How Could I Sell My Properties Despite Bad Economy?
How Could I Sell My Properties in Challenging Market Situation and Health-crisis by COVID-19?
Facts about Current Economy Status
How could i sell my properties during the health crisis in 2020, especially when lots of the countries are not exempted from being hit by COVID-19? Lot of worries and uncertainties are created and people current main focus now is on how to survive from the economy.
One of the most badly hit industry is real estate whereby the demands for shelters or properties particularly commercial properties have dropped dramatically due to many business were suffering from country’s lock-down and customers movements’ were controlled and limited within their home.
As such, the continuous supply of properties and newly completed properties particularly in Malaysia has further worsen the price dropped situation and thus leading to increase in auction properties. Household income are affected due to retrenchment, salary cut or business close-down or winding up has given a strong pressure to the financial market which leads to defaults in loan repayments and leading to increase of number of defaulters who unable to repay their mortgage or car loans.
At this challenging time, people are struggling to survive financially and business are hits badly due to cash-flows problems and created negative chain-effects on stakeholders and supply chains are distorted.
Impacts on Real Estate Industry
Due to the uncertainty of this global health-crisis and unprecedented situation, analysist comments that it would take a long periods of time for business to recover and personal finance to regain confidences to invest in properties as most people are in survival mode instead of growth mode.
Real estate investment is lack of liquidity compare to stocks, bonds or mutual funds’ investments. Low price shares are picked up by investors who are cash-rich and have better cash flows, real estate properties are being position as the least priority form of investment and once need to hold for long period of time in order to seek theirs return of investments which might lead to negative impact on cash flows. Thus, demand drop drastically and sellers who impacted by this crisis and facing financial constraints or cash flows issues are forced to sell off theirs properties are facing an issues of low or no demand situation.
Challenges of Selling Off Properties on Hand
One of the biggest challenge now is to sell off properties at an acceptable price by buyers and sellers. Appointed agents who are irresponsible and unprofessional are taking advantages and tend to manipulate properties price and suppress properties owners with low price to enable them to seal the deal and earn theirs bucks.
Unfortunately, a real marketplace shouldn’t be manipulated by certain group of people and sale price should be adjusted according to willing buyers and sellers’ offers. But how one’s can avoid the abovementioned said agents who spoiling the market price and chasing genuine buyers away before they could offer their actual willing price to buy their desired properties to the owners? The answer is “being able to reach direct owner or deal with them directly without middlemen”. Yes, you can start selling your own properties and deal direct with genuine buyers by selling at your own in a fair real estate marketplace platform such as frehsproperty.co.
Freshproperty.co is a real estate platform providing a fair marketplace to enable direct owner or sellers to reach buyers directly, sellers can advertise their property with photos, video, virtual tour and map the actual location of their properties. Upon viewing on properties, buyers could make offer direct to the owners and complete the buying process thru engaging professional lawyer. Thus, owners are able to save costs, time and sell at their willing price and buyers are happy to meet owners and negotiate their best deals at their willing offers.
Just like car-hailing service, the service providers start improving their services when there are competitions and when customers have better alternative to engage the service direct from the drivers, price are fair and according to market price when no manipulation occurs. Same as to real estate market, sellers and buyers should be given a better alternative when they have a platform to engage directly with each others that could lead to a fair and happy marketplace.
Credits to CKW
-Author with 10years experiences in real estate market analysis