The Singapore property market isn’t exactly a bright spot at the moment. Mortgage refinance rates have been fluctuating up and down causing concern with home owners, market is starting to get flooded with lots of new supply as well in 2017. But if you are thinking of selling your property before prices slip further, here’s some useful tips you may want to keep in mind.
The Seller’s Stamp Duty (SSD) was introduced by the Government on 20 Feb 2010 and was further revised on 30 Aug 2010 and 14 October 2011 in order to discourage property speculation. Properties acquired before 20 Feb 2010 will not be subject to SSD.
Currently, the Seller’s Stamp Duty stands at:
• Holding period of up to 1 year : 16% of price or market value, whichever is higher
• Holding period of up to 2 years : 12% of price or market value, whichever is higher
• Holding period of up to 3 years : 8% of price or market value, whichever is higher
• Holding period of up to 4 years : 4% of price or market value, whichever is higher
As you can see, the SSD can eat into your potential gains so you’d need to factor them into your final transaction price. The SSD is only applicable to private residential properties, whereas for HDB you’d need to meet the Minimum Occupation Period(MOP) of 5 years.
You might have bought your property in the last few years where the market was at its peak. With prices currently coming down and expectations of an influx of private property coming up, you’d have to be realistic about your asking price. Many seller advertise their asking price at a higher rate because they want to factor in the possibility of negotiation from the buyer. However, asking for a unrealistically high price will put off potential buyers from even contacting you. What you might want to do is to check out the recent transaction prices so as to have a fair estimate of your property’s valuation. Alternatively, your real estate agent will be able to help you gather such relevant information.
Yes, you do not need to engage an agent to buy or sell your property. But do you really want to go through all the hassle of administrative tasks and paper work and risk missing important legal details as well? A licensed agent will also have access to tools that you do not have, such as using specialised portals to market your property and help you negotiate prices with potential buyers.
You might also want to consider getting an exclusive agent so that he can handle all enquiries instead of having many agents trying to sell your house at the cheapest price possible.
Home-staging may not be a term most people are familliar with but the idea is not new. Home-staging refers to the act of preparing a residential property for sale by making it look more appealing. Some easy ways to do this is to give your place a fresh coat of paint, re-arrange your furniture to give it a more spacious look and mend all leaking ceiling and cracks.
If you are having a hard time finding a buyer and you are unwilling to let go of your property at the market price, you can always consider renting it out. Singapore has a huge rental market due to its large expat community and if you are able to get a reasonable rental yield, it can in fact be a better option to selling your property at a loss.
We hope this 5 tips will be of use for you. If you are not sure, you can reach out to any professional certified real estate agent to provide you with good advise on how to sell your place in a buyers market.
Marketing and selling a large commercial property is a lot different from slapping a for sale sign up on a house in a crowded, residential neighborhood. While many of the principles regarding real estate sales will still hold true, the marketing needs an entirely different approach if the commercial property agent really wants to be successful and not just “one of the guys” … so to speak. Industrial and Commercial Real Estate sales are an entirely different ballgame and the individuals involved in the deals will often be much more complicated to deal with than the newlyweds anxious to purchase the first garage they come across with a house attached to it.
Marketing is one of the most important aspects of commercial real estate sales. While marketing may be easy, marketing to the right people and moreover, actually getting the message to those people is where the commercial property marketing tactics can get a little bit tricky. One of the greatest places to start is within trade magazines. Even so, it is important to let technology run its course and to look a little bit deeper. Most of the print publications these days realize their deficiencies even if not all of their advertisers do. Once an ad is out in print, it is there to stay just the way it was put in. It also tends to go out to a lot more limited audience than may be preferred or needed to successfully sell a commercial property.
Most of the major print publications these days also have online media outlets that are great for advertising commercial property. It is important to go the traditional route but it is also necessary to utilize as many venues as possible in order to get up to date, important information to all of the potential buyers of commercial real estate. Online advertising generally allows you to reach a wider, more directly targeted audience with current, constantly updated information regarding the commercial property for sale. The ability to transmit information quickly and accurately can seem like a moot point to some people involved in commercial real estate deals that often take months to close but rest assured, when the time comes that the data has to be there quickly, (generally at very awkward moments during board meetings or other venues where it is not easy to get away) a failure to deliver the information will blow the deal every time.
One of the most powerful tools in the arsenal of a real estate sales person, for residential or commercial properties, remains good, old-fashioned networking. Now this should not be confused with reminding your in laws or your neighbors what you do while you are lounging around and enjoying a few adult beverages. When you are networking, you need to find ways to associate yourself with others who will be actively involved in transactions regarding industrial or commercial properties for lease or for sale. Networking like Marketing, must be focused and precise if it is to be effective. You can easily spend all day at any major public transportation hub and tell lots of people what you are doing but it is not very likely to yield any positive results. Rather, look for trade shows that feature industrial or commercial products, businesses and opportunities. Likewise, conventions where there will be major players from industrial and commercial businesses will allow you to make more contacts that are much more likely to generate productive sales leads.
While advertising is always going to be an invaluable tool when it comes to any type of sales work, including industrial and commercial property sales, it is never going to offer anyone a complete package deal. It is up to the motivated commercial property agent to discover new, relevant venues to let people know who they are and what they do … and to let them know that that is exactly why YOU are the one to go to when it comes time to find a commercial property for lease or for sale.