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Thailand’s property market set to experience brokerage megashift

Bill Barnett

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by Bill Barnett

It’s clear that Thailand’s real estate sector is expected to undergo a megashift as a result of the Covid-19 pandemic and search for a ‘new normal’, if that’s even possible. That said, one of the country’s leading PropTech groups FazWaz says the crisis has only accelerated dynamic charges to the sector that have been bubbling to the surface over the past two years.

“Big data and virtual seamless transactions are recurring trends whose time has come”, according to FazWaz CEO Brennan Campbell.

“The current crisis has created a great wall between property buyers and sellers can easily be demolished through a complete overhaul of the legacy brokerage transaction process. “

FazWaz, who are a PropTech start-up under Thailand’s BOI (Board of Investment) technology development platform has methodically pursued an enhanced big data platform by focusing on creating a forward-looking property transaction model. 

Over the next few months the next domino to fall is a new FazWaz product using online data to create dynamic property valuation, which can be used by financial institutions, developers and prospective buyers in obtaining real-time appraisals. 

Commenting on the new business model Campbell says that it’s time for reality to bite.

“The old method of real estate valuation in Thailand, that requires an arduous paper chase, walking around neighbourhoods, staring at ‘for sale signs’, and looking back versus looking forward, makes zero sense.” 

Big data allows FazWaz to understand dynamic demonstrated trends 24/7 and uses algorithms that can predict future values. Thailand’s shifting property landscape is seeing lines blur between primary and secondary sales. This is magnified even more, given both rely on market valuations as a lever for transactions. A recent FazWaz deep dive into the Phuket real estate sector showed a market value of properties for sale in excess of 100 billion baht.

Lessons learned in the current crisis, that is moving away from traditional brokerage, has prospective buyers taking virtual tours of property (VR) instead of going to show units. VDR (virtual data room) is also becoming a new standard in the transaction process. It has been accelerated into the due diligence process by sheer necessity. Add in the use of big data for AVM (automated valuation model) property valuations is clearly a more accurate methodology given emerging market volatility. 

As Thailand’s property sector goes into reopening mode, and the long journey towards recovery, Campbell weighs in with “the new path is one that the industry has not been on before, big data doesn’t sleep, nor do disruptors to the sector. Ultimately PropTech will change the sector in ways you cannot even imagine today.”

 

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3 Comments

3 Comments

  1. Avatar

    Robert

    Friday, May 22, 2020 at 12:40 pm

    Well I would be very interested to see how this algorithmic takes into account the lack of zoning laws in this country, the ability for a million-dollar property to have a Myanmar Work Camp located beside it or an undesirable business, Auto Body Shop, Recycling Depot, Etc located next door or within in meters of the property.

  2. Avatar

    Kevin

    Saturday, May 23, 2020 at 7:18 am

    The article talks about a shift away from looking at for sale signs.

    I hope Fazwaz are able to push this as they are the top provider of visual signage pollution around Koh Samui in my opinion.

    Their hand written white A4 signs are posted everywhere around the island and a real eyesore.

    I can’t wait for the day when they don’t have to advertise in this manner.

  3. Avatar

    Kelvin Bamfield

    Sunday, May 24, 2020 at 12:12 pm

    Hip Flat was developed years ago and has all the tools needed to make an informed decisions regarding buying selling age fees sqm costs rent over the years and sales over the years and direct access to the sellers – I dont own shares in it but its already done and works –
    One thing to program into the algorithm is reality as there is a crash coming worse than 97 or 2008 but thats not factored in
    When things open up thats not the end of it as the financial tsunami is upon us

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Bill Barnett has over 30 years of experience in the Asian hospitality and property markets. He is considered to be a leading authority on real estate trends across Asia, and has sat at almost every seat around the hospitality and real estate table. Bill promotes industry insight through regular conference speaking engagements and is continually gathering market intelligence. Over the past few years he has released four books on Asian property topics.

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