How to sell your house fast in Malaysia
People often incorrectly assume that selling a house is all about the condition of the real estate market. While it is true that there are certain things beyond your control, there are some things you can do to assure that your house sells fast in Malaysia. If you need to sell your house quickly, these tried and tested tips will help you to get offers close to (or even exceed!) your asking price.
- Choose the right real estate agent
Don’t hire a real estate agent just because you liked their profile picture on their listings page or they’re a relative. Selling a house takes negotiating skills, time and good knowledge of the neighbourhood. You need a good real estate agent to help you to balance between finding the best price and a swift sale. Check online client reviews for the agents that you are considering and don’t be afraid to ask questions, like:
– What is your commission rate?
– How many sales have you done in this neighbourhood?
– How and where will you market my property?
– Will you handle the viewing of my house?
– Has a client ever filed a complaint against you?
- Price it right
Of course, you want to get as much as you can off your house sale but the key to selling it fast in Malaysia is setting a realistic price. To do that, consult a bank to get a valuation of your property (it’s a free service), survey the latest prices of similar properties in the area, ask real estate agents familiar with the location or refer to the National Property Information Centre (NAPIC). Avoid setting a sky-high price for your house with the intent of negotiating it lower later as this is detrimental for a fast sale. Your house may not turn up on homebuyers’ online searches or worse still, completely discourage them from making an offer.
- Timing is important
The housing market rises and falls throughout the year so check with your real estate agent on when is the best time for a quick sale. You want to sell at a time when the demand is high to increase your chances of a fast sale. However, keep in mind that buyers tend to be choosy with more houses for sale on the market so put in a little effort to set yourself above the competition.
- Be accommodating to house tours
The more potential buyers who schedule a house tour, the greater your chances of a swift sale. So, make arrangements with your real estate agent to host an open house and be flexible about when people can view your house. However, before you open your house to scrutiny, spend a little time and money to make sure it’s in tip-top shape because first impressions are impossible to reverse.
- Update your home
A house that appears well maintained assures buyers that they don’t have to worry about hidden defects. However, don’t go crazy with the renovations as you’re unlikely to get your money back anyway. Instead, focus on small upgrades like a fresh coat of paint or a new kitchen sink. Also, repairing things like leaky pipes or broken tiles will lead to a fast sale.
- Jazz up the curb appeal
The outside of your house is just as important as the inside – it’s usually the first thing people notice on house tours and listing sites! This means tidying up the yard, planting flowers, shaping hedges and so on. If you can afford to splurge a little, hire a professional landscaper to do the work for you.
- Stage your home
Once you’ve updated the interior and exterior of your house, it’s time to hire a home staging company. These professionals are great at showcasing the strengths of your house and downplaying the flaws. If you decide not to stage, then you must clean, declutter and depersonalise. To sell your house fast, remove family photos, religious items and political memorabilia so that potential buyers can visualise their family in the house, not yours.
- Take good photos
If you want to sell your house fast in Malaysia, resist the urge to take photos of your house on your smartphone and hire a professional photographer instead. Most homebuyers search online and will decide based on photos whether to view a house or not. A good photo emphasises the best features of your house and makes your space look as appealing as possible.
- Negotiate for a fast win-win
If a buyer is interested in your house, their agent will most likely contact your agent to make an offer. You will need to decide what will motivate you to close the deal. Is a lower asking price acceptable if it means the sale will be quick? During this time, keep in regular contact with the potential buyer via your real estate agent to ensure that they are serious about buying and not merely window shopping. Remember that houses on the secondary market in Malaysia takes around three months to find a buyer. Any longer than this and buyers get suspicious that there is something wrong with the property.
- Seal the deal
Once you accept an offer, congratulations, you have entered the final stretch of closing the sale of your home. This usually means financing, appointing a lawyer, home inspection, title, appraisal and a final walk-through. Once all that is settled, you will pay your real estate agent his or her commission, receive your money and hand over the keys to the new owners.