Selling properties may be seem as common practice for most of investors, but for normal people, it’s a big deal!! But before appointing any real estate agents, You might have to ask yourself few questions first, to really make up your mind on SELLING! Here are 5 tips for house owner, before put your property on market.
TIP 1. MAKE SURE YOU CONFIRM WANT TO SELL
There are always some owner, may be too curious on his/her properties demand in the market, they just wanna know how good will be the response if they put their property on market. But if asking more details, they actually don’t have intention to let go at this point of time, may be they are still searching for the location they might wanna shift to. Make sure you confirm wanna sell, only call up the agent. I believe that the real estate agent is the only profession who won’t charge you at all, until the property SOLD.
Of course, the selling price shall be on par with the market value. If you want to know more about your property value, please click HERE.
TIP 2. WHAT LEFT BEHIND WHEN SELLING
Are you going to sell the property inclusive all the furnitures? Or just bare unit? Letting the agent knows what will be inclusive with the selling price, will normally give agent better idea on how they shall market the property.
💡💡Market practice, Agent will normally advise owner to leave behind those Built in Items, like Air-conditioner, heaters, kitchen cabinets etc.
TIP 3. TOUCH UP YOUR PROPERTY
Make sure your property is presentable. We normally advise owner to touch up the property before put on market. As poor condition, always is the excuses for buyer to cut the price down. Spend some money to do some paint work, repair some of defects. This will make sure your property sell quicker and higher price!!
TIP 4. OTHER COST INCURRED WHEN SELLING?
a. Legal Fees: Some of the property owner thought they no need to pay any cents if they are selling. This may be true, IF you are not owing bank, or you can represent by yourself when go into Sales and Purchase Agreement, or you can submit your tax submission without assist from lawyer. As Buying and Selling Properties need a lot of professional knowledge, we normally advise owner to get a lawyer to help you through this process.
b. Tax incurred: If you own the property less then 5 years, you have to pay Real Property Gain Tax, for details please refer to HERE. If Selling and Buying Properties become major part of your income, you will have to pay income tax as well!!
c. Bank Loan Penalty: Most of the bank will have lock-in period for the early settlement, normally is 3~5 years (refer to loan agreement signed). If you sold the property earlier then the lock-in period, earlier settlement penalty might incurred.
d. Late Vacant Possession Charges: Standard Sales and Purchase Agreement(SPA) for freehold property, seller has to deliver the vacant possession to buyer within 3 months after SPA signed. Make sure you can vacant the unit on time, otherwise there will be penalty incurred !! Unless any special arrangement stated in SPA, rent back after sold etc.
TIP 5. SIT DOWN AND RELAX, UNTIL YOU GET THE DEAL DONE!!
I have owner that called me every single day, to ask the status of the property. Lol~~ Selling property normally takes time, unless you are selling far below market price. Be prepared to have buyers come and go. My experience, 20 buyers only I’ll have a confirm buyer. If you just can’t be there for buyers anytime, just hand over key to your agent, but make sure no valuable thing inside the property.
If you really want to dispose your property soonest, get an exclusive agent, who can put more effort on your property!!