What we did
Case Study
(The Meyerise)
How it happened
Our clients approached us in end Feb 2020 to sell their 3BR property in The Meyerise. It was during the period where the number of COVID-19 cases was on the incline.
As their unit has already been in the market for more than 6 months, they were worried that this global pandemic would affect their house’s price.
Their property was tenanted then and our clients were torn between keeping the unit for rental income or to sell it. After crafting a financial plan and running through the figures with them, we advised that it would be wiser to cash out their profits of $630,000. This was to prevent any uncertainty that the COVID-19 pandemic might bring.
Challenges we faced
Our clients heeded our advice and we began to market their unit extensively. Although the property was located at the strip of condos along the East Coast Park, it was on a low floor and did not have the best facing. We made use of creative angles and utilised different social media tools to bring out the best of the unit.
Our clients were overseas at that time and it was difficult to communicate through different time zones, but we managed to liaise smoothly with both parties. Also, as the unit was tenanted, our clients requested that we sell it together with the tenancy.
Outcome
However, in just 2 weeks and 2 viewings, we managed to find a potential buyer for the unit. The buyers were impressed with the concise brochure that we prepared as well as the pleasant viewing experience with us. We illustrated the perks of buying a tenanted unit, the healthy rental income and the potential upside that it came with.
They saw the investment potential in this property and very quickly decided to place an offer. We managed to secure a good price for our clients and sold it at $2.45mil, $20,000 above valuation, just days before the Circuit Breaker period was announced. We were extremely thrilled to see through the deal smoothly with both parties satisfied.
