In Singapore, buying and selling/renting a property is possibly one the best ways to invest your hard earned money and make it passively work for you. While cars and watches are great symbols of status, owning an impressive property portfolio is what is going to hands down increase your net worth - with no questions asked.
However, with the recent implementations of (many rounds of) cooling measures as well as rising interest rates and other variables introduced to detract people from investing in property due to its exclusivity, real estate investment has since become exponentially more expensive than before. As a result, savvy investors (looking at you) are constantly looking for cost saving tech to get the most out of every dollar they put into their property investment.
One of the most common pain points that many property buyers and sellers cite is that selling their property the traditional way, through a real estate agent, is often time consuming and more importantly, expensive.
With the increase in property prices, the commission you pay to an agent proportionately increases (inadvertently) without additional service being provided.
While agents provide expertise and are experienced in making the property transaction seamless and easy, the advent of property technology (PropTech) has made it such that the property transaction process can be largely automated, and that everyone can educate themselves on how to transact their own property.
Here are some services that property platforms can do for you, or empower you to do in order to get the most out of your property sale:
Traditionally, valuations are conducted by valuers.
However, with data being collected and widely available, there have been programs such as MOGUL.sg’s M-Value that are able to use machine learning and work such data using algorithms to provide you with a fast, free and accurate valuation of your house, taking into account economical as well as geospatial factors.
The best part? The valuation provided by M-Value is readily accepted by Maybank without the need for a repeated valuation by the bank. Your mortgage proposal will be available within a few clicks. More banks will be hopping on board this programme to provide users with fuss-free mortgage application.
Tech-assisted listing allows users to list their own property, keying in the necessary details assisted by programs such as SingPass data upload. Providing a secure and easy way to do so allows users to easily put their property up online for potential buyers to view.
As everyone owns a smartphone in today’s day and age, one can easily take photos of their home, highlight the good parts and use AI-assisted technology to touch up or even remove clutter from the frames. This is a much faster and easier way to market your property rather than sinking costs and time into hiring a photographer to take pictures of your home.
There are a few steps involved in selling your home, the most important of which is paperwork. These tasks are arduous but cannot be neglected as if not filed properly, your property goes quite literally nowhere.
These tasks include taking up a mortgage loan or conveyancing. With portals such as MOGUL offering package deals with trusted professionals, users are able to purchase the services they need, when they need it - all online.
An Organic Process
Selling your property on an online platform is overall a more organic and holistic process. You are able to browse and check the prices of similar properties, or use an online valuator within a few clicks while trying to list your property.
Some portals include chat bots for customers to clarify any enquiries they might have, as well as FAQ's for customers with questions or those looking to learn more about the industry and its processes.
Users are even able to browse other properties and look at the potential next house they might want to live in after selling their current one. All in all, the user experience of DIY selling on a property platform is an organic and intuitive one for users - in addition to being efficient and easy to use.
The next time you are looking to sell your home - give our very own Sell@MOGUL program a shot. There you can experience cost savings, as well as MOGUL.sg's full suite of other products and services, as well as access to our blog articles full of property tips and guides.