Circumventing the challenges to stand out among the masses

Contributed by Sulaiman Saheh

Being in a market environment that is seemingly oversupplied, there is the challenge and struggle to have your property stand out amongst the masses, be it in classified advertisements or online portal postings. 

While the old age mantra of location, location, location maintains its relevance, other considerations and factors are added to the picture when wanting to put your property an extra mile ahead to attract the best buyer or tenant – being the best not only to those who offer the best price but also to suitably match your type of property.

For the residential market, when facing a situation whereby there are more than 63,000 units of completed and ready to be occupied new homes as well as pre-owned homes looking to be sold, it takes careful planning and a creative strategy to make the sale. As the unsold situation – more commonly known as overhang which refers to unsold home units that have already been completed and ready to be occupied – is already a prevailing issue pre-pandemic, the economic crisis and financial insecurities brought about by Covid-19 for nearly two years have only added more complexity to the overhang situation.

For the commercial sector, retail and office spaces are also facing tight competition as space relevancy has taken a twist with new norms being established post-pandemic and newer buildings coming into the scene with the next latest technology and design.

To know your best mark is to know your product in both its benefits and flaws. Different types and categories of design attract and meet the need of their respective group of buyers. Low prices may be the easiest eye-puller, but some prefer the addition of specific features or maintenance of a certain quality at a higher price mark. It is also worth knowing what platform would serve you best when marketing your property, be it for sale or rent. 

Have a feel of what the majority type of units are listed on the property listing websites and compare where yours would be best suited. Not only will you be seen by the right pool of buyers, but having your property be listed alongside others of similar calibre will lend a hand to your property staying relevant.

With the best platform identified and the market pool targeted, putting on the right price tag is the next step to selling your property. Too high of a starting price may deter prospective buyers who may be of the assumption that there would be too much haggling effort required or the seller is in no rush to seal the deal – more so when there are other similar rivals available at a lower price. But starting too low may cause the seller to lose out on a higher profit margin unnecessarily.

But knowing the right price tag involves more than just matching the current market price. The market price advised by a qualified valuer can be your point of reference but as to where you would settle on, lower or higher or just at that, is reliant on the property listed. Having additional features or a certain level of maintenance done can be reasons to boost up the asking price. Some buyers are more than willing to pay for the added features. 

Buyers have different preferences when it comes to property selection.

On other hand, having your property in a less desirable state may need you to pull your asking price a tad lower. This may be due to you having not the funds or time to spruce up the property but it does not mean you will lose out on the game. Just as there are buyers willing to pay more for readily-added features, there are also buyers who are less critical in their criteria and are more open to units that can be remodelled or redecorated to their specific tastes. Rather than paying a higher price to begin with, these do-it-yourself buyers would rather save what they can at the buying stage and instead put aside funds for the renovation works.

Having a price tag attached to your property has its influence and whether it be on the higher-end, lower-end or even just in the majority will convey an impression to your prospective buyers. Consulting with real estate professionals can be of great help in gaining knowledge of what is the current market price. Take time to learn what you can about the area the property is located within and what is the impression held by the public. Is it a price-sensitive area or is the appeal more on the product itself than the lowest price tag offered? 

Visuals have and will never lose their relevance and significance to any buyer’s eye. Oftentimes, what we see will set our first impression of the item in view. For advertisers, visuals are everything as they need to catch any random passer-by’s eye instantly and hold it for a short moment for the message intended to be delivered and understood. 

Retailers looking to keep casual browsers as long as possible will have the interior design and product arrangements done in a way that constantly intrigues one’s interest. In property selling, both are applicable as a seller would want to pull in a prospective buyer or tenant on the first look and have them stay on to admire longer.

As mentioned before, in knowing your product in both its benefits and flaws, put emphasis on the bestselling points and be careful in handling some of the less desirable aspects of the property. There is some weight to being realistically optimistic as buyers may appreciate a seller or agent who balances between uplifting the best features and being transparent on the unavoidable flaws. With the right buyer, they may be more accepting of the flaws as it may not have much impact on their occupation of the property.

Of course, there is no loss to giving the property a good polish and even a makeover that will likely boost up its appeal. As social media has become an integrated part of people’s daily lives, having a visually attractive environment and setting gives the added bonus of inspiration and innovation to either the occupants themselves or visitors of commercial places. And it is no longer just about appearing modern and contemporary as the vintage and old-school themes are equally admired and appreciated. 

One of the real estate practices done that incorporates the exploration of different visual themes on pre-existing spaces is the repurposing or reusing of old, abandoned buildings into a whole new place. Not only does the practice push new ideas and experimentations to new limits, but it is also sustainable to both the environment and community as waste is minimised and history preserved.

And last but not least, is to choose the right professional. The word right refers to professionals who know the nature and pace of the real estate game and are qualified according to their respective certificates or extent of knowledge and experience in the profession. Look for individuals who are locals to the area and know the current whereabouts and rates of the market. 

Misinformation can only lead to a long listing wait or lose out on your maximum profit margin because you were unaware of your property’s true value in relation to its location and competition. Keep in touch on what is the latest property advice and guidance given based on the current market climate and educate yourself on the know-how of property investment.

While the advice and pointers stated have stayed relevant and of use in pre-pandemic times, the economic shake-up and financial insecurities that had occurred and suffered over the two years have added an even stronger need for property investors and owners to be on a stronger footing with their properties and be equipped with the relevant information and data when making the selling decision.

Sulaiman Saheh is the director of research for global real estate consultancy Rahim & Co International Sdn Bhd.

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