How to sell your property in Singapore fast
Do you want to sell your property fast? Selling fast in Singapore is practically not quite guaranteed. When it comes to selling real estate, many things, such as fluctuating market conditions, the current buyer pool and unanticipated contract delays are out of the seller’s hands.
If you’re willing to put some elbow grease in to command the best offer, go for a traditional property sale. The right agent will harness their deep knowledge of contract contingencies and negotiation skills to push you through the escrow period and close within 6-8 weeks.
So here’s what you should do to increase your chances of selling your property in record time.
Don’t sell your property fast on your own
Cutting out the realtor fees is tempting. In a seller’s market, you’ll find eager buyers and opportunities for multiple offers even if you don’t list with an agent. But going it alone is a bad idea, especially if you’re looking to sell your property fast. For starters, you’ll likely get less money than from an agented sale, even after you deduct the average 6% realtor fees.
Plus, selling yourself requires a major investment of time that you may not have if you need to sell fast. While you’re packing and cleaning up to move, you’ll have to take photographs, research, get an appraisal, create and finance a third-party listing, craft and execute a marketing plan, and show your property to potential buyers.
Things get even more complex once you’ve lined up a buyer. You’ll need to: handle negotiations and renegotiations; work with the buyer, your buyer’s agent and your buyer’s lender; fill out multiple forms; hire a lawyer to produce and review contracts—the list is endless. And all that work may be for nothing if the sale falls through and you need to start all over again.
Work together with a property agent
There’s a reason it takes multiple classes and upwards of 100 hours to get a realtor’s license in Singapore. Selling a property is a complex proposition. A top real estate agent, who closes multiple sales weekly, can help you navigate all the ins and outs of the process—from determining an asking price to signing the final contracts.
Full-time agents have their fingers on the market’s pulse and are aware of its shifting condition on a daily basis—information that you won’t have if you’re doing it DIY. They’re also plugged into a network of realtors that provides access to a ready-made pool of buyers the moment you’re ready to sell.
Once you’ve lined up your buyer, your agent becomes your advocate to handle any renegotiations or contract disputes that might cause a sale to drag on if handled by an inexperienced seller.
Side note, if you’re planning to sell your property, why not try to give us a call. Perhaps our Ping Property agent might be able to assist you in any way we could.
Don’t overprice your property
Chances are your property is the most valuable thing you own—so it’s natural to want as much money as you can get for your property when it’s time to sell. And if you’ve upgraded your property with expensive features, you may want to tack additional dollars onto your asking price to recoup your costs.
But asking for top dollar or more is guaranteed to slow down your sale. Overpriced property will get few to zero showings and will likely go for 30 days or more without an offer.
As the days without an offer tick by, you’ll end up reducing your price anyway and scare away a chunk of buyers who’ll see the reduction as a red flag that your property has major flaws.
That price reduction will also attract another subset of buyers—ones who recognize the price lowering as a sign of desperation. These buyers are looking for a bargain, so they’ll come with low-ball offers that you’ll be tempted to accept just to get your property sold fast.
Don’t make it difficult for buyers to view your property
If your property is priced right and your agent has spread the word, you’ll quickly be inundated with requests for showings from buyers’ agents. Once that starts to happen, it feels like you’re getting an unending stream of unexpected guests that you want to impress.
Viewing a property that’s clean and uncluttered is key to attracting the best offers fast. And making yourself scarce during those viewings is just as important. Since you’ll need time to get your property in show-ready condition and time to vacate, it’s natural to put restrictions on viewings.
Some sellers offer only a limited window for appointment-only viewings and require a day’s notice in advance of all viewings. But excessive restrictions like these are guaranteed to reduce your chances of selling fast.
The harder you make it for potential buyers to see your property, the fewer offers you’ll get and your property will stay on the market longer.
Instead of setting guidelines based on your own convenience, you’ll need to focus on a strategy designed to bring the most foot traffic through your property if you want to sell fast.
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