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The phrase “Buyers Market” is getting popular today. If you are one of those owners selling your properties now, you probably need to know that buyers today are highly informative. Information is readily available and potential buyers can be very demanding. After all, buying a property is the largest investment to most people. Hence, it means a lot when we are “street smart” when selling a property. In this article, we provide you some useful tips and information if you are new to selling a property.
1. There are 2 basic ways you can sell your property
(a) Sell the property by yourself
If you are selling a property by yourself, you need to spend on advertising as well as going through the administrative process. There are two forms of advertising – Online and Offline. Many websites today offer free posting of your property ad, but listing your property on Straits Times classified (1800-2899988) is still the main channel (about $30-$40 per ad) used by most people. For administration, selling a private property involves lesser complications than HDB flats. If you are unsure of HDB rules and regulation, feel free to contact us or visit HDB website.
(b) Assign an exclusive property agent to help you
A real estate housing agent who is familiar with the type of property that you intend to sell can reduce a lot of hassle that you may go through. He is equipped with tools and probably knows the shortcuts and loopholes that you may not know. An experienced agent would have established a strong network of contacts over many years too. If you intend to engage an agent to help you, Institute Of Estate Agents recommends a 2% commission for the agent’s commission.
2. Do a Property Valuation if necessary (compulsory for HDB)
With effect from April 1, all HDB flats are required to have valuation done by HDB-approved valuation experts. If you are selling a private property, you may engage other valuation services or obtain a bank indication.
3. Formulate a Marketing Strategy
Buyers today are very price sensitive. They can tell you whether your neighbors are selling their house, and often the price they are selling. So, always do your homework or ask your agent to prepare a Comparative Market Analysis (CMA). A well prepared CMA will illustrate the transacted price of similar properties in the vicinity for the past few months. You must also find out who are selling similar properties in the surrounding area now. It is not quite realistic if you are selling a similar property 30k higher than your neighbor is selling.
4. Prepare your house for viewing
When potential buyers come to look at your house, you normally have 3-5 minutes to convince the buyer that your house is worth a buy. If your house is messy and not presentable, a potential buyer may even blame the agent who brought him/her to the viewing. In order to effectively market your property, treat every viewing seriously. Also, you do not need to be present physically if there is an agent helping you. Here, we provide some general guidelines for you to prepare for viewing.
a) Keep your house as tidy and clean as possible
b) Be friendly and hospitable. Always remember that first impression lasts
c) If your house is not air-conditioned, open up all windows so that it is bright and windy
d) Some experts suggest that an empty house (with little or no furniture) gives a potential buyer room for imagination
e) Keep anything unsightly away and consider asking your kid to take the pet for a walk. Some people may not like pets in the house
f) Spend a few hundred dollars decorating the house can sometimes greatly enhance the image of the house
g) You do not need to tell a potential buyer anything that you do not need to tell (For example, telling someone that it may be hot in the afternoon at 3pm)
5. Accepting an offer and After-Sales
The general guideline is to accept the right offer with least or no conditions attached. It is always recommended to seize a reasonable offer promptly. Buyers nowadays will only wait one or two days for acceptance of their offer. After closing the deal, you need to plan your move early, especially in the case of HDB apartments. Check your legal obligations as specified in the sales contract and consult your agent as required.
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