As a first time home seller, you should take note of these
Seller Profile
Our client is a single lady who stays alone. As her parents were getting on in their years, she wanted to live within close proximity to them. She needed to sell her home for this reason.
As a seller, she knew that it was difficult to tell when a buyer would come along. Due to the urgency of the situation, and careful financial planning in her younger years, she did not require the proceeds from the sale of the property to finance her next home. She was able to buy a property before selling her existing home.
Challenges
The property for sale was conveniently located. It was situated within walking distance to a wide array of amenities such as wet markets, supermarkets, eateries, schools and transportation modes.
One of the main deterrent factors for buyers was the lease remaining of the property. At the point of marketing, there was approximately 57 years left on the lease. The CPF’s policies for the usage of funds for the purchase of a HDB flat, depends on the age of the buyer, and the number of years remaining on the lease of the property. If the property had less than 60 years lease remaining, the buyer may not be able to utilize the usual permissible limit of their CPF monies.
In addition, the property could only be sold to a certain race profile due to the ethnic quota stipulated by HDB. Most of the enquiries were from the racial profile that the property cannot be sold to. This is common to properties which can only be sold to specific races.
Despite these challenges,we had managed to secure 2 rounds of viewings by different parties. Within the 2 viewings, the sale was concluded. The first buyer wasn’t keen as the fengshui of the home was not suitable. The second buyer was a single man who had just sold his home so our property was perfect for him. It was a successful partnership with our clients.
Learning points
Needs Analysis – We wanted to get to know each enquiry, be it via a buyer or agent, so we made it a point to personally call each of them rather than correspond over text.
KIV – Regardless whether the buyer qualified to buy or not, it was important for them to keep our listing in mind in the event there was someone suitable who could purchase the home.
Show up – As long as there were suitable parties who were interested to view, we had made it a point to set aside time for them no matter how late it was.
Belief – Though the remaining lease of the property was a challenge, it didn’t mean that it could not be sold. There were other factors that appealed to buyers – attractive quantum, convenient location, mid-floor etc. Having that belief was important because it would translate into how we presented the house.
Seller Profile
Our client is a single lady who stays alone. As her parents were getting on in their years, she wanted to live within close proximity to them. She needed to sell her home for this reason.
As a seller, she knew that it was difficult to tell when a buyer would come along. Due to the urgency of the situation, and careful financial planning in her younger years, she did not require the proceeds from the sale of the property to finance her next home. She was able to buy a property before selling her existing home.
Challenges
The property for sale was conveniently located. It was situated within walking distance to a wide array of amenities such as wet markets, supermarkets, eateries, schools and transportation modes.
One of the main deterrent factors for buyers was the lease remaining of the property. At the point of marketing, there was approximately 57 years left on the lease. The CPF’s policies for the usage of funds for the purchase of a HDB flat, depends on the age of the buyer, and the number of years remaining on the lease of the property. If the property had less than 60 years lease remaining, the buyer may not be able to utilize the usual permissible limit of their CPF monies.
In addition, the property could only be sold to a certain race profile due to the ethnic quota stipulated by HDB. Most of the enquiries were from the racial profile that the property cannot be sold to. This is common to properties which can only be sold to specific races.
Despite these challenges,we had managed to secure 2 rounds of viewings by different parties. Within the 2 viewings, the sale was concluded. The first buyer wasn’t keen as the fengshui of the home was not suitable. The second buyer was a single man who had just sold his home so our property was perfect for him. It was a successful partnership with our clients.
Learning points
Needs Analysis – We wanted to get to know each enquiry, be it via a buyer or agent, so we made it a point to personally call each of them rather than correspond over text.
KIV – Regardless whether the buyer qualified to buy or not, it was important for them to keep our listing in mind in the event there was someone suitable who could purchase the home.
Show up – As long as there were suitable parties who were interested to view, we had made it a point to set aside time for them no matter how late it was.
Belief – Though the remaining lease of the property was a challenge, it didn’t mean that it could not be sold. There were other factors that appealed to buyers – attractive quantum, convenient location, mid-floor etc. Having that belief was important because it would translate into how we presented the house.
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