Have you wondered why some properties sell for record prices while some are sold at market or below market prices? In this article I’m going to share with you how we find undervalued condos for our clients and hopefully you’ll be able to get some tips for your property search.
Don’t search on Propertyguru.com
Do you know that there are 32,414 registered agents in Singapore but only 11,253 agents have a Propertyguru account? Out of the 11,253 agents with a Propertyguru account only 10,413 agents have more than 1 listing advertised, the rest 840 agents don’t have a property listing advertised.
One of the many reasons most agents don’t have a Propertyguru account is due to it’s very high prices to maintain. So what has all this got to do with anything?
We know that real estate is a truly personal business based strongly on referrals for the most part. That means over 20,000 agents, or around 60% of the real estate salesperson population in Singapore does not advertise their listings on Propertyguru.com.
Propertyguru.com is ranked #1 in the business and consumer services for real estate so that means over 60% of the listings available to you cannot be found on Propertyguru.com.
I apologise if it took too long to get to the bottomline. So what are the ways to find better value real estate deals in Singapore?
Other property portals
99.co, SRX, iProperty, Carousell are the other portals containing properties for sale but sadly more than 70% of these properties, from my experience, are dummy listings – property listings where agents advertise seemingly good deals, renovated properties and then once they know you are an active buyer they’ll introduce you to another property.
CEA is clamping down on these dirty tactics but it’s still quite rampant across many of the property portals in Singapore. While these portals do have genuine property for sale listings you’ll be banging your head against the wall after less than 10 minutes contacting property agents.
One of the ways for us to avoid getting headaches from banging our heads on these walls in our office in Ubi is through our buyer concierge service. We have a dedicated person to find the needle in the haystack.
