Selling your house for the first time can be a daunting experience. Here are some useful tips for selling your house:
Work with an Agent
Since you don’t have experience in selling a house, it is advisable to do it through a professional property agent. A good property agent will do the marketing and legwork for you and get the best deal for your property. To avoid any complications, get an experienced agent with a good track record. If you are hiring through a real estate company, make sure the company is well-established.
Would it be better to work with a single or multiple agents? If you would want to sell your property fast, it would make more sense to hire more than one agent to enlarge your reach and speed up the sale process. However, if more than one agent is competing to sell your property, you might not get the best deal as the agents may offer a lower price to dispose the property for the commission.
Pricing Your Property
A good starting point to price your house is to appoint a property valuer. A professional property valuer will provide a fair and accurate valuation of your property based on many factors such as land status, surrounding amenities, location and industry conditions. At the same time, you can check the prices of similar properties in the area to gauge the market price.
Always price your property objectively based on the valuation and market price. Unless your house has been renovated extensively and is in tip-top condition, do not overprice the house based on emotions as you may lose out to the more reasonably priced properties in the vicinity.
Common Tricks of trade
Marketing – Getting the word out there is what matters when selling your house. Explore all options to extend your reach as far as possible. Putting up a signboard at your property is a great way to get potential buyers to contact you or your agent directly. Leverage on newspaper advertisements and online property portal listings such as PropertyGuru.com.my.
Renovation/Repairs – A well-maintained and clean house always makes a good impression on potential buyers. Before putting up your house for sale, spend some time to repair and renovate your house such as a light coat of paint so that you can present the house in the best possible condition.
Keep cost down – Many sellers often think that they can recoup their renovation cost from the sale but this is not always the case. Hence, do not go overboard with your renovations. Do what is necessary and keep the cost low.
Do not oversell – Adopting the ‘hard sell’ approach is a big no-no in selling a house. Potential buyers need to experience the space and make a connection to the house. Give them space to explore the house. Pushing too hard will drive them away or give the impression that you are desperate which may result in a low offer.
Showing Your Property
There are two ways to show your house to potential buyers, each with their advantages and disadvantages:
Open house – With this method, many potential buyers can view your house at the same time. You will save the time and effort required to give private tours to each individual buyer. Open house is generally only recommended for unique properties which are very well maintained and can make a lasting impression on any visitor.
Private tour – This approach is much more popular in Malaysia. If done well, each buyer will have a more intimate insight into the property, allowing them to ask any questions as they go along the tour. While this is a great way for a buyer to view the property without interference from other people, it does take up the agent or seller’s time as each appointment must be arranged separately.
News source: (Willy)
Edited by: (Wonderlist/Kellye Tan)