How to sell property in malaysia
SELLING Your Property as OWNER in MALAYSIA
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we've always talked about purchasing a
property investment or even your dream
home is the first big step in a person's
life then selling it would be the second
biggest now in this video we are going
to share with you the process of selling
your home
[Music]
what's up everybody welcome to bc where
we share about real estate business and
mindset my name is vincent and i'm chloe
so selling your home just looking to
cash out or maybe to upgrade into a
bigger or another location for whatever
reason it is everyone is looking for the
benefit of capital appreciation on the
property and also basically to sell your
home yep unless you're in a hurry to
sell it off don't mind it to be cheaper
than the market value since selling a
home also included a big chunk of money
right so it's important to go through
the process truly to avoid any
misunderstandings or last-minute
cancellation or even worse all the bills
yes so the first step you got to do when
you want to sell your property is to
value your property many people want to
sell their property yet they're not sure
what price they want to put out for yeah
we do have our previous clients who
don't know how uh what is the market
value of his home only worth probably
like 700 000 yet he put it out in the
market for like 900 000 which is way too
far different just because he thinks
that his home is
way more worth that much yes exactly so
we would strongly suggest you to get an
accurate idea of the value of your
property so you could engage a property
agent to appoint a professional valuer
or if you know a valuer yourself you
could appoint them to value your
property too knowing how much your
property is worth however do take note
that certain charges will be applied for
a property valuation which is borne by
the seller now getting a property
valuation is also useful as it can help
you to increase your chance to getting a
household what that's because when your
buyer wants to purchase a property then
they will head to the bank and banks
will provide a loan up to maximum 90
for a residential home based on the
amount of the valuation and not agreed
price between the seller and also the
buyer yep so let's say if you decide to
price your property above the market
value then the extra balance your buyer
will need to make up the difference of
the amount with their own cash which
many people don't want to now another
reason why we would suggest getting a
professional valuation report of your
property is because at the end of the
day when your buyer wants to take up a
loan from a bank most bank will require
a valuation report from the seller it's
either you get it valued first or
afterwards the bank will have to get
their value to value the property and
the fee is still paid by the seller in
this case if the value doesn't match
with your price the chance of your buyer
cancelling this purchase is even higher
as they need to pay the difference in
cash yes exactly if you're someone who's
wanting to sell your property just
because you think that capital
appreciation is there and you want to
cash out you can research the price of
the property by looking into property
portals such as iproperty property guru
to check out those that are on sale too
and also try to get your property agent
to check if your area has any property
sold recently how much they were sold
for how long they were in the market
before being sold this could help you to
indicate how much demand in your area
what we usually would suggest too when
setting up a price tag is to be prepared
that a prospective buyer will always try
to negotiate for a better deal for
themselves yet sellers always want the
best too so we find the middle point
where both can agree on don't forget
that getting the right property agent is
also important as well you don't want to
go through the process of hanging
banners dealing with 10 other property
agents contacting you or 20 other calls
from not qualified fire even we save you
the hassle and also it is important to
know if the agent is specialist in that
area it doesn't make sense for a clan
agent to such as property they can but
one has to know the market in that area
as well yes the second step would be
getting legal help because there will be
certain legal procedures you need to go
through especially when it comes to the
transfer of ownership it's best to be
prepared beforehand since you'll need
professional help in drafting the
necessary legal documents too further
down you will need a lawyer to draft out
the sales and purchase agreement your sp
so you will definitely need to fork out
some legal fees here but it's always
better to be safe than sorry now the
first impression are one of the most
important factor why your buyer will
consider your property so beautify your
property make it presentable clean it at
least whether it is a photo for
advertising or even a house visit
viewing so if you are taking photos make
sure you include the living areas the
rooms with good lighting and open the
curtains as well yes try to avoid
clutters too it's not necessary that you
have to move out of that house for you
to take these photos but at least
acknowledge that your property is
actually nice you could try to touch up
some of the faulty worn out items in
that house or even give a fresh coat of
paint we don't have buyers who ask us
why we suggest so because in this market
many people are providing photos of
their living room with a huge mess bad
lightings or even damaged painted wall
well that's why they are property state
market right
or they waited for a period of time
before the property is being sold yes so
don't underestimate the value of a good
first impression as it affects the
possibility of you getting a higher
selling price at the end of the day you
don't want your buyer just tackling you
for a negotiation just for a damage b
walls right yep consult with your
property agent and get them to help you
look over your home an unbiased eye will
help you see the flaws and that will may
have you otherwise missed and property
agents are experienced enough to know
exactly what to look out for the fourth
step would be finally advertising a
property with the nice photo you will
have of your property whether your
photos are taken by your property agents
or you yourself your agents can then
begin the task of advertising it through
both traditional and digital channels
such as hanging banners advertising it
on property portals or even promoting to
their colleagues if they have any ready
buyers ultimately you need to let people
know that your property is for sale so
advertise it even to your family and
friends you will want to include the
details of the property such as property
type build up area land area number of
bedrooms bathrooms land title engineer
and etc if your property is a high
resident you could include the
facilities of the building parking lots
included and everything that you have
other relevant information as we've
mentioned just now if you don't want to
go through the hassle of having to deal
with so many other calls or random
agents or unqualified buyers even get a
property agent to do the job so the
market's professional fee for a property
agent will be three percent based on the
selling price so we'll help you to do
everything from the side the fifth step
would be preparing for the buildings
when you first market the property no
doubt that there will be people coming
to view your property which is a bit of
hassle because you have to arrange
accordingly to your availability and
their availability so having a property
agent to advertise then arrange the
viewings is one of the best way to do it
is their professionality right yes
exactly so some owners do like to be
there while the viewing is going on but
sometimes they can be a little bit pushy
like buying a property as well so
causing the buyer to not like that so
let the buyer freely export the house
now after several viewings with clients
you finally found a potential buyer who
seems genuinely interested to purchase
your property so congratulations on that
yep your buyer will most likely want to
negotiate on the price review this will
depending on the several factors such as
your asking price the market condition
how urgent are you to sell the property
your agent will be able to give you some
advice on how to conduct these
negotiations effectively what we like to
do is understand the seller beforehand
knowing their benchmark of what they
want to get from the sale so while
setting the price and also negotiating
with the buyer the seller's price will
not be pressed down to rock bottom here
both parties can reach a mutual
agreement so happy buyer happy seller
happy agent yep negotiation not only
about the price it can be on the
condition of the home as well let's say
they are not satisfied because there's
no balcony well your agent will use that
experience to tackle this question right
so let's say do you smoke do you plant
or any other thing would you want to
spend extra time cleaning the balcony
when you're not even using it so it
ended up being a bird nest even so this
tackling negotiation skill will help you
close the deal faster after the
negotiation say both of you agreed to a
price you will now have to ask your
buyer to pay an earnest deposit which is
generally about two to three percent of
the property price and also sign the
letter of offer to purchase or maybe an
agreement to purchase which will include
information such as the legal names of
the buyer and the seller legal address
of the property the price that has been
agreed on deposit amount the date before
which the sba must be signed and also
other relevant information after that
your buyer will go to apply for a bank
loan once your clients sign a bank
letter offer your lawyer will then
proceed with preparing the s p the sales
and purchase agreement for your buyer to
sign this usually down within two to
three weeks time after the letter offer
is signed so upon the signing of the
sales and purchase agreement you're sba
by the buyer they will pay the remaining
seven to eight percent off the down
payment then the spa will be stamped the
document will be sent to you for
implementation and will be then stamped
okay so all of this must be done within
14 days of the signing of the bank's
letter of offer senate terms for any smp
stated that the remaining 90 will be
paid to you within three months from the
date that the smp signed and also stand
thus when the buyer's loan is being
disbursed do keep in mind that this time
period can vary as well based on the
factors such as the agreement the type
of property and who you deal with
congratulations you have finally sold
out your property this is where the last
step comes that a lot of sellers tend to
forget which is having to settle the
real property gain tax rpgt if you are
disposing of your first residential
property you will be given a once in a
lifetime exemption of paying the rpgt
nevertheless if this is not your first
property you will have to pay the rpgt
according to this table
just remember that this is a basic guide
and always be prepared for any
unforeseen circumstances set aside some
badges for an agent and also lawyers to
guide you through especially if this is
your first time selling your property if
you still don't know what is rpgt or
generally for looking for any other
property related videos check out the
video right here and we've linked it
down in the description down below just
in case you've missed it and we will see
you on the other side ciao
[Music]