I have heard of several properties that face extreme difficulties in being sold, even after a year of marketing. Based on my experience, if you are facing difficulties selling your property, there are two reasons why this might be so – pricing strategy and marketing.
1. Pricing Strategy
Price plays a big factor in the sale of a property. People are always looking for a reasonably good deal. However, many sellers are quoted the wrong selling price for their property. I once went to meet a seller whose property was in Punggol. They were selling it at over SGD$500, 000, but based on my research, the property could only sell at SGD$450,000. The property was grossly over-priced, and therefore not drawing in any interested buyers.
Therefore, you need to choose a good agent when choosing to sell your property, one that will correctly price your property. Do your own research as well to find out how other competitors are pricing similar properties in the area. Good communication between agent and seller is also crucial. It is best for the agent to communicate to the seller all the prices quoted to them by interested buyers during the negotiation process, as it is important for sellers to understand the market sentiments about their property.
2. Marketing Strategy
When the market is good, some basic marketing will do the job in attracting the right buyers. However, when the market isn’t doing too great, marketing makes a world of difference. What do I mean by good marketing? In these times, it is crucial to thrive in marketing one’s property on online platforms such as Property Guru. Online platforms such as Property Guru has meant that sellers have to post pictures of the property, a good description of it, and its price upfront. This was different in the past where print platforms did not require any pictures.
Therefore, it is crucial to formulate a good and comprehensive property listing. Little things such as taking nice pictures would boost your property’s attractiveness. I suggest taking pictures at some pleasant-looking parts of the property, and not the whole area. Writing a comprehensive description will also help in ensuring your advertisement is ranked at 100% rating on Property Guru, propelling it to the top of search lists. Good property agents should also be investing money to boost the advertisement to the top of the page, so that you get viewers. Based on my experience, this makes a huge difference.
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So, if you are facing tremendous difficulty in selling your property, re-examine your pricing and marketing strategy. Find out in detail what your agent is and is not doing for you, and take suitable action to change that.
Need further help? Contact me today to receive expert advice on property sales or purchases – I’m always here to help you make the best decision when buying or selling your property.