I am a Serious Seller. My property has been on the market for three months. Many Viewings, No Offer. Why?
There are many permutations for why your property has yet to be sold.
You want to sell eagerly because you need a confirmed buyer to move on to your plan.
All things equal, the right price, decluttered property and customized marketing plan for needed exposure.
Firstly, we need to know who the Buyers are Now.
More than 90% of the buyers now want to buy for Ownstay and Upgraders.
You can be experiencing these; many interest parties who came to view seem keen on your property, but you receive no offer for your unit.
Buyers nowadays are genuine home seekers who do not buy property so often and are one of the essential ticket items in their life. They will undoubtedly be more careful and act with caution. Unlike buying a brand bag/ latest mobile phones, when purchasing a property, more attention and more efficient communication can help them step up on their property-making decision.
You need first to understand what the buyer needs and thinks before we can offer a solution to them.
Today’s Buyer’s Mentality /Approaches
1) Put Option fee to book the unit, Sell their existing property
- Find a suitable property, then put their current property up on the market. They need to Sell their existing to buy the next property they have already shortlisted.
Pros for Buyers.
- Not in a hurry can buy or can wait.
- If one can find a suitable and ideal property, act on it.
Cons to Sellers.
- The property seller, even if they receive the option fee for the sale of the property, can only commit to the next property if some specific terms and conditions can be negotiated, like Risking the option fee for the following property if they found something suitable.
More Suitable for whom:
- Property seekers with the cash for the Option Fee are prepared to fork out more for a more extended option, subject to negotiation.
- Home Sellers that also need time to find another property to buy are not in a hurry to move out.
Procedure-
Buyers can either put an option fee (1-10%) depending on what type of property, Condo/Landed, to assure the property seller that they are committed to the property.
Buyers will only want to offer the property when they secured a buyer for their existing property and do the sale and purchase concurrently. (Means the buyer may risk losing out their shortlisted property to other buyers who can commit without waiting)
2) Buy First, Move in first, and Sell (Within 6 Months)
- See a suitable property they will buy first in joint name, pay ABSD and sell their Matrimonial house within six months and get a request for a refund from IRAS.
Pros for Buyers.
The timeline is not going so tight, and it can cater up to 5 months for your property to get the right buyers.
Cons for Buyers.
There is no extension of deadlines for the ABSD refunds – strictly six months period based on the exercise dates of the purchase first and the selling part.
Prospective buyers examples:
- Property seekers with either no outstanding loan with the bank/hdb.
- Have the downpayment of the 25% (5%Cash/20% Cash/Cpf) downpayment of Purchase Price, buyer stamp duties (Up to 6% for Property $3m above) and 25% ABSD(For PRs)
- Property seekers that intend to buy the property in cash or get less loans.
So for Property Sellers. 4 Reasons Why Your Property not getting Offers?
- The buyers existing property still needs to wait for MOP. – Lack of the capacity to buy
- The buyers who come to see your property do not know what they need to do to secure it. – Lack of Knowledge
- The buyers who like your property feel uncomfortable with the need to place a deposit for your property first to sell their current home. – Lack of Committment
- Due to the financial and timeline stress, the buyers feel they need more assurance when committing. So many What-ifs will come to place. What if the deposit is forfeited if they cannot find a buyer for the existing property in time? – Lack of Confidence
The list of other scenarios is just longer.
Practical Example (Serious Buyers only meaning):
Today if a property buyer viewed your property and your neighbour’s property.
Let’s assume that the property is of the Price, Size, and Facing, both non-tenanted and in original condition-well kept; how would the buyer make a Choice?
The Only Difference is the Representative/Real Estate salesperson!
Would you agree that buyers are buying the property, the salesperson, and their services?
People only deal with people that they feel comfortable with!
Below Points will make a difference for Home Sellers to secure that buyer.
Experienced Property Agent with the following Traits, Personality and Competency.
- Display level of proficiency. To confidently manage and plan the timeline to make the sales process seamless. Competent in handling the variables and conflict management to make the sale go through.
- Good Credentials and Display a Level of Professionalism. To be meticulous in covering different aspects catering to the parties’ needs.
- Situation Awareness/Handling. Create a safe environment for the property seeker and property owners for them to get committed. That is the only way to show his worth by securing the deal for the home seller.
- Pay more attention and care to Each Buyer. To cater a step-by-step approach, offer the property. Offer the home seekers and the property sellers an offer that can achieve a Win-Win Situation.
- Fast Thinking and Sharp. When the buyer or owner made a request, it would be bounded to lean towards interest from one side of the party. To vet whether the request is fair or biased and make appropriate suggestions to the parties.
It adds mental stress and is time-consuming if the property can’t be sold effectively.
You do not have to go through a trial and error to have your property sold but be as assertive as to who can help you sell your property.
With the right approach, we have proved that properties should only haul a short time to sell.
When it comes to property listings, one should be sharp and equipped with a high level of situational awareness and spend time understanding every buyer here to view your property.
Checklist for shortlisting a Property Agent:
- [ ] Do they Understand the buyer’s and seller’s needs and thoughts before offering a solution?
- [ ] Do they pay attention and care to each buyer to cater a step-by-step approach and offer a win-win situation?
- [ ] Do they have good credentials and display a level of professionalism?
- [ ] Are they quick-thinking and sharp, vetting buyer or seller requests to ensure they are fair and unbiased?
In Conclusion:
Benefits an owner receives by listing with an agent include:
Able to get a qualify serious buyers only synonym. They will reach out and emphasize that only serious sellers, only serious buyers contact me.
A competent and experienced agent can manage and plan the sales process, handle variables and conflict management, and create a safe environment for the property seeker and the seller. This listing agent can handle potential buyers’ needs to get a match.
The agent must also pay attention to each buyer, cater to a step-by-step approach, and offer a win-win situation. Additionally, the agent must be fast-thinking and sharp, vetting buyer or seller requests to ensure they are fair and unbiased. With the right approach, properties should only take a short time to sell.
In addition to this checklist, homeowners should review the property listing and marketing plan. They can work with the agent to ensure that their property is priced competitively and that it is being marketed effectively to the right audience. It is also important for the agent to be patient and understand the buyer’s mentality and approach when purchasing a property.
By taking these steps and working with a competent and experienced agent, one can increase their chances of selling their property in a timely manner.
Arrange for a meet-up and consultation and get your property sold in no time.
Home Owners Doest Not Need to be Stress when you want to Sell your Property if it is in the right Hands.
In our WING TAI HOLDINGS team, we serve more than just property buyers. We have returned happy buyers turned Sellers, and landlords whom we do the property management for want to get their property sold when due.
In another Article, the property at Trilinq we marketed sold within two months.
