In this article of property chat, I will be discussing the 5 different tips for selling your property.
Properties must be priced right before they can sell. So what is the right price? There are 3 ways to come to the right price.
The best way to find out what a property is worth is to do a valuation. So what is valuation? Valuation is the fair market value of a particular interest in a property at a point in time for a specific purpose. This is done by an appraiser. To do a proper valuation would cost several hundred dollars depending on the type of property. So most sellers are reluctant to do this.
A more popular method among sellers is to ask a bank to give an “Indicative valuation” of the property. This not the proper value of a property as it is carried out without any field inspection, detailed research or analysis. It is popular mainly because it is free.
Another method sellers use to give them an idea as to what the property is worth is to check the Singapore government URA website. This website gives the transacted prices of properties in Singapore. From here the owner is able to see what the properties in their area has been transacted at and in turn what price their property is likely to fetch.
Having decided on the price, so what are the 5 tips for selling your property?
Word of Mouth.
Tell your relatives, friends, office workers, neighbours. In fact, anyone who is willing to listen! Neighbours are the first people who should be informed. Young families especially like to live near their parents so that their parents can keep an eye on the children. Some don’t even have to cook dinner! They just pop over to mum’s place to enjoy a nice warm meal before heading home.
You can have your property posted on the internet. A picture is a must for internet marketing. A picture truly speaks a thousand words. So have really good pictures taken.
Advertisements in the local papers.
Besides the internet, this is one of the easiest ways for the property to be exposed to the public at large. The downside is you cannot advertise once. You have to do it several times and it can take up to several months before the property sells.
Not all properties are suitable for auctions. Some of the reasons why properties are put up for auctions:-
- A unique property which is more difficult for the conventional methods of valuation. Bidders will decide what the property is worth.
- Complicated legal cases with covenants. An auction will produce a definite sale with no fall through.
- A quick & uncomplicated sale where the property has been in the market for a long time ago & nothing has been happening.
- Real Estate or Property Agents.
This is the most common method. Real estate or property agents will have the know-how, contacts and various arsenals at their disposal to sell your property.
Which methods you use really depends on what suits you best. I hope you have found this property chat useful – the 5 different tips to sell your property.