What Does A Real Estate Broker In Thailand Do All Day?
I often get this question: “What does a real estate broker in Thailand do all day, when you do not have clients in the office?”
A recent survey found that for every 1 hour an agent spends with a client, he will spend an average of 9 (NINE!) hours out of eyesight working on behalf of his clients!
But OK, what does a real estate broker in Thailand do all day, anyway? Read on here:
We as real estate brokers in Thailand doesn’t get paid an hourly salary.
We are not getting paid until the property, land or business is sold and the deal is closed.
In other words if we don’t sell any properties, we do not get paid! We work for free!
In today’s complicated real estate environment, there are hundreds of tasks for a broker to take care of.
Each client and each property, land or business sale is different.
Know the Local Market
Real estate brokers must keep up with the inventory of the properties that are on the market.
We have to know details of properties that is recently sold, at what location and at what price.
We need to be up to date about the latest market statistics.
This includes every neighborhood, community and area in which we work.
Professional brokers must know the market trends, like how long properties are taking to sell, what the average prices are, how much sellers are getting in sales price compared to
their listing price.
Staying on top of the local real estate market requires tons of research, whether it’s combing the multiple list service daily to see what’s new on the market, or seeing what the sales prices were, or how much homes are selling for on average compared to their list price, or conducting numerous comparative market analyses.
The inventory and data is changing every day and requires constant review. This is very time consuming and impossible to do by a single broker himself, taking in account that he also needs to actually sell something himself!
Market knowledge also requires that real estate brokers personally tour homes personally and shoot some nice photos for the website.
Real estate agents must be familiar with nuances in home styles, floor plans, construction details, and much more, to provide information to their buyers and their sellers.
Knowledge of the lifestyle and amenities afforded by various neighborhoods and communities is crucial to help buyers find their dream home. There is a great difference between say Ao Nang and Krabi Town and there is an even bigger difference between Phuket Town and Patong, just to name a few.
Know The Real Estate Laws and Practices
Today the constantly advancing technologies affect the real estate industry like virtually no other industry in Thailand.
We as real estate agents must stay on top of the latest technology tools available to best serve our clients the best possible way.
We need to know all the latest changes in the Thai law concerning the real estate industry.
In our effort to be a trusted adviser to our clients, we need to take many hours of education every year to enhance our business acumen and our skills.
Communication and Follow-up
Very much of a real estate broker’s day is spent communicating with people. No real estate broker in his right mind will ever leave his mobile phone unattended for just a few minutes…because this can cost him (or her) the next property sale!
Text messages, emails, and phone calls are an ever-present aspect of the real estate broker’s life.
We communicate with buyers, sellers, cooperating agents, lenders, land office department, commercial office, inspectors, office staff and third party vendors just to name a few.
Follow-up calls and emails are also vital in this business.
For a real estate broker, the work weeks seldom ends on a Friday afternoon. Actually often it never ends at all, because you are always on duty…
Manage the Real Estate Process
There are literally hundreds of tasks that go into ensuring a successful outcome when you are selling or buying a property in Thailand.
Many people play a part of this, and the real estate broker is the conductor assuring every part of the process is handled correctly!
As a real estate broker we are motivated by the desire to help people.
Buying and selling a home is by far the most complicated and expensive purchase of your lifetime.
And on the top of it, this is also often the most stressful life event for many people.
So as real estate brokers we regularly find ourselves in the role of negotiator, coordinator, mediator, scheduler, concierge, researcher, problem-solver, paper-pusher, marriage counselor and child entertainer just to mention a few things we put on our back.
And we need to master all the roles!
We do that with pleasure!
No matter if you are a buyer or a seller!