I Sold 17 Resale Units At Record Prices In The First 7 Months of 2022. Here Are 6 Principles I Applied

You might have been following the news about the record prices transacted for various properties.

As a highly active agent in the market, I can share with you that this has been going on for awhile.

Personally, I have done 17 resale transactions in the past 7 months.

All of them were sold at a new record price during the day the transaction happened.

But some of these record prices were quickly overtaken by newer transactions.

The property market is really moving very fast.

Here are the resale units that I personally sold this year:

#1: Condo in Pasir Ris — 4-bedder unit sold at $1.792M

From my understanding, even the resident agent had challenges selling their own unit here.

When I managed to secure this record high price for this unit, my client replied that his neighbors will love me for it. LOL.

I wrote about the experience in the FB post below.

#2: 3-Room HDB flat at Bukit Batok Street 52 sold at $353K

I put similar effort even for HDB units. Here is a unit I sold at a record price at Bukit Batok Street 52.

Here’s the transaction data in recent 2 years:

I wrote about my journey in selling this flat.

#3: Prive EC — 2 bedder unit sold at $918K

I had to really fight for this price as it would be the highest price transacted for a unit of this size in the development.

The difference was $60k to $90k compared to beginning of the year.

It was difficult to hit this price since there was no “support” from earlier transactions.

My transaction would become the new benchmark.

But my record was broken just a few weeks later.

#4: Condo in West Coast — 1-bedder unit sold at $753K

1-bedroom units usually has very low demand and no takers.

So we created the demand by understanding our competitors.

We crafted out a sweet spot so that buyers would find it difficult to say no.

But yet have to pay a higher price due to having no choice.

#5: Pinevale — 3-bedder unit sold at $1.2M

As of August 2022, this record has not been broken yet.

I wrote about my experience of selling this unit that has a “dark theme” in terms of its renovation design.

#6: HDB EA at Jurong West Avenue 3 sold at $650K

The last transaction was actually just the next-door unit.

How next door? Sharing the same wall.

#7: 4-Room HDB flat at Yishun Street 61 sold at $538K

The record still stands now even in August 2022.

#8: 4-Room HDB flat at Serangoon Avenue 1 sold at $756K

In May 2022, it was considered a record price.

The record was broken in August 2022.

#9: 4-Room HDB flat at Admiralty Drive sold at $470K

This was a 4-room HDB flat that I sold that matches almost a 5-room flat price.

And it was transacted at $130k higher than the last 4-room flat sold in the same block.

They took up my advice to change the flooring. It was a minor change but with major results.

#10: 4-Room HDB flat at Punggol Central sold at $522K

I actually waited for the sun to set first – before we did the viewing.

Why?

To avoid the appearance of the afternoon sun.

I wrote about the experience here in this FB post below.

#11: 4-Room HDB flat at Bishan Street 13 sold at $595K

I wrote about this transaction in a FB post below:

#12: Amore EC — 3-bedder unit sold at $1.26M

This record was broken later by a unit located at a much higher floor which was sold at $1.27M.

Here I advised the owner to not be in a hurry to sell. I share the reasons in this FB post below.

#13: Queens Peak — 3-bedder unit sold at $1.728M

In March 2022, I managed to secure a price of $1.728M for a 3-bedder unit located at Queens Peak.

It was the record price back then that created a new benchmark.

Other units started to transact at that price we set.

Recent transaction records has since surpassed this price.

#14: A resale unit in a development in a prime location that I managed to sell above $2K psf

This was a unit located in a development near the city area.

Recent transactions has been sold below $2K psf.

I managed to secure a price that was above $2K psf.

#15: Westwood Residences EC – Sold a 3-bedder unit at a record price of $1.08M

#16: 4-room HDB flat at Eunos sold at $740K

This is not technically the highest transaction in the block as a unit on a higher floor was sold at $748K.

But for the floor range of 10 to 12 storeys – the $740K is the record price.

#17: HDB EA at Fajar Road sold for $760K

This is a recent transaction, so it has not been added to the records yet.

But here is the OTP with the price of $760K.

Why am I sharing these transactions with you?

The main reason is to highlight my level of activity in the market.

I am consistently on the ground and regularly meeting up with various property owners.

I also regularly negotiate with buyers – not just for myself, but also guiding my agents as they enter their own negotiations with their clients.

I am very familiar with the needs of buyers in this market right now.

That familiarity has made it easier for me to tap on their sentiments which has allowed me to close these transaction deals at record prices.

Here are 6 principles that has guided me throughout the selling journey:

#1: Understand the persona of the buyers

In the market today, sellers might have the slight edge against buyers.

Property supply is limited and owners are able to ask for a higher price.

However, not all buyers are always willing to pay such high prices and finding the right buyer takes time.

So as an agent representing my seller, I will have to deeply understand the persona of the buyers who are willing to pay.

I will find that missing link or X-factor that allows me to bridge the gap between the “current price” and the “record price”.

Here is an example:

I know some buyers return back to a neighbourhood because of nostalgic reasons.

They could have grown up there or attended the school nearby.

And they are making the move back because of the need to be nearby for their children’s school.

For these potential buyers, the fond memories they have might be strong enough to trigger their willingness to pay a higher price in order to secure a unit there.

Based on my experience, it would be a mistake to underestimate the strength of their past nostalgic experiences.

That sentimental feeling can be powerful enough for them to take action.

#2: Qualify buyers & research the competition

This was how I managed to secure a record price for one of the HDB flats.

A buyer came with his family to view the HDB unit I was selling.

From my observation and conversations with the buyer during the viewing, I knew his relative is staying at the block beside us.

And their relationship is close plus he doesn’t have much other relatives in Singapore.

He needed the place urgently and don’t intend to do massive renovation.

I did a check on our competition one by one in the market to understand what are they providing.

After all the research and knowing that my unit is the best choice for the buyer…

That provided me with the confidence so that we are able to push for a higher price for the owner.

And it just went according to my plan.

New price record was achieved.

What does it take?

Lots of research on the competing units and asking plenty of qualifying questions with the potential buyers.

#3: Appreciate the experience that potential buyers will go through

For me, I understand the buying process is a holistic journey.

We are not buying groceries in the supermarket. We are buying a place that we want to call as home.

A place we can feel secure and happy about as we seek shelter from the outside world.

You can read more in the post below.

I understand that buying journey well.

So I will do my best to create an authentic journey for them so they feel good in making the decision.

#4: Create a sense of urgency by creating a “show” for the buyers

I sometimes feel like a movie director.

I have to setup the environment well so the viewer or prospective buyers who come in will feel the atmosphere of the property I am selling.

They have to imagine themselves living there.

But more important than that is I have to create a sense of urgency.

There was a particular case where I did a viewing just for this particular buyer whom I know was keen to purchase.

However, I had to do more to ensure we get the best possible offer.

So I brought in all the other potential buyers as well – just to create a show for that ONE buyer.

The plan worked as the “show” I created actually encouraged the buyer to give their most serious and highest offer almost immediately.

Does this work for all situations? Not really.

Not all buyers appreciate this type of mass viewing and it can backfire if not done well.

#5: My commitment is to the seller who have engaged me

Some buyers might think what I am doing is unfair to them.

But the simple truth is that it is my duty to secure the best possible price for the sellers who put their trust in me.

Not just the best price, but the best deal that brings the most benefit to them.

One of the main reasons I am able to secure record prices is due to the cooperation and flexibility I receive from my clients.

They trust what I put them through is ultimately the best course of action for them.

In case you are wondering, buyers do engage me as well to negotiate a property on their behalf.

#6: I believe in co-broking with fellow agents

In today’s market with a tight property supply, some seller agents are taking advantage by refusing to co-broke with buyer agents especially in the private property segment.

This is because such seller agents do not want to share their commission with buyer agents.

Personally, I think this is a very short-sighted move.

By sharing commission with buyer agents, I incentivize agents to bring their buyers to my unit.

This expands my pool of potential buyers and brings more benefit to my sellers who have engaged my services.

I am guided by the principle of protecting the interests of my clients.

If I choose not to co-broke, it means I am guided by own personal interests of protecting my own pocket.

Is this hard for me to do? Yes, because I am only human.

In fact, on many occasions, I’ve received only 0.5% commission from seller agents when I represent buyers.

It is quite common in today’s market – that seller agents only pay buyer agents 0.5% so they can keep more.

But I choose to pay buyer agents double which is 1% rate – so they have more motivation to work together with me to help my seller clients.

I plan to be in this business for the long term – so I am focused on building relationships rather than just for short-term gains.

Conclusion

I have thought about this for awhile.

The one who knows more will win. This is how the world operates.

In the real estate market, I have to remember this:

It is always people who know more who will take advantage of the people who know less.

And I happen to put in more effort – to ensure that I am on the side which knows more.

If you put me in the context of the financial shares market, I am sure I will be that person who knows much lesser too.

At the same time, if I try to be fair to the other parties – then I am being unfair to my readers-turned-clients who have placed their trust in me.

And so, I choose to do my best especially for the people who trust me to take care of their interests.

If you still have questions on your own property portfolio or am wondering how I operate, feel free to drop me a message.

Our discussions are always no-obligation.