Selling a Condo in Pattaya: Advice From an Agency Owner

I own two real estate agencies in Pattaya, Alan Bolton Property Consultants and East Coast Real Estate, so I see a lot of owners trying to sell. Here's what I'd tell anyone thinking of selling a condo.

What's the biggest mistake sellers make?

Overpricing. Simply not pricing the property realistically.

Why do owners overprice?

It's a mix of what they paid and what they need, but mainly it's what they see other people asking. That's only the asking price, not what anyone actually sold for.

There's no public record of what people actually sold for here, and people will tell you whatever they think you want to hear. When someone tells you what they sold for, it's often inflated, because nobody wants others to know they didn't get a good deal.

How do you work out a realistic price?

Do some research yourself first, then ask the real estate agencies. We have far more data, because it's what we do for a living. Don't ask just one. Ask two or three.

It's also a good way to choose who to work with. If you ask three or four agencies for a valuation and only one gets back to you, that tells you which agency to list with first.

Should you list with one agency or several?

It depends on how motivated you are. My normal advice is to list exclusively with one agency to start with, give it around three months, then open it up to others. If you need to sell quickly, put it with as many as you can.

Either way, don't dilute. There's little point listing with two agencies that serve the same kind of buyer. Better to pair one predominantly English-speaking agency with agencies that specialise in other markets, such as French, Chinese or Russian buyers.

What do you need ready before you list?

• Accurate details: size in square metres, number of rooms and so on.
• The title deed, plus any company paperwork if the condo is owned through a company.
• No photos needed. Most agencies prefer to take their own, because it's a chance to get a feel for the place.

Most importantly, be in a position to sell. The worst outcome is an agency finding and qualifying a serious buyer, only for it to turn out you can't sell yet because of a divorce or anything else holding up the transfer.

How should you handle an offer?

Don't reply too quickly. Think about your financial position, and think about opportunity cost, which a lot of people ignore.

Say your condo is priced at ฿10 million and someone offers ฿9 million. We think you could get the full ฿10 million, but it might take a year. Accept now and you're ฿1 million below your asking price, but you have ฿9 million to use for that year, instead of maybe ฿10 million a year from now. Think about what you could do with that money if you sell at a discount.

If you're on the other side, read my guide to buying a condo in Pattaya, or for letting instead, renting a condo in Pattaya. For where prices are heading, see the Pattaya property market right now. For a valuation, contact Alan Bolton Property Consultants or East Coast Real Estate.