05/05/2022
Sold! Managed to transact at asking price for this fully maximised 3.5 storey plus basement freehold landed in D16. The best part, I did it in 1 viewing! This marked my 6th landed closing since 2021.
Of course, it was not all rosy from the start. Seller shared that he has been marketing w other agents for months w many viewings but no offers. When I took over and assessed the place, I realised the problem. It was configured to be an investment property. There were no living, dining or kitchen, nothing that resembles your typical landed homes. What I saw when I enter were just corridors in each floor leading to many studio rooms w their own kitchenette, living and bedroom (more like a building apartment). It was quite cool actually!
I knew that I had to market differently from the rest. I advised my seller to renew most of the leases that are ending (he did not want to and just sell it as it is) to get fresh leases at a higher rental price. Took much persuasion and he relented, he managed to secure a rental of 5-figure per month after renewal. I also advised him that I will be listing at a higher price to be aligned w the current bullish landed market and ignore the previous feedbacks gathered from the past viewings. We needed to target the right buyers who are looking to invest, not to dwell.
After marketing close to 2 months, I conducted a grand total of zero viewings lol. Is not that the marketing was ineffective or the lack of trying, I had many enquiries, but I filtered most of them away cos they do not fit into my target profile. How? I asked them thru a series of questions and conducting a virtual walkthrough to better understand their needs and affordability.
Fast forward to present day, one enquiry called and were impressed by the immediate ROI of the rental yield, hence I finally decided to conduct my first viewing. Straight after the viewing followed by a short negotiation, the buyers issued cheque on the spot at our asking price.
Very happy for my seller to finally sell off his investment unit. He shared that it has been a stressful experience for him to make difficult decisions along the way but he was glad he made them. Now let’s look forward to completion. Till the next one!
Jip Ng Sebastian Soo Edvin Lee Real Estate
