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Tips for Selling Property in Kuala Lumpur

Saturday, January 19, 2019

In the start, sellers need to keep track of how long they have held the property. This might just determine the Real Property Gains Tax they have to pay under Malaysian laws. This pretty much affects the net proceeds of the sale.

The gains tax rate payable by foreigners disposing of a chargeable asset is 30 percent of the net profit. This is applicable if the chargeable asset is sold within five years of its acquisition.

Here are the top tips for selling property in Kuala Lumpur:

Go for a realistic price

When you sell a house, it can be pretty challenging. As a property owner, you must set realistic asking prices. To find out the right price for a property, you can think of consulting banks to get a valuation on your property. This is usually free of charge. Also, you can check the recent transacted prices of similar properties in the area through property portals. You can also take help from the National Property Information Centre and agents who know everything about the area.

Get a reliable right estate agent

Keep in mind that not every real estate agent is reliable. He is the one who wants to conclude deals soon. You must do background checks on agents prior to hiring them. You must make sure that the agent is a registered real estate agent or negotiator. You can then ask the agent some questions about the property market in the area. Also, you can check his/her property listings on the web. This way you can ensure that he/she is really familiar with the area. Also, you can pretty much ask for recommendations from friends or relatives.

Ad a house owner, you can appoint three to five agents. You can then eliminate them one by one based on their attitude and performance. When you have found the ideal agent, you can provide the exclusive right to market the property. However, this can be done for a certain period. However, you must never appoint too many agents. This is implied because it may create problems. If you go for more than one agent, you might have to prepare many sets of keys for the agents who will be bringing interested buyers to visit the property. In case the property is a fully furnished unit that comes with splendid decorations and furniture, the risk of these things being stolen is higher.

Be pro-active

You truly have to be open and pro-active if you wish to get a quick sale. As owners, you need to be honest with their appointed agents. It is important to market the property well. Also, the right buyers need to be identified. When you are pro-active, you can speed up the process.

You must also proactively follow up with the appointed agent to keep tabs on the sale. Certain agents might do nothing after they have posted their property listings on the web. So, it is pretty vital for you to keep in touch with their agents. You must build a good relationship with them. When owners are selling a house, they need to be ready to welcome interested buyers when they visit to inspect the property. Above all, owners need to be friendly with their prospective buyers. This is to ensure a good experience for both parties.

Owners need to leave everything related to price negotiation to the appointed agent. This way they can avoid disputes on the spot. Owners can think of sharing some information about the lifestyle, amenities, and accessibility of the neighborhood. However, they can let their agents handle the marketing of the Malaysia property.

Make your home appealing

It is a true fact that nice kerb appeal can make a faster sale. You can go for several ways to achieve the level of appeal that you want. You can go for renovations and landscaping. You can also consider repainting the property. This is one of the smartest ways to increase the appeal of the property. Keep in mind that a new coat of paint can achieve a lot with just a small amount of money. Your property must look brand new, in every possible way. Also, the property will be more presentable if broken items are fixed. You might also need to look into the garden and interior. You must make sure that these are clean and neat. When genuine buyers come, you can switch on all the lights and air-conditioners. This might just enhance the ambiance.

Thus, owners can help increase the chances of closing a deal if they take some responsibility to ensure that their property looks nice. Most importantly, the property should be in good condition.

Prepare the necessary documents

As a seller, you are required to provide your lawyer with the same documents that you gave to the estate agent. You must also supply copies of the latest bank mortgage statement, your identity card, and passport. In case the seller's passport number stated in the title deed or purchase agreement varies from his present passport number, he needs to provide copies of both passports.

Keep in mind that the first impression is very important. If the property is well maintained and decorated, it might give the impression that the owner is willing to take the effort in maintaining the property. Thus, they might need to worry less about hidden defects. The cleanliness of toilets needs to be looked into. If the toilets with stains, it is sure to leave a bad impression. Thus, owners need to clean them up.

Owners should never try to offend interested buyers even in the slightest manner. They might just end up losing good deals if the case is so. Try to get rid of anything related to any type of taboo. This is essential if you wish to catch a huge market.

You might have to give your agent certain key documents to assist in marketing your property. These might include the copy of the title to the property, renovation plans and copies of the quit rent and assessment receipts for the property.