Why do I Need an Agent When Buying Property in Phuket?

Let’s be perfectly clear here: no one needs a real estate agent – they need a knowledgeable, professional, and honest real estate agent. 

Getting into home ownership is difficult enough in one’s native country, it only makes sense that property ownership in Thailand requires outside help. Whether purchasing an investment property or investing in a retirement home for personal use, the difference between falling into a money pit and falling in love with your new home is often down to the right agent. 

Here are a few reasons why agents play such a pivotal role in a property search

1. An agent should have local knowledge

If you’re not familiar with Phuket, knowing where to buy is a real challenge.

Thailand’s largest island covers 543km2 and contains 12 sub-districts, each with its own character and nuanced differences. A good agent should be able to provide meaningful information on each area and other information related to your property search.

This knowledge should also be based on more than a few years of living in Phuket. Historical perspective comes into play when seeing how the area has changed, and that knowledge should carry over into being able to predict what the area might look like in 5-10 years’ time. 

Why is this important? Perhaps you have your heart set on a sea view but you have a limited budget. Your agent should know straight away that Cape Panwa and the coastal areas of Paklok might be better for you and your budget. This is particularly critical with the recent changes COVID brought to Phuket.

2. An agent should know the current market trends

Thailand doesn't have a reliable source of data like many parts of the Western world do, and property is no different. This is evident by the fact there’s no Zillow for Thailand or anything that comes near it. 

Buyers need to rely on agents for current data related to sales volume, expected developments, planned infrastructure changes, where demand has been rising, and where it’s dropped off. 

Why is this important? Again, COVID has changed Phuket’s property market quite a lot. As the island’s economy bounces back, there are at least two areas Pulse agents are advising to avoid investment, while we know at least four to be particularly valuable in terms of expected ROI in the next five years.

3. Your Agent Can Advise on Property Ownership in Thailand

There is no point in starting a property search without knowing first what type(s) of ownership you’re willing to consider. 

For instance, if foreign freehold is your only option, then you should only be looking at condos. Other options include Thai company freehold, leasehold, protected leasehold, or Thai freehold (for those who are ready to put the property into a Thai partner’s name).

Pulse has a helpful article summarizing these options: Can Foreigners Buy Property in Thailand, a great starting point for those who need it. But even after reading through it, you might have some questions. Your agent can give detailed advice and recommendations for each individual property you are interested in. 

Our team has decades of experience in the Phuket property market between them, and we have all lived in Thailand for 10+ years. We have already dealt with all kinds of situations and ownership and can guide you through the potential confusion when it comes to property ownership in Thailand.

4. Your Agent Will Advise You on How Much to Offer

With their experience of the local market and property negotiations, your agent can advise you whether what the seller is asking is a fair price and/or if the price is negotiable. This can be particularly true for off-plan projects straight from the developer where the agent might have closed deals before and have a good relationship with the sales team.

5. Your Agent Has Experience in Real Estate Contracts

Even if you have experience of real estate contracts in your home country, contracts in Thailand might be a different story. A reputable and experienced agent, like the ones we employ at Pulse Real Estate, will have seen the contracts before. They will have experience with conducting transactions at the land office, and together with your lawyer, you are in safe hands. Yes, we advise you to always hire a lawyer when buying property in Thailand, and we have a list of trusted professionals who come recommended by past clients.

6. Using an Agent Does Not Cost The Buyer Anything

As is standard in Phuket, the agent is paid by commission offered by the seller, whether it be from a private owner or from a developer. Agents do not charge an upfront fee, instead, the commission is only paid once a deal is completed. 

Nevertheless, our agents are committed to finding the right property for you, and we put the client first, not the commission. We also reach out to other agencies if the options in our inventory do not fit your requirements, all to make it easier for you to find your dream home in Phuket.

7. Your Agent Will Arrange Viewings of Properties

Your agent can arrange and coordinate viewings for several properties on the same day. You’d be surprised how complex this can be in many situations and this saves buyers a lot of time and hassle. 

We at Pulse Real Estate also offer pick-up and drop-off at a location of your choosing as part of our service as the buyer's agent. We can also arrange virtual video viewings via Whatsapp or other chat applications on request. You can fill out the form on our property finder page to fill out your property requirements and one of our advisors will get back to you with a list of properties to review.

Conclusion

Using a real estate agent when buying property in Phuket makes sense only if you choose a reputable agency. Unfortunately, this is an unlicensed profession in Thailand and Phuket is rife with agents/agencies lacking basic knowledge and professionalism.

We at Pulse Real Estate are dedicated to helping our clients throughout all stages of the purchase process, and we have the knowledge and experience to make your transaction as smooth as possible. As such, our agents cultivate long-lasting relationships rather than short-lived business transactions.

Feel free to browse through our inventory of property for sale in Phuket, or reach out to us using the contact form below to schedule a personal consultation