Liquidity and the possibility to sell a property fast is always an important consideration for both prospective buyers and invested owners.
As an immovable asset like real estate, would be highly unattractive if you were unable to exit at an acceptable selling price in a reasonable timeframe.
Luckily, Bangkok is an appealing residential and investment destination, with an active condo resale market consisting of both local Thai and foreign buyers from countries as diverse as China, Hong Kong, the UK and Australia!
So how fast can you reasonably expect to sell your Condo in Bangkok?
“On average well-priced and appealing condos stay on the market for a period of 2-3 Months.”
This is obviously a broad estimation!
It is important to note, that this timeframe is specifically for condos; as this property type is usually more popular in Central Bangkok. On top of this, several factors such as location, project quality, unit type, selling price and prevailing market conditions can cause this timeframe to vary greatly.
At the time of publishing, Bangkok’s real estate market has been “cooling” with both a reduction in new launches and a recorded decline in condo transfers nationwide:
“At present, it is not uncommon for condos to stay unsold for extended periods of up to 3-6 months, if not more…”
On top of the time it takes to market and secure a serious buyer, potential property sellers need to factor in the delay of legal conveyancing, transfer preparations or mortgage approvals (If required):
“Condo legal checks, transfer preparations and mortgage applications are actually relatively fast and can take between 2-4 weeks to complete”
So in the best case scenario, a sale could take a total of 1-3 Months to find a buyer plus an extra 2-4 weeks to complete the transfer!
…Are you a motivated seller and need to exit fast?
Here are 5 top tips to sell your Bangkok condo faster:
1. Competitive Pricing
Prospective buyers tend to be very price sensitive, especially in Bangkok.
On top of this, most buyers and investors tend to start their property search on real estate portals that typically showcase listings using price filters in both ascending and descending order.
Therefore, pricing your property at a competitive rate is probably the most important factor of this list!
2. Property Access
It is very difficult to sell a condo on the secondary market, without being able to show the place to prospective buyers. Being able to show and access the property at a “moment’s notice” is a basic but often underrated and overlooked factor.
If the property is rented, it is best to wait for the tenants to move-out or negotiate pre-agreed viewing times/dates with the tenant. Also, preferably keep access keys and keycards at the juristic management office or allow your selling agents to keep spare copies of keys and access cards.
3. Property Presentation
Bangkok is currently a seller’s market and property owners are currently competing for a limited number of buyers. Therefore, property owners, should aim to have their property standout!
Preferably ensuring the property is presented fully furnished and ready to move-in. Small and inexpensive details such as matching bed linens, small decorations and a clean environment (I.e. Dust free, bug free, clutter free and odor free) help make a good impression.
Since most units in a project tend to follow standard layouts and sizes, furnishing and decorations can often make a huge difference.
4. Negotiation Flexibility
There is a culture of “hard negotiation” in Bangkok’s secondary real estate market.
It is not uncommon for buyers to offer lowball offers, meaning that sales negotiations often resemble a “ping pong match” where both parties are trying to one-up the other.
In tough negotiations, it is important not to get stressed and to stay pragmatic. Selling a condo is a simple business transaction, not a marriage proposal!
5. Sales Agent Relationships
Unlike real estate markets like London or New York, it is perfectly standard to market with several agencies on a multi-agency basis. This gives the seller more exposure and a greater chance of finding a serious buyer.
Alternatively, if a seller decides to engage a Property Agency on an “exclusive basis”, ensure that the company offers an extensive marketing plan and a reasonable exclusivity period (I.e. 1-3 Months max with 1-month notice period)!
Need to sell your property to free up some cash?
Get into contact and our Sales Agency can devise a bespoke Sales & Marketing Plan to suit your needs!