Can I Sell My House Myself?

Adam Kong • Sep 23, 2020

There is a lot of uncertainties and questions that goes into the process of selling your property without an agent. However, the benefits of selling your property yourself can certainly save you money on agent fees, commissions, time and more importantly…

You’re in total control of the process!

Traditionally, when an individual owner decides to sell a property, they would hire a real estate agent or broker to determine the market value of the property, advertise, negotiate and handle the sale.

This may help saves time at first, however, agent-seller conflicts are one of the top common challenges experienced by both seller and buyer in clashing personalities, aesthetic preferences, or negotiating styles.

Hence, this is a situation in which you are advertising and offering a property for sale directly to the buyer without hiring a real estate broker, and there is no 2-3% agent commission associated with the sale of the particular property.

 

Can You Sell Your Property Without a Real Estate Agent? 

The answer is YES, of course. In Malaysia, there are no rules requiring  real estate owners to sell their properties through real estate agents (brokers). But, how much is the actual cost of hiring an real estate agent /broker to sell your property?

According to the Malaysian Institute of Estate Agents (MIEA), for the sale and/or purchase of land/buildings within Malaysia, the real estate agent’s commission fees are usually 2-3% or set at a maximum of 3% of the property’s sale price. If you’re deciding to let your home or room, the commission fees are normally subject to a minimum fee of one month’s rental.

In 2019, the Valuation and Property Services Department (JPPH) has reported that an average house price stood at MYR 423,179.

For example, if your house is valued at and sold for RM 750,000, you would have to pay a (or 2-3%) maximum amount of 3% which is RM 22,500 toward your real estate agent.

Although, selling your home yourself can definitely get frustrating and tiring, and you’re likely dealing with other obligations, like working a full-time job and raising a family, but it can be worth the savings.

This is the sole reason why a lot of people have considered the idea of "do it yourself", but worried about where to advertise, who to talk to and how to secure a potential buyer.

 

3 Simple Steps to Sell Your Property On Your Own

1) Research Market Value and Set A Selling Price

When you have decided to list your property on the market for sale, you must first determine the right asking price. Well, what's an asking price? It refers to a sum of money that the seller of the property wished to quote to potential buyers.

You want people to buy your house and make a profit, but you don't want to come up with a number that will scare off buyers on the market.

However, the asking price may not be the same figure you've set out in the first place, depending how the negotiation process goes between you and the buyer, the property may be sold at a higher price or lower price. Here are three general factors that determine how a property selling price is set:

  • Type of Property

    • Freehold property are often more desirable by buyers, because it has lower restrictions than leasehold property and it will belong to the owner for an infinite amount of time after being transferred by state or previous owners. If the owner of a freehold property wished to modify the house's landscape or structures, owner still has to adhere to local laws.

    • Leasehold property belong to the owner for a limited number of years, after which the land will be returned to the government at the end of the tenure. In Malaysia, leasehold properties normally last for 30, 60, or 99 years. However, state government can choose to not let you renew, and this would definitely upset you and other owners living within the same neighbourhood. Hence, most of the time, state government would allow owners to renew the lease (if they applied earlier before the tenure passes).

  • Market Trends

    • The selling price of your property differs accordingly to which similar properties have been sold in months or a year before.

    • Here you could consider setting the asking price either slightly above or below that average selling price, and making sure the sale price is not simply set as you pleased.

    • You can read up on real estate market trends on these property websites: iproperty.com.my, edgeprop.my, propertyguru.com.my, kopiandproperty.com and brickz.my.

  • Type Of Neighborhood And Facilities

    • Buyers are more likely to purchase a property that is situated in a prime location within walking or driving distance of offices, shopping malls, schools and other venues that offer recreation opportunities.

 

2) Market Your Property Online

Good marketing can bring higher prices for your property and it can mean the difference between 'sold' or 'expired' in a buyer's market. Good marketing might not sell your property immediately, but it will make your phone ring and be greeted with daily inquiries. These are three best ways you can market your property:

  • Reach Out to Your Personal Network

    • Start with people you know, chat online with friend or family and talk about your listings. Perhaps they know someone who is interested in buying from you.

    • Personal and social connections are absolutely vital in the real estate market, because the great thing about real estate is that everyone you engage is a potential buyer.

  • Share Your Property For Sale on Social Media

    • A quick, simple status post letting people know your listing exists, or you can post to relevant public or private real estate groups. Ideally, you may regulate your posts over the course of a week so there is sustained, ongoing awareness.

    • Take good looking pictures and upload it onto the gallery to visually show off the best features of your property.

    • In addition to great photos, you can consider showcase the property by creating a video walkthrough, which helps prevent people from skipping over your posts and thus giving buyers a real sense of the place - Clean up the coffee table !

    • These are the widely used social media platforms you can start with: Instagram.com, Facebook.com. Twitter.com, or on Youtube.com.

  • List Your Property on Multiple Listing Services (MLS)

    • A multiple listing service (MLS) is a database established by real estate experts to provide data about properties for sale/let. Today's digital age, a MLS listing provides your property more exposure, in turn, prospective buyers also gain access to numerous listings while you get connected to buyers quickly and conveniently all in one place.

    • Without this consolidating service, sellers/buyers would need to look through several real estate websites, to find available properties in a particular area.

    • The most commonly visited MLS site in Malaysia - mudah.my.

    • Apart from captioning the listing description with "Selling my house for RM7XX".. You need to provide basic property descriptions like, type, name, built-up size (sqft), floor level, the number of rooms, parking space (if any) and condition of furnishing - And now you patiently await for buyers.

 

3) Consult Your Mortgage Banker and Lawyer

Upon receiving a standard 2% deposit from the buyer, all you have to do is to engage a mortgage banker and lawyer together to transact a property. In the typical home purchase, the seller enters into a listing contract with a real estate agent, and the lawyer most often act as an intermediary throughout the negotiations process.

A lawyer is essential to consult you on vague legal terms, tax consequences, buyer obtaining a commitment for financing and review title policy, before drafting a formal written contract known as the Sales and Purchase Agreement (SPA). The appointed lawyer will make sure these important documents are properly executed and explained to you. 

Once the deed and other closing documents are signed, you may handover the property to the buyer - Congratulations, you have just sold your property yourself, commission free. 

 

BUT, alternatively, you may also consider selling with...

Why pay 2% ? When you can pay none.”

​​​​​​​PropSell.com.my is an End-to-End Property Advertising platform that offers advertising services that connect buyers and sellers, or landlords and tenants directly all on the palm of your hands.

By providing better control, transparency and property services to you, you can advertise and sell your properties on our official site Propsell.com.my or gain access to the PropSell user-friendly mobile apps.

​​​​​​​

Why Sell Your Properties With PropSell?​​​​​​​

In reading this article, you'll find out that many first-time homeowners like you have considered the idea of selling your properties by yourself the smart way. A way that gives full control over the selling process and most importantly, helps owners achieve huge savings without having to pay thousands in agent commissions.

​​​​​​​​​​​​​​

These are three main benefits of advertising and selling your properties with PropSell:​​​​​​​

  • No Expensive Commission Fees

    • ​​​​​​​ For Sale, upon signing up with PropSell one-time fixed fee packages, you get to sell your properties for a fixed fee of RM 999, instead of 2% and when you add-on value of RM 399, you get to enjoy unlimited viewings anytime available. Instead of over-spending thousands of ringgits toward the real estate agent commission fees!

    • For Let, you can let out your properties by subscription from RM 79 per month during the agreed tenancy period, dedicated team of Property Service Experts (PSE) will deal with tenants on common hassles like home repairs arrangement, rental collection support and conducting the viewings for potential tenants.

  • Real Estate Support

    • You will be fully-assisted with a team of experts, as each individual PSE, Property Service Expert is designated accordingly toward your property's location. With their know-how expertise, the PSE can guide you in performing an analysis of the local real estate market to determine the right market value, making sure your listed properties complete a sale and handling all the confusing paperwork - It's a full-time job.​​​​​​​​​​​​​​

  • 24/7 Interactive Transparency​​​​​​​ ​​​​​​​

    • After registering as new users on PropSell mobile apps, you are given full access to review existing listed properties on our website gallery, fill-in property details, personal portfolio, and upload pictures of your home interior. At anytime, anywhere, you will be able to deal directly with potential buyers and tenants in 'Group Chat' - All in one place at the palm of your hands.

 

Sign Up Today!

On PropSell.com.my and start selling your properties yourselves without paying thousands of commissions !

Download PropSell apps here !

Or contact PropSell to learn more.

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