How to Work with Bangkok Property Agents?

Looking to buy or rent a condo or house in Bangkok?
Unsure what to expect and how to work with local property agents?

From negotiating the best deal, to find the best property for your needs, this article will offer a simple guide to getting the most out of property agents.

To keep things simple and straightforward, this article is structured in the form of a Q&A, so feel free to skip to the most relevant section!

1. How to find reputable real estate agents?
2. Scope of real estate agency services and fees?
3. How many property agents should you engage?
4. How to get the best deals?
5. Avoiding real estate scams and fraudsters?

1. How to find reputable real estate agents?

It is important to note that in Thailand/ Bangkok, there is no professional license or industry specific legislation regulating property agencies or agency services. Therefore, potential buyers or renters should be aware that Bangkok property agents, are not regulated or bound by any industry code-of-ethics.

The standards of service can vary greatly between agencies, as a result clients should always conduct quick background checks as follows:

– Check that the agency is a registered company with an office.
– Visit the company’s website.
– Visit Social Media Pages (I.e. Facebook, IG, or Twitter).
– Check Reviews of the business on Facebook or Google.

2. Scope of real estate agency services and fees?

It is important to note that in Bangkok, agency commission fees are paid by the landlords or sellers of the properties. Therefore, property searchers should NEVER pay to engage the services of a property agent in the Capital.

Generally, property agents assist with the following scope of service:

Rentals
– Reviewing rental requirements and advising clients.
– Sourcing and organizing viewings of properties.
– Negotiating and preparing rental paperwork.
– Signing and move-in assistance.
– Basic tenancy management and eventual checkout assistance.

Sales
– Reviewing buying requirements and advising clients.
– Sourcing and organizing viewings of properties.
– Negotiating and preparing the Sales and Purchase Agreement.
– Conveyancing and property checks. (If buyer does not instruct a lawyer) *
– Transfer and exchange at the Govt. Land Office.

*It may be surprising to overseas buyers that Bangkok Property Agents, can also assist with property conveyancing, checks and transfer. This is usually only for the purchase of condos, where legal paperwork is relatively straightforward.

However, overseas buyers with no experience with Bangkok Property should preferably always engage a third-party lawyer for their own security.

3. How many property agents should you engage?

There is no limit to the number of agents you can engage.

However, there is an open business culture of co-broking in Bangkok, therefore efficient agents can usually get access to a wide portfolio of in-house or co-broke properties to offer property seekers. Working with too many Agents may result in viewing “duplicate properties” and eventually wasting time.

Therefore, it is usually advised to work with no more than 2 agents at the same time. Having 2 agents, creates healthy inter-agent competition and allows searchers to compare their options!

4. How to get the best real estate deals?

Property seekers may think it is better to keep “their cards close” and reveal limited information about their circumstances and requirements; there are inevitably worries, that agents may propose over-priced properties.

However, it is important to note that Bangkok is a tenant/ buyer’s market and inter-agent competition is intense. On top of this, property portals (I.e. Hipflat.co.th, Dotproperty.co.th, …), have added an unprecedented amount of transparency to the market whereby quoted prices of units, can easily be rechecked and verified.

Agencies are aware of this market dynamic and are more likely to offer the best deals to their clients, rather than risk losing deals to competitors!

Therefore, when working with property agents, the editorial advocates an open and honest relationship with a balance of caution. While you do not need to trust your agent 100%, providing clear requirements and honest feedback will ensure a smoother property search.

5. Avoiding real estate scams and fraudsters?

In Bangkok’s bewildering and unruly market, it is always important to tread carefully especially when making payments for rental contracts or sales deposits for unit reservations.

Here are some quick tips, to ensure you do not fall prey to unscrupulous fraudsters:

– Prevention is better than cure, ensure you work with a reputable agency by following the tips provided in Section 1!

– Always ensure there is a papertrail and written evidence of communication between you and the agent, in the form of emails, texts and messages on messaging apps. Ensure you are provided with invoices and receipts when making payments; ideally ensure you are making a payment via Bank Transfer, rather than making cash payments.

– Know who you are dealing with by requesting Identity Card or Passport Copy of Agents, Landlords and Sellers.

This wraps up this short guide, Fresh’s Editorial hopes the tips above were practical and useful.

We wish you luck with your property search!

Ps: Only a final note, in case you didn’t realize we are an established Property Agency, with an extensive portfolio of off-plan, resale and rental properties. If you are looking for a reputable agent to assist in your property search, feel free to contact us!

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Fresh Editorial

The Editorial Team is made up of Property Professionals with years of experience in the Bangkok Property Industry. Articles and reports are drafted using first-hand experience and local expertise!

The Team is always excited to hear from our readers via info@freshbangkok.com

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