It’s no secret.
When we’re in the midst of selling our place, we want it done. And we want it done fast.
In several cases, it’s not by choice.
The sale of the property is instrumental for the down payment of the next place.
This creates a dilemma for many existing home owners who are not sure about what they should be doing first.
After listening to this common concern being voiced out by our readers, we decided to invite an expert on this matter.
A property agent specialising in the Singapore market who can shed some light on things home sellers should take note of when it comes to selling their property to other interested buyers.
It’s A House. Not A Home.
The first piece of advice he gave us was change the way we view the place we’re selling.
“Too many home owners get far too attached to their homes”
Not surprising, as many of us attach an emotional bond to our house.
It could be the biggest single ticket item we’ve saved up to buy. It could be our very first home. It could be a goal we’ve been striving for the longest time.
There are numerous reasons why as humans, we naturally create an emotional bond to an item, much more a home.
But when it comes to house selling, a fine line has to be drawn.
Like any other product, it is for sale and we want the best possible price for it.
That can only mean, we must let go of all emotions and be completely objective about our goals.
Revert Back to Factory Setting
A fast way to get emotions out of the way is to do what we usually do when selling a mobile phone…
Revert the device back to its original factory settings.
By deleting the apps we’re familiar with, it takes away some element of familiarity and helps us get excited about our new iphone or Samsung galaxy.
Likewise with a property, the best thing to do is to remove portraits, dining ware, heirlooms and any other non-selling essentials around the house.
In some cases, you probably want to do additional home repairs around the house to fix up any broken areas and touch up the wall paint.
The goal is to make your place look enticing and exciting for the new home owners.
And unfortunately, not everyone might share your exceptional taste in furniture or home decor.
A safe bet is to remove any piece of furniture that would never appear on a family sitcom or drama.
These are usually way too loud for the average home buyer.
Would You Buy Back Your Own House?
Once you’ve successfully reduce the place to the bare minimum, a good question to ask yourself is…
Whether you would buy your own place.
With this question constantly on the back of your mind, do a thorough inspection of every wall, furniture and cabinets.
If you spot a cracked tile, mark it down.
Notice a small hole in the wall?
Stick a tape on it or use anything that will help you remember.
By the time you’ve swept through your house, you should have a list of areas to work on.
Because when it comes to selling a place, first impression is key.
You can be sure your potential home buyer will conduct this search.
You don’t ever want to be caught unaware as it will affect the negotiation phase.
And 1% reduction in a home sale can be a few thousand dollars off your final price.
Putting some effort in your renovation will go a long way. Especially since simple DIY home renovations doesn’t have to be expensive.
Yet that few hundred dollars could end up getting you a few thousand dollars higher selling price.
Seems quite worth the effort to us.
Prepare to Negotiate
You’ve inspected every corner of the house. You’ve tidied up the place. You’ve even made it sparkle.
Now all that’s left is the actual sales negotiation phase.
Except in rare cases, you can expect your home buyer to propose an unreasonable asking price.
It’s expected. After all, everyone loves a good bargain.
That doesn’t mean you should hang up the towel immediately or give in to their demands.
It is part and parcel of the sales negotiation and with all the effort you’ve been labouring, this is just the beginning.
We strongly believe that every home owner owes it to themselves to get the best possible price they can ask for.
It’s a simple respect to the place they’ve been living in for the past few years. For the memories created. And for the shelter it has provided.
Naturally, the buyer isn’t going to care about those experiences as they are personal and they are yours.
What you want to do however, is to help them envision how they too could experience something similar yet unique.
It could be a simple story like the route you take everyday walking your kid to school.
It could be the secret gems (a hawker store, a bookstore etc.) that only people around your neighbourhood know about.
Or it could be a unique or specific view one can only find at a certain angle at a specific time of the day.
They may appear simple. But the personal experience brings it to an entirely different dimension.
Seek Professional Help When Necessary
Sometimes it may be prudent as well to seek an expert’s help especially during the negotiation phase.
Not many home sellers are professional sales personnel.
And it can get daunting to try to “out-negotiate” a professional, especially when the buyer has decided to engage their own property agent.
In such scenarios, the fee you’re paying to an experienced agent is invaluable.
And since most established real estate agencies only require payment upon a successful deal closed, there is no upfront fee on your end.
What you do want is a team of professionals who understand the market, the recent selling prices around your estate and how much you could push for.
Most importantly, they should be able to help you find buyers for your place and advice you on the steps to take.
This saves you time so you can focus on your new place while leaving it to experts who know what they’re doing.
You’ll find that the final fee you do fork out is oftentimes less than the “savings” you might have handed over to the buyer because they knew how to negotiate better.