Sell My Property
Are you keen to sell your property but unsure of what to expect? Are you afraid that you have to commit at the very first meeting? Some sellers find it nerve wrecking but some interview a dozen real estate agents and in the end, they still can’t decide. I will touch on the process and the points that we will cover during the discussion.
1. Fact Finding
The first and most common question sellers ask over the phone is “How much is the market value / selling price of my property?”. The truth is I will not be able to provide the best indicative price without doing some research and taking a physical look at your place. Every detail has a part in determining the value of your home, take for example, the floor level of your apartment, the views, the ventilation, amount of natural light, condition of your house, your neighbours, the first impression of your home etc.
2. Setting the right selling price
After the fact finding, this is where I will advise on a competitive selling price after taking into consideration several key factors:
a) Location – Amenities, Transport
b) Market – Competition, Demand & Supply, Government Policies
c) Condition – Improvements and Renovations
d) Age – Depreciating Lease, Wear & Tear, Cost of Maintenance and Rectifications
e) Neighbourhood – Exclusivity
Some owners may derive a selling price based on emotions and needs, which is higher than what the market can accept. They might also feel that their properties can sell for a better price than the neighbours or price their homes based on their entry price and improvement works. This can turn out to be an expensive mistake, which will take up time, energy and in the end the property does not get sold or as quickly as you would like. A property that stays available in the market for too long will be less desirable to buyers. It’s therefore important to list it at an attractive price right from the start. A responsible property agent will always advise an accurate listing price so that buyers can feel that it is a reasonable deal rather than an overpriced one.
3. First Impressions Count
Not many home owners pay importance to this as their common responses are “the buyer will have to renovate the house anyway” or “if they confirm the purchase, I can repaint the house for them”. But the fact that developers put in 100 per cent effort to engage interior specialists to decorate the showflat underscores the importance of a good first impression. Peeling paint, dirty brown patches and foul smells will turn away potential buyers. Every buyer who views your house represents a chance to get your house sold. Home staging is perfect if your house is bare or if your furniture is outdated and worn. It is the same when you go to a car showroom, all things else the same, you are most likely to choose a cleaner and better maintained looking car.
4. Viewings / Showing the place
I will usually advise sellers that it will be better if they aren’t present during viewings as it allows buyers to feel more relaxed and more open to airing their feedback. One of the mistakes is when the seller tries to sell his own home to the buyers and follows them around the house. It is similar to when you enter a shop and prefer to look around quietly and only sound out to the salesperson when you have questions. Allow us to tell the story and highlight the features of your house and collate feedback from the buyers.
5. Offers / Negotiations
We have to get as many interested buyers as possible to view the house. When the first offer comes in, it is of utmost importance to treat it seriously as a better offer might not come in. Some sellers may feel a higher offer is on the way as more time and viewers will lead to more offers and at the most they will just sell at the same price as the first offer if a higher one doesn’t come along. Unfortunately, it does not work this way unless supply is low and demand is high for that particular area or if the unit was recently renovated and in excellent condition. Try to put yourself in the buyer’s shoes; everyone will want feel they got the best deal so they would not pay overpay and make an irrational decision. They will think “what if I have to sell in future, can the house fetch the same or a higher price than what I am paying?”.
At time of writing, we see resale HDB prices correcting from the peaks in 2013 as decaying leases are constantly highlighted in the media. The government is also coming up with new policies such as VERS to mitigate the decline. We will negotiate for the best price possible at the point in time and there will be no pressure on you to accept it. We will advise you and the decision is all yours to make.