In a panel discussion with four of Bangkok’s top real estate agencies, Adam Sutcliffe, Managing Director of Dot Property Group moderated a conversation about the digitization of the industry–in other words, how technology is affecting each of their businesses, their consumers, and their predicted future.
Below, read about how growing access to market information on sites like Dot Property’s Thailand-Property.com, the nation’s largest English language property portal, is educating the consumer population. Generating big changes for the industry, property buyers and renters can now see for themselves what listings are available and easily find information on a huge number of competing agents. This has created a new generation of savvier home buyers, who in turn are challenging industry professionals to improve their services and market to the widening online audience.
Introducing the Panelists:
BKK Condos’ Director, David Wood
ERA’s Senior Sales Manager, Chawalit Kongsakapaibul
Lifestyle Property Thailand’s General Manager, David Smith
Vauban Real Estate’s Director, Thibaut Marhuenda
Adam: First Question: What are some of the biggest changes you’ve experienced since you’ve been in business and what role has technology played in these developments?
BKK Condos: Years ago, we (as well as all other industry professionals) relied heavily on our own sites to generate leads. Nowadays, with online marketing platforms, users can get information from many different companies within seconds. It’s led to fiercer competition between agencies and as a result, better service.
ERA: During our earlier years in business we naturally relied heavily on traditional marketing tactics, but have kept up with the competition by building a website, using social media, being present on property portals like Thailand-Property.com, etc.
Lifestyle: I remember looking for a condo before online marketing was big; I was essentially left to find one by walking the sois of Bangkok until I came across a foreign agent. Now with the advent of English-language property portals in Thailand, foreigners can easily find and communicate with agents who can help them, and that’s a big deal for the expanding global market.
Adam: How have you seen the digitization of the industry affect the physical market?
Vauban: With the internet has come globalisation, and thus a big shift in the demographic of clients we work with. The international exposure has increased the appeal of Thailand’s property market, which is reflected in the growing number of overseas buyers.
Lifestyle: Online marketing is so far-reaching, and it really influences people everywhere. As property portals broadcast listings via social media, the very idea of moving to sunnier climates like Thailand is dawning on more people than ever before.
BKK Condos: The biggest change has been the emergence of property portals. Now, instead of spending considerable time and money to have our site appear first on Google, we can focus more of our resources on providing better service to our clients.
Adam: Has technology changed your buyers? If yes, how so?
ERA: Technology has played a significant role in consumer behavior, in that clients come to us having already done research on other companies and on what the market has to offer. Now when they come to us for an appointment, their existing knowledge helps us to better help them.
Vauban: Our buyers now have access to a lot of information about the property market, which positively makes our qualified buyers more mature. On the other hand, it also causes less-experienced buyers to base their inquiries on only the most attractive pictures and price instead of focusing on the fundamentals of a purchase.
BKK Condos: Fundamentally the buyers haven’t changed. They are still looking for attractive investments; that elusive under-the-market price property in a great location. You could say that our online presence puts us in front of a savvier demographic though, having information about us and our competition at their fingertips.
Adam: Can you make any predictions on how the industry will continue to change as a result of technology?
ERA: We are now in the era where buyers have access to unlimited information. Now and into the future, professionals need to adapt to the growing competition and accommodate the more knowledgeable buyers by expanding their networks and providing better service. There’s no-doubt the internet will continue to improve the way business in this industry is done.
Lifestyle: We’ve already been experiencing customers coming to us knowing what’s available, what they like, want, and need in a property more than ever before. Professionals will need to be better about delivering eye catching imagery and facts in the right places to get noticed first.
Vauban: We are already starting to see the market become more standardized with increasing access to public data, better communication channels, and geo-localization technology. The extensive and free information available will help customers grow into savvier more educated buyers. In the meantime they are finally enjoying the privilege of a more human approach.
BKK Condos: As more international franchises enter the market they bring their own technologies with them. This means that more independent companies such as ourselves need to make sure we keep up to speed. Generally the whole pace of the industry is quickening, so it’s vital that we act fast and utilize any technological resources that keep us ahead of the game.
This article originally appeared in the fifth issue of Thailand Property Magazine. Read it in its original format, on page 40 here: Thailand Property Magazine Online