Mistakes to avoid when selling a property in Singapore buyers’ market

Are you trying to sell your HDB flat, executive condo or private condo and feel that the process is not going well? You are not alone. In today’s property market, property buyers are spoilt for choices and so your house is just one with a “for sale” signs. Therefore, it will take more effort to sell your property and get a reasonable price. To address the problem, let look at some of the common mistakes sellers do and what you should do instead.

Setting the price too high

Any property is worth what the market is willing to pay. You might have a concrete reason as to why you set your price high, but if the buyers and other factors deem it high, they will move to the next one. Pricing the price too high discourage even potential buyers from contacting or paying a visit to see the property.

What you should do

If living in a flat, you can check what price other people sold their house and estimated the price. There are also online services to help estimate your property, e.g., http://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/selling-statistics
Leaving your house in a bad state
The first impression goes a long way. If potential buyers see photographs of a house in a lousy state that is a turn-off. Never let a prospective buyer walk out of the door after a minute merely become they could not tolerate the condition of your house.

What to do

Tidy up your condo. If they are any personal belongings lying around, pack them and move them to your next home. Repair items such as doorknobs, sagging screen, and broken windows. If you clean the flat after moving out, it looks more spacious, and space is a factor lots of buyers consider.
Don’t get offended by buyers
People will make a low bid for your condo, and that might not feel okay especially if you have an emotional attachment to the place. Instead of shutting them done, take the opportunity and negotiate. You need to keep in mind that buyers want stuff and keep most of their money. It is natural.

What to do

Take offers as a business transaction, nothing personal. When such proposals come your way, make a counteroffer, you never know what someone will make in their second offer.
Failing to close the deal over stupid mistakes
Some people push a deal to 99% completion then lose it at the last minutes for mistakes they could have easily avoided, e.g., holding on to your property because of a few dollars.

What to do

Unless the buyer is unreasonable and costs you a bomb, it is wise to do the math and weigh advantage and disadvantages of your final decision.

Not putting effort into marketing

Real estate in Singapore is a significant investment. Agencies pour millions into advertising channels just to get their properties out there. You should invest in marketing too. It’s the only way to reach a needy buyer willing to cash out what your property is worth. Here, you can choose to engage a real estate agent, use an online listing platform or use traditional marketing medium.