9 Practical Tips to Get The Highest Price for Your Property
Selling property for the best price is not easy but achievable with time and effort. The author has been in the market for over 13 years fulling helping residents buy and sell various types of properties: HDB, condo, landed, commercial shops and office spaces, industrial spaces.
Below are the key strategies to sell property for the top dollars:
Dress Up the Property
Property buyers are emotionally involved, and first impression counts a lot in whether they will offer and how much they will offer.
Time and effort in dressing up the property for sale are handsomely rewarded in the final property price.
Ways to dress up property for sale: declutter, tidy and clean up, dispose unwanted, aged, damaged items in the house, repainting, polish floor tiles, polish and vanish wooden flooring, repair obvious damages and defects, etc
Do feel free to reach us for an onsite sharing.
Professional Photographs
Professionally taken photographs are critical in attracting prospective buyers to view the property and offer. The above photos were taken under different angle and light setting. The difference is obvious.
The high quality photos drew the respective buyer’s attention, making them earnestly want to view the property and this higher chances of closing at the better prices.
Sell at the Right Time
Property price goes up and down in cycle, and so knowing where we are in the circle and planning the right time to sell is pretty critical in achieving the maximum possible price.
Typically during a raising market, there are a lot of buyers and properties are easier to sell for top dollars.
While it is not always possible to pick the time to sell, given a choice, home owners shall always plan ahead for the maximum best outcome in property buying and selling.
Price at Sweet Spot
Pricing is critical in getting the best possible price for the property. Too high or too low are both detrimental.
Too high, help others sell at a better price but the property itself could not move. Often, pricing too high end up sell at a lower price due to three key reasons:
Firstly, time is of essence but wasted along with over price. As time goes by, seller becomes urgent and forced to lower price unnecessarily.
Secondly, after an extended time in the market but no offer come in near to the asking price, seller might lose patience and confidence and just want to sell the property soonest possible.
Thirdly, over pricing deters genuine buyers from even coming to view the property. Genuine buyers are usually time conscious and would view properties that are asking at a fairer price and have the chance of closing.
The damage from under pricing is obvious. The sellers lose cash proceeds unnecessarily.
Be Patient
This is especially so for luxury condos and landed properties. It takes time for the right buyer who is willing to pay a premium price to show up.
In a slow market it could sometimes take a year for a genuine buyer to show up. Patience is genuinely needed.
Flexible Viewing Slots
Selling is a number game, the more viewers, especially genuine viewers the better chance in getting premium prices.
Flexible viewing slots allows the property to be exposed to a greater number of buyers, and thus a higher price.
Tenanted units are difficult to sell largely due to inflexible viewing slots available. Building and maintaining an outstanding relationship with tenants is a key success factor in getting an above market price for tenanted properties.
Flexible Transaction Terms
Flexible transaction terms also helps in getting prospective buyer to offer. Buyers with limitation in timeline or requirements are more difficult to secure a unit as not all seller can accommodate to the requests. Allowing flexible terms attract these group of buyers, and thus better chance in getting a premium price.
Pack Away Personal Items
Property purchase is much more of an emotional matter than a rational matter. Personal items and photos are distracting buyers from visualising the property as a future home.
Negotiate for the Best Offer
Negotiation is consider the toughest part in a property transaction. Everything has to be right to get the best offer: professionalism of the marketing agent, positive and amicable relationship with buyer and buyer agents at arm’s length.
It is never easy to get buyers to offer above market pricing. However, when most or all of the above are done properly, chances are that the property will be sold at the best possible price.
About the Author
Robert Peng has been in real estate for over 13 years and have work meticulously with numerous property owners to secure record prices.
Do feel free to get in touch with us for a free assessment on the best possible pricing for your property.