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#1

Posted 09 March 2018 - 12:08 PM

Icedbs
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I am starting this thread as a complement to the main thread on property news and prices. I hope some of these tips/suggestions gained from actual dealing on the ground would be helpful to homeowners/buyers.  I will start off with the below burning question that  I get all the time....why some units break record prices but some could not be sold for months and months.

 

Selling your property for top dollar

 

Firstly, let's define what is top dollar? In my terms, top dollar would means selling above market valuation. Often, it also means breaking the record price of similar units in the same estate/condo. Over time, I observed that these price record transactions had a similar trend. To get top dollar, contrary to most beliefs,  it definitely has much more science to it than art.  Top dollar deals seldom come from just listing and pray; it has a method to it. Unfortunately most sellers/agents never really took the method seriously and in most cases, never get top dollar for their units.

 

As this is a post and not a blog, I will keep it short and concise. To sell for top dollar, you need to understand the below on the psychology of a buyer when they come for viewing:

 

1) Buyers use very little logic when viewing, they tend to follow their emotions more

2) Emotions arise not just from what they see, but also from the other senses such as smell, feel,  touch and hear

3) Sellers always make mistake by assuming that the buyer can imagine an empty house. The buyers don't and they won't

4) The key then is to be able to reach down to the sub-conscious of a buyer by invoking their positive emotions during viewing.  Houses that gets top dollar often make the buyer feel 'right" and they then use their emotion to justify their logic.

 

Failure to consider the above is the key difference between getting no offers (or market valuation at best) and one with a top dollar offer.

 

Understanding the above,here are my 10 tips for sellers based on my experience:

 

1) A cluttered house kills good emotions. Always un-clutter the house before viewing. Throw away junks and keep the house tidy. The owner is selling the house and will need to move soon...use that opportunity to start clearing the house. This issue is so prevalent in many units that the seller  think that the buyer will imagine an empty house. Again they won't!

 

2) Fix all minor defects. Again, too many sellers thinking that the house gonna be sold, what is the point of fixing it up. You don't have to renovate the house, but you should fix up all visible defects. Even a new coat of paint on any old house does miracles in getting good offers

 

3) Clean the kitchen top and uncluttered it. A clean good looking kitchen makes a lot of difference in getting top dollar. If there is one place that make the difference in offers, it is the kitchen. The buyer's wife/gf/mother has a lot of emotions attached to the kitchen and in most cases, they are also the CFO to the purchase.  Unclutter the kitchen top  and make sure the stove and built-in oven looks clean. I even had a seller once storing his microwave away just to clear up space for his very limited kitchen top space. 

 

4) Dining table. Another culprit which is always full of everything except dining stuff. Clear it, and put an attractive piece, a vase with flowers, etc at the center. Pull the buyer eyes to the center of the dining table and let him feel that they can eat comfortably at that table

 

5) A well lit, unblock, entrance door. Clear away your shoes or anything untidy at the entrance. An unblock well lit entrance creates eagerness to explore more of your house. 

 

6) Masterbed room is important and it must look like it is ready for relaxation and sleep. I have seen many master bedrooms that has clothes hang in it, or the seller cramped a study table into the master. If you confuse the buyer over the purpose of that room, chances of getting a good offer is as good as nil.

 

7) Always give exclusive to your trusted agent. I seldom see record selling deals that are from open listing.  Open listing agents are prone to be "tested" by the buyer agent and their motivation to close will bring you a lower price. Furthermore exclusive agents are motivated to do every viewing for you hence has minimal viewing leakage.

 

8) Be flexible in your ability to open doors for viewing. Great offers can come from any viewing time and if you restrict your viewing time to evening or weekends only, you are restraining your ability to get good offers, Two of my record breaking sales came from afternoon weekday viewing. Hence, never, never have viewing leakage.

 

9) Check if your house has certain odors especially for those with pets. The houseowner is often immune to any smell, but the buyer will sense it at a distance. And if you have pets that could walk around the house, (or make noise, for.e.g barking) , please bring them out somewhere if you have viewings. Again, please don't assume that the buyer can imagine that your pet won't be there when they make the purchase. They won't. Remember, the sense of smell and hearing invoke powerful emotions so if you want to get top dollar, make sure those senses of the buyer are not affected.

 

10) I leave the last point to the advertising. Good advertising attracts viewers. Unfortunately I've seen many seller/agents use mediocre handphone photos to advertise. Some photos are so bad that a young Instagram-obsessed teen  would probably take better. If you already took the effort to do fix up, unclutter the house, etc, the last thing you want is to have photos that does not depict your house accurately. Wide angle photos, imo, is  the minimal requirement.  Videos and virtual tour are great, but only if your house is of a certain size.  Buyers will sub-consciously drawn to  sellers/agents who take pride in advertising their house and first impression does count in this business. Don't neglect this which I somewhat keep seeing all the time.

 

There are many  more concepts that I can keep going (the use of colours for e.g)  but the above is suffice for most sellers if they want their property to fetch good offers. Infact, I seldom see all 10 points click into place, but if they do, that property should get good offers.  It is very often for me to hear that some units could not be sold for months, but when another agent took over, it get sold within  one month at the same asking price. I don't believe it is all luck.  It has to do with the method right from advertising to preparing the house for sale.

 

I hope the above helps in giving some ideas in getting good offers for your property at your location. Your property is one of your biggest investment so it is worth the effort in putting the right "sciences" into it and get the top dollar offers.

 


Tianmo, Showster, Deividz, Mrmilktooth, therock, Ash2017, Dleodleo and 13 other members praised this

#2

Posted 09 March 2018 - 12:48 PM

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I am starting this thread as a complement to the main thread on property news and prices. I hope some of these tips/suggestions gained from actual dealing on the ground would be helpful to homeowners/buyers.  I will start off with the below burning question that  I get all the time....why some units break record prices but some could not be sold for months and months.

 

Selling your property for top dollar

 

Firstly, let's define what is top dollar? In my terms, top dollar would means selling above market valuation. Often, it also means breaking the record price of similar units in the same estate/condo. Over time, I observed that these price record transactions had a similar trend. To get top dollar, contrary to most beliefs,  it definitely has much more science to it than art.  Top dollar deals seldom come from just listing and pray; it has a method to it. Unfortunately most sellers/agents never really took the method seriously and in most cases, never get top dollar for their units.

 

As this is a post and not a blog, I will keep it short and concise. To sell for top dollar, you need to understand the below on the psychology of a buyer when they come for viewing:

 

1) Buyers use very little logic when viewing, they tend to follow their emotions more

2) Emotions arise not just from what they see, but also from the other senses such as smell, feel,  touch and hear

3) Sellers always make mistake by assuming that the buyer can imagine an empty house. The buyers don't and they won't

4) The key then is to be able to reach down to the sub-conscious of a buyer by invoking their positive emotions during viewing.  Houses that gets top dollar often make the buyer feel 'right" and they then use their emotion to justify their logic.

 

Failure to consider the above is the key difference between getting no offers (or market valuation at best) and one with a top dollar offer.

 

Understanding the above,here are my 10 tips for sellers based on my experience:

 

1) A cluttered house kills good emotions. Always un-clutter the house before viewing. Throw away junks and keep the house tidy. The owner is selling the house and will need to move soon...use that opportunity to start clearing the house. This issue is so prevalent in many units that the seller  think that the buyer will imagine an empty house. Again they won't!

 

2) Fix all minor defects. Again, too many sellers thinking that the house gonna be sold, what is the point of fixing it up. You don't have to renovate the house, but you should fix up all visible defects. Even a new coat of paint on any old house does miracles in getting good offers

 

3) Clean the kitchen top and uncluttered it. A clean good looking kitchen makes a lot of difference in getting top dollar. If there is one place that make the difference in offers, it is the kitchen. The buyer's wife/gf/mother has a lot of emotions attached to the kitchen and in most cases, they are also the CFO to the purchase.  Unclutter the kitchen top  and make sure the stove and built-in oven looks clean. I even had a seller once storing his microwave away just to clear up space for his very limited kitchen top space. 

 

4) Dining table. Another culprit which is always full of everything except dining stuff. Clear it, and put an attractive piece, a vase with flowers, etc at the center. Pull the buyer eyes to the center of the dining table and let him feel that they can eat comfortably at that table

 

5) A well lit, unblock, entrance door. Clear away your shoes or anything untidy at the entrance. An unblock well lit entrance creates eagerness to explore more of your house. 

 

6) Masterbed room is important and it must look like it is ready for relaxation and sleep. I have seen many master bedrooms that has clothes hang in it, or the seller cramped a study table into the master. If you confuse the buyer over the purpose of that room, chances of getting a good offer is as good as nil.

 

7) Always give exclusive to your trusted agent. I seldom see record selling deals that are from open listing.  Open listing agents are prone to be "tested" by the buyer agent and their motivation to close will bring you a lower price. Furthermore exclusive agents are motivated to do every viewing for you hence has minimal viewing leakage.

 

8) Be flexible in your ability to open doors for viewing. Great offers can come from any viewing time and if you restrict your viewing time to evening or weekends only, you are restraining your ability to get good offers, Two of my record breaking sales came from afternoon weekday viewing. Hence, never, never have viewing leakage.

 

9) Check if your house has certain odors especially for those with pets. The houseowner is often immune to any smell, but the buyer will sense it at a distance. And if you have pets that could walk around the house, (or make noise, for.e.g barking) , please bring them out somewhere if you have viewings. Again, please don't assume that the buyer can imagine that your pet won't be there when they make the purchase. They won't. Remember, the sense of smell and hearing invoke powerful emotions so if you want to get top dollar, make sure those senses of the buyer are not affected.

 

10) I leave the last point to the advertising. Good advertising attracts viewers. Unfortunately I've seen many seller/agents use mediocre handphone photos to advertise. Some photos are so bad that a young Instagram-obsessed teen  would probably take better. If you already took the effort to do fix up, unclutter the house, etc, the last thing you want is to have photos that does not depict your house accurately. Wide angle photos, imo, is  the minimal requirement.  Videos and virtual tour are great, but only if your house is of a certain size.  Buyers will sub-consciously drawn to  sellers/agents who take pride in advertising their house and first impression does count in this business. Don't neglect this which I somewhat keep seeing all the time.

 

There are many  more concepts that I can keep going (the use of colours for e.g)  but the above is suffice for most sellers if they want their property to fetch good offers. Infact, I seldom see all 10 points click into place, but if they do, that property should get good offers.  It is very often for me to hear that some units could not be sold for months, but when another agent took over, it get sold within  one month at the same asking price. I don't believe it is all luck.  It has to do with the method right from advertising to preparing the house for sale.

 

I hope the above helps in giving some ideas in getting good offers for your property at your location. Your property is one of your biggest investment so it is worth the effort in putting the right "sciences" into it and get the top dollar offers.

 

great writeup.  i agree especially on point 7, and 1 & 10 in same breath.

 

where point 7 is concerned, it must be on proviso of a trusted agent.  if the agent is dodgy, inexperienced or different motivation from owner, it could do more harm.

 

whereas for point 1 and 10 i talk of them in same breath.  i have noticed that untidy or cluttered house sells for less as well.  in fact many years ago, i wanted to buy 1 house bcos it ask less because of it being cluttered.  but i could see that it is not in anyway inferior to projects of same development on the market.  but some agents are really exacerbating this situation (point 10).  they even put up the untidy photo for advertisement in propertyguru.  granted photos are a must in these days of adeertising for property for sale online, still a bad photo is actually worse than no photo.


Edited by Acemundo, 09 March 2018 - 12:51 PM.

Showster praised this

#3

Posted 09 March 2018 - 01:44 PM

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Great effort and heart and soul made into writing this.

 

It offers a refreshing angle pegged to the issues sellers deal with or should deal with.

 

Maybe someone could write on what to look out for when buying houses, addressing buyer perspective?


Ash2017 praised this
"You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."

#4

Posted 09 March 2018 - 02:22 PM

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Great effort and heart and soul made into writing this.

 

It offers a refreshing angle pegged to the issues sellers deal with or should deal with.

 

Maybe someone could write on what to look out for when buying houses, addressing buyer perspective?

 

Bro...I see if I can find time to write the one for buyers.

 

But as a quick one,  feel that for buyers, the most important thing is to figure out their few most important requirements and be very focus in finding units that fulfill those requirements. In the current market, good deals are getting lesser by the day, so if a buyer suddenly shift goal post and make U-turn in their requirements, they have just wasted a good amount of time previously looking at units that didn't fulfill their requirements.  And if they had found a unit earlier, it could have been cheaper too.

 

Buyer must remember that in the current rising sentiments, time is truly money.......before we even talk about getting good value, please figure out the requirements and be very focus in finding units that fulfill those requirements. 



#5

Posted 09 March 2018 - 03:44 PM

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Buyer must remember that in the current rising sentiments, time is truly money.......before we even talk about getting good value, please figure out the requirements and be very focus in finding units that fulfill those requirements. 

 

agree but like to add on, even in good times, i prefer a focused approach whether as buyer or seller.  i don't really like those agents whose approach of buying/selling house is like shopping for cheap grocery - see more units (for buyers) or attract more viewers (for sellers) is better than low nuber of viewings.  waste time on both side, make buyer confused or lose out a deal and in all likelihood also contribute to seller getting a lowered price.



#6

Posted 09 March 2018 - 03:48 PM

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agree but like to add on, even in good times, i prefer a focused approach whether as buyer or seller.  i don't really like those agents whose approach of buying/selling house is like shopping for cheap grocery - see more units (for buyers) or attract more viewers (for sellers) is better than low nuber of viewings.  waste time on both side, make buyer confused or lose out a deal and in all likelihood also contribute to seller getting a lowered price.

 

Spot on. This approach is the best from my ground observations.



#7

Posted 09 March 2018 - 04:02 PM

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i feel quite a num,ber og agents should take up photography lessons as a value add to their client!!

 

many times i have seen terrible, terrible photos of the units when looking to purchase my choice unit..

 

i even saw 1 with 2!!! 2 photos of the TOILET BOWL!!!.. and the toilet wasnt even renovated at all..

 

like dafuq ... lol


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#8

Posted 09 March 2018 - 04:08 PM

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Have you seen the naked man in property picture?

 

No QC at all haha...

 

 

i feel quite a num,ber og agents should take up photography lessons as a value add to their client!!

 

many times i have seen terrible, terrible photos of the units when looking to purchase my choice unit..

 

i even saw 1 with 2!!! 2 photos of the TOILET BOWL!!!.. and the toilet wasnt even renovated at all..

 

like dafuq ... lol

 


Volvobrick praised this
"You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."

#9

Posted 09 March 2018 - 04:40 PM

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i feel quite a num,ber og agents should take up photography lessons as a value add to their client!!

 

many times i have seen terrible, terrible photos of the units when looking to purchase my choice unit..

 

i even saw 1 with 2!!! 2 photos of the TOILET BOWL!!!.. and the toilet wasnt even renovated at all..

 

like dafuq ... lol

 

2 of the worst i saw is whereby their photos show laundry on laundry racks in the living room or strewn all over the place like on chairs, sofa etc.

 

i can't imagine even as a professional, they let such photo get by their professional gaze


Have you seen the naked man in property picture?

 

No QC at all haha...

 

yep, that photo was on my mind when i started criticising the photos posed by agents these days.



#10

Posted 09 March 2018 - 05:31 PM

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Have you seen the naked man in property picture?

 

No QC at all haha...

 

that one has set the bar very high!!.. haha!!!



#11

Posted 09 March 2018 - 09:30 PM

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Have you seen the naked man in property picture?

 

No QC at all haha...

 

This is a very unfortunate incident.

 

What happen is that this could be an open listing where the owner sent his house photos to the agent to market.  The agent then, without checking the photo, simply post it up to the online platforms/

 

When I started my career, I would refuse to list any listings with owners photo if they are open listing. I would request to allow me to go to the unit to take photos myself.  If the owner refuse or no time to entertain my request,  I would drop that owner. I do this because

 

1) I want to meet the owner and understand his requirements. Nothing beats meeting face to face and advise him properly even if there is no exclusive given

2) By seeing the unit myself, I can position the unit better for sale or rental.  There is no way I can describe a unit accurately to a prospect  simply by looking at owners photo

3) Most owners photo are the same ones given to every agent and I do not want my listing to be the same as others.

4) By only looking at owners photo, there is no guarantee that is exactly the house that I am marketing. Sometimes owner may make mistake by sending a wrong set of photos and last I want is to surprise the viewer that the house he came for is different from the photos.

 

This particular case is really a wake up call to all open listing agents.  I hope everyone learn something from it including the owners.


Edited by Icedbs, 09 March 2018 - 09:36 PM.

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#12

Posted 14 March 2018 - 09:40 AM

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Bro...I see if I can find time to write the one for buyers.

 

But as a quick one,  feel that for buyers, the most important thing is to figure out their few most important requirements and be very focus in finding units that fulfill those requirements. In the current market, good deals are getting lesser by the day, so if a buyer suddenly shift goal post and make U-turn in their requirements, they have just wasted a good amount of time previously looking at units that didn't fulfill their requirements.  And if they had found a unit earlier, it could have been cheaper too.

 

Buyer must remember that in the current rising sentiments, time is truly money.......before we even talk about getting good value, please figure out the requirements and be very focus in finding units that fulfill those requirements. 

 

[thumbsup]  
 


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#13

Posted 14 March 2018 - 10:02 AM

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This is a very unfortunate incident.

What happen is that this could be an open listing where the owner sent his house photos to the agent to market. The agent then, without checking the photo, simply post it up to the online platforms/

When I started my career, I would refuse to list any listings with owners photo if they are open listing. I would request to allow me to go to the unit to take photos myself. If the owner refuse or no time to entertain my request, I would drop that owner. I do this because

1) I want to meet the owner and understand his requirements. Nothing beats meeting face to face and advise him properly even if there is no exclusive given
2) By seeing the unit myself, I can position the unit better for sale or rental. There is no way I can describe a unit accurately to a prospect simply by looking at owners photo
3) Most owners photo are the same ones given to every agent and I do not want my listing to be the same as others.
4) By only looking at owners photo, there is no guarantee that is exactly the house that I am marketing. Sometimes owner may make mistake by sending a wrong set of photos and last I want is to surprise the viewer that the house he came for is different from the photos.

This particular case is really a wake up call to all open listing agents. I hope everyone learn something from it including the owners.

Hi hi, you mind sharing the average annual income of agents ?

The newbies.....
The mid career....
The established.....

At which point of career do you consider yourself?


Do you specialise in a district?
Do you specialise in landed, condo, HDB?
Do you specialse in sale or rental?

I know you’ve no intent of marketing your services, but sharing your industry knowledge is a powerful marketing tool. And if your services is asked, it’s a compliment. 😉

#14

Posted 14 March 2018 - 12:03 PM

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Hi hi, you mind sharing the average annual income of agents ?

The newbies.....
The mid career....
The established.....

At which point of career do you consider yourself?


Do you specialise in a district?
Do you specialise in landed, condo, HDB?
Do you specialse in sale or rental?

I know you’ve no intent of marketing your services, but sharing your industry knowledge is a powerful marketing tool. And if your services is asked, it’s a compliment. 😉

 

That's a good question. And one that is often shrouded with mystery and misunderstandings

 

There are about 29,000 licensed agents in Singapore. While it is impossible for me to go into their stages of their career and how much they earn, I can make quite logical estimation that less than 20% of them earned more than $100k a year.  The other 80% is less than this number but to some people, even taking 50k a year is good for them.

 

Despite all the glamour, and popular media talk about agents, most does not really earn that much. Somehow everyone thinks agents make millions every year, that's imo, is the biggest BS out there. The problem with this industry is that the media and the agencies tend to over glamorize the earnings, because such news sell and such earnings can recruit better. In most cases, it is just simply selective reporting to me. Then the top 20% tend to market themselves as successful with photos next to their sport cars and such and that sort of exacerbated the image and the impression of the industry.

 

Now think about it a second. In that 29k of agents, a big majority are part timers, and some are retirees,  they either have income somewhere else or are just trying to find something to do. Does anyone really think those will be big income earners?

 

Real estate work is a business, not a job and like all businesses, some will be successful, but most will fail. Everyone knows this about businesses, but yet everyone think all agents are big earners and becoming an agent is their sure path of becoming rich. End of the day, it is a business, and most businesses fail. That's the hard truth which most agencies will not tell you. However, for the good businesses, it is hard, hard discipline work. Ask any successful entrepreneur and they will tell you all the rough tumbles they had before they were successful.

 

Having said the above,  on the flip side, trying to be in that top 20% is also not an impossible task if they know what to expect in this industry and do the right things. You know that 80% of your competition is not exactly strong, so the job is to compete with that 20%.  That part is not easy, but if you are in that group, you will survive.  For me, I have been in that group right in my first year.

 

For myself,  I don't specialise in a particular district and I can do condo, HDB, landed, rental or sales. I have done every residential type before.  I know the intricacies and challenges of each type and these days I advise on portfolio restructuring  so it i  important to know each type.  I am also trying to recruit these days, because I feel the profession need people who are honest, serious, committed to the client success and not to their own wallet.  To be successful they need to know the hard truth (and I hate glamorizing selective  high incomes during recruitment talk and all the ra-ra. I mean this is a serious profession dealing with others life savings, what is all the ra-ra for?) and then learn how to overcome those by providing real value and not just some hocus pocus slick sales talk.  If anyone keen to join this industry, contact me.  It can be really rewarding if you have the right focus, expectations and a mentor who care about you being in that top 20%. However, I am pretty selective on who I recruit because I want a quality team, not a big team.

 

Anyway, this thread is not about me but about providing value to others, so if you need to know more, PM me.


Edited by Icedbs, 14 March 2018 - 12:17 PM.


#15

Posted 14 March 2018 - 12:13 PM

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thanks for sharing bro, cheers  [thumbsup]


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#16

Posted 14 March 2018 - 10:08 PM

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Someone ask me today what is the worse condition unit that I ever sold and still manage to sell above market valuation?

 

Good question....because I think it can be a good case study.

 

I think it is a 3-rm HDB 47 year old unit that I sold last year when the market sentiment was poor.

 

This unit is old, mostly stock condition and the only renovation is probably the flooring, kitchen cabinet and toilet.  But the reno was done 20 years ago so you can imagine the condition now.  There is no wardrobe in the rooms even. And unlike the newer 3-rm HDB, this one have only one toilet in the entire house. With the age being 47 years old, there are cpf and loan restrictions. so many buyers wouldn't want to consider it. Only great point is the location is in the city.

 

5 agents were marketing for 6 months, could not get it sold. The owner offer only 1% comm. For a 3-rm hdb where prices is around 350k-380k around that area, 1% comm is less than most 3bedder condo rental deal....why would most agents put in the time and effort to do a sale?

 

I came into the picture because I was intrigue by this deal. Sounded like  a good challenge to prove a few points. Advise the owner for an exclusive, but refuse...however he gave me the key. That was the saving point. 

 

I looked at the house.....being a vacant old unit, there was nothing much to play with, so three things has to be right:

 

1) The advertising got to be perfect to capture as many possible viewers.

2) The viewing, if any, must be done to accomodate the buyer so that there is zero viewing leakage.

3) The house must be spotless and clean because being vacant, any dirt can be easily noticable.

 

I remember camping myself at the void deck for nearly 2 months so that I can conduct viewing anytime.  I have the keys, so that was easy except that the owner was also doing viewing with other agents on weekend.  My advertising  was different from the rest so I am quite confident I will get most of the viewings. I have a broom in the kitchen, so I would usually sweep away any dead insects (very common in old HDB) and clean the kitchen top (if dusty)  before any viewings.

 

To cut the long story short, in almost 2 months, I conducted 49 viewings......wasn't easy but in the end, the unit was close for 10k above HDB official valuation. The owner was ecstatic......in a down market, his very old, almost stock condition unit still gets 10k COV!  (I still get 1% regardless) [blush]

 

I felt really happy for the owner but I took up the case to prove that sometimes, effort and commitment is the most  important in getting top dollar. This house has nothing inside, everything old, so the only difference an agent can make is on the marketing and the commitment to conduct every viewing regardless of the time. I just want to debunk that to get top dollar, you need to have a great reno inside the house. That's good to have, but not a necessary ingredient. Most important is the basic.....uncluttered house, clean, and then lots of commitment in advertising and viewing.  [thumbsup]

 


Edited by Icedbs, 14 March 2018 - 10:10 PM.

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#17

Posted 16 March 2018 - 12:14 AM

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I would like to give some insights to the current market situation. As the market is going though a transition, I hope o give some clarity based on recent observations.

 

 Private non-landed 

 

1)  D9, 10, 11 is picking up strongly. Hard to find good value buys here

 

2) For RCR, D4, D12 and D14 still has good value buys.  Focus on these 3 areas if you want to find value for RCR.

 

3) For OCR, buying momentum is strong compounded by good sales in new launches.  However D25 and D26 is lagging. Personally,  I think D25 (Woodlands) has a lot of hidden value because of the potential there after the Northern Corridor redevelopments.

 

Landed

 

1) Picking up well  following the trend of private non-landed, but because it is the most depressed segment over the last 4 years, it  still has better value overall compare to private non-landed.

 

2) Landed, once it picks up, can increase at a faster pace due to limited supply.  Those who wants landed should quickly decide this year before prices escalates away

 

HDB

 

1) HDB segment is having a divergence compare to private. While private segment prices are increasing, HDB continues to be depressed.

 

2) I worry for HDB resale......there is quite a fair bit of oversupply in the overall market. 

 

3) It seems to me that many are selling their HDB either at market or below market just to quickly upgrade into the private sector.

 

4) Popular areas like Bishan, AMK, Toa Payoh, overall  is surprisingly selling below market on average. Different type has different demand (executive in Bishan has very high demand and above market for e.g) but overall these 3 towns show below market overall. As prices here are typically quite high, I suspect owners are willing to let go lower to sell off fast.

 

5) Big HDB units (executive. massionette, etc) has strong demand and mostly selling above market.  Pasir Ris, Bishan and Bukit Batok executives are the most popular and selling above market mostly.

 

 

Overall comments

 

1) For popular area and good private resale units, prepare to pay some COV. Very unlikely bank will match valuation because prices are increasing. Look at D4, D12 and D14 to find valuation resale buys. 

 

2) Many new landed projects has good $psf.  Look at those if you are keen. They are far more reasonable than condo launches.

 

3) New condo launches are increasing prices for their balance units. 

 

4) For private resale, pointless to look back at last year and say that prices are now expensive.  That opportunity is gone. Even though it is more than last year, most are still lower than the 2013 peak. Look at the overall picture, not just last year.

 

5) I think that the Q1 2018 PPI number are going to be high and that may spur even more buying momentum.

 

The above are my general observations, so please use this info at your own discretion. Nobody can predict how the trend is going to go so the above are just general comments.  For my clients, I will normally go into greater details depending whether they are buying or selling.

 

Hope the above is helpful to some.


Edited by Icedbs, 16 March 2018 - 12:38 AM.

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#18

Posted 16 March 2018 - 01:05 PM

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I would like to give some insights to the current market situation. As the market is going though a transition, I hope o give some clarity based on recent observations.

 

 Private non-landed 

 

1)  D9, 10, 11 is picking up strongly. Hard to find good value buys here

 

2) For RCR, D4, D12 and D14 still has good value buys.  Focus on these 3 areas if you want to find value for RCR.

 

3) For OCR, buying momentum is strong compounded by good sales in new launches.  However D25 and D26 is lagging. Personally,  I think D25 (Woodlands) has a lot of hidden value because of the potential there after the Northern Corridor redevelopments.

 

Landed

 

1) Picking up well  following the trend of private non-landed, but because it is the most depressed segment over the last 4 years, it  still has better value overall compare to private non-landed.

 

2) Landed, once it picks up, can increase at a faster pace due to limited supply.  Those who wants landed should quickly decide this year before prices escalates away

 

HDB

 

1) HDB segment is having a divergence compare to private. While private segment prices are increasing, HDB continues to be depressed.

 

2) I worry for HDB resale......there is quite a fair bit of oversupply in the overall market. 

 

3) It seems to me that many are selling their HDB either at market or below market just to quickly upgrade into the private sector.

 

4) Popular areas like Bishan, AMK, Toa Payoh, overall  is surprisingly selling below market on average. Different type has different demand (executive in Bishan has very high demand and above market for e.g) but overall these 3 towns show below market overall. As prices here are typically quite high, I suspect owners are willing to let go lower to sell off fast.

 

5) Big HDB units (executive. massionette, etc) has strong demand and mostly selling above market.  Pasir Ris, Bishan and Bukit Batok executives are the most popular and selling above market mostly.

 

 

Overall comments

 

1) For popular area and good private resale units, prepare to pay some COV. Very unlikely bank will match valuation because prices are increasing. Look at D4, D12 and D14 to find valuation resale buys. 

 

2) Many new landed projects has good $psf.  Look at those if you are keen. They are far more reasonable than condo launches.

 

3) New condo launches are increasing prices for their balance units. 

 

4) For private resale, pointless to look back at last year and say that prices are now expensive.  That opportunity is gone. Even though it is more than last year, most are still lower than the 2013 peak. Look at the overall picture, not just last year.

 

5) I think that the Q1 2018 PPI number are going to be high and that may spur even more buying momentum.

 

The above are my general observations, so please use this info at your own discretion. Nobody can predict how the trend is going to go so the above are just general comments.  For my clients, I will normally go into greater details depending whether they are buying or selling.

 

Hope the above is helpful to some.

 

Thank you, this is great!



#19

Posted 16 March 2018 - 01:33 PM

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That's a good question. And one that is often shrouded with mystery and misunderstandings

 

There are about 29,000 licensed agents in Singapore. While it is impossible for me to go into their stages of their career and how much they earn, I can make quite logical estimation that less than 20% of them earned more than $100k a year.  The other 80% is less than this number but to some people, even taking 50k a year is good for them.

 

Despite all the glamour, and popular media talk about agents, most does not really earn that much. Somehow everyone thinks agents make millions every year, that's imo, is the biggest BS out there. The problem with this industry is that the media and the agencies tend to over glamorize the earnings, because such news sell and such earnings can recruit better. In most cases, it is just simply selective reporting to me. Then the top 20% tend to market themselves as successful with photos next to their sport cars and such and that sort of exacerbated the image and the impression of the industry.

 

Now think about it a second. In that 29k of agents, a big majority are part timers, and some are retirees,  they either have income somewhere else or are just trying to find something to do. Does anyone really think those will be big income earners?

 

Real estate work is a business, not a job and like all businesses, some will be successful, but most will fail. Everyone knows this about businesses, but yet everyone think all agents are big earners and becoming an agent is their sure path of becoming rich. End of the day, it is a business, and most businesses fail. That's the hard truth which most agencies will not tell you. However, for the good businesses, it is hard, hard discipline work. Ask any successful entrepreneur and they will tell you all the rough tumbles they had before they were successful.

 

Having said the above,  on the flip side, trying to be in that top 20% is also not an impossible task if they know what to expect in this industry and do the right things. You know that 80% of your competition is not exactly strong, so the job is to compete with that 20%.  That part is not easy, but if you are in that group, you will survive.  For me, I have been in that group right in my first year.

 

For myself,  I don't specialise in a particular district and I can do condo, HDB, landed, rental or sales. I have done every residential type before.  I know the intricacies and challenges of each type and these days I advise on portfolio restructuring  so it i  important to know each type.  I am also trying to recruit these days, because I feel the profession need people who are honest, serious, committed to the client success and not to their own wallet.  To be successful they need to know the hard truth (and I hate glamorizing selective  high incomes during recruitment talk and all the ra-ra. I mean this is a serious profession dealing with others life savings, what is all the ra-ra for?) and then learn how to overcome those by providing real value and not just some hocus pocus slick sales talk.  If anyone keen to join this industry, contact me.  It can be really rewarding if you have the right focus, expectations and a mentor who care about you being in that top 20%. However, I am pretty selective on who I recruit because I want a quality team, not a big team.

 

Anyway, this thread is not about me but about providing value to others, so if you need to know more, PM me.

 

hehe i ever think of joining to market my own properties


Someone ask me today what is the worse condition unit that I ever sold and still manage to sell above market valuation?

 

Good question....because I think it can be a good case study.

 

I think it is a 3-rm HDB 47 year old unit that I sold last year when the market sentiment was poor.

 

This unit is old, mostly stock condition and the only renovation is probably the flooring, kitchen cabinet and toilet.  But the reno was done 20 years ago so you can imagine the condition now.  There is no wardrobe in the rooms even. And unlike the newer 3-rm HDB, this one have only one toilet in the entire house. With the age being 47 years old, there are cpf and loan restrictions. so many buyers wouldn't want to consider it. Only great point is the location is in the city.

 

5 agents were marketing for 6 months, could not get it sold. The owner offer only 1% comm. For a 3-rm hdb where prices is around 350k-380k around that area, 1% comm is less than most 3bedder condo rental deal....why would most agents put in the time and effort to do a sale?

 

I came into the picture because I was intrigue by this deal. Sounded like  a good challenge to prove a few points. Advise the owner for an exclusive, but refuse...however he gave me the key. That was the saving point. 

 

I looked at the house.....being a vacant old unit, there was nothing much to play with, so three things has to be right:

 

1) The advertising got to be perfect to capture as many possible viewers.

2) The viewing, if any, must be done to accomodate the buyer so that there is zero viewing leakage.

3) The house must be spotless and clean because being vacant, any dirt can be easily noticable.

 

I remember camping myself at the void deck for nearly 2 months so that I can conduct viewing anytime.  I have the keys, so that was easy except that the owner was also doing viewing with other agents on weekend.  My advertising  was different from the rest so I am quite confident I will get most of the viewings. I have a broom in the kitchen, so I would usually sweep away any dead insects (very common in old HDB) and clean the kitchen top (if dusty)  before any viewings.

 

To cut the long story short, in almost 2 months, I conducted 49 viewings......wasn't easy but in the end, the unit was close for 10k above HDB official valuation. The owner was ecstatic......in a down market, his very old, almost stock condition unit still gets 10k COV!  (I still get 1% regardless) [blush]

 

I felt really happy for the owner but I took up the case to prove that sometimes, effort and commitment is the most  important in getting top dollar. This house has nothing inside, everything old, so the only difference an agent can make is on the marketing and the commitment to conduct every viewing regardless of the time. I just want to debunk that to get top dollar, you need to have a great reno inside the house. That's good to have, but not a necessary ingredient. Most important is the basic.....uncluttered house, clean, and then lots of commitment in advertising and viewing.  [thumbsup]

 

i love your positive attitude and sense of positioning and pitching.  there is very little money to be made for marketing this unit and you took it on for the point to prove rather than the money to be made.  kudos to you!



#20

Posted 17 March 2018 - 10:33 AM

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hehe i ever think of joining to market my own properties

 

I once had a client who wants to be an agent.  Thought he was joking but he did went for the course and exams.

 

If you are keen, PM me. I can advise on which school to go, and why. I wished I had these information when I first enroll into a school. 

 

But be prepared to put in a lot of effort in the RES course. It is a very tough exam. Getting that license is hard and for a good reason. Also, as I practice, I do noticed that the newer agents are more knowledgeable  more respectful and more diligent in their work. It is good for the profession.




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