It’s no surprise that tourism is driving property prices in Thailand up. In Phuket for example, there was a reported 27 per cent increase in flights into the popular beach destination. Coupled with a seven per cent growth in the Phuket real estate market and the rising trend of tourists who prefer staying in traditional Thai homes instead of hotels spells opportunity for local homeowners.
Phuket-based real estate startup FazWaz is right on the money with their newly launched property website. Armed with the mission to help buyers make educated decisions themselves, the platform also aims to help sellers, developers, owners and agents price properties more accurately.
The data-driven site does this with comparison tools, placing listings side by side and highlighting all fees and costs that buyers need to know. Offerings also include free value estimates for sellers and free property listing for developers. According to Paul Trayman, head of biz dev at FazWaz — they have no direct competition in Thailand as of yet.
“No one is doing smart things with real estate data and definitely no one has done a great property portal that is not full of old listings… Most of the current platforms are a ‘mash-up’ of condos, villas with both new and old listings. They’re very limited in any information and have just nice pictures with a brief description,” Trayman told e27. “Our secret sauce [is in] our data, our team and our platform. We have aggregated a huge source of accurate and up-to-date data from a number of sources and are focusing solely on the condominium market.”
The platform analyses millions of data points in relation to property sales along with their respective developer characteristics in the Thailand market. FazWaz’s algorithm compares unit prices and takes into account economic trends in any given geography. Powered by a team of analysts that works to refine estimates, the platform aims to help educate buyers on nebulous topics such as why one home is priced higher than the other, and so forth.
Having just launched last week, FazWaz has already picked up thousands of visitors to the site and Trayman revealed their aggressive growth plans: “We currently only have 2,600 units on there but are expecting to add over 2,000 units a week and expand to three new locations within the coming months. So the feedback, momentum and future is exciting for us,” he said.
Trayman is no stranger to the real-estate space having co-founded property site LivePhuket in the past and he reveals that FazWaz will be bringing on board a high-profile partner and advisor to help scale, structure and grow the business.
FazWaz is currently bootstrapping but is open to strategic investment.