DIY is beginning to get very trendy these days; in fact, you can DIY just about anything! I have come across my fair share of DIY buyers when handling transactions for my clients, and I just have to say, sometimes things don’t work out well with them. Read on to find out (and learn from!) the three biggest problems with DIY buyers in the Singapore property market!
`1. Ignorance is not bliss
Doing it yourself is perfectly fine, but make sure you do it with the relevant knowledge and know-how. Many DIY buyers are not familiar with the process of purchasing a property nor are they able to properly represent themselves. In fact, based on my experiences, they seem to think that the seller’s agent is meant to help them as well instead! Obviously, this is not correct.
Hence, before DIY-ing anything, especially property sales, make sure you represent yourself professionally and properly, and do due diligence in conducting your own research into the processes.
2. They don’t abide by the ‘code of conduct’
There’s a particular problem I’ve noticed with DIY buyers – they don’t abide by the unspoken and informal ‘code of conduct’ that we agents share. Most tellingly, they are often ‘no-shows’ at arranged viewings and scheduled visits.
As you can imagine, this is incredibly frustrating. Not only does it waste the agents’ time, it causes further inconvenience to the sellers who have to stay at home and wait for you to visit the property, only to have you disappear on them.
Therefore, do the right thing. Abide by your commitments.
3. Assurance is key
It is an unfortunate truth for DIY buyers that sellers will often choose buyers who engage a proper agent. It provides a kind of assurance and peace of mind, that the buyer will take responsibility for their end of the deal. This assurance is oftentimes lacking in DIY buyers, for the reasons outlined above.
As such, think carefully before you decide to DIY and invest proper time into accumulating the necessary knowledge to represent yourself professionally to the seller, to provide them with enough reassurance such that they will close the deal.
Don’t get me wrong – doing property sales and transactions by your self is perfectly fine! This is not meant to dissuade anyone from doing so. Rather, I hope you will do so with the relevant knowledge and act within the unofficial ‘code of conduct’. Do it not just for us fellow agents, but to benefit yourself as well!