People often incorrectly assume that selling a property is simple and straightforward. It may be true during pre-pandemic times but the prospect of selling has become daunting, time consuming and exhausting now due to restrictions on travelling and social distancing.
Nonetheless, the property market is not all gloom and doom. In fact, the market is rather active with the help of property buying and selling incentives by the government. The question is how to maximize your property investment gain in the shortest time possible at this very time, especially when it is your first time selling your property. Just like buying a property, every preparation work and decision you make in the process of selling your property could save you, or cost you, even more money and time. Here are some guides and tips that you should take note to sell your property.
1. Do your research
Research is equally important in both buying and selling a property. Before setting a right price tag for your property, you will first need to know the market value and demand of similar property, as well as your area’s property past transaction value and volume.
If you are selling your property for the first time, it is also essential to study the property selling cost, such as the legal fee, Real Property Gains Tax (RPGT) or a professional property valuation and real estate agent service, as these costs will make a different in your final gain of selling a property.
2. Prepare your property
A better condition or tastefully renovated property is always in a better position to ask for a higher price compared to other simple units in the same project. However, to impress a buyer, you do not have to change the floor tiles or extend the kitchen, some quick touch-up such as wall repainting, replacing of broken piping or old wiring or simply cleaning up the entire house could do magic too.
Besides, you should also check and clear all the property outstanding fees, such as maintenance fees, quit rent, assessment fees and utility bill, as it will delay the entire selling process.
3. Market your property
Your property is all set for sale after market research and house upgrade. The question is how do you reach out to the right buyer? While there are several ways to advertise your property, the key is always the information and message in the property listing. A property listing with more detailed photos and complete information, such as built-ups, number of bedrooms and bathroom, land title and tenure, facility and nearby amenity can usually attract more buyer attention.
It is also important to highlight the unique selling point of the property to differentiate yourself from the other similar properties in the market, for instance the extended kitchen, big garden, good condition built-in furniture, newly painted walls and so on.
4. Select your buyer
Be prepared to spend a few months, or even up to years to get the right buyer in the current slow market as buyers are taking time to visit and make decisions in the current buyer market. However, if you have received more than one offer, it is important to make up your mind on what is important to you – a lower offer but fast cash payment buyer, a first-time homebuyer with greater potential to secure a high bank loan margin, or a buyer who appreciate your renovation taste but have limited budget? Once the buyer is selected and deposit collected, prepare the necessary documents and let the banker and lawyer handle the legal procedures.
5. Engage the professional
You do not know how to reach out to the right buyer? You have no time to filter potential buyers and handle house viewings? You do not know what document to prepare for the legal procedure? Too much hassles to handle the entire property selling process yourself? If your answer is yes, you should consider engaging a professional real estate agent. It is true that engage a real estate agent is an extra cost, but a professional trained agent is valuable as he or she can give you first hand property market and specific property market information, help to prepare your home for sale, advertise your property, handle potential buyer’s property viewing, as well as be the coordinator between you, the buyer, banker and lawyer.
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