Economic slowdown, property markets slow down too. How to sell your property fast for potential home buyers even though during slow market? I read an article regards the topic written by Celine Tan, a writer for Personal Money (A magazine on managing your finances by The Edge). Below are my summaries based on Celine Tan’s article to share with you:
9 Ways to Sell Your Property Fast in a Slow Market
- 1. Make your Property More Attractive
- Make your property look presentable. Go to DIY stores and plans for your minor renovation works like re-paint, replace broken furniture if necessary. DIY help you to save more money.
- Study more renovation ideas to get the simplest yet attractive concept. Ask renovation experts for more ideas. Do not over-renovate your property. The renovation costs spent will not be factor in by buyer.
- 2. Set the Right Price
- Get the property valuation from property valuers to update the latest property market price.
- Set the price not more than 5% of the market price. Give yourself some buffer to negotiate with buyer. Improve your negotiation skills to increase the chances to have better deals.
- 3. Approach the Right Home Buyers
- Research and study the surrounding area to identify the right profile of your target buyers. Then, determine the right advertisement medium. Example: Local Chinese newspaper or English newspaper.
- 4. Market your Property Aggressively
- Post your advertisement on the free property websites. Most of the first time home buyer is mostly younger generation who usually surf the Internet for information.
- Do not post too many advertisements for high-end property market, especially online advertising. That is telling buyers that you are so desperate and they are going to press your price down.
- 5. Give your Real Estate Agent Exclusive Rights
- Appoint a good real estate agent and give the agent exclusive marketing rights. This is to ensure the agent places all his focus and resources on your property with the exclusive right.
- Set a time frame for the appointed real estate agent. Normally one to three months. Appoint new agent if he fail it.
- 6. Give Incentives
- Offer a good direct discount or rebate on the price if you need to sell your property fast so that can cash out fast.
- Offer indirect discount in the form of free legal fees, stamp duties or furniture like kitchen cabinets or wardrobes.
- Offer to bear the costs for recurrent problems such as water proofing, piping and tiles for six months
- Offer to absorb the cost for home buyers’ moving-in transportation charges.
- 7. Assist the Home Buyers
- Help for first time home buyers on their Employees Provident Fund (EPF) withdrawal for the purchase to shorten the property buying process and secure the deal earlier.
- Help home buyers to get a lawyer if they haven’t got one.
- 8. Offer Vacant or Early Possession with a Lower Rental
- Offer your buyer early vacant possession after signed S&P. Then, buyers can starts their renovation works or stay in while waiting for the transaction period which could take up to six months.
- Offer early possession at a low rental to make more money.
- 9. Offer to Rent the ‘Sold’ Property
- Sale and leaseback. Help for homeowners who need immediate capital by counter offering to rent the sold property.
