Property Agents: Friends or Foes?

Determining a friend from a foe can be very hard. Sometimes, you have to experience the commission of an act first in order to reveal the ulterior motives of certain people.

Property agents are no different but if you come into contact with them well prepared, the possibilities of you being taken advantage by a property agent will be minimal.

The purpose of this article is not to place the property agents in the bad light but to give emphasis on what property buyers like you must watch out for when venturing into the real estate domain. Dealing properties for profit is their bread and butter thus closing the deal swiftly is the name of the game for some of them even if the deal will be somewhat disadvantageous to your part. But that will depend on how you will view, study and react to the barrage of information that they will give you. As a property buyer, you have to be always ready.

Is The Property Free From Potential Problems?

Some of these property agents may be afraid to disclose to you some encumbrances that a property may have. They may think that telling the truth means losing the deal and losing the deal means no commission for them so they simply choose to hide the facts that you need to know regarding the property.

Double Agents Are Not Only Limited to Spy Movies

You should also look out for some “supposedly” independent property agents because they may be, without your knowledge, acting or selling in behalf of a particular developer. Now, they may also present other properties as options to you but in the long run, they will lead you to the developer they are working for, albeit, subtlety done and you have no idea that the developer and your property agent are in cahoots with each other.

Some Knowledge Does Not Make a Person an Expert

You should not trust property agents too much on areas like property laws. They may have knowledge on these but such can only be so much because, in the first place, they are not practicing lawyers with sub-specialties on property law therefore, the best resource person on topics such as property law is a Thai-registered property lawyer himself.

Property law is a highly technical sub-specialty as it covers not only the applicable laws themselves but also the tax schedules and zoning and building ordinances as well as ownership and property registration procedures among others.

Additionally, property lawyers can do what property agents can. In fact, they can even do more. Property lawyers can conduct title searches, documentary investigations and due diligence, all important steps that a property buyer like should do.

See Siam Legal’s property Title Search and Due Diligence service.

Two Heads Are Better Than One

The cliché may be catchy but it does have a practical use when venturing into the property market. It may serve you best if you listen to more than one property agent or firm. That way, you can compare the properties that they will present to you and you can gauge which deal can be the best for you.

Your Budget: What They Need To Know

You have to be careful in disclosing your budget with property agents as they may only show you properties whose prices are above or nearest to it. It may be wise if you will give them a range but not the exact budget so that the list of property that you will be furnished with will vary accordingly.

Get Up and Keep It Moving

Going to the streets may actually give you valuable information. Asking around owners of properties that surrounds your target property will give you A-1 information that may be contrary to the advertisements and brochures presented to you. But it does not mean that because you are provided with the information by property owners themselves, you will take them as the absolute truth right away. Still, you will need the information checked for verification purposes.

What You Can Do As a Buyer

It is also important to remember that as a property buyer, in all your capacity, should look into the information that a property agent has given you. It is your responsibility to check the information’s veracity because their job is to provide you with information that will specifically answer your queries while you are looking for a suitable property.

Additionally, it will be wise for you to enlist the help of property lawyers with reputable backgrounds in their field. Please contact us for assistance.
 

Thai Legal Advisors
Thai Legal Advisors
With branches located around the major areas in Thailand, Siam Legal Chiang Mai is able to provide assistance in the field of commercial law, civil and criminal litigation, intellectual property law, family law, and immigration laws in Thailand as well.

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