The real estate markets are cyclical but some things remain constant- for instance- the broker quoting a lower price for your property when you decide to sell but quoting high when you enter the market to buy. No wonder Indian property markets are so fuzzy. Since we can’t promise to change the way things work her, we can sure help you with some tips and tricks to fetch the best possible price for your property.
1. Right valuation- Let’s start with the trickiest thing. Calculating the right value of your property. First and foremost, you should leave behind pride and emotions and make this a rational logical decision. Your property won't sell price for the price YOU think it ought to. It will sell on a benchmark of prices of similar properties in the locality, age and condition of the house, sometimes even the layout. So do the math by trawling online websites which quote prices of flats in your areas, speak to brokers, find out how much someone has paid recently for a property in your area and then calculate the true and fair value of your asset. Price competitively and you'll have deal.
2. Fix and beautify- The cliche- first impression is the last impression fits in perfectly here. Don’t put your house on the block with chipped-off plaster, cracked walls or dangling electrical fittings. Even dirty staircases or stinking bathrooms can put off a potential buyer. Make sure you fix these before throwing open your home for buyer visits. On the other hand, small improvements in bathroom, kitchen or a fresh coat of paint will go a long way in adding value to the property. You might end up spending few thousands but the return on this investment will be manifold. We call it the psychological effect.
3. With or without broker- The process of finding the right buyer for your house is really time consuming which is why you need a shrewd broker to hunt out the prospects. A broker usually charges 1% as brokerage and ensures a flow of potential buyers until you say a ‘yes’. The guy also helps you with negotiation, registration and other legal paperwork. However, you can take on this job if you have the time. These days a number of online property portals allow you to eliminate the broker and get in touch with the buyers directly. You can also put up notices in your housing society inviting buyers, only if you are comfortable letting everyone in your society know ofyour decision to sell.
4. Use Social Media- A free and effective medium, your Facebook post will send the message across in no time to your friends and their friends. Let your friends and relatives know of all the relevant details along with few pictures of your property. You will able to reach a considerable pool of interested and acquainted prospects.
5. Buyer visits- Don’t be too fussy about making your home available for inspection. Remember, it takes only one buyer to get your home sold. The more often your home is shown to potential buyers, the likelier is a quick sale. Do not give buyers the impression that their request to see the flat is an inconvenience.
6. Flexible terms- Apart from right valuation and a competitive pricing, offering flexible financial terms and an extended period for closing the deal can do the trick. This is of course if you do not need the money urgently.
7. Clear the dues- A proper record of all the property-related documents and receipt of dues paid will help you close the deal faster once you find the right buyer. A clean property record instills confidence in the mind of the buyer.
8. Go, get a lawyer- Engage a local lawyer to vet the documents for you. We assure you this will mitigate any hassles that are in hiding and might sprung up a surprise later.
The basic premise of this temporary makeover is not to cheat the buyer but to put on display the potential of your property.