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SELLERS
GUIDE FOR
PLEASANT
EXPERIENCE
THINGS TO DO !!!
Before Putting Your Flat/Home on the Market
1. Have a pre-sale flat/home inspection. Get estimates on how much it would cost to replace
Be proactive by arranging for a pre-sale home them, even if you don’t plan to do it yourself. The
inspection. An inspector will be able to give you a figures will help buyers determine if they can afford
good indication of the trouble areas that will stand the home, and will be handy when negotiations
out to potential buyers, and you’ll be able to make begin.
repairs before open houses begin.
4. Make available your warranties.
2. Organize and clean. Gather up the warranties, guarantees, and user
Pack up your least-used items, such as large blenders manuals for cooker hob and hood, washer and dryer,
and other kitchen tools, out-of-season clothes, toys, dishwasher, and any other items that will remain
and exercise equipment. Clean the windows, carpets, with the house.
walls, lighting fixtures, and floor boards to make the
house shine. 5. Spruce up the home appeal.
Assuming you are a buyer and stand outside of your
3. Get replacement estimates. flat home. As you approach the front door, what is
Do you have big-ticket items that are worn our or will your impression of the property?
need to be replaced soon, such air conditioning or
carpeting? Does the home look neat and tidy? Is the flat/home
free from cracks and impediments?
Eight (8) reasons why it is important to work with an ACCREDITED Agent and/or Salesperson.
1. Navigating through a complicated process. previous clients, referrals, friends, and family. When a
Buying or selling a home usually requires huge property is marketed with the help of a ACCREDITED
volume of documentation and paperwork to be Agent and/or Salesperson, you do not have to
executed and for HDB flat transactions, requirement allow strangers into your home. Your ACCREDITED
for compliance of checklist that will ensure smooth Agent and/or Salesperson will generally prescreen
process and experience. A knowledgeable expert will and accompany qualified prospects through your
help you prepare the best deal, and avoid delays or property.
costly mistakes.
6. Speaking the language.
2. Information and opinions. If you don’t know a Comparative Market Analysis
ACCREDITED Agent and/or Salesperson can provide (CMA) from an ACCREDITED Agent and/or
information on utilities, zoning, schools, and Salesperson, you can understand why it’s important
more. They will also be able to provide objective to work with a professional who is immersed in the
information about each property. A professional will industry and knows the real estate language.
be able to help you answer these two important
questions: Will the property provide the environment 7. Experience.
I want for a home or investment? Next, will the Most people buy and sell only a few homes in a
property have resale value when I am ready to sell? lifetime, usually with quite a few years in between
each purchase. And even if you’ve done it before,
3. Best property Available. laws and regulations change.
Sometimes the property you are seeking is available
but not actively advertised in the market, and it will ACCREDITED Agent and/or Salesperson, on the other
take some investigation by your ACCREDITED Agent hand, handle hundreds of real estate transactions
and/or Salesperson to find all available properties over the course of their career.
that suit your needs.
Having an expert on your side is critical.
4. Tapping their Negotiating skills.
There are many negotiating factors, including 8. Objective comment.
but not limited to price, financing, terms, date of A home often symbolizes family, rest, and security
possession, and inclusion or exclusion of repairs, — it’s not just four walls and a roof. Because of
furnishings, or equipment. Your agent/salesperson this, home buying and selling can be an emotional
can advise you as to which investigations and undertaking.
inspections on the property are recommended or
required. For most people, a home is the biggest purchase
they will ever make.
5. Property marketing power.
Real estate does not sell due to advertising alone. Having a concerned, but objective, third party
In fact, a large share of real estate sales comes helps you stay focused on both the emotional and
as the result of a practitioner’s contacts through financial issues most important to you.
Before you make your final buying or selling decision, you should have been guided by a professional. An
accredited Agent/Salesperson can alert you to potential problems with a property and allow you to make an
informed decision. Ask these questions to prospective agent/salesperson:
1. Is the services you rendered in line with 6. Do you focus on residential property segment?
industry standards meet the minimum Make sure the Agent/Salesperson has training and
recognized standards? experience in the area of residential real estate
Ask whether the accredited agent’s/salesperson’s agency, which is requiring different skill sets from
experience and qualifications meet all industry/ those of commercial and industrial properties
statutory requirements and comply with a well- etc.. If you are buying a unique property, such as a
recognized standard of practice and code of ethics, conservation home, you may want to ask whether
such as the one adopted by the SAEA (Singapore the Agent/Salesperson has experience with that
Accredited Estate Agencies) type of property in particular.
1. Have you built substantial equity in your 4. Are there reasons why you cannot remodel or
current HDB flat/home? add on?
Have a look at your annual mortgage statement Sometimes you can create a bigger home by adding
or call your lender to find out. Usually, you don’t a new room or building up. But if your property is
build up much equity in the first few years of your not large enough, or you’re simply not interested in
mortgage, as monthly payments are mostly interest, remodeling, then moving to a bigger home may be
but if you’ve owned your home for five or more your best option.
years, you may have significant, unrealized gains.
5. Are you comfortable moving in the current
2. Has your income or financial situation housing market?
improved? If your market is hot, your flat/home may sell
If you are making more money, you may be able to quickly and for attractive dollar, but the flat/home
afford higher mortgage payments and cover the you buy also will be more expensive. If your market
costs of moving. is slow, finding a buyer may take longer, but you’ll
have more selection and better pricing as you seek
3. Have you outgrown your neighbourhood? your new flat/home.
The neighbourhood you pick for your first home
might not be the same neighborhood you want to 6. Are interest rates attractive?
settle down in for good. For example, you may have A low rate not only helps you buy a larger home, but
realized that you did like to be closer to your job or also makes it easier to find a buyer.
live in a better location near to better school.
Open House
An open house can be a great sales tool, but it also exposes you to numerous unfamiliar people for the
first time.
• Check your cell phone’s strength and signal prior • When prospective buyers begin to arrive, jot down
to the open house. Have emergency numbers their car descriptions, license numbers and
programmed on speed dial. Carry an extra, fully physical descriptions (if possible).
charged cell phone battery.
• When showing the house, always walk behind
• Determine several “escape” routes that you can the prospect. Direct them; don’t lead them. Say, for
use in case of an emergency. Make sure all example, “The kitchen is on your left,” and gesture
deadbolt locks are unlocked to facilitate a faster for them to go ahead of you.
escape.
• Inform a neighbour that you will be showing the
• Turn on the lights and open the curtains. These house and ask if he or she would keep an eye and
are not only sound safety procedures, but also ear open for anything out of the ordinary.
great marketing tactics.
• Notify your credit card companies, magazine • Check insurance coverage for the items you’re
subscriptions, and bank of your change of address. moving. Usually movers only cover what they pack.
• Create a list of friends, relatives, and business • Clean out appliances and prepare them for
colleagues who need to be notified about your moving, if applicable.
move.
• Have a “first open” box with the things you will
• Arrange to disconnect utilities and have them need most, such as toilet paper, soap, trash bags,
connected at your new home. scissors, hammer, screwdriver, pencils and paper,
cups and plates, water, snacks, and toothpaste.
• Get copies of medical and dental records and • Consider special needs for pets when traveling.
prescriptions for your family and your pets.
• Let a friend or relative know your route.
• Get copies of children’s school records for transfer.
• Empty your safety deposit box.
• Ask friends for introductions to anyone they know
in your new neighborhood overseas.
4. Be sure the contract states exactly what is to be 10. Be sure that the contract specifies the contractor
done and how variation orders will be handled. will clean up after the job and be responsible for
any damage.
5. Make as small of a down payment as possible
so you won’t lose a lot if the contractor fails to 11. Guarantee that the materials that will be used
complete the job. meet your specifications.
6. Be sure that the contractor has the necessary 12. Don’t make the final payment until you’re
permits, licenses, and insurance. satisfied with the work.
• Extra sets of house keys. • As a courtesy, you could provide numbers to the
utility companies.
• A list of local service providers — the best dry
cleaner, air conditioning maintenance service,
plumber, etc.
If possible, try to determine a buyer’s financial status before signing the contract. Ask the following:
1. Has the buyer been prequalified or preapproved 3. Is the buyer’s income sufficient to afford
(even better) for a mortgage? Such buyers will your home?
be in a much better position to obtain a
mortgage promptly. 4. Does your buyer have good credit?
2. Does the buyer have enough money to make a 5. Does the buyer have too much debt? If a buyer
downpayment and cover transactional costs? owes a great deal on car payments, credit cards,
etc., he or she may not qualify for a mortgage.
Seller’s representative from another real estate agency, who is not the
(Listing agent or Seller’s agent) buyer’s agent, shows property to a buyer.
A seller’s agent is hired by and represents the seller.
All fiduciary duties are owed to the seller. The In such a case, the subagent works with the buyer
agency relationship usually is created by a listing as a customer but owes fiduciary duties to the
contract. listing broker and the seller. Although a subagent
cannot assist the buyer in any way that would be
Buyer’s representative (Buyer’s agent) detrimental to the seller, a buyer-customer can
A buyer’s agent is hired by prospective buyers to expect to be treated honestly by the subagent. It is
represent them in a real estate transaction. The important that subagents fully explain their duties
buyer’s representative works in the buyer’s best to buyers.
interest throughout the transaction and owes
fiduciary duties to the buyer. The buyer can pay the Disclosed dual agent
licensee directly through a negotiated fee, or the Dual agency is a relationship in which the real
buyer’s representative may be paid by the seller or estate agency firm represents both the buyer and
through a commission split with the seller’s agent the seller in the same real estate transaction. Dual
(in the case of private property). agency relationships do not carry with them all of
the traditional fiduciary duties to clients. Instead,
Subagent dual agents owe limited fiduciary duties. Because
A subagent owes the same fiduciary duties to the of the potential for conflicts of interest in a dual-
agent’s customer as the agent does. Subagency agency relationship, it is vital that all parties give
usually arises when a cooperating sales associate their informed consent. It is recommended that this
consent be in writing.