Selling a property: Step-by step process

Selling a property in Singapore can be a significant decision that involves certain factors to consider. Whether you’re looking to upgrade, downsize, or simply move to a new location, selling your property can be a complex and sometimes overwhelming process.

As your property buddy, my goal is to help you navigate the selling process by providing tailored advice and guidance throughout the selling process. In this article, I will provide a step-by-step guide to the selling process in Singapore, as well as offer tips and advice to ensure a successful and smooth transaction.

Engaging a real estate agent

The first step is to engage a licensed real estate agent to help you with the selling process. Real estate agents in Singapore are regulated by the Council for Estate Agencies (CEA). They can help you with everything from pricing your property to advertising to property presentation and negotiating with buyers.

Determine your selling price

The next step is to determine the selling price of your property. Once you have decided on your preferred real estate agent, they would provide a professional and realistic assessment of your property’s value by conducting a comparative market analysis, which involves comparing your property to similar properties in the area that have recently sold as well as the property’s unique features and condition as well as taking into account market conditions. This would ensure that your property is priced competitively, attracting the right buyers. You can then set a price based on this analysis.

Preparing your property

Before you put your property on the market, your real estate agent will give advice on how to prepare your property for viewings. This may involve cleaning, decluttering, home staging and making any necessary repairs or upgrades if applicable depending on the condition of your property.

It is important to ensure that the property is well-presented and clean during these viewings.

Marketing: Advertising your property

Based on the property valuation and objectives, your real estate agent would develop a tailored marketing strategy to showcase the property’s best features highlighting your property’s unique features and value to potential buyers. This might include professional photography, virtual tours, and advertising using a variety of channels, including online listings, print ads, and property portals.

Buyer viewings

Once your property is advertised, your real estate agent will arrange viewings with potential buyers. You should try to make your property as attractive as possible during these viewings to maximize your chances of making a sale.

Negotiating with buyers

When a potential buyer expresses interest in your property, your real estate agent will negotiate with them on your behalf to achieve the best possible price and terms for you.

Option-To-Purchase

Once you have agreed on the terms of the sale, the buyer will sign an Option to Purchase (OTP) and pay a deposit. This gives the buyer the exclusive right to purchase the property within a specified timeframe, typically 14 days for private properties.

Finalising the sale

Once you have agreed on a price and other terms and conditions, you will need to sign a Sales and Purchase Agreement (SPA) with the buyer. The SPA will outline the details of the sale, including the price, payment terms, and any other conditions of the sale.

Completion: Hand over the property

Finally, you will need to hand over the property to the buyer and receive payment for the sale. Your real estate agent can help you with the legal and administrative processes involved in transferring ownership of the property.

Overall, selling a property in Singapore can be a complex process that requires careful planning, preparation, and execution. As your property buddy, my goal is to ensure that you achieve your objectives while enjoying a positive and stress-free experience. By providing tailored advice, honest communication, and exceptional service, I can help you navigate the selling process with confidence and achieve the best possible outcome. If you are thinking of selling your property in Singapore, please don’t hesitate to contact me to discuss your options and how I can assist you in achieving your financial goals.