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This article has been originally published in PropertyNet.sg. Written by Edwin Goh for PropertyNet.sg

Are you trying to sell your property and feeling that you are facing a challenging time?

selling your house

You are not alone. In today’s market, buyers have lots of options and are spoilt for choices. Your property is likely just one property located in a sea of “For-Sale” signs. So it takes more effort than ever to sell your property in today’s market.

Seize all opportunities that are present to you! Here are the 5 mistakes to avoid when selling your house:

Mistake 1: DON’T set your price too high.

Your house is only worth what the market is willing to pay for. If you have set your expectation too high, you may take longer than expected to move your property. Pricing your home too high will discourage interested parties from even contacting you to find out more about your property. In today’s market where much negative news is taking up the centre stage, it may not be wise to wait too long.

What you should do?

Check out the recent transaction prices to have estimation on what is the fair price to offer your property. You can easily find out this information from:

URA (http://www.ura.gov.sg/uol/property-market.aspx?p1=Retrieve-Property-Data&p2=data-private-residential-properties) &

HDB (http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatResaleIndex?OpenDocument)

Mistake 2: DON’T leave your house in a bad state.

selling your house
First impression matters! If you are a prospective buyer, which home (above photograph) will turn you off? The answer is obvious. We have experience where buyers simply walk out when they have just looked through the door. Never let that happen to you.

What you should do?

Tidy up the place. If there are too many personal belongings lying around, pack them into boxes. Anyway, if you are going to move these items to your next home, it is a matter of time when you are packing these items. Since tidying up the place will leave a better impression for your prospective buyer, why not do it now. If there are items like loose door knobs, sagging screen door etc. which needs to be fixed, fix it. The buyer who walks through your house and spot a handful of items which need immediate repair, he will wonder how well you’ve maintained the things they can’t see.

Mistake 3: DON’T be offended by a lowball offer

selling your house

Just because a prospective buyer makes a really low bid is not a reason for you to walk off from the opportunity in a huff. It is now your chance to negotiate. You need to remember that buyers are trying to buy your property at the lowest price possible. They may really have interest in your property.

What you should do?

Take this as a business transaction and nothing personal. Get back into the negotiation and make a counteroffer, you may never know that the buyer may come back with a second offer. Like I always like to say, you never try, you never know. If you try, you still have the chance to get what you want.

Mistake 4: DON’T lose a sale over something stupid

We have come across deal that is near 99% completed but was thrown out over a minor detail. This is over a few thousands dollar issue for a million dollar property.

What you should do?

Unless the request of the buyer is unreasonable and cost you a bomb, it may be wise for you to do the math and weighs the pros and cons before making your decision in haste.

Mistake 5: DON’T neglect marketing.

selling your house

Selling your property is not as simple as putting a “For Sale” signage up in front of your property and waits for buyers to come knocking on your door. The only guarantee way for you to get the highest price for your house is to expose your property to as many prospects as possible.

What you should do?

There are many tools out there for you to market your property to your prospective buyers. Here are a few ways:

Engage Real Estate Salesperson – There are some tools that are only made available for Real Estate Salesperson and to access such tools, you may need to engage their assistance. Furthermore, as they are submersed in the real estate industry, they have the valuable networks of co-broking agents and buyers who may have interest in your property.

Online Listing Platform – There are several listing platform which are made available for direct sellers/landlords if you do not wish to engage a Real Estate Salesperson. You may google for this listing platform and one of the listing platforms you can consider is listing platform with PropertyNet.SG.

Traditional Medium – You can advertise on newspaper & magazine, distribute mailers or paste your notices on bulletin boards etc.

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Andreea swears by her love for urban places, architecture, and Singapore, which is why she crafts content for Greyloft. When not immersed in adventures around the world, she loves living a bohemian life, where a good book has to always be paired with a pretty view.

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