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Here's A Little Known Secret To Saving Money & Time When You Sell Your Condo

Selling your property is not that simple, it’s a tedious process that involves marketing, negotiation, legal procedures and certainly some expenditure. Listing and advertising bears costs and the commission paid to the agent marketing your property is another huge expense. In today’s article, we look at ways to not only save money but time throughout your journey.


Agent commission


Most people sell their properties through an agent who gets between 2 to 5% in commission of the sale value. The agent’s role is to market the property, negotiate, and eventually close the deal for you. This is why many property owners choose to sell their properties themselves in order to save the money that would have been the agent’s commission. The amount you can save is no small change — if your property is worth $2 million dollars, the average commission would be 2% which translates to $40,000. Of course, to sell the property without the services of an agent would require knowledge of real estate transactions, regulations and market trends.



Marketing


Through the process of selling your property, agents would normally list your property for sale in the various property portals or place classified ads. All these would cost quite a fair bit. You can market the property yourself using social media channels such as Facebook and Instagram posts to potentially find an interested buyer. By using social media, even if your friends or contacts are not in the market for a property, they can spread the word to their circle of contacts. After all, word of mouth is the best form of advertisement.


Legal Fees


If you are selling a HDB flat, try using HDB’s legal services, you can save a fair bit too! You can use HDB’s legal service whether you buy, sell or refinance the HDB loan even if you take a loan from the banks.


To save time on selling your unit, you need to ensure that your marketing strategies are in place.


Strength and Weakness


You need to know your unit’s good and bad points to market your property effectively and quickly. Highlight good features such as “north facing”, high floor, unblocked view etc. Before fixing viewing appointments, clean up the place so that it is neat and tidy to make it look more spacious and liveable. Declutter the house and keep unsightly items hidden away in the storeroom or use a storage service. Ensure that all lighting and electrical items are working perfectly. Nothing turns off a potential buyer more than finding faults during the viewing appointment. Potential buyers will always imagine living in it when viewing properties so ensure that your unit is cozy with a homely ambience.


Pricing


Pricing it correctly is one of the most important factors to save time when selling a property. Many times, potential buyers fall in love with a unit but are not willing to pay over the top for it. Pricing it realistically would prevent ding donging during negotiations especially if both buyer and seller are far apart on the sale price. For a guide on how to set a realistic selling price, use the URA website for the latest transactions of units in your condo and surrounding projects. The URA website will provide details such as date of sale, size of the unit, price by psf and floor level to enable you to set a realistic selling price.


So if you are still keen on selling your current home, we hope that the above tips prove useful in helping you save valuable money and time in your transaction.


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