The crowded world of online real estate just got a new competitor with today's launch of CondotoBook.com, offering high-end condos in Bangkok with a focus on properties close to BTS and MRT lines.
The site lets users search listings by nearby train operator, station and condo type. Most condos go for 4 million to 20 million baht. Unlike most online real estate sites that go through an agency, CondotoBook allows users to buy property straight from developers.
According to founder Kavipat Laohasiri, the site was made to appeal to foreigners, second-home buyers and real estate investors.
"Normally every platform is a hybrid way to help match homebuyers and agencies who make a commission on the sale," Mr Kavipat said. "We don't charge any fees from the buyer."
Many of the condos listed on CondotoBook are not complete, but the site partners with developers to help book condos and fill the project before it officially opens. Developers give CondotoBook about 50 units from a development to sell, partly as a testing phase for the viability of the site.
The site lets buyers put down a no-fee deposit via the site's payment gateway. CondotoBook makes its money by getting a small commission from developers after a successful sale.
"Time has value to everyone," Mr Kavipat said. "Our site is very quick and secure. We use the same payment gateway as airports and hotels."
He expects the site to do 500 million baht in sales the first year and 10 million baht in commission revenue.
"In our early stages we are cutting profits to give more benefits to our clients," Mr Kavipat said.
Eventually he hopes to expand the site into other markets around Thailand, namely Phuket, followed by overseas cities. But first he will offer more listings in areas where MRT and BTS have plans to expand.