What are the Steps in Selling Your Singapore Condominium by Yourself?
Parc Central Residences will share with you the Steps in Selling Your Singapore Condominium by Yourself.
There is a common misunderstanding among condo dwellers all over the world that if you want to offload property, you have to do so only with the help of a tried-and-proven, experienced, and duly certified real estate practitioner. In other words, you have to get a broker.
It is understandable why a lot of people think this way because certain real estate markets tend to be specialized. If you are an ex-pat, you might not have the time or motivation to know everything there is to know about the local pricing and buying considerations in the part of the world you are temporarily staying in.
However, if you want to maximize the amount of money that you could make as well as reduce your costs, there is a lot to be said about selling your condo unit by yourself. Just because you are in Singapore and you are located thousands of miles away from your permanent home, it does not necessarily mean that you should just go and hire a Singaporean local broker to open and close deals for you. You can know the ropes.
It takes quite a bit of attention to detail, and a lot of effort and motivation, but it can be done. You just have to put in the time. Here are the steps in selling your condo all by yourself in Singapore.
Do Comparative Sales Research Thoroughly
This is crucial. If you are going to screw up any of the steps that I am going to share with you, try to skip on this one because you are going to end up selling yourself short if you make a mistake at this stage. On the other hand, you risk keeping your property on the market for an unreasonably long period if you overprice your condo unit.
You have to price it just right, and the only way to do that, of course, is to get a clear understanding of the sales of comparative units in your part of Singapore. How would you know?
First of all, look at the district you are in. You have to understand that real estate can be boiled down to three keywords. Master these three keywords, and you will be able to get a good deal in real estate whether you are buying or selling.
What are these three keywords? They are “location, location, location”. If you start there, which district of Singapore are you in? Which condo unit are you in? Which floor are you in? These all play a key role in how much people are willing to bid for your property.
With that out of the way, look at recent sales. Make sure you are comparing apples to apples. Look at the square footage. Look at the amenities and the features. Look at the buildings. Are they in close proximity? Can it be said that they are similar enough?
Once you do your homework, you should get a clear understanding of what price you can charge. This does not mean that you cannot charge more. You have to look at what the most recent sales are and what the sales trend is.
This is crucial because if you just look at the most recent price and you price it up, it may well turn out that the price sank before that recent price. Do you see how this works? So, your pricing must be part of the trend. You cannot be an outlier because chances are you probably are looking to move back home, so you want to make sure that your sale is quick, painless, and easy.
Unfortunately, none of that is going to happen if your price is set to the extreme. At the very best, you are going to have to wait a little bit longer for your condo to sell. At worst, it is not going to sell at all. So, be realistic with the pricing, and pay close attention to the trends.
List Your Condo on as Many Different Platforms as Possible
What you should try to do is to get as many different lookups on your property as possible. This way, a lot of people could bid. At that point, you are more than likely to get the price that you are looking for. After all, the higher the demand, the higher the price and the faster the sale.
To make this happen, find as many online property platforms as well as listing agencies you can find. Keep in mind that these are not real estate agencies. These are just people that list properties. They do not get a commission.
Look for as many of those places as possible online and offline. Make sure that you explore both paid and unpaid options. Your number one priority here is to spread coverage far and wide on your property so people can either try to bid on it themselves or they can pass the information along to somebody they know who is on the market for a new condo.
Take the Best Pictures of Your Property
You have to understand that people are in a hurry. In Singapore, there are many professionals, both ex-pats and locals, who are looking for new places to buy; however, they are not going to try to guess what you are thinking or trying to piece puzzles together or connect the dots. They do not have the time or motivation to do that.
Make it easy for them by posting the very best photos you can take of your property. I suggest that you suggest a professional stager. What is a stager? This is a person who would bring in all sorts of furniture, possibly even put in interesting, new lighting to make your interior spaces look their very best. That is their job.
It is like hiring a professional make-up artist for a celebrity. In this case, you are having your property made up to look its very best. You are not lying. You are not misrepresenting the dimensions of your property. Instead, you are just presenting it in the best light possible.
Believe it or not, professional staging has been responsible for selling even hard-to-sell condos in Singapore and pretty much everywhere else in the world.
Consult with a Conveyance Lawyer
Before you sell your property, bring your title to a conveyance lawyer in Singapore and have them check if all the paperwork is authentic and also to explain to you the step-by-step process of facilitating condo titles in this part of the world.
Get a Purchase Agreement
You can download these online. However, you need to consult with a lawyer to ensure that all the relevant terms are there and that you are not painting yourself in a corner in terms of the provisions.
Once all of these are done, advertise your condo and get the buyer to sign on the dotted line. Also, please understand that if you have owned the condo for less than three years before you decide to sell it, you have to pay additional tax on it, which is up to 12% of the contract selling price.
Stay tuned for Parc Central Residences. Interested buyers can now look at the CPF Housing Grants for EC /EC Eligibilities and book appointment to view the Parc Central Residences Price which will be announced in H2 2020. Meanwhile, you can check out more information at CPF website if you plan to use CPF for down payment or installment.