Selling Your Condo Without an Agent? Yes, You Can!

The market could further fall, and you have to rent out your condominium. But how? With a realtor, which can probably break even on the deal, or just yourself and keep the income all to yourself?

Before you decide on whether to hire a realtor or not in leasing your Bangkok condo, consider the advantages and disadvantages of having one. The following information can help you in the process:

  • Interview realtors who are experienced and expert in condominium sales. Talk to at least three.  Ask them about their pricing recommendation, a comparable market analysis, and how they will market your Bangkok condo. A full-service agent will normally add your condo into the Multiple Listing Service and on their company website, advertise, hold an Open House, show the condo to prospect renters, prepare purchase offers, help you with negotiations on the contract, assist with any issues or problems or even just simple questions that suddenly surfaces, escort you to settlement, and many others.
  • Understand the responsibilities of a for-sale-by-owner. Remember that even if you are not residing in your condominium, your rights and responsibilities are still there. Most importantly, have all the paperwork ready. Your tenant will need multiple copies, for herself and her lawyer. Essential documents include copies of the legal description, including parking and storage spaces, the CC&R or Covenants, Conditions and Restrictions, bylaws, rules and regulations currently enforces and the likes. To educate yourself further on what you will have to do if you sell your condo yourself, search Google for “CC&R” “Bangkok condo bylaws” and other similar keywords.
  • Know if you have the expertise needed. These expertise include skills on knowing how to price the condominium correctly, create convincing advertisements, showing the condo to prospect tenants, handling information requests, respond to objections ethically and successfully, study and consider offers and counteroffers, provide all required legal and environmental disclosures, hire a lawyer to review your contract and every document you are supposed to sign, create solutions to any problem that arise in the settlement, etc.
  • Run the numbers. You must be able to not just list the expenses you are to spend, but estimate them. Possible expenses can be those which are spent for advertising, legal fees, and other costs for marketing. Know if you will be able to cover this beforehand and how much will your expenses affect the price of your condominium to be leased.
  • Know if you have the time needed. Preparing your condominium for leaser/s and eventually finding a renter can be time-consuming. It might ruin and turn your schedule upside down. Real estate is known as a service industry. Be ready not only for the responsibilities stated above, but also in answering inquiries and calls of potential tenants day and night, for showing the condominium to early birds before they go to work, spend evenings showing again your condominium to potential tenants after work,  or even spend your normal work day while handling calls. In short, you would have to adjust your schedule to the needs and inquiries of your potential buyers.
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