The bar for buying real estate in Phuket is now lower than ever.
People nowadays don’t even need to visit the property personally in order to visualize options, make decisions or buy. Like most other industries, remote has also taken over the real estate world.
Today, you could easily switch on your cellphone or laptop and get a virtual walkthrough of a home on the other side of the world using applications like Facetime, Zoom, Skype, Immoviewer or BombBomb. This means that you are no longer obligated to drop your personal and business lives in order to make a purchase.
The other advantage to real estate today is that with the rise of agents, the buying process has also become simplified. Buyers no longer need to execute day after day of research, rely on hearsay and struggle to come to conclusions- they can now depend on agents who will greatly speed up the time they spend on purchase decisions. With the lockdown forcing businesses to go online to stay afloat, ecommerce has also blazed forward during the lockdown period, meaning people are now well-equipped to buy without ever meeting face to face in reality.
The role of an agent in remote real estate
As we covered before, in a virtual world, the role of the real estate agent you select becomes more critical than ever. Real estate agents are responsible for saving you hours and days of research through providing you with instant expertise on the kind of home/ building you want, the locality, the state of the market, and the options at your disposal.
So, what does your real estate agent need to have in order to help you choose your wisest investment?
- A strong understanding of the process
Your real estate agent needs to know the process like the back of his hand. Only then, can you trust them to take charge of every single procedure that needs to be handled.
- Your vision
The agent needs to thoroughly understand your ideas about the kind of home/ building you wish to buy. They need to execute a ‘needs analysis’ in order to assess your requirements and match them. To make this easier, you can give them a list of qualities your ideal home could possess such as
- The kind of property
- Size of property
- The number of individual rooms
- Geographical location
- Locale
- Amenities available
- Decorations
- The age of the property
A list of this nature would help avoid any disputes in the future between your agent and you and would help your agent gain focus on what you truly need.
- Availability
The real estate agent you choose needs to be available for a call, email or a message whenever necessary: they must be able to collaborate and cooperate during normal business hours in order to quickly seize an opportunity when it presents itself and execute the formal procedures within a deadline you set.
Ask as many questions as possible
Onec you have the right agent for the service you need, get them to consult your list and choose homes that match your criteria. Later schedule a call with them to give you a virtual tour of the building itself. This is where you need to ask as many doubts and questions as possible and get them clarified until you are happy. The more in-depth your questions are, the more information you will have at your disposal to make an informed decision. Look at every photo, every angle, every nook and cranny possible before you make a decision. Ask your agent for comparable listings to understand what they are selling for currently.
The next steps
Once you’ve found a home that’s a fit for you, you can then proceed onwards to the next stages of your buying journey, where you make your offer, establish the reservation agreement and make your payments.
Due Diligence
Dont make your agents execute due diligence!
You need a qualified lawyer to handle all legal questions and procedures. Create a Power of Attorney which will authorize your lawyer to handle legal matters on your behalf. Your lawyer can then assist with legal opinions, inform you of all the facts of the agreements and come to conclusions on transaction and pricing details.
With both lawyer and agent in place, the buying process becomes a smooth road. You select the home based on information the agent tells you, the agent sends over the papers concerning formal procedures and once you sign them, your lawyer can ensure ownership transfer at land offices on your behalf.
Conclusion
Looking for a wise investment in real estate but dont want to go through all these mind-numbing procedures? Look no further than Phuket, Thailand and IbgProperty. Ibg is your end-to-end solution for Phuket real estate investment. We help you choose from highly profitable Phuket seaside property options which guarantee steady returns. We also handle formal procedures for you so you never need to be burdened with complications. Hop on to IbgProperty.com to learn more about how we can help you gain passive income from Phuket real estate!
