Tips for Selling Your Property in Phuket
So, you want to sell your property in Phuket. The selling process here can be much different from any other property you have sold before. Many sellers are unaware of the exact process as to where and how to sell the property. Since real estate is one of the most important investments that you make as a family, you would want to get it right from the beginning. Check out the tips presented here on how to sell your property in Phuket.
Secret strategies for successful selling
- First impression matters the most
You may have great interiors, but most buyers would judge your property even before they enter through the front door. So, make sure that your property looks great from the outside because you may not get a second chance. It is important that buyers feel invited, welcome and safe as they visit your Phuket property. If you spruce up the exterior appearance and the landscaping, you may get a 300% return on investment from it. Enhance the curb appeal of your home. The entryway, in particular, is always important, so you should make it as good as you can.
2. Be ready at all times
You never know when a buyer is going to walk through the door. Be prepared always so that the buyer gets the best impression. You must be available at all times, and the property should be in its best shape. For example, there should be no undone dishes in the sink or an unarranged bed. Pay attention to the bathroom as it should be clean at all times. It can be a little inconvenient to maintain it, but you will be able to sell your property faster like this.
3. Pay special attention to the kitchen
Many buyers make the kitchen the focal point of their assessment. It would be safe to say that the entire value of your property depends on how well-kept the kitchen space is. There is no dearth of remodeling ideas, and the good news is most sellers recoup 80% of the remodeling costs. Painting is by far the fastest and the most inexpensive kitchen update option. You can also add in a new backsplash or new cabinet hardware. Use a neutral color so that your buyers have a blank canvas to start with.
4. Make it formal
You have to be very formal in your approach. De-personalize your property so that buyers find it as a neutral space, and not as somebody else’s house. The less personal stuff you have in your property, the more are your chances of letting buyers imagine the space for themselves. Remove your personal stuff and put it in the storage room. Take away the personal keepsakes, family photos, and collectibles. Keep your furniture arranged in such a way that you can exhibit your floor plan and optimize the interior space.
5. Keep the pets away
You may think that potential buyers would feel at home if they see your dog or cat, but this may not be the case. Not all people like pets, and you should keep the pets away in a separate part of your home. Conceal the food bowl of the dog or the cat litter so that no unfavorable impressions are created on the buyer.
6. Present a bright space
Keep the place illuminated. Buyers are put off by dark and dingy spaces. Clean the windows, keep the curtains open and increase the power of your light fixtures if the wattage is too low. You might want to trim the hedges outside the windows to let in sunlight within the property. Present a bright and cheerful space as it always pays off.
7. Don’t keep the closets stacked
Keep the closets half-empty. This allows buyers to envision how much space they have in the closets. Keep it well arranged and uncluttered. Picky buyers prefer to look at the details, and half-empty closets present a good impression.
8. Avoid excess upgrading
Quick fixes on the property would always pay off. However, if you go for huge makeovers, it may be difficult to recoup the money. Do not go over the top with all the bells and whistles. Instead, keep it simple as a paint job. Scout your property to find out if anything is broken. Replace it so that buyers have a good first impression. Check if all the doors are on track, or if the cabinets and kitchen hardware are in good condition. Fix broken window panes, clean the grout, and call a plumber to fix leaky faucets. Such small changes go a long way in securing a good value for your property.
Study the market conditions
Study the market conditions before considering selling your property in Phuket. Is the market encouraging or discouraging? Have a good idea about the global economy. As in most cases, the new owner is going to be a foreign national, and you should have an idea of everything. Stay updated about the local economy. Have there been investments in new infrastructure such as underpasses or 5G? Did Phuket recently get a new mall, a golf course, or a marina? All these things are going to influence the decision of buyers so you should remain updated.
Which is the best time to sell in Phuket?
We are often asked to suggest as to when is the best time to sell in Phuket? Our experience says that the period between November and April is the best time. This is because this is the peak tourist season, and potential home buyers also visit the area. The weather is also pleasant during this time. However, this does not mean that serious buyers cannot be seen in the off-season. Overall, the Phuket real estate scene is active all around the year, and you should be prepared at all times to show your property to buyers.
Appoint a real estate agent
You can choose to market yourself, but the best option is to hire an experienced real estate agent to do the job. You can also appoint multiple agents to showcase the property on a non-exclusive basis. This helps to get better exposure to your listing. However, you should ensure that all agents are presented with the same selling price and the terms and conditions of selling the property. This avoids buyer confusion and increases the credibility of your property.
Advertise the special features of your property
Highlight the special features that make your property unique. Make sure all agents have photos of your property from various angles. Also, inform the agents of the features of your property so that you are on the same page. See that the photos are done in professional quality.
Set a realistic price
Most probably, you purchased the property with funds from overseas accounts. The Thai Baht has had a stable run for the past few years, and it has also strengthened its position in the international market. This means that it is favorable for sellers, but not so much for buyers. It is better to keep this in mind when setting a price for your property. The right pricing means the property will be attractive for buyers as they will want to get more value for their money. Overpriced properties tend to sit in the market for extended periods. This can reduce the value of your property. Set a reasonable price according to what you spent on the property and by adding a reasonable amount of appreciation.
Ensure that you have a good understanding with the tenant
Inform the tenant that you want to sell the property. Sometimes, tenants become interested in buying the property. Always ensure that all the viewing is done professionally without disturbing the tenants.
Keep all your documents ready
Have everything in order before you enlist your property in the open market. Ensure that all the documents are ready and can be easily accessed for viewing. Keeping these in order prevents unnecessary delays. Not having ready documents can make buyers nervous about the credibility of the property.
Keep the property in tip-top shape
As mentioned above, look after all the repair works before getting your property ready to sell. The property should be clean and tidy both inside and outside. Make sure that there are no foul smells or bad spots on the property. Minor things such as a leaky faucet can turn off buyers. So, make sure that everything is in order. Schedule a pest control company before selling the property. This is important in the tropical climate of Phuket.
Conclusion
The task of selling your home can be a big responsibility to attend to. You might have noticed that some properties sit unsold in the market even for one year or more while other properties sell faster. The secret is in making the small changes mentioned here. Call us for an inspection of your property so that we can get it ready. We will suggest to you the best options to sell the property and see that you get a good price on it.
IBG property is one of the most reputed real estate agencies in Phuket. We started our journey in 2016 and have had considerable success. We can help you get your dream house in Thailand.
