Tips to price your property in Thailand
A very common question mostly for non Thai national is to know how to price the house that you are going to sell.
First, investigate about house prices in the area and how much similar houses/locations and land size sell for. If overpriced it may take forever to sell and it shouldn’t be under priced as well. Take into consideration the house state and whether or not it needs to be renovated. A rule of thumb is to go through few renovation processes in order to make the house appealing and sell it a higher price.
Once you have a good idea on how much you want to sell the property/condominium/house etc… you may want to use the method below:
This method will influence the speed of the sale of your real estate using ZERO effort, at the same time increasing the asking price by a small margin. How? You might ask. Just adjust/change the zeroes in the price! Yes, correct!
The simple idea is just to adjust your pricing, so that instead of, say, THB 6,000,000 you ask for THB 6,150,500. The 2nd price is higher than the 1st price, so you see a higher profit from the sale. But how will this affect the sale? Well its common sense, it’s been proven that most buyers/people subconsciously do not like the zero!
A real number or price has more natural association because it looks like you calculated your cost to the last cent.
You took the time to break down all the costs, and calculate a number for their needs, not just the rounded-up number you would normally use. THB 6,150,500 looks like an un-rounded number with no buffer. So tests say the buyers will be less inclined to try to mark down the price under 6,000,000.
if say you price the property at 6,000,000 THB buyers will think you rounded up the price and hence they will try to haggle you down, and most likely you will sell for only THB 5,5xx,xxx and this will cost you money. This is called the “method of non-even price numbers”.
Once you get potential buyers, don’t be offended if they drastically reduce the price or bargain. Start negotiations and be ready to make an effort on your side. Leave the door open and be diplomatic in your speech.
We hope you found the above article helpful and wish that you are going to sell your house very soon!