Whyborder is reinventing cross-border property purchases by connecting digital savvy buyers with developers
Started in 2020, whyborder is an innovative web-based platform built to facilitate more cross-border real estate business opportunities for developers
Whyborder, a borderless property marketing platform, is opening the door to the region’s first international reverse bidding auction platform for properties. Global property buyers seeking purchase opportunities can connect with overseas developers who are offering premium discounted deals via whyborder. The first group of Thai properties to be listed for the auction are Maru Ladprao 15, Manor Sanambinnam, Hyde Sukhumvit 11, Supalai Oriental Sukhumvit 39, Supalai Elite Surawong & Supalai Prime Rama 9.
Started in 2020, whyborder is an innovative web-based platform built to facilitate more cross-border real estate business opportunities for developers, agents, sellers and buyers. Led by a team of experienced real estate professionals on a mission to transform the industry by providing greater transparency in property deals, whyborder opens up information that was previously difficult to access. The platform allows international buyers to view live virtual tours, videos, photos of interiors of properties, floor plans and construction documents, and to better understand districts and their proximity to mass transit, shopping malls, schools, and famous landmarks, so users can better assess and understand the property before making a purchase decision. Buyers can also liaise with agents and developers to address any specific concerns they may have or questions they want to ask. Already, there is a wide range of properties spanning 54 cities and covering 6,173 districts, 555 train lines, 9,537 train stations, and 9,649 landmarks listed on whyborder.com.
With travel restrictions still in place in many countries and the oversupply of properties in Thailand, whyborder offers a rare opportunity for investors and buyers to purchase properties at ideal prices directly from developers both from within and outside their home country.
Prior to the pandemic the Thailand property market was booming with new developments popping up across the country with many eager buyers on hand to snap them up. But this all changed with the onset of the pandemic and the economic downturn it brought with it. Developers were left with a sizeable inventory of unsold units and buyers locked out of the country. This has led to a stockpile of available units sitting in the market, currently there are 30% unsold units in Thailand. The economic impact of the pandemic also saw a weakening of the Thai baht.
But the slowdown has given developers time to rethink and reassess what buyers are looking for, with one trend being a desire for low-rise condominiums. Located outside of the CBD, these units offer bigger living areas and more outdoor space, something that became a necessity in the work or study from home situation that came with the pandemic. Many analysts believe this trend will continue post-pandemic as people settle into a new way of living and working.
This of course does not signal an end to luxury high-rise condominiums in the CBD, far from it, they will still be the preferred choice for those seeking an urban life and the lifestyle these units provide, but what the changes in the market show is that there are now more choices emerging and that leaves keen buyers with more options. Moreover, with the Thai baht currently weaker, now is the perfect time for savvy international buyers to enter the market before a post-pandemic boom kicks off.
One of the unique highlights of whyborder is the whybid auction system which differs from any other in the market, the bids are in reverse order, going down to lower buying prices, not higher. The winning bid gets the featured condo, while all other bidders will be offered other recommended condos in the same property. There is consistently a high number of condos available in the system and the Thailand auctions will be available in 7 countries at the same time, giving access to a large number of motivated buyers and whyborder/whybid has a large database of buyers/investors in those 7 countries. Local agencies handle all purchase details and transactions – currently, Nexus is the Thai partner property agent.
As whyborder is a completely web-based service it makes the entire process easier and more streamlined easy for foreign buyers to bid on and buy the properties they want all from the comfort of their home outside of Thailand. Every aspect has been thought of, from viewing and comparing properties and researching districts, right down to providing local lawyers for immediate and free expert advice via the chat system, all of which ensures a seamless buying experience that gives confidence to the buyers. Once bidding closes the buyer who placed the highest bid above the seller’s reserve price will be the property owner. Due to the technology innovations employed by whyborder, the entire transaction will be completed in just two months, which is half the time it usually takes. The first whybid auction will be taking place from 08 to 15 October 2021.
Mr.Dave Loo, Founder and CEO of whyborder.com said “Buying properties is a major decision, our goal is to facilitate a better decision making process by offering transparency and a wealth of information and features to make buying and selling accessible to all, no matter where in the world they are located. Pre-pandemic, the Thailand real estate market was booming and had been on the rise for a long time. As a result, there was a surge in domestic and foreign investors all looking for a piece of the pie. The real estate market in Thailand offers a variety of opportunities for buyers from luxury high-rise condominiums to low-rise condominiums, houses, and villas in top tourist destinations such as Phuket and Koh Samui. Investors had been flocking to Thailand to purchase a holiday home or a piece for real estate for rental yield. This led to a solid Thai Baht pre-pandemic, and new developments were launching left, right and, centre. Top property developers brought massive land areas near major public transportations stations and new condos were rapidly launched, and it became overwhelming to buyers with so many condos to choose from. The onset of the pandemic saw the market plateau signalling a significant shift in buyer behaviour which required developers to pivot and align with new trends and demands. This called for a change, there needed to be some new thinking and approaches both to the types of properties being built and how to connect with buyers, especially those locked out of the country due to border restrictions. Developers have been quick to jump on the trend for low-rise condominiums outside of the CBD to cater to those seeking a new way of life, one that was triggered by the pandemic but shows all the signs of continuing once it passes. We created whyborder to be the conduit between motivated overseas buyers and developers keen to sell their properties as well as meet their need in all aspects.”
Ms.Butsarin Rungrattanakul, Director (Marketing and Sales) of Supalai Development said “This is good opportunity for us to collaborate with an innovative partner on the pulse of what is needed in the Thailand real estate market today and into the future. The pandemic had a significant impact when it came to foreign buyers and investors as they could not gain entry to Thailand to view properties and go through all the purchase requirements in person, whyborder’s offering now eliminates that roadblock and opens up a world of new opportunities for property developers like us. Thailand’s borders may be closed to prospective offshore buyers, but now we’re open for business and we’re ready to welcome them online through whyborder.”