TIPS FOR OWNERS: How to survive a buyer’s market
Selling your property in a slow real estate market might prove tricky; owners will have to up their game to close the deal. Jon Chin, Team Leader at Gather Properties shares some valuable tips for property owners
Considering how there are more sellers than buyers, what is your advice for selling off a property successfully?
Ask any real estate professional out there and he/she will say that service tops the list as the most important factor in the selling process. On the back of the economic slowdown, the market has only gotten more competitive; especially in the prime areas within the Klang Valley. Sellers will have to stand out from their competitors and the best way to do so is to offer quality service, act professionally and with integrity when dealing with a potential buyer. Gaining your client’s trust is the deal clincher here.
Owners will have to keep themselves updated on market knowledge too – keep tabs on the market value of properties in the area, capital appreciation and rental yields for similar properties and any other information relating to your unit’s competitiveness. A successful sale is only possible when the seller has sufficient product knowledge. Buyers will appreciate you furnishing them with valuable data and facts. More importantly, their confidence in your property’s value is established.
How do I get a potential buyer to commit to the sale?
Besides following up closely with the potential buyer and continuously asking for updates; try to figure out their wants and needs. Learn what you can about the potential buyer and appeal to his/her likely interests or needs. For instance, if your buyer is a first-time homeowner, offer to sweeten the deal by throwing in complimentary fixtures and fittings such as a refrigerator or a kitchen hob. Also, push them to take the next step by connecting them to lawyers and bankers who can assist the buyer in pre-checking their loan eligibility, etc.
How do I lock in a potential tenant without offering a huge slash in the selling price?
Most times, offering an attractive discount is not the key to securing a buyer for your property. At the end of the day, it boils down to your character and professionalism and of course, the quality of your product. Most genuine buyers would have decided in the first meeting itself whether they will be purchasing your unit or not – many people underestimate the importance of first impressions.
Forging a solid relationship with your potential buyer and earning his/her trust is the stepping stone towards a successful sale. Most times when a deal does not go through, it is not because of the property’s price but due to buyer’s dissatisfaction; in either the seller, service offered or any delay/hassle faced.