Let us talk about the main mistake owners of Phuket luxury villas make offering their properties for sale. This mistake costs expensive and many holders of villas lose a lot forgetting about it.
So what are we talking about? To put it briefly it sounds as “I want for my Phuket luxury villa «N» of millions thai baht”. You should understand real estate market is not a store, this is some kind of exchange with its classical laws, characteristics and trends. Your villa is not a commodity lying on a fixed price shelf and waiting for its buyer. Any housing is a product with flexible rates.
Sellers must clearly understand it and so not have any illusions concerning property price. It is better to forget the phrase “I want for my house this or that price”, price must be determined by marketing plan in accordance with definite criteria. Owners need to find a professional who will be able to find the most profitable buyer at the moment. Whether final price will be higher or lower than sellers’ expectations, it does not depend on the owner of the object or on his desire -only current market realities influence it.
An experienced realtor knows how to build up selling strategies and tactics in order to attract the most paying customer. Thus one of the main goals of your broker is to find out what is maximum amount the market is ready to offer for this particular lot including all its advantages and disadvantages.
The bottom line is answering the question “How much does my property cost?” we can sum it up: “As much as market is going to pay for it”. Sometimes people say: “I have just checked internet and there are same units for sale costing much higher than my broker offers”. Notice the main word there is “there are” not “they have been sold”. We hope you understand that any additional comments here will be superfluous.
We can overstate property price in case when it is in a high demand and more than two purchasers are eager to get it. In this regards some agents arrange something like auction for each property for sale, but it is also a mistake. Such so called “experts” had better focus their efforts creating unique features of the estate, which will have helped to initiate the tender.
Auction without any reason is just a waste of time and efforts.