Legal Execution Department reaches out to the common man

The department recently joined the Money Expo with the objective of promoting its role among the public and to help people access property at reasonable prices. It also helps negotiate troubled legal cases and provides legal services to general consumers, she said.
“We want to adjust ourselves because our role is as an intermediary to drive the economic dynamics. Whether it is judgement mediation or sale of execution properties, we should add marketing tools in order to increase the efficiency of all the processes,” she said.
Her department has developed technologies including e-services on its website, and introduced LED Property and LED Plus Property applications on Android mobile phones to increase the liquidity of property trading.
Execution properties with the department at present is valued of Bt194 billion. In the first seven months of fiscal year 2016, property sales were worth Bt52 billion.
About 74 per cent of total execution properties are land, land and buildings and the rest are condominium projects.
“We are landlords because most properties are in prime locations and they are attractive for investors but we have to ensure our department is well known,” she said.
She raised the example of LED Plus property application as one of the marketing channels to help general consumers look at all condominium projects on all mass-transit routes. On the app, each condominium will show details, locations, appreciation of prices and auction dates.
The LED Plus property app will be on iOS soon, she said.
The Pracha Rath scheme is another channel to release the stock of execution properties, she said. The department has selected more than 10,000 units that qualified for the scheme to promote on its website. The department has also made a catalogue of those properties to the state owned banks – the Government Housing Bank and the Government Savings Bank – as an alternative way for general buyers who are looking for competitive prices.
“The Pracha Rath project will make us well known among individual buyers,” she said.
It has also launched a pilot online auction project, offering execution properties in four provinces – Chiang Mai, Songkla, Khon Kaen and Nakhon Ratchasima. In the next phase, it will open online public auction nationwide.
The department also set up new deposit of property to facilitate bidding by using electronic data capturing (EDC) at the auction place for people who don’t have enough cash to pay deposit for the property.
Credit card at present is convenience for general consumers, while having the EDC will ease the worry of insufficient cash for property deposit, she said.
Asset management companies (AMCs) or financial institutions can arrange auctions to buy execution properties, however, the department wants individual buyers to access the online auction because of the competitive prices compared with what they will pay to buy property assets from AMCs or banks.