that need carrying out to help sell the property quicker. This could be a fresh coat of paint in a modern shade or simply giving the property a declutter.

Additionally, an agent will know what the latest fashionable interior trends to apply to your property to increase its saleability.

• How Much Is My Property Worth Exactly?

• 8 Ways To Take A Good Photo Of Your Property

• 4 Cheats Way To Upgrading Your Kitchen

Once a price has been set a marketing strategy needs to be devised to ensure the property gets the exposure it needs. It should be uploaded onto their website with photographs as well as other property portals too.

Social media is becoming a popular tool for agents so they may use platforms such as Facebook, Instagram or even LINE too. A keen agent will also ring round their list of purchasers to let them know that they have a new instruction that may fit their requirements.

After viewings make sure that your agent gives you some feedback. This could range from comments about the dated kitchen, the musty smell in the bedroom or even that the place could do with a quick clean. That way you will know what people are and are not keen on to help adjust the price or make a few small changes to help future viewings.

Remember any agent want to collect their commission so they should be working hard to sell your property quickly. You can do your bit too but always being contactable to answer any questions and to make sure the property can be accessed for viewings even at short notice.

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Take time to look in detail

There are a few different methods you can use to answer this question. The best place to start is with some detective work to find out if any other properties are for sale in your building or close by. This will give you a good benchmark for the value of yours.

Take time to look in detail of how this property compares to yours and what justifies its prices. Does it have a brand new contemporary kitchen that will undoubtedly increase its value, a much better city view or an extra bathroom?

Study the photos and floor plan to identify any differences to ascertain whether you think your property is worth more or less. Remember not to be biased to your property and just look at the hard facts.

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Real estate agent

Next, speak to a real estate agent. They have their finger on the property market pulse and will know exactly what has sold and for how much. Concrete comparable evidence of actual sold properties is vital as some properties are marketed at a price to reflect the buyer’s personal situation.

Going in lower if they need a quick sale to free up capital or higher if they have all the time in the world to sell. A good real estate agent will also offer to come and have a look to get a feel for the property to provide a market appraisal.

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Last by not least one quick calculation is working out the price on a square metre basis. An agent or even the building management team should know the sales that are being achieved on a per square metre basis. A quick bit of maths with the floor size of your property will help answer this one.
Better still, combine all these three methods and compare each to come to the most accurate figure.

But remember property is worth what someone will pay for it and the current state of the market will easily influence this. Therefore look only at recent sales as values can change month by month depending on supply and demand.

Guide

Tricks Of Off-Plan Property Purchasing

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Prospective buyers will often be short-sighted and will decide in seconds from the photos alone whether to view the property or not. It vital that the photos look great and lure in prospective buyers, but how do you achieve this?

1. Don’t jump the gun.

Avoid marketing the property until there are up to date photographs as property without photos will get bypassed by purchasers and the listing will become stale. Online for too long and people will wonder why it has not sold and assumed that something is wrong with it. So, hold back with uploading until you are 100 percent happy with your photos.

2. Look through the eyes of a buyer.

What sort of interior would you like to see if you were scrolling through online listings? Most likely a clean and contemporary one. If the bright red rug on the floor dominate the photo and detract from the room’s other features or covers the pretty parquet floor, then roll it up and store it away. Take a step back to see what works well and what doesn’t and have a shuffle around if needs be.

3. Depersonalise.

You want a buyer to visualize your property as their future home and not as someone else’s home. Remove any personal items such as family photos or even the array of shoes by the front door, which will make it easier for investors to picture themselves living in the property.

• 8 Ways To Make Your Rented Place Feel Like Home

• 7 Photo Tips For House And Condominium Rent

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4. Declutter.

Less is often more and this is especially the case with a photograph. You want a clean looking image so take time to declutter. Clear surfaces, store items in cupboards and have a good tidy which will make the property look and feel bigger too.

5. Use proper equipment.

Smartphone cameras have come on a long way over the years, but a camera with a wide-angle lens will undoubtedly capture a room at its best. Even better still employ the services of a professional photographer who will also know all the tricks of the trade of showing off your property at its best.

6. Pick the right time of day.

The photos should not be overexposed or too dark. Don’t photograph at night but also choose the time of day which shows the property without the glaring sun. Use artificial lighting if required and remember to always take some test shots first too.

7. Straighten up.

Smooth out the duvet, line up the cushions, even put the toilet seat down. These little things will go a long way. You want each room to look like a hotel room, and when searching for your next holiday you would definitely not see a hotel advertise their rooms with an unmade bed so why do the same with your listing.

8. Be selective.

You might have been fortunate enough to capture a lot of photos but there is no need to use them all. Ditch any that aren’t looking the best or that are repetitive. Carefully select the order that you want them to show on the listing with the best showing first to make that buyer excited to discover more about your property.

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It could be a difficult decision when it comes to choosing between townhouse and condominium for real estate investment, as the two type can generate the same level of return. Some investors choose to invest in houses, which give the benefit of land ownership, while others choose condominium as the project provides insurance coverage. In the same sense, townhouse and condominium also have its own benefit. And this article will breakdown through all the characteristics each one has.

Townhouses

Townhouse

1.Prospective tenants are mostly families group

2.Townhouse price increase every year similar to lands. The greater location, the greater increase

3.Most investors buy second-hand townhouse and rent out as an investment. It has lower price compared to buying a new townhouse but may incur maintenance cost.

4.Maintenance fee is low especially in second-hand townhouse, and could be none if the project doesn’t have communal facilities.

5.Credit line for second-hand house usually doesn’t exceed 100% of the property’s assessed price.

6.Periodical refurbishment is important as it can increase the property value and lower tenant turnover rate.

Condominiums

Condominium

1.Prospective tenants are office workers, students, and foreigners who demand convenient transportation to their workplaces or schools.

2.Location is the key in investing in condominium. Locations with proximity to public transits, centralized area, or Central Business District (CBD) are likely to gain more residential demand.

3.The market could be very competitive as there are a great number of supplies.

4.Property owner is obliged to take care of the maintenance fee and sinking fund (single payment on the ownership transfer date).

5.Nowadays developers collaborate with banks helping buyers to acquire mortgage easier. And some banks provide a credit line up to 100% of the property price.

6.Condominium unit could also get deteriorated through time. Without refurbishment, the property’s value could depreciate and negatively affect the rent price.

Investment calculations

Investment calculations

To give a practical knowledge, we will simulate 2 scenarios between investing in townhouse and condominium and see how much return each can generate.

Townhouse

Mr. A realises the house condition is the key to attract tenant, and regardless of the location revamping the house could raise the rent price. He buys a second-hand townhouse priced THB 1.5 million and spend THB 100,000 on refurbishment. After that, he could rent out with the rate THB 10,000 – 15,000 per month (assume the townhouse is located in a centralised area).

Condominium

Mr. B realises location is the key to attract demand in condominium market, so he decides to buy a condominium in Outer Sukhumvit which is 300 metres from BTS Skytrain. He buys a 1-bedroom 30 square metre unit priced THB 2.8 million. He has to pay maintenance fee THB 1,350 per month. The rent price he can get from the tenant is THB 12,000 – 15,000 per month.

From the two scenarios, we can see that both give the same range of return. While that is true, investing in a second-hand townhouse gives a higher yield rate due to the lower cost. Moreover, townhouses are usually sold in freehold term while condominiums can be either freehold or leasehold. If the property is freehold, it means you grant the ownership of that asset, in case of townhouse also includes the land. With no ownership expiration, townhouse owner can own the property as long as he/she wants and resell it with appreciated price in the future. Nevertheless, investing in either type will have to face the time when the property is vacant, no tenants. You can get a new tenant faster by hiring an agent, advertising on a property website, or make your property more attractive by adding features and renovation.

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A furnished room is more attractive compared to a bare room; but this input comes with a cost. There are different grades of condominiums in the market, and each should be furnished with an appropriate quantity, as well as an appropriate budget.

Low-End Unit

If your condo unit is in a low-end segment where price ranges between THB 600,000 – 900,000, bring in only necessary furniture such as bed, closet, and a desk for working or studying. As your target tenants would be those with a limited budget, adding too much furniture will incur more costs, and eventually, raise up your rent price which might exceed their budget.

The rent price of low-end condo units can be subdivided into different grades, starting from THB 2,500 per month to THB 7,000 – 8,000 per month; if your unit falls into the upper range, adding a sofa and a TV could be compromised, but bear in mind that the total cost should not exceed THB 15,000.

Low-priced condominiums 

Middle-End Unit

These are units in condominiums priced around THB 2 – 3 million, a predominant segment in the market. Middle-end condos are usually located near public transits and absorb demand from middle-income consumers such as office workers or those with higher positions who need to commute via mass transit daily.

With the character of tenants, you need to put in more elements to serve their daily needs such as a microwave, refrigerator, tableware, and, if possible, an internet Wi-Fi. You might not want to add fancy and luxury decors to impress tenants as these could get impaired during their stay and subsequently require much refurbishment expense before changing hands to the next tenant. The total furnishing cost for a middle-end condo unit should be between THB 20,000 – 25,000.

Middle-priced condominiums

High-End Unit

If your condo unit was purchased at the price between THB 5 – 10 million and above, presumably a project in a prime area with convenient access to a public transit and lifestyle landmarks, then your prospective tenants could be foreigners or locals who have a huge budget.

Therefore, you should decorate your room in the best possible way with high-quality furniture. Besides basic elements such as bed, closet, tableware, and refrigerator, you could add more with kitchenware: coffeemaker, toaster, pan, stove, or even an oven.

The bedroom should have a king-sized laid with a premium comfortable mattress; aesthetic artwork could be hung on the wall, while stylish garden could fill the balcony space; all these elements will create impressions for the unit seekers and thus select yours in a timely fashion. And most importantly don’t forget the internet Wi-Fi.

After all, your furnishing cost should be around THB 30,000 – 40,000, but the number could go beyond depending on each unit’s compatibility.

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Luxury condominiums on sales

The first two things to know are which segment your condo unit falls in, and who are your prospective tenants. After that furnish your room with a budget suitable for each segment by adding elements that serve well the needs of those seekers: minimal furnishing for low-end, complete and sophisticated for high-end. If you have followed the guide precisely, then it’s a matter of time for the right tenant to find your unit.

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He is therefore no longer authorized to book orders, collect payments or make any kind of commitment on behalf of our company with immediate effect. Any one dealing with him will do so at his own risk.

Since you will need your agent to make recommendations on other issues during the process of home selling, it is important that you enlist the services of an agent you can trust. Once you have found a suitable real estate agent, your work is almost half done.

The formal process of home selling chiefly consists of two steps. When you receive an option fee from a buyer, you should grant him or her an Option to Purchase, which bears your signature, and state the solicitor who will be liaising with the prospective buyer's legal representative with respect to the sale of the property. The option fee, also known as the booking fee, is typically one per cent of the purchase price of the property.

Most real estate agencies use a standard form of the Option to Purchase, which gives a prospective buyer 14 days to consider purchasing a property. As the seller, you should note that during this period, known as the option period, you are not allowed to offer your property for sale to other interested buyers.

If the prospective buyer decides not to exercise his or her Option to Purchase, or if the option period expires, you are entitled to keep the booking fee deposit and proceed to offer your property for sale to other prospective buyers.

If the buyer chooses to exercise his or her Option to Purchase, he or she must do so during the option period. The buyer must then pay another four per cent of the purchase price within two weeks of exercising the Option to Purchase through his or her solicitor. This deposit will be kept by your solicitor as a stakeholder.

Once these steps have been accomplished, your solicitor will take over and liaise with the buyer's legal representative regarding the sale and purchase of your property. This should take another eight to 12 weeks, during which, the buyer will have to make the remaining outstanding balance payment on the property. The buyer will also perform a final inspection of your property after which, you must hand over the keys together with the title deed before the sale is deemed to be complete.