Guide to Selling a Property

Guide to Selling a Property

Selecting an Real Estate Agent

When the time comes for you to put your home on the market, make an effort to select the right agent. Find an agent who is familiar with your type of property. Ask for transaction data. Check to see if the agent is a member of the Institute of Estate Agents ( IEA ) and if yours is an HDB unit, make certain that the agent is a Listed Housing Agent.

Interview the agent to ensure he has the knowledge and the skill required to successfully market your property. Most importantly, you must appoint one exclusive agent and allow him to conduct his duties in a professional manner.

Why Exclusive ?

* Exclusive Authorisation means a dedicated agent handling the entire marketing process ensuring full discretion and personal reporting.

* Exclusive agents are more willing to share listing information thus ensuring the widest possible coverage within the real estate community thru Multiple Listings and Networking.

* All prospective buyers will be carefully screened by a single agent with your requirement and scheduling in mind thus ensuring a peace of mind marketing effort.

* Accepting a serious offer is easier since your agent is fully aware of all marketing activity associated with your property. This reduces your having to check with several agents for any other offers. Price control is easily achieved.

* An Exclusive Agent is authorised to negotiate on your behalf since you both have a customised marketing strategy, thus resulting in a faster closure at the best possible price. Most successful real estate transactions are conducted thru exclusive agency - the preferred method by both agents and sellers.

Formulating a Marketing Strategy

Get your agent to prepare a Comparative Market Analysis ( CMA ). The CMA will clearly illustrate the transacted prices of similar properties in your neighbourhood within a given time span. Discuss and finalise the asking and the reserve price for your property and any special conditions that you might have. Formulate and agree on a marketing strategy.

Preparing your Home for Sale

First Impressions are really important ! Taking some time out to present your home in its best possible light can provide a big advantage when your Property Consultant shows your home to a prospective Buyer.

House Viewing

Buyers usually ask many questions when being shown through the house. If you have a real estate agent, your immediate presence isn't required at the viewing. If you insist on following the potential buyer around, do not discuss terms, price, etc. Leave the details to your agent.

Accepting the Right Offer

Successful marketing efforts bring in several offers. The dilemma facing all sellers is which offer to accept. Smart money would be on the highest offer with the least attached conditions. Not all buyers would be willing to wait too long for an acceptance of their offer. Effective negotiating requires being prompt.

If you feel it's a fair offer for your property, it is wise to negotiate immediately and enter into a sales contract. It may never be repeated. A bird in the hand is worth two in the bush. Always discuss with your agent as to the eligibility of the buyer, completion period, and your legal obligations as a seller.

Completing the Sale

It is the sellers obligation to hand over the property upon legal completion as agreed in the contract. In the case of a HDB flat, vacant possession is a requirement. Plan your move early to prevent a last minute rush. Remove all your belongings and discard any unwanted furniture and rubbish. Ensure that all fixtures and items in the inventory list are left behind. Invite the buyer ( as required by HDB ) for an inspection before completion.

In the case of private properties, they can be sold with existing tenancy or vacant possession. The sales contract will specify your legal obligations. Check with your agent if you are in doubt.

Commission

The Institute of Estate Agents ( IEA ) has finalised and published the recommended commission / fee for real estate transactions. Service is not about cutting cost. The commission you pay will determine the marketing budget available to your agent. Since you want the best possible price for your property, be prepared to pay for a good agent as it will make the difference between a successful closure or a lost opportunity. Remember, if you pay peanuts, you will ultimately get monkeys.

Thanks for your reading,
Hoping those tips are useful for you.

Regards

Wingcent Ning
ATG (ECG Property)
(+65) 8163 6290
wingcent@singnet.com.sg
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