Reason 22 - The Agent Will Help You Avoid Traps in Selling Your Properties

Entrusting your property for sale to a real estate agent or broker may be of great advantage to you, but there are also pitfalls that you need to be aware of. If you are selling a property, you better make sure that you clear up with your agent the standardization of the pricing scheme (if there are more than one) in order to protect your name and dignity.

This is very important because some real estate brokers are willing to compromise anything in order to get profit out of the sale, without considering your interest as a seller.

Because agents speak for your property and bring your name on the line, it is wise to monitor his behavior, especially if he is promoting or selling more than one property, not just yours.

More importantly, get involved with your broker or agent in field activities. You should be aware of the potential compromises they are likely to get tempted with, if only to close a deal with a client. To move them in your direction or favor, you should also give also attractive compensation offers so that your agent will be motivated to sell your property to buyers. Good discounts for cash buyers and easy-installment terms for buyers who may want a financing scheme for their purchase are among the few dependable motivators.

Although, it is good to peg the most profitable price of your property, consider also the kind of clients your agents are getting. Similarly, if you are a property buyer, get involved in the transaction that transpired between your agent and the home owner. You should be able to maintain flexible preferences especially when the buyer would like to ask for discount for cash purchase or may request a relaxing installment to get the property. You should listen to your agent’s suggestions on this matter. In any case, he is your front-liner and he knows exactly the market’s current preferences and buying attitudes.

Some agents though would agree to sell your property at the highest possible value, and this is obviously intended in order to get high commission rate. Although this is understandable, be aware also that when your agent finds it difficult to sell your property at the specified rate, he will be forced to drive the price down in order to get clients’ appetite to buy.

A deep drop in pricing is not beneficial to you. Thus, you make sure that your prices will be in the competitive level and in accordance to your desired profitability. Otherwise, you will be forced to streamline some of your operational expenses, and cut down agents’ commission rate, and ultimately restructure your targeted revenue.

On the other hand, do not over-estimate the value of your property. Your pricing scheme may not be competitive with the rest of the players in the industry. You are bound to lose potential clients if over-estimation or overpricing is applied.

There are other ways to achieve a cost-efficient operation though, in order to offer a competitive price of your real estate product. These may include cutting down marketing expenses, advertising fees, mobility expenses, conveyance fees, and others.

Buy, Sell, Rent, Invest, In Singapore

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

KF Property Network Pte Ltd
CEA Licence Number : L3008430D