Selling Your Home in Singapore, Common Mistakes You Should Avoid.
– Selling your home can be very time-consuming and emotionally challenging, especially if you have never done it before.
– Even if you have a well-planned transaction on your hands, it is easy for first time home sellers to make plenty of mistakes and could risk losing potential profit in selling your property
– However, with a little know-how, you can avoid many of these pitfalls.
Setting an Unrealistic Price
– All buyers want a good bargain, and All Sellers wish to achieve the highest price, but because they could be lacking real-time market prices, they may lose more opportunities.
– Your price versus market expectation can be very different. Hence to put in the right setting, you may source for a *Bank Indication first* to have a gauge on the price guideline. In this process, the Buyer and seller will be prepared and will be more willing to engage in a transaction.
– Discuss with the Appointed Salesperson or your Property Agent on the Pricing Strategy or customize a marketing strategy. Well, there is no right formula, but it will work better with a plan rather than none.
– Check Out the Comparable Properties on the Market. Sellers should know that they must price their properties competitive. Engaged an experienced agent may help the sellers to “Gain More” as they are more proficient in the field. Ultimately it is their daily job to handle negotiations and transactions more than you.
Choosing the Wrong Agent
– Engage the right Property agent in selling your home is more crucial and far more critical than you think because selling a home is a major life milestone. It can be very complex when you consider all of the steps involved.
– A Right Property agent has your best interests at heart. They will help you to set a fair and competitive price for your home, increasing your chances of a quick sale.
– Planning the timeline for your next move. Moving An agent can also help to shift through the potential buyers and filter out those that may not fit the criteria.
– Your Property agent will also have more experience in negotiating home sales, helping you get more profits than you could on your own. Their know-how with all the paperwork and pitfalls involved in real estate transactions can help ensure the process goes smoothly, which means there will not be any delays or glitches in the deal.
– Hiring a property agent EXCLUSIVELY for your property may cost more in commission, but it can take off a lot of the guesswork out of selling. There is a real Difference if you engage a Pool of agents or AN exclusive agent to do the job.
– Engaging an Exclusive Agent provides you with a higher level of commitment.
– With a detailed and customized marketing plan, the exclusive agent will constantly manage, review, and update the marketing plan. This is beneficial to sellers as they will be updated with the latest real estate news and transactions.
There is no miscommunication or repetition in the process, as the Exclusive agent will take instruction clearly from the seller and execute the plans efficiently.
Only Consider the Highest Offer
– There are some scenarios whereby the offers come with special conditions.
– Example Scenario if the Buyer requires to Sell their Existing Property before they can formalize the contract, resulting from a special request for a longer OPTION period so that Buyer will have sufficient time to dispose of their property.
– This has to be handled with extra care because some deals are too good to be true. To conduct Proper checks, advice, and paper documentation to ensure that your interests are protected. Special Terms and Considerations are possible, but cases like there may have more stress between the seller and Buyer.
– For example, you may receive a high offer with the special condition on the Buyer selling their existing property. You will have to consider how the added timing, opportunity cost, and uncertainty risks compare to a slightly lower offer without that contingency.
Giving Bad First Impression Counts to the potential buyers
– Seller may have fewer priorities on the Very Obvious Glaring Issues like such as A Broken Window Latch, Mouldy Bath Room Ceiling. Or allowing the buyers to view a messy, cluttered house. Given an option, do you want the Buyer to do a crab walk in your bedroom or common passageway? I guess the answer is NO, right?
– Be a Smart Property Seller. Come up with Cost Effective Solutions with your property agent to avoid these issues. The last thing we want to do is have the Buyers use this flaw as a bargaining chip against you.
Many potential buyers are looking for turnkey homes, meaning they want a property that they can move into immediately. If your home has unfinished or neglected repairs – such as a leaking roof, holes in the wall, squeaking doors– these can scare off many buyers. Make sure that basic repairs are done before the sale to evoke buyer interest and present your home in a positive light.
Spending too much on renovations
– If you are looking to renovate your home to increase its value, it is advisable that you discuss with your property agent beforehand to make sure you do not overcapitalize your budget to unnecessary or intangible value.
– However, there are some good reasons you should not spend too much on renovations or even not do it.
– Firstly, we do not know the requirements of the buyers. Your selected designs may not fit the buyers’ needs. Spending too much on renovation may deter buyers from buying if buyers plan to remodel the property after purchase. E.g. A newly wedded couple may desire to remodel the house to their liking and preference.
– Secondly, Remodeling takes up too much time. Time-consuming and may not be cost-efficient. However, if the seller is keen on remodelling, it must be planned and timely. It will be wise to avoid the festive or year-end holiday period whereby some buyers travel out for a holiday.
– Thirdly, you have to incorporate the renovations budget and the potential profits if you are going to remodel your property. The Winning mindset in considering the renovations is not about the price of renovations, and it should be “Is it worth my time and money to invest in this renovation to get a certain amount of profit?”
Using unprofessional Listing Photos
– It is common for buyers to look for property online, and Wide-Angle and Bright with Neat Furnishing Photos would be an advantage. A real estate listing photo can be crucial in attracting buyers, and the photos that accompany that listing are incredibly important. They are the first impression buyers get of your property —and, as we know, you never get a second chance to make a first impression.
– Good photos should be crisp and clear and taken during the day when there is plenty of natural light available, and they should showcase your property’s best assets. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like. Ideally, hire a professional real estate photographer to get top-quality results instead of just letting your agent take snapshots on the phone.
– And don’t just stop at photos. Consider adding a video tour or 360-degree view to enhance your listing further. This can be quickly done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property.
Do not Just Focus on Quantity, Qualifying of Viewers (Potential Buyers),
– Do not just focus on Quantity but Quality of the Buyers. If you’re just excited to meet more clients week by week, you may end up wasting numerous weekends to show buyers that may not be suitable.
– Below are some questions that you can use to qualify the potential buyers: Is your house for sale? Are you buying this as an investment property or a place to live with family? Do you have finance approval from a bank or reputable lender? Do you have a deadline to meet?
– All of these questions can qualify whether your buyers are ready to purchase your property or are looking for a house tour.
These Valuable Key Takeaways can help you avoid those mistakes mentioned above and get a Winning profit.
· Hiring an agent may cost more in commission, but it can take a lot of the guesswork out of selling.
· Set a specific price for your home, but if the market indicates something lower, it pays to be flexible. Keeping an open mind when examining offers can facilitate the sales process.
· Selling a home is one of the most exciting times in your life because it means moving on to something new.
When It comes to Property Buying, do note most buyers will be emotional. Imagine if you are selling a property you are also selling an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodelling to get top dollar for your home.
These changes in appearance will help in the sales price.
Make sure you prepare mentally and financially for less-than-ideal scenarios, even if you do not make any of these mistakes.
If you need any in-depth advice from a Professional and Experienced Real Estate Agent, contact us right now to get a no-obligation consultation.
Home Owner with plans to sell your property in Singapore you can also check the below links.