One of the most effective real estate buying tactics is to make a link or connection. During any property sale, it is critical to establish a good connection with the seller. Sellers want to sell their property to people they like. The more you can persuade the seller that you can own and care for the Phuket property indefinitely, the better.
You compose a real estate-style letter in which you express your appreciation for the seller's home or property. Discuss the kids you'll be playing within the backyard. Discuss how you intend to repair the roof, mow the lawn on a daily basis, and invite your parents to stay with you. Paint an image in the seller's mind of how well you plan to care for the property after it is sold to you. Selling an apartment, house, or villa in Phuket can be a very emotional experience, particularly if you've owned it there for a long time. When you're negotiating with a prospective buyer, all of your memories come flooding back.
Being a seller is much more difficult than being a buyer. Buyers should look around without making any commitments. The seller, on the other hand, is putting himself out there by selling his home on the internet, signing a contract with a real estate agent, and allowing strangers to look around his Phuket Property. The seller is also aware that if the property is not sold within a certain time frame, it will become "stale fish." When assets become stale, price reductions are unavoidable. It's also humiliating to put yourself out there and be turned down.
Using the "end of the world" approach will inspire the seller as a result of too much worry and stress. Fortunately for you, considering the 24/7 news cycle is all about coronavirus deaths and global ruin, it's far easier to picture the end of the planet right now.
Start with a big-picture scenario, such as what would happen to the real estate market if the stock market experienced a 50%+ correction, as it did in 2008-2009. Then you would talk about what would happen if COVID-19 mutated, putting billions of people in danger. After that, you might talk about how the second and third waves could be much more dangerous. . After that, you should talk about how you think strict lockdowns can last for at least another year or two before a vaccine is distributed.
I sold my rental property in America in 2019 and reinvested the proceeds in real estate crowdfunding, dividend-paying stocks, and municipal bonds in order to live a simpler life. It was a lifesaver not having to deal with rowdy tenants while I focused on taking care of my baby girl and my business over here. The more the property seller is older and richer, the more desirable a simpler life free of property maintenance would be.
With a real estate breakup note, you will make the seller fear losing you after presenting yourself as someone with impeccable character and immense financial power. One of the most successful real estate buying tactics is the fear of losing out (FOMO). And if there are other parties involved, a real estate sale is not complete until the final escrow papers are signed and the funds are deposited in the seller's account. A deal can fall apart due to a variety of factors. You should make it clear to them that once you've been lost, you're gone for good.
As a result, I believe a more fair starting offer price is 20% lower than recent comps. Even if you may offend some sellers (and you can), they are likely to react to your bid. Given all that's going on, a -20% reduction isn't irrational. If you don't have any comps, hire someone to go out and get some for you. If my hypothesis that Phuket real estate values will hold up during a pandemic is right, finding great real estate deals will become more difficult. Real estate inventory is down, unlike in past downturns, as most sellers are just waiting it out. However, you can never let the difficulty of a task deter you from attempting it. To get a good deal, you must use a few good real estate buying techniques.
If you search hard enough, you will still find Phuket real estate sellers. Anyone willing to put their house on the market during a pandemic should expect that rates would fall. Otherwise, they will simply wait several months for people to be able to visit their home in person. As a result, it's up to you to prove them wrong by offering a significantly lower
There will also be the real estate agent who attempts to persuade the seller to sell for a low price in order to earn a commission. It is only rational to press harder for more business while business is down. Encouraging the seller to list during a pandemic is not a good idea unless there are exceptional circumstances.
If you can be ready to pay cash for a Phuket Condo, Villa, Home, or property, so you can make an appealing bid at 20% off last year's price. Since every case is different, you are welcome to give a lower price. The seller's worst option is to say no. A little "no" shouldn't deter you from your search for building a great fortune if you're trying to create as much wealth as possible to provide for your family. The economy is free and available to everyone.
Although I've seen some pretty good sales so far during the pandemic, real estate is a local business. Regardless of how protective real estate is as an asset class, I will not recommend paying record-high prices. Look at your cost per square meter for the construction and ask yourself if it's worth it. If you're going to buy real estate in Phuket today, please negotiate harder than normal. Let us not forget that tens of millions of people are still unemployed. We are living in trying times. Maintain your focus. Purchasing Phuket real estate during COVID-19 is difficult. However, if you pay the right price, you'll probably be fine. Best of luck to all!
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ABOUT ME: Hi, I'm Scott Paul, (That's Jay and Pepsi) I've been living, working, and enjoying Thailand for 18+ years. My goal is to educate, assist and share my experiences with you in finding quality and inexpensive real estate in Thailand. Reach out to me if you're looking for something considered a bank repo or distressed property, etc. My connections in real estate across Thailand are extensive. We also have some Patong beach condo rentals for a long-term lease available. I'd love to hear from you and happy to discuss with you some ideas. Email: scottriefler@gmail.com Phone,SMS +66800528082
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We have four properties right now on our blog that I consider undervalued and good for buyers in the current "buyer"s market.
1. Land In Chiang Rai Click here 6.5 Million
2. Land In Surin, Thailand Click Here 1.2 Million a Rai
3. Land In Doi Lo Chiang Mai 450,000 a Rai
4. 104 sqm Condo in Patong Beach, Phuket 5,750,000 THB Freehold
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