Thursday, 2 June 2016

How to Find Good Property Deals Below Valuation: Belowval

As a property agent, I've often been asked if I know of any good deals, or if I can help owners or homeseekers find a client or an urgent place to stay. So I often had to browse a lot of property sites to help my clients find the best deals. 

Now, here's a fact that non-agents will most probably not know: Many agents post fishing ads.

WHAT ARE FISHING ADS?
Basically, these are ads of deals which do not actually exist. These agents will post up vague ads like "HDB in Toa Payoh for Sale" or "Houses in Bukit Timah for Rent", and when you call, they then have you as a potential client and use that to help you find a place in Toa Payoh. Not that it's a bad thing since he will help you anyway, but it's just not ethical, in my opinion. Also, it's frustrating for people who actually want to find something fast, because they spam and clutter the property sites, among which real urgent deals are waiting to be made, making these deals very hard to find.
Also, even if the listings were real, there are some agents or owners who post multiple listings of the same property and, once the deal has been closed, do not bother to take down the listings. Can you imagine how much clutter this is on these property sites?

These homeowners are selling urgently for a reason - they could be migrating, relocating because of work or kids or marriage, family change, or they might be urgently needing money. Whatever the reason is, these homeowners wish to make a sale as soon as possible, without losing out on too much. 

Here's another fact: Many urgent deals that do not meet with good potential clients get bought over by big companies with a lot of money.

Now, when these owners need to urgently sell their houses but people can't find them, they usually get approached by law firms, estate trustees, or other distressed asset funds which will come "save" them. The catch? The offer price is usually a lot lower than what the owner would like to settle for, even for urgent sales.

So when belowval was launched, I was pretty curious. As its name states, this property site only lists urgent sale properties that are below valuation. Why, I wonder, did no one think of this sooner? After speaking to the founders and the people behind belowval, I was bought over. When agents or home owners post on belowval, each listing gets checked and verified so you can be sure these listings are actually there. Listings are also constantly checked on to make sure they are up to date. Also, because belowval does not list regular-priced properties, there are less listings on their site, making finding a home so much easier.

Most users on belowval are genuine buyers and homeseekers, so one can be pretty assured that you won't be dealing with "window-shoppers" who just want to "look see". It's pretty win-win the way I see it. Urgent home sellers will likely reduce their prices to increase demand (but yet are not willing to sell tooooo low to companies when they meet their deadlines and have no choice), and homeseekers get to find something they like but may not have the budget for the regular-priced ones. 

Properties are properly classified according to type and budget so it's a lot easier to search for what you're looking for and what you can afford.



They are in the midst of building their app, but you can check out belowval.sg here. All the current below valuation listings are there!

I do not work for them, in case you're wondering. I'm an agent with HSR, a local property agency.
If you need help with selling or renting out your home,  drop me an email at silverang@hsr.com.sg, and we can discuss further from there. =) Alternatively, drop an SMS to 88080306, and my team will be pleased to help you! One thing's for sure, I'll be using belowval for all my clients! ;)

Here's a video in case you didn't understand a single word I typed. Lol. JK! But this is a summary of what belowval is:
  

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