My Property Experience, Reflection and Learning

 

Past experience and story to tell

Selling a Shophouse at 

462 Upper Serangoon Road S(534496)  

462A Upper Serangoon Road S(534497)

Old Lot number: MK24-U34868T (rightfully should be reflected as U034868T)

New Lot number: MK24-1102K (rightfully should be reflected as 01102K)

From the above information, because there was 2 postal code, it was subdivided into 2 strata titles. The prefix "U" stands for Strata Title. Refer to SLA Allocation of Lot number.

The prefix is either MK (Mukim) or TS (Town Subdivision)

TS is for central or Town area

MK is outside central or Town area 

Based on the above old and new lot nuumber. It was originally  strata titles, but being merged or unified into 1 Land title.

How to win in a open listings?

Example I lost in a S-D listings at Jln Daud

Owner original asking price was 4.2M, after 2 years of marketing, the owner close with another agent at 3M

Mistake made

- Never update price and repost frequently to get more viewing. This is because the other agent know the asking price has been changed and updated the portal and repost frequently to generate many more viewings than me.

- Never practice review with the seller, just take the initial asking price as final.

- Never monitor other open listings advertisment to look at their pricing

- Never stinge on reposting if you feel that the seller must sell and have a good reason for sell

Example: Seller already retrenched for more than 2 years without income.

What basic homework agent must do after receiving a listing

- check asking price against market price

- check asking price against SRX valuation and/or bank indication

- check asking price against other open listings agent price by going to guru, SRX

- do not allowed past experience of unreasonable seller to affect your judgement. Example, there  was an owner said you are just another agent that show me all the valuation and market price to get me to sell low. You are not value adding to me to sell higher price or the price I want.

Why other open listing agents invited more viewings than me

- They set the price lower

- They most other nicer pictures

Mistake made on 409 Tampines St.41 (Aug 2020)

Buyer concern: How the owner be back to complete the deal since there is no POA? How the owner clear the house? How the tenant clear the house?

Owner can close at 370k. Buyer offer 380k, But both owner oversea and covid-19 quarantine 14 days in hotel. No leave, no budget. Have not appointed POA, Tenant lockdown in Malaysian cannot clear their things. No plan from owner and slow in responses. Owner said need to wait till Tue to talk to employer for leave approval on annual leave and no pay leave to come back Singapore because of National day long weekend. Offer came on sat. But never collect cheque and the response back to cobroke agent only on Tue. Got all the plan done during the 3 days via Zoom. Get back to cobroke agent, deal gone

Sharpness

Collect the cheque from cobroke agent, tell cobroke respond back on 3 days to work out the plan

In any deal, collect the cheque to hold the buyer, especially for HDB deals since there is not need to change the cheque because on max 1000.

Tell the buyer that the offer is lower than owner's expectation, give buyer hope by telling buyer to issue a cheque and give you 3 days to stage the owner and show the owner serious and confirmed buyer secured.

Tenant Check

Click here to watch the video

IMPORTANT: Latest checklist (Annex A) required by CEA for lease of residential properties. With effect from 7 August, salesperson must conduct the following checks when facilitating rental transactions and submit to the company:

Where any tenant or occupier is a SC or SPR, to perform the following checks on each tenant and occupier:
Step 1: Check original NRIC(s) of the tenants and occupiers for forgery and make copies.

Step 2: Check photograph on the NRIC against the actual person(s) (face-to-face) to confirm identity.

Step 3: Verify the validity of the NRIC(s) with ICA (through ICA’s website) and keep copies of the ICA screen capture or acknowledgement slip.

Where any tenant or occupier is a foreigner, to perform the following checks on each tenant and occupier:
Step 1: Check original immigration pass / work pass / student pass or other passes of the tenants and occupiers and make copies.

Step 2: Cross-check particulars in these passes with original passport(s) and check photograph(s) against the actual person (face-to-face) to confirm identity. Keep copies of the passport(s).

Step 3: Verify the validity of the passes with ICA/MOM (through ICA’s or MOM website) and keep copies of the ICA/MOM screen capture or acknowledgement slip.

Watch the video by KEO to understand more about this latest circular.
Click here to read the full circular