‘Selling is not telling. Selling is asking questions…and it’s hard.” ― Mike Ferry.
Selling real estate means selling dreams. Preparing the property for sale, finding financially capable buyers, and negotiating and closing the deal are the main steps involved. In Siem Reap, Cambodia’s thriving real estate market, sellers can stand out from these 10 expert tips and 7 successful strategies. Try them out to make the experience of selling real estate in Siem Reap seamless and profitable.
10 Tips for Selling Real Estate in Siem Reap:
Homeowners can increase the likelihood of a successful and profitable property sale by paying attention to their buyers’ emotional and social needs. These 10 tips are doable and often need to be addressed in the property market.
- The firstmost tip is to hire a trusted and experienced real estate agent who has developed selling skills and understands the buying behaviour and property market of Seim Reap. Believes when we say they have better ideas of presenting your property.
- To further emphasize the importance of understanding the local market, it’s crucial to know that prices are highly competitive in Chamkarmon, Chroy Changvar, BKK, Khan Dangkao, and other main areas of the city. Therefore, it’s essential to hire an agent who is familiar with the market trends and can help you set a realistic price for your property. IPS Cambodia is a reputable real estate agency with a strong presence in Siem Reap, and their website’s Siem Reap Province location page provides useful information on the city’s real estate market.
- Clutters, overgrown plants, chipped paint, or fissure on the wall will keep your potential buyer at bay. Redecorate and repair your property to make it more appealing to potential buyers.
- Buying behaviour is significantly affected by the images uploaded on the property buy and sell portals. Hire a professional photographer to capture your property’s best features and attract more potential buyers online.
- Be realistic while quoting your property in Siem Reap. Prices are very competitive in Chamkarmon, Chroy Changvar, BKK, Khan Dangkao and other main areas of the city.
- Let your Facebook, Instagram and LinkedIn connections help you find an eligible buyer for your property. Leverage the power of social media connections to reach a wider audience and showcase your property.
- Remove decor items that have your initials or images. Potential buyers envision themselves living in the space, and depersonalising the property makes it more attractive.
- Get professional cleaning services done before you open the house for sale. Clean, fresh, and beautiful buildings leave bets impression on buyers.
- The legal process of selling a property involves various documents, contracts, and regulations. Be prepared with all the documents and local laws for a smooth selling process.
- Enhance your negotiation skills by reading and researching more about the property market in Seim Reap and getting ready with all the possible answers.
- Don’t hesitate to Partner with a reputable real estate agency like IPS Cambodia to tap into their network, visibility, and expertise in closing deals.
Be patient and flexible during the negotiation process, as finding the right buyer and reaching a mutually agreeable price may take time.
7 Successful Strategies for Selling Real Estate in Siem Reap:
Strategy 1: Knowing Your Buyers Preferences
You can sell your property to local residents and also to foreign investors(they have different formalities). Understanding potential buyers‘ cultural norms and preferences and respecting them will leave a lasting impression on them. For instance, knowing when to remove your shoes before entering a property and proper greetings go a long way in building rapport with clients and closing deals successfully.
Strategy 2: Maximize Your Online Presence
Getting buyers through online channels can be risky but have huge possibilities. Upload high-quality pictures of your apartment, villa, office buildings, condo, or websites, and try to cater to as many people as possible using social media and local online channels.
Strategy 3: Collaborate with Local Businesses and Professionals
Network with other professionals in the industry, such as lawyers, local architects, bankers, and interior designers, to gain referrals and increase your chances of finding a buyer. You can also cross-promote your listings with the help of local businesses, such as restaurants, for wider reach.
Strategy 4: Win-Win Strategy
Create a win-win situation by offering incentives, such as financing assistance or home warranties, to entice buyers and make your property stand out from the competition.
Strategy 5: Private Guided House Tours
Enthusiastically invite potential buyers for private tours to see your property in person and motivate them to ask questions.
Strategy 6: Be Open To Improve
Ask your real estate friend or buyers visiting your property for feedbacks. Making necessary changes to improve your property’s appeal will ensure a quickly closed deal in future.
Strategy 7: Add Capital Gain Tax To your Selling Price
20% capital gain is charged on real estate sales in Cambodia and is payable within three months. Deduct expenses from the sales price to compare better options from leasing versus selling profit.
A combination of local market knowledge, effective marketing strategies, and strong negotiation skills is required for successfully selling properties in Siem Reap, Cambodia.
