1ST INSPECTIONS MATTER

Following up from the previous post: LISTING THE LEADS, you’ve successfully acquired your first listing for sale and/or for rent. When we talk about listing in this post, it means the residential subsale listing in the secondary market. There are also commercial, industrial and land listings, but more on them in a later post. Nevertheless, the owner has given you, the real estate agent, all the necessary and relevant information about the property.

1. Type of property
2. Address & location of property
3. Tenure: Freehold/Leasehold (if leasehold, how many years remaining on the lease)
4. Vacancy: Owner stay/ Tenanted/ Vacant
5. Land area with dimensions (L x W) if it’s a landed property
6. Built-up
7. Furnishing: Fully furnished/ Partially furnished/ Unfurnished
8. # of Bedrooms
9. # of Bathrooms
10. # of Car parks (for high rise property)
11. Asking price for sale and/or for rent (negotiable?)

After acquiring these informations, it’s good to familiarise yourself with the location and the property before inspecting the property. Thanks to Google, there are unlimited sites and sources to do further research. Below are some recommended sites which I’ve found quite useful and relevant:

• Propwall
• Propsocial
• The Edge Property
• PropertyGuru
• Iproperty
• Brickz

It’s also important to note the asking price for sale and/or for rent. Is the owner fairly pricing or overpricing the property? Therefore, research on the transacted (sold) and market prices on the above websites. The facts and figures will aid you in advising the owner on how to appropriately price his or her property. More so if the units are unfurnished, partially furnished, or fully furnished; as there will be a difference in prices. Facts do not lie.

Inspection time! Time to inspect the property and to meet the owner. Upon entering the property, present to the owner your business card. It’s professionalism and a formality. Get to know the owner. Why does the owner want to sell or rent the property? If the unit is vacant; how long has it been vacant? Find out about the history of the property from the owner’s perspective for your own knowledge.

Take note of the condition of the property and the furnitures in it. If the property is fully furnished; how fully furnished is it? Does the property also come with fridge, washing machine, and TV? Minor details such as knowing the brand and type of fridge, washing machine, TV and other furnitures will also be helpful in future viewings.

If the property is a high rise property such as an apartment or a condominium; more time is needed at the inspection. Get to know where the facilities are and how to access them. Find out where the swimming pool, playground, cafe, mini-market, and management office are located in the building. Then, also find out about the unit’s car park(s). Is the car park covered or uncovered? If it’s 2 car parks, are the car parks tandem or side-by-side? Then, in terms of security; how many layers of security – 2 or 3-tier security system? These are some extra important information to know when inspecting a high rise property.

Lastly, but not least, pictures of the property is vital in securing enquiries and viewings. With modern smartphones and photo editing apps, it has never been easier to take pictures. Take pictures of the property and the facilities of the apartment or condominium. The pictures are for advertising purposes and for your own reference. With that being said, the pictures have to be viewable. Viewable in the sense that the pictures are clear, brightly lit, and have a wide angle view of the area. Good photos will attract eyeballs to the the advertisement.

Good photos will attract eyeballs to the advertisement.