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Selling Your Property
Selecting Your Agent

Marketing is important to getting your property sold. The right agent will be able to create a marketing plan for your home that will help distinguish it in your local area and attract Buyers to your property. This may include advertising in the newspapers, posting your listing on the Internet, holding an open house and more. Its purpose is to sell a home at the best price possible in the shortest amount of time. It is important to check that the agent is a member of the Institute of Estate Agents (IEA). If your property is a HDB unit, make certain that the agent is a Listed Housing Agent. Once you have found the right agent, appoint him/her as your exclusive agent and allow him/her to conduct his/her duties in a professional manner.


Setting the Price

Everyone wants to believe they have the nicest, the best, the most desirable house on the market and yours may truly be in this category. However, Buyers perceive beauty and value differently, based on their needs and wants. Hence, a key part of the marketing plan is setting the list price. If a home is priced to low, it may cost you money. If a home is priced too high, potential Buyers may be scared away. To determine the best asking price, your Agent should review with you recent transacted prices of similar properties in your neighbourhood. Ask your agent to help you reach the right asking price and reserve price. Feel free to discuss with him/her regarding your motivation and any extraordinary personal circumstances that might affect how a transaction is negotiated. Trust your agent to do a great job for you as if he/she is your trusted friend.


Preparing Your Property for Sale

Now it's time to get your home ready for the spotlight. Your house has to withstand the glare of scrutiny, so you must make it as competitive as possible within your means. Taking some time out to present your home in its best possible light will provide a big advantage when we show your home to a prospective Buyer. Start with a good cleaning, eliminate any clutter, get rid of excess furniture, add a fresh coat of paint on the walls, etc. Keep an open mind if your agent offers constructive suggestions on improving your property's weak points to get top dollar on your property.


Showing Your Property

If you have appointed an agent, your immediate presence isn't required at the viewing. If you feel that you need to be present, keep a low profile while your agent is showing your property; you wouldn't want the prospective Buyer to feel that you're desperate to sell it. Let your agent do the talking. Do not discuss terms, price, etc with the prospective Buyers/their agents. Buyers and their agents usually ask many questions when being shown through the house. Address their feedback with an open mind, and keep your cool. Maintain the flexibility to make adjustments as necessary in order to achieve the outcome you want. Stay focus on your goal to sell the house.


Evaluating Offers

A Buyer has made an offer - now it is time to negotiate. Your agent should be able to help you negotiate an acceptable price, terms and conditions and at the same time ensure the eligibility of the Buyer, completion period, and your legal obligations. If you have several offers on hand, you have to decide which offer to accept. Ideally, you would want to accept the highest offer with the least attached conditions. Take the time to evaluate the offers carefully, but do not delay your response. Effective negotiating requires being prompt. If you feel the Buyer has made a fair offer for your property, it is prudent to negotiate immediately and enter nto a sales contract. It may never be repeated.


Completing the Deal

Once you have accepted an offer, help keep the deal together by meeting deadlines and criteria. It is the seller's obligation to hand over the property upon legal completion or at any pre-agreed date as per the contract. In the case of a HDB flat, vacant possession is a requirement. Plan your move early to prevent a last minute rush. Remove all your belongings and discard any unwanted furniture and rubbish. Ensure that all fixtures and items in the inventory list are left behind. Invite the Buyer (as required by HDB) for an inspection before completion. For private properties, these can be sold with either existing tenancy or vacant possession. The sales contract will specify your legal obligations. Check with your agent if you are in doubt.


Agent's Commission

A set of commission guidelines, published by the Institute of Estate Agents (IEA), is available online at www.iea.org.sg. Remember that while a good agent is obliged to provide good service, your commission also determines his/her available marketing budget. Since you want the best possible price for your property, be prepared to pay for a good agent as it will make the difference between a successful deal or a lost opportunity.


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