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Mark Bowling is senior sales manager with Colliers International’s Pattaya office on Second Road opposite Central Festival. The branch office was recently voted Best Agent (Eastern Seaboard) in the 2010 Thailand Property Awards. He joined Colliers International in early 2009 having been sales manager with a local property development firm since 2006. Mark has had a successful career in international sales and marketing spanning more than 20 years both in Thailand and the UK. He can be contacted at mark.bowling@colliers.com
Good, bad and ugly
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n recent years Pattaya has seen the number of real estate agencies and freelance agents diminish, which may not be such a bad thing in terms of quality of advice offered. In their wake, and as part of the ever-evolving property market, we see many sales booths in shopping malls which may tempt you to ask: “Do I really need a real estate agent?” The answer, for me, is most definitely: “Yes, you do!” The survival of the fittest scenario has brought about a more professional and better established agency network. These agents compete against each other, but also generally assist one another by sharing listings and information. Visit a popular Lighthouse Club function and you’ll see many of the city’s agents socialising and discussing recent happenings within the local property market. On a daily basis we see clients who have been dazed by the sheer volume of information they have been provided with during a mall trip. They listen to sales pitches at each stand and often come away feeling more confused than when they first set foot inside. State of bewilderment As a recognised, international name in real estate, Colliers’ office is prominent to those leaving Central Festival in a state of bewilderment. Our positioning provides us with many walk-in clients seeking impartial advice and information on the local market. Of course, Colliers do not have an exclusive on this. There are many well-established agencies in Pattaya who provide their clients with good, professionally sound advice. There have been horror stories in
66•REm•Issue 121•06/2011
If you don’t read the contract thoroughly, or take good advice, you might find yourself with a costly discrepancy of up to 6.3% of the purchase price.
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By mark bowling the past where some developments have failed to complete (or didn’t even start!), where standards of quality that didn’t live up to expectations or where incorrect information was provided, thus proving detrimental to the buyers’ investment. Such stories harm the sector as a whole and reflect badly on all in it. Thankfully, the combination of putting the worst global economic downturn behind us and a thriving domestic economy means the chances of being highly disappointed or losing your life savings are greatly reduced. That said, gaining good, independent advice should always be considered as it could save you millions of baht in the long run. A good agent will guide clients in the right direction by offering sound information on the developer’s history, any previous construction delays, financial standing, expected level of finish, overall capability and professionalism, not to mention any conflict of interest between developer and agent.
A good real estate broker will generally let the product sell itself by providing all relevant information while making comparisons with other similar projects. The broker will explain about any taxes or expenses that perhaps might not be clearly indicated. It has been known for transfer and special business taxes to be excluded from price lists in a bid to show the most attractive figure. If you know where you stand from the start this isn’t a concern, but if you don’t read the contract thoroughly, or take good advice, you might find yourself with a costly discrepancy of up to 6.3% of the purchase price. Market intelligence Without asking the right questions and visiting previously completed projects to check quality, the firsttime buyer is vulnerable and should not consider buying without seeking professional advice from a reputable agent. As mentioned earlier, word soon gets onto the real estate grapevine if all is not well, providing plenty of market intelligence – the Good, the Bad and the Ugly to describe it another way. Many agencies are members of real estate bodies who have guidelines about how to conduct business ethically and professionally. Colliers International follow the Royal Institution of Chartered Surveyors (RICS) Global Standards of Practice. RICS is the world’s leading professional body for qualifications and standards in land, property and construction. Caveat Emptor (Buyer Beware) are the words to remember, so seek impartial advice when buying or it could prove costly in the long run.