Depending on your property type, there are many factors to consider when selling your home in Singapore. These factors could potentially affect the sales price and lead time before you find a buyer. Just the thought of selling your home can be overwhelming for first-time sellers if you don’t know where to begin.

Today, we’ll be addressing your concerns and sharing 5 common mistakes (with tips) to avoid certain pitfalls when selling your home.

Mistake #1: Engaging with too many different realtors or no realtor at all.

There are many misconceptions associated with engaging realtors when deciding to sell your home. The most common ones being:

• Not engaging with a realtor saves me money.

• Engaging more agents helps to increase my property’s exposure in the market.

Both of which, are sadly to say, costly mistakes when trying to sell your home. A realtor will be able to give you a more accurate estimate of your home’s value based on the other similar properties in your area. Whereas too many realtors could lead to competition between agents and undercut your selling price.

Instead, what you should do is to look for a reliable and trustworthy real estate agent to handle your listing exclusively. Prioritise quality over quantity here. This will also ensure that they are more willing to work for your listing and avoid confusion by having different agents bringing the same buyer to view your house a second time.

What should you consider when choosing an agent?

• Whether the agent has a valid CEA license?

• Has the agent performed extensive market research?

• What is the agent’s marketing strategy?

• Does the agent have experience selling in your area?

Mistake #2: No clear understanding of your property's value in the market.

You may have just spent a bomb trying to renovate your flat, look unique and stand out in the market. As such, you may feel that this should raise the value of the property.

However, what sellers often neglect is the fact that despite the pleasant viewing experience and aesthetics of your newly renovated home, it is still entirely up to the buyer to keep the renovation after their purchase. Some sellers even expect higher prices or charge a premium for a high floor unit.

However, the bitter truth is that you are only overvaluing your property by doing so. It is important to keep in mind that the property will ultimately be coined as “second-hand” once it changes hands. Buyers, however, are possibly looking for more affordable units that still has its original fixtures intact, to remodel it to their liking with the savings earned.

Similarly, despite the renovation, it is important not to undervalue your property. Which is why, an agent is there to give you a better estimate of your property’s worth.

Mistake #3: Not staging your home/preparing the place for viewings.

When you’re selling your home, showcasing it in an optimal way to homebuyers is essential. Buyers want to be able to imagine themselves in the house. Failure to properly invest in staging can cause home buyers to have a difficult time picturing their dream home, resulting in them buying elsewhere.

Don’t underestimate the power of listing photos! Leaving a strong first impression could bring more potential buyers into your home, increasing your chances of getting a good bid. Buyers are picky about home conditions, so it is important to keep the place clean. You do not have to spend thousands of dollars renovating your home, but you can present it in a clean, neat, and pleasant manner.

Here are some tips when presenting your home to potential buyers:

• Ensure that your house is neat and get rid of any unpleasant smells.

• Do some repairing if necessary and apply fresh coats of paint to all walls and doors etc.

• Make sure everything functions and looks presentable.

You want your house to feel warm and welcoming. A poorly kept home in need of repairs will lower the selling price of your property and will even turn away buyers.

Mistake #4: Rejecting a genuine offer or failing to take an offer seriously.

Don’t be offended by a lowball offer. Instead, take it as a chance to negotiate. Buyers may be really interested in your property and want to get it at the lowest price possible. Treat this as a business transaction, and work on a counteroffer. Unless the request of the buyer is unreasonable, it would be wise to weigh the pros and cons before making any decision in a haste.

The waiting game is common in property transactions but is also a common mistake most sellers make. Waiting doesn’t always bring you a better offer. On the contrary, the longer your property sits on the shelf, the lower your chances of getting your desired price. Don’t be greedy and miss out on a genuine offer, because the better one you’re hoping for may not come around anytime soon!

Make sure that your listed price is reasonable enough not to scare off potential buyers, but still leaves you a little wiggle room for negotiations.

Mistake #5: Rushing the selling process.

Rushing the home-selling process can cause you to accept a lower amount than you really wanted, potentially costing you thousands of dollars. Do not expect a quick fix and take your time to stage, clean and replace worn out items in the flat. Working with an experienced realtor who can guide you through the process when selling your home will allow you to achieve a sale in a timely manner with the best return on investment.

Selling your home can seem like a daunting process, but it does not have to be that way. The 5 mistakes listed here can be easily avoided and make your selling journey just a little bit easier.