What a seller should know

Selling a property

Selling a property is either good or bad. Simple as you earn or lose money out of the sale. For whatever reason that you need to sell your property, whether you are going to migrate, upsize or downsize your house, financial hardship or just in a pure investor’s point of view need to sell the property, several things you should know to maximize your selling price to realize or achieve your goal.

 

Pricing a property must be realistic so that you can sell your property in a price that can attract a buyer’s inquiry but not dirt cheap. Certainly, if you badly need cash, then you are motivated to sell it in a lower price so to have a fast sale. Pricing can affect the salability of your property but your decision is always final, no broker or salesperson can dictate your selling price. Therefore, we cannot blame a broker or salesperson if the property cannot be sold because of a wrong pricing.

 

Before you price a property, you have to know the following:

 

  1. Current market value
  2. Advantages/disadvantages of your property
  3. Condition of your property
  4. Selling cost such as taxes and fees involved
  5. Urgency to make a sale

 

By having the above information be put into consideration, you can work out a reasonable price to achieve a sale.

 

After you have set a selling price, you need to market your property. You may sell it through private offer through acquaintances, some seller prefer not to promote the sale of his property openly, newspaper ads, online marketing or through professional licensed real estate broker or salesperson whichever is comfortable to you.  You have to evaluate in which way that can effectively sell your property in the least cost. If you compare the above ways to sell, I would suggest you to have a professional licensed real estate broker or salesperson to do the job for you. Because they are trained to do the job well and definitely less hassle for you in promoting the sale of your property. He can also include newspaper or online marketing as their avenues to maximize the opportunity to sell your property. Although you may think paying a few percentage of the sale as commission to a broker or salesperson is quite a considerable cost, you may just add the cost on your selling price.

 

If you have decided to delegate your selling effort to a broker or salesperson, you should now choose a reliable, trustworthy, honest, ethical and professional broker or salesperson to do it for you. You may get referral from your friends, acquaintances or relatives who can positively give you good advice. Otherwise, you have to scout him through online or newspaper advertisement. Try to make researches first to know which brokerage company is more reputable and have longer history in the industry. It can minimize the chance that you will encounter fly-by-night company which you may not be able to find them anymore later when you need them. Size and history in the business is a reliable gauge of the reliability of the company. Good comment and feedback from customers can also help you to understand the company.  An experienced broker or salesperson can certainly help you to evaluate your property and suggest a competitive reasonable price in marketing your property. He can also provide vital information as for the process of the sale and gather necessary documents ahead to complete the transaction.

 

As a seller, you should also prepare to provide all the necessary documents for the sale of your property including the following:

 

  1. Title of the property
  2. Tax declaration of the property, lot and house which ever applies
  3. Vicinity map and sketch plan

 

You should also disclose all the details of your property like if it is mortgaged or if any lien or encumbrance is imposed on your property. Sometimes, if the property is inherited but ownership is still not transferred in your name, additional pertaining documents will be needed. Experienced broker or salesperson will provide the necessary assistance.

 

If a deal is coming to a close, seller and buyer should also decide how the selling price be paid and who will pay the necessary taxes and fees including notarization of documents and transfer of title. Your selling price should also take consideration of those taxes and fees, of course the broker’s fee, so that the deal can be concluded smoothly without surprise to either party. Certainly, the seller should also make arrangement with the buyer regarding the turnover of the property upon full payment and signing of all necessary documents including the Deed of Absolute Sale.

 

Thereafter, you can enjoy your money happily!

 

Raymond Ong

Global Investment Director – Land Asia Global Properties Network

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