Some properties are sold in a day after just one viewing while some properties can be left on the market for weeks or months before being sold. It could be a long, tedious and odious process. It may be mentally draining and some may give up after the long selling process, in the end, property owners may end up selling their properties at a value below its worth.
Ask yourself this question, do you prefer to spend a bit of time and effort upfront before marketing and if done properly will result in selling your property in a quick time? Or do you prefer to market your property immediately without any planning and end up waiting for a long time to sell to a low baller?
The saying goes, “Fail to plan is plan to fail”.
In this article, I will share with you some tips on how to successfully market your property to sell in prompt manner and at a desirable price.
Cleanliness and de-cluttering
Both pictures were taken from the same property and with one look, it is very obvious that after de-cluttering, it appeals to the buyer. As what Maire Kondo says, if the item doesn't “spark joy” when you touch it. It is time for that item to find a new owner.
Of course, there is no need to give away or dispose any item that doesn't “spark joy”. You could seek temporary storage at your parent's place, friend's place or you could pay a small fee to store your items at Storhub (https://www.storhub.com.sg).
In my opinion, this is the most important aspect in enhancing your likelihood of selling your property. So you would ask, what is staging? Staging is a process of replacing old dull furniture with bright, vibrant and modern furnitures. It could be replacing an old cushion cover with a fresh designer cover. Or it could be placing some paintings along the walkway or some plants around the corner of your living room. I will share in another post on some tips as to how to stage your house.
Why do I emphasise that staging is very important is because of the 4 main points below:
The place will look larger than it is as spaces are well used and only essential furnitures are placed to make the surrounding more open.
It will make the place seemingly more exquisite and increases the perceived value of the property.
Buyers will not be distracted by any faults in the place as they will be focusing on the beautiful plants and paintings.
It will give buyers a sense of how is it like living in the house.
Fix any leaks, touch up paint
Another important point to note is to fix any leaks, this is crucial as every agent and buyer will look for stains on ceilings. It will be value-adding if you touch up any marks on white walls but buying white paint to cover those stains by yourself. Both fixes could be done as part of your staging process.
Vacate the homeowners during viewings
Homeowners should be staying at home during viewings! This is also a very important aspect in selling any properties. When the homeowner is not around, it will improve the buyer's imagination if they were to live there. The buyer could sit on the sofa and have an idea how is it like when he enjoys his late night sports programme or her binge watching of Netflix drama.
Furthermore, when the homeowners are around, there will be pressure on the buyers to have a quick viewing. This may end up being an unpleasant experience.
Set a reasonable price
Property prices, like stock markets, go through cycles - expansion, peak, contraction and trough. However, regardless of which cycle the property market is in, sellers will always ask a higher price than the valuation. But put yourself in the buyer's perspective, when you are the buyer, would you want to pay for a property that is higher than valuation?
The right way to handle this is to first get a rough indication of the property's value. If you have spent a reasonable amount of money to renovate the place, add a value (after depreciating the number of years you have utilised the furnishing) to the valuation. For example:
Property indicative valuation
Renovation costs when you bought the house
Shelf life of renovation
Number of years you have enjoyed in the property
Value of renovation (10 - 5)*100,000
Reasonable asking price
By setting a reasonable price, both the buyer and seller could conclude the deal quickly instead of haggling over the price. Remember, time is money. The more time you spent marketing your unit, you lose more opportunity costs.
Engage a professional salesperson
This is the last point and also a very important point. I have met several salesperson in my very early journey as a real estate salesperson and I could tell you how un-informed and un-professional some of the salesperson could be. Below are some of the un-desirable behaviour exhibited by them:
no knowledge (distance to MRT, popular schools nearby, ceiling height, maintenance fees and etc)
did not attempt to perform the above guide
These are only some of the few points which I noted. I have also met agents that do not respond to calls or messages because of their own interests. Hence, as a homeowner who wants to sell my own property, I need to emphasize that it is very important to rely on a trustworthy salesperson to handle your property matters.
Do not be fooled by sweet talks, it is free to speak to any salesperson you met and there are no obligations to engage them. A salesperson has a duty to do the best of interest of his clients and as a salesperson client, homeowners have the right to spend time to understand the salesperson before engaging them.
A property is a huge ticket item, thus, it is homeowner's prerogative to choose a trusted salesperson.