These days, more and more homeowners are selling their properties without the services of a property agent. They find that if they do it For Sale By Owner (FSBO), they can save a ton of money in agent commissions. But the catch is they’ll have to do almost everything themselves.
In today’s article, we will take a look at how to effectively market your property and sell it fast.
Tip 1: Market Research
Firstly, in anything you want to do yourself, you need to do market research. You need to know the procedure, forms to fill up, documents to submit, etc. You will also need to know what is the estimated value of your property so that you can set a realistic selling price.
We all know that all sellers want to sell high and all buyers want to buy low, so it is important to price your property accurately to make sure you receive enquiries and that in turn, will speed up the sale process.
For the latest transactions within your development as well as surrounding comparable projects, you can find the data from the URA website. Here, you can find past transactions by individual developments, with all the relevant information such as date of sale, size, unit price by psf, floor level etc.
Tip 2: Pricing Your Property
How you price your property to sell is a huge factor in determining how long your property could be on the market. Reasonably priced listings tend to get more enquiries and viewings and transact faster.
For an estimated value of your property, you can use computer generated estimates such as Mogul.sg’s M-value that uses an algorithm to provide an estimated value. You can also check out listings from various property portals for similar property type and see how much the other owners are asking.
However, for a more accurate value, you can engage a licenced property valuer to conduct an on-site valution. This would be the most accurate way to price your property accurately.
Tip 3: Make Improvements to Your Home
Once you have decided on a selling price, the next step is to make improvements to your home. Selling your house with leaking taps, broken furniture and spoilt lightings is not going to work. Potential buyers viewing your home would want to visualise themselves living there.
So, ensure that everything is in good working order. Items not in working condition would most likely put off potential buyers or attract a much lower offer. If you home is in need of repairs, potential buyers would definitely want to lower the price as they have to cater for the renovation costs.
Before any viewing, ensure that your home is clean, neat and tidy.
Remove clutter so that the place look spacious and liveable.
Keep the bathrooms and toilet clean and free of odour.
In the kitchem area, hide all cooking essentials so that the kitchen looks bright and organised.
Keep the kitchen oil-free and free from cooking odours so as not to turn-off the potential buyers.
Remember that it is important to leave a strong impression as they are buying their dream home.
Tip 4: Creative Copywriting and Photography
You know your home best! Which are the best features and why it is so desireable.
The trick now is to make sure that the best parts of your home is announced to the market. That calls for some creative copywriting in your advertisements.
Make sure that your ads emphasised on the features of your home and also the benefits that will appeal to wants and needs of today's home buyer. It's also important to take some high-quality digital photographs of your home.
Always take photos of the best parts of your home and showcase it. As they say, a picture is worth a thousand words.
Tip 5: Create a Virtual Tour
In this internet era, you should consider doing a virtual tour of your property to allow potential buyers to view the property first without having to visit.
Most virtual tours are 360 degree virtual walk-through of the property and allows potential buyers to view the whole unit without leaving the comfort of their sofa. You can also email the virtual tour to your contacts and potential buyers, and remember to include it in the online advertisements. The virtual tours will complement any photos you have taken and it will definitely make your property attractive and liveable to potential buyers.
Tip 6: Leverage Your Marketing Channels
Currently, there are many channels and many property portals that you can market your property for sale. Most of them allow searches by property type, district or location, budget and features. So when listing your property, be sure to include as much information as you can. Other than the essential information, you can add in any special features of your home or any unique selling point that will attract potential buyers.
Most people start their home search by browsing the internet and that means they will be checking out the photos you post. Make sure to have multiple photos attached to your listing and showcase the strong points. If you have an island kitchen, post a photo of the island kitchen.
And do not forget about social media — Instagram and other social media apps could help you market your property effectively. Your circle of friends and followers may not be interested in buying a property now, but your friends’ friends could be on the hunt for a new home. It costs you nothing to ask your network of friends and followers to share your listing, which in turn could lead to you transaction fast.
Tip 7: Stay Contactable
Once you have all the above done, remember to have your mobile phone switch on at all times to answer to any enquiries.
Be prepared to arrange and conduct viewings especially on weekends as that is when most people are not at work and able to go for viewings. When a potential buyer makes an offer, be prepared to negotiate as most buyers will definitely want to bring the price down.
Tip 8: Negotiation
Most potential buyers will try to negotiate down the selling price. You should already have in mind the minimum selling price and reject those who go below. Again, it depends on your situation and how quick you need the transaction to be completed.
Bear in mind that on average, it takes about 3 months to sell a HDB flat and about 6 months to sell a private condomium in Singapore. Do the above steps diligently and you will be able to market your home effectively and transact fast!
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