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Opinion

Statistics don’t lie, agents do

The Thaiger

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Statistics don’t lie, agents do | The Thaiger

OPINION

Anyone currently involved in the Thailand property market will be happy to note that Thailand’s global ranking for transparency within its real estate market (Jones Lang LaSalle, 2014) has improved from 39th in 2012 to 34th in 2019.

What does this actually mean for the majority of us? Unfortunately, the answer is very little indeed!  

With almost no freely available, open market data within the Thailand property market, sellers and buyers are heavily reliant on real estate agents to provide honesty and guidance in assisting their real estate decisions.

Which prompts this question – do the readers believe that Thailand real estate agents are honest, patient, assertive, passionate, creative and tenacious?

I think belief outweighs truth and fantasy doesn’t equal reality. 

We all know someone who has been burnt by bad property advice or been promised rental returns or capital growth that was never achieved. Do real estate agents use complex pricing models to value your property accurately and fairly, or do they take some pie in the sky figure dreamt up to buy your confidence.

Brennan Campbell, CEO of FazWaz, explains that market inefficacies have been more than amplified within the property sales business.

“Property owners, agents and prospective buyers alike are creating price evaluations based on subjective materials and not market facts. This leads to large discrepancies in pricing across different areas of the island, and even within the same development”. 

What is really the most expensive area to buy? What premium do we have to pay for beach side properties? What is the average off plan to completion ratio for specific condominiums? What really is your property worth? Is it better to rent my property as a long term rental or as a vacation rental? What type of in demand units is the market lacking supply for vacation rentals?

There are thousands of questions that the market cannot easily answer at the moment, because the infrastructure, data and technology is not readily available.

Imagine if we could empower consumers in the Thailand property market with the resources they need to make better informed property decisions. Envisage helping consumers both search for their next property and research the market by utilising market data, local information and community tools.

Imagine providing buyers, sellers, developers and realtors alike the ability to back up wild claims with undisputed market statistics. 

Will these developments be positive news for everyone?

I think the majority of people would agree that transparency is the only way to move this market forward and increase consumer wide confidence. I think the opposition would predominately come from property owners who will be surprised to find their true market value might be significantly less than they have been led to believe. 

In layman’s terms, FazWaz uses loads of information from everywhere to give our customers an accurate market value. This is just a small part of analytics tool suite offering, and FazWaz has loads of great functionality that will be making available within this upcoming release. 

By disrupting the Thailand property market through transparency and efficiency, we hope to set a new standard for transacting on property within Thailand. FazWaz hopes to bring this exciting functionality to the market by the 3rd quarter of 2019.

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Opinion

“Racial profiling and xenophobic” – a rant against Dual Pricing

The Thaiger

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“Racial profiling and xenophobic” – a rant against Dual Pricing | The Thaiger

The rules are applied in a lumpy fashion at various tourist hot spots around the country as well as some national parks. Sometimes it’s applied, sometimes, not, sometimes there are signs, sometime they make it up as they go, sometimes they will allow local expats in for the Thai price.

There are dual-pricing apologists who say ‘Hey, it’s cheap anyway, so pay up and shut up’. Whilst dual-pricing whiners say it’s unfair, racist and shows a lack of grace towards tourists and foreigners.

Here’s the story from ‘Despondant Foreigner’. You can have your say on the post at our Facebook page

“I would like to share my story with you that happened to me this morning. I visited Promlok waterfall in Nakhon Si Thammaratt with my Thai wife, child and wife’s family. Upon arrival two soldiers approached our car and my wife began talking to them. They explained to her that as today is Songkran all Thai’s get to go to the waterfalls free of charge but I had to pay. Then a woman dressed in yellow approached the car who confirmed what the soldiers said and told my wife that this is a new law. Well we were all disgusted and proceeded to drive back down to the bottom of the waterfall where we could all swim for free.

I am absolutely disgusted by this. Yet another example of Thailand’s racial profiling and xenophobia towards foreigners. The fact that I am married and have children here doesn’t make a difference. Because I have white skin I must pay the fee whilst all Thais go in free.”

SOURCE: ThaiVisa

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Opinion

Fox News fake news, Phuket gets a bullet

Bill Barnett

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Fox News fake news, Phuket gets a bullet | The Thaiger

by Bill Barnett, C9Hotelworks.com

As Phuket moves slowly into low season, a story published in the international media by the US-based Fox News about how tourists could face the death penalty over taking photos at the island’s airport is a highly flaw piece of sensationalist fake news.

Clearly there is no likelihood that the Thai authorities will apply a legal maximum penalty under the Air Navigation Act for tourists posing for selfies as airplanes land. More likely would be a  charge of trespassing and a fine.

Clicking into Google this morning the story is now running with the New York Post, MSN and other news outlets abroad.

What is distressing is to see how news providers sensationalize Thailand and Phuket with little regard as to the consequences of the economic impact of such a story.

For most readers, what they will remember when reading such a piece is only the headline about Phuket, Mai Khao Beach and the death penalty.

What a sorry state of affairs mainstream news has become.

To read the Fox News article clock HERE.

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Election

Is Thanathorn the new Thaksin? Will the ‘establishment’ tolerate his new political vision?

The Thaiger

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Is Thanathorn the new Thaksin? Will the ‘establishment’ tolerate his new political vision? | The Thaiger

Is Future Forward Party leader Thanathorn Juangroongruangkit a popular fad or does he, and his party, have the staying power to make him a sustainable threat to the entrenched Thai political elite?

Many analysts are comparing Thanathorn to Thaksin in his early days. They say there are clear similarities. First off, Thanathorn is facing the kind of legal trouble that Thaksin faced when Thailand’s political crisis started to brew.

After becoming Thailand’s PM, Thaksin faced a share transfer scandal in which he moved his company shares to poor servants, allegedly to avoid stock market restrictions imposed on people owning big lots of stocks. Now, 40 year old Thanathorn is facing a legal controversy over his previous ownership of media shares, which could still doom his election candidacy.

The allegations are yet to be considered by the Election Commission.

Thaksin, in spite of repeated denials, was always alleged to have controversial political ambitions. Thanathorn, meanwhile, is seen in an increasingly similar situation. The list of complaints is growing, many to do with his perceived unorthodox ideology that contrasts with the conservative political ‘Thainess’ that includes non-negotiable support for the Army and Monarchy.

Thanathorn has been criticised for something he said about the Khana Ratsadon Party, which played an instrumental role in changing Thailand’s system from absolute monarchy to constitutional monarchy in 1932. The secretary-general of Thanathorn’s party has also been forced to deny making highly-controversial comments about Thailand’s political culture.

Future Forward did very well on March 24, surpassing pundits’ predictions for the new party. Analysts say the success is due to three main factors — Thanathorn’s youthful image that attracted the majority of first-time voters, the dissolution of the Thai Raksa Chart Party that shifted a lot of votes to Future Forward, and the new party’s fresh ideology and perspectives.

He, and the party, attracted a lot of newer voters along with a core of disaffected voters who are looking for change.

But Thanathorn’s looming legal trouble is described as a potential banana skin. It concerns a large number of shares he had in a media company, which were transferred to his mother so that he could qualify as an election candidate.

One apparently-private document, which he is relying on, showed he transferred the V-Luck Media Company shares on January 8, before he applied for election candidacy. Another document, which his accusers are relying on, apparently showed the transfer was brought to the authorities’ attention after he became an election candidate.

Controversy continues to build around the young billionaire and chances are it will grow.

SOURCES: Thai PBS | The Thaiger

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