Everyone says it is the buyers’ market today. By the way, that’s not really true. Many sellers continue to have strong bargaining power and if you try to offer some ‘foolish’ pricing which is out of this world, the seller will still tell you to go fly kite. As for sellers who are in financial distress, most of the time, this news may not arrive to us first. So, please be good to the real estate negotiators and give them specific type of properties you like to buy. Please do not just say ‘tell me good deals.” The agent will just forget your request because you do not even know what you want… Here are the 6 tips.
1) Decision without Emotion – You may have feelings for the property but objectively, your buyer does not. You may want to sell as high as what the highest in the market is selling but objectively, your buyer wants to buy at the lowest point. Look, if you are selling for a profit, the slower you sell meant that you lost opportunity to also use the profits for other investments. Decide what’s the price which can sell. There’s no such thing as waiting until the price is highest etc.
2) Timing and your property’s attractiveness – Are you selling at a time when the market is slowing down? For example, now? If answer is Yes, ask yourself the second question. Would you rate your property as above the average? Clean, renovated etc? If it’s slow your property is just like any other average properties, do set a price which is very slightly below the average price of all other properties. The Rm5,000 will not kill you. Let it go.
3) Impress the buyers – Making sure your property is in its best condition helps. New Paint helps tremendously but as long as your paint is still looking acceptable, then chances are it is ok. Fix any lights which are not working. The toilet flush may need just RM50 to fix but if your prospective buyer could not flush after he has gone to the toilet, you have just lost your sale.
4) A good agent helps. It’s not easy to know who’s great, who’s not. If you really have no friends who can recommend you one, just go online. Search for the project you are selling, look at the agents who are selling. The good ones usually puts more effort; more pictures, more explanations, a nice photo of himself or herself etc. No guarantees but it’s better than any Tom, Dick or Harry.
5) Messy is a no-no. Yes, when it’s your home, you can leave the newspapers lying around. However, when you have prospective buyers, make sure you tidy the place up. Buyers buy due to emotion, definitely not the price because your property would not be the only one on sale. Prices are also not that big a difference. Thus, if he feels good, he buys.
6) Cleaning up is important. If you hate it when you are viewing a show room and everything is dirty and dusty, why do you think the prospective buyers would not hate it? If you have never had the habit of cleaning, it’s ok. Spend RM100, hire two of those temporary maids for 4 hours and get them to help instead. Investment is needed for a better ROI.
Sorry, I did not mention things such as renovating your kitchen because it’s already too late for that. You would only be able to sell to people who would love what you have and remember, if the buyers are coming to view, it means they have interest. I have not seen too many buyers who just wanted to view for fun. Happy selling.
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