When selling a property in Singapore, there are many important factors to consider if we want to close the deal smoothly and at our desired price. While it may seem like a chore to investigate every single detail before putting up our home for sale, not paying enough attention to the nitty-gritty may end up costing us thousands of dollars.
If you’re a homeowner who is getting your house ready for sale, make sure to avoid these 5 common home selling mistakes:
Having a realistic valuation of your property is the first step to ensuring a successful sale. Don’t bank on hearsay from the rumour mill, or price your HDB flat at S$1.5 million because someone sold his 5-room flat at Boon Keng for S$1.2 million.
But don’t stop there: we’d also recommend further evaluating your expectations based on your property’s infrastructure, location, amenities as well as the number of similar property listings currently on the market. Truth be told, even if a property has all the upsides, if there are 20 similar units being marketed in the same estate, these competitors will greatly affect your pricing too.
Newton's Law may state that every action has an equal and opposite reaction, but this (sadly) does not apply in the property market. What we’ve invested in our properties may not always yield the profit that we desire.
Many homeowners invest large sums of money in renovation or smart home systems in the hope of recouping the amounts after the sale, but this will not always be the case. After all, everyone’s aesthetic preferences vary, which also means that the value of the renovation work lies in the eye of the beholder.
True to our Singaporean kiasu nature, some sellers will even slap a premium price tag on their properties just so they won’t miss out on “divinely sent” buyers willing to pay an unrealistic price.
However, this tactic always backfires because buyers these days are savvy and well-versed with market information. When they see a price tag that deviates too far from the average, they’re likely to give it a miss rather than spend time viewing and negotiating from an unrealistic position.
Hiring a property agent to sell your home is like looking for the right business partner. A great partner can quickly propel you to success, but an incompatible one can create even more obstacles along the way.
Make sure to study the profile of the property agent you’re considering. Find out about their track record and level of commitment before signing them on. Does the agent have sound knowledge of property financing, the current market conditions, and the potential of your property?
Don’t let a chatty agent distract you with small talk. If they’re not experts in property regulations, chances are that they may not know how to find the right buyer for you too.
Property viewings are an essential step to convince potential buyers that your property is their ideal home. Just like how we market products with great product shots, fancy taglines, and strategic advertising, selling a property requires some dressing up too.
Unfortunately, many sellers fail to see the importance of preparing their homes for viewings. If a potential buyer is hit with a negative first impression of the property during that 10 to 15-minute home viewing, they’ll make a beeline to the nearest exit.
By putting in some effort to spruce up the property before each viewing, you’ll create a better value proposition and put yourself in a good position to negotiate for a higher price.
So you’ve received an offer from a buyer. It’s a decent offer, but you think that you’ll get a better one if you wait a bit longer. After all, your property has only been on the market for two weeks.
This waiting game is a common scenario in property transactions, but it’s also one of the common mistakes that people make when selling their homes without an agent. Waiting doesn’t always bring you a better offer. In fact, the longer your property sits on the shelf, the lower your chances of getting your desired price.
If you’ve done your research, it will be obvious when a reasonable offer comes your way. Don’t be greedy and miss out on a genuine offer, because the better one you’re hoping for may not come around anytime soon.
Priscilla has been managing properties in Singapore for the past 15 years. With her cache of firsthand experience and market research, she hopes to share valuable information with property sellers and landlords to help them make informed decisions.