Thinking is the most difficult thing and therefore very few people engage in it. - Henry Ford.
When selling a property (or anything else for that matter) you need to think and plan before taking any action. The first question to consider is whether you are in the buyers market, sellers market or in a neutral market and devise a strategy accordingly. Especially in a buyers market, the property needs to be packaged in a manner that it stands out of the crowd. It has to be placed in the market, better than the competition; in a manner which is new, or the old needs to be presented in a new manner.
We've compiled, for you, a comprehensive guide on things to keep in mind while selling a home so that you make a correct and informed choice.
If this list is not enough, we also have a pool of real estate experts who will answer your queries. Just Ask our experts! and they will get back to you at the earliest.
Here are a few suggestions: ·
- Prepare an Executive Summary of the property
- Select quality real estate consultants
- The Right Pricing
- The Market Methodology
- What is the extra bait?
- Property Presentation
- Do not spend where you can sell an idea
- Prepare Due-diligence Report/ Advertise
Prepare an Executive Summary of the property
You are the best spokesperson of your property because you are likely to be one who knows it best. Write an executive summary on the property, yes write it in such a detailed manner that it covers everything about the property. Details like, year it was built, built up area, accommodation details, power load, water supply, amenities, salient features needs to be explained. The infrastructure details, like distance from the market, schools, hospitals, airport, railway station, bus stand, hotels etc. need to be incorporated.
Think about every possible question a buyer is going to ask about your property, and prepare yourself. Prepare yourself with all good points and answer to the shortcomings your property might have.
Select quality real estate consultants
Generally, real estate consultants list properties free and you may be tempted to list your property with numerous real estate consultants. However, you need to be careful in choosing them as they are frontline salesmen for your property. A poor real estate consultant can do more harm to your property than the benefit you may achieve with a good consultant. Check the realtor's infrastructure, experience, transaction completed and ask for some references. Remember, a large real estate consulting firm may not necessary meet your needs. They might be impressive but unattainable.
Ask your friends, drive around in the vicinity, and look in the real estate classified of various newspapers. Ask the broker to come and see your property. If he is too busy to see your property, think again, whether you want to continue to use his services or not.
You may decide to go with an exclusive real estate consultant, in case you are sure of their commitment towards your property.
Owners wish to attain optimum price for their properties. Higher the price better it is. However you need to be realistic. There is no point that your property is listed at a higher price but does not concludes in a transaction. At the same time you would not like to place your property lower then the price it can achieve. Speak to various brokers, check the transactions completed in the vicinity. Also try to check the level of supply of your kind of property.
Finally put yourself in the buyer's shoes and ask yourself "How much would I pay for the property?" Again be realistic while arriving at a price.
How would you like to bring your property to the market. Is it through Private Treaty, Tender or through Auction ? Selection of the any of these marketing methodologies will depend on the level of demand and unique features your property commands
An additional interest from your realtors can be achieved by offering additional rewards. Offer something special to encourage brokers to bring proposals. Structure commissions in relation to the price you can achieve on the property. However, you need to be careful that you do not come out as a desperate seller and placement of your property is spoiled in the market.
You never get a second chance to make a first impression! The property needs to be thoroughly cleaned. Most of the owners pay too much attention on the exterior and living areas but miss the important aspects like bathrooms and kitchens. A fresh coat of paint, and thorough cleaning will place the property in a different light. Ensure that you replace all fuse tubelights, and bulbs. These things do not cost much but would go in a long way for conclusion of a successful transaction. The presentable property also indicates the commitment of the seller.
Do
not spend where you can sell an idea.
Sell the idea of place's potential of renovation then actually renovating it. People have their own tastes and preferences and therefore give a choice to the buyer to make changes. You do not have to spend a fortune, renovating your property when you can sell the idea.
Due-diligence
report/ Advertise
Have a solicitor prepare an independent title search report on the property. You may include the copies of latest electricity and water bills paid in the said report. You will find that this document will result in an added confidence level of a prospective buyer and thereby resulting in faster conclusion of a transaction.
Place "For Sale" sign on the property. This spreads the word. It also increases the chances of offers from potential buyers who can contact you directly thereby saving the brokers commission, in case you do not have an exclusive agent. The sign shall also be informative for the brokers who deal actively in your locality.
You need to work out a cost effective and result driven advertising campaign for your property. The size of the advertisement, its placement, the duration and frequency needs to be worked out. Spend some time thinking what you want to reveal about your property, the headline, the content of advertisement etc. Review the advertisement itself if required.
Prepare a letter/ flyer covering property details and send it to the companies whose executives you believe will have a requirement for your kind of property. Generally, the executives working in your vicinity are the ones, likely to have a preference to procure your kind of property. Try informing them through their respective administration/ HRD departments and you will be surprised how fast you get quality offers.
Insist that the brokers introduce to you all the offers that come in, no matter how low. If someone is willing to write an offer, be considerate enough to see it. Besides it gives you a better idea how the market is reacting to your property. Ask the broker to arrange a meeting with the buyer.
There are many reasons why
homes don't sell: they could be overpriced, are not presentable,
are having poor location or there is too much of supply. However,
the properties that do sell are the ones, which are handled
professionally, are rightly priced and are presentable to appeal
to a prospective buyer.
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