So, you want to sell your HDB flat or private property but can’t decide whether to hire a property agent or go the DIY route. Weighing your options is only natural, especially considering the plethora of listing platforms and online resources available these days.
However, we’re asking you to take a chance and hear our side of the story. At Ohmyhome, we don’t believe in charging exorbitant prices for property agent services. Because that’s what has gatekept homeownership and property investment to a fringe group of wealthy individuals for generations. Our goal, and the reason why Ohmyhome started in the first place, is to make home transactions affordable and accessible to everyone, by offering a lower price compared to the market average and taking hassle and paperwork out of our clients’ hands.
Disclaimer: Not everyone needs a property agent
All that to say, we’re not here to sell you a service just to earn a commission. In fact, we’ve always believed that not everyone needs a property agent, which is why we came up with a DIY platform for homeowners to manage transactions themselves.
Many homeowners who attempt to DIY quickly realise that selling a home is not as easy as it seems. There is a lot of administration involved between making your home attractive to potential buyers, scheduling meetings, submitting documents, and ensuring that you’ve covered all the legal and financial bases.
We know – it sounds daunting! So let us break down for you the steps to selling an HDB. Once you’ve gone through the steps here, you’ll be well-equipped to make a wise decision on whether DIY or engaging an agent suits you best.
Read on…
- If you have a full schedule: Whether you’re too busy working overtime or fetching kids between enrichment lessons (or both), selling a property will definitely disrupt your already delicate schedule.
- If you hate paperwork: We all have weaknesses, and it’s okay to admit when you need help. Your future self will thank you, and your property agent will make sure that everything is filed properly and accurately.
- If you need to make an urgent sale: Selling your home can take as little as a few months or as long as a few years. If you must make a sale within a certain timeframe, property agents are your best bet.
1. Weeding out non-serious, time wasting buyers
The internet is full of trolls, which is exactly where DIY listing platforms are being hosted. From scammers hiding behind dubious profile pictures, to curious busybodies who just want to view a property for fun, property agents have seen it all. There isn’t a trick in the book that property agents have not seen before, and they will be able to spot someone who has no intention of buying from a mile away.
That will save you a lot of time texting time-wasters in moments where you’re supposed to be unwinding, or carving out time from your schedule to accommodate home viewings for prospects who may not even show up (or worse, show up and damage something).
Property agents can also tap into their rich networks built up over the course of their career, spreading the net far wider than you may be able to in the same amount of time. We’re not just saying this. We’ve got the statistics to back it up. 50% of HDB flat transactions made by Ohmyhome are completed within just 7 days.
Spend evenings replying to prospects who may eventually ghost you or hand it over to a property agent? The choice is pretty obvious.
2. Save time and money by keeping buyers accountable
Selling a home requires both you and your buyer to be on the ball at all times. An uncooperative buyer can quickly turn the transaction process into a nightmare.
Case in point: Buyers and sellers of HDB flats must submit their resale applications within the pre-agreed date, which is usually 30 days after the Option to Purchase (OTP) is exercised, and within 7 days of each other.
Fail to fulfil either of those criteria, and that’s an extra $40 to $80 dollars in resale application fees down the drain, not to mention the possibility of restarting the OTP exercise and resale application process all over again.
Drag this out a few more times over the course of the transaction process, and your home sale can easily be delayed by several months. Apart from time wasted, these delays can also cause you to incur additional months of maintenance fees.
A good property agent will not just remind you when documents and payments are due, but also ensure that your buyer stays on top of things so that the transaction process is as smooth as possible.
A word of caution, however. While property agents are expected to converse with buyers, make sure that they are legally representing you and you alone. This is to avoid conflicts of interest and potential legal disputes further down the road.
3. Outsourcing the troublesome paperwork
If you haven’t already caught on, there are a ton of forms and applications to fill when selling a home. In fact, if you’re selling an HDB flat, you even have to fill in a form just to declare your Intent to Sell. Looking to stay on for just a bit longer after the Date of Completion, where your home transaction has finished? There’s a form for that, too.
Apart from being a real hassle, filling these forms completely and accurately is also paramount to avoiding legal trouble and potential fees. You don’t want a buyer to verbally agree to a temporary extension of stay, only to have them turn around and sue you for overstaying without any paperwork to defend yourself.
There are also instances where people choose to sell their homes after a separation or loss in the family. Having a property agent experienced with legal conveyancing ensures that sales and property handover documents can be completed with as few hiccups as possible, without either side having to incur a loss.
In short, property agents don’t just handle the legal paperwork for you. They act as a safeguard against potentially messy conflicts between sellers and buyers.
4. Prevent yourself from selling emotionally
Everything is sealed once you sign on the dotted line. Once you’ve issued the OTP to a prospective buyer, you cannot offer your property to someone else just because they offer a higher price. Likewise, you cannot take back your home once you’ve signed the forms at the resale appointment.
Unfortunately, this is also the point where many former homeowners end up with a case of severe seller’s regret. Drawn-out home selling processes can quickly wear out one’s patience, and many buyers sign off their homes to the next prospective buyer only to realise that they have landed themselves in a bad deal soon after.
Other homeowners, in their eagerness to rid themselves of an old property, sell during a time when the property market is cool, only to look back several years later with regret when they realise that they’ve lost tens, even hundreds of thousands of dollars.
Property agents are one step removed from the situation, allowing them to view your property objectively. They also have a wealth of experience in monitoring the property market and know all the latest policy updates like the back of their hand. They will be the voice of reason, the one who tells you ‘no’ before you make a bad decision you’ll most likely regret.
5. Understand the property market and make confident decisions
Interactions with property agents are opportunities for you to tap into their knowledge of property types, districts, and property investment strategies. Even if you don’t wish to have a stake within the property investment market now, gaining these nuggets of wisdom through conversations with your property agent can assist you further down the road should you decide to sell your subsequent property DIY.
Also, understanding the process will make you more confident of the decisions you make. This includes when you decide to sell your property, and the price at which you decide to sell it. It is very empowering to close a sale knowing that you’ve gotten the best deal possible, and will definitely save you from the agony of the seller’s regret.
Sell your HDB flat or private condo 2X faster and above market valuation
70% of our clients have sold their homes at prices above market valuation, and so can you. With CEA-certified Super Agents who are amongst the Top 1% in Singapore, we’re more than confident of helping you sell your home for a high price, hassle-free. Because at Ohmyhome, we’re always by your side, always on your side.
Call 6886 9009 to book an appointment with our Super Agents or message us with your enquiries via the chat box at the bottom right-hand corner of the screen. If you’re on the go, we’re also available on WhatsApp at 9755 1009. See you soon!
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- Sell HDB Guide: All You Need to Know About HDB Flat Resale Procedures in 2022
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- How Ohmyhome Recruits the Best Property Agents in Singapore
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