The Reserve Bank of India (RBI) cut key interest rates by 25 basis points (bps) to 7.5 per cent on March 4, bringing lot of optimism back into the real estate sector. With favorable economic environment and prospects of cheaper home loans, residential properties become hot favorite for buyers and sellers looking to gain maximum benefit in the current market situation.
If you too want to sell an apartment or any other residential property and finding the task challenging, follow these simple five tips to improve your property’s prospect and get the deal faster.
1. Advertise locally and then reach out to a wider audience: When you’re planning to sell your house or a residential property, as a first step, localize your search. People living in your neighborhood may be more interesting in buying your property as they know better about the locality, social infrastructures and other facilities, and may find your property as a good option for their family, friends or relatives. Put up an advertisement of your property on your society’s notice board, walls near the entrance and on social media pages run by the residents.
If a local pitch doesn’t work, broaden your search. Talk to a couple of brokers who can bring prospective buyers for your property and take appropriate commission. You can also list your property on realty portals to maximize its reach across the Internet.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, advices “not to contact lot of brokers for your property sale as you may end up answering enquiries from many of them for the same clients, leading to confusion and wastage of time.”
2. Put a competitive price for your property: Property prices keep on fluctuating with time and as per market sentiments. You need to first survey the prices of similar properties online before coming to a definite figure. You can also take the help of a good broker to arrive at the right price for your property. You also need to understand that property prices in the secondary market are usually lower than in the primary market, and therefore need to be taken care of while quoting. Mr. Anil Mithas says “many times it happens that sellers quote higher prices for their properties and find it difficult to attract buyers for them, thus wasting significant amount of time and resources.”
3. Make your property presentable to buyers: First impression of your property can make a huge difference in the buyer’s mind on whether to go forward or refuse at the very instance. Spruce up your apartment before you let a buyer walk in through the front door. It is very important to take care of small flaws like leaking pipes, poor lighting, broken doors, wires, etc., as they could turn into potential deal breakers. Even if any defect exists which may take time to correct, inform the buyer about it early on to prevent any confusion. Mr. Anil Mithas of Unnati Fortune Group says “giving true and complete information to buyers prior to their property visit enhances trust between the two parties and also encourages buyers to take a quick call on the property purchase.”
4. Have all your property documents ready: Have all your property related documents such as allotment letter, offer of possession, possession letter, sale deed, conveyance deed, property tax receipt, receipt of latest bills paid to utilities, etc. ready before you step into the market. Make sure that you’ve all the documents and receipts of property tax and other utility bills. One more point that the seller must remember is not to release the original property documents to buyer till he/she submitted the entire sum of money.
5. Find the right broker for your property: Finding a professional broker with considerable experience and a wide network of contacts is also as important as any other point mentioned above. The right broker gives you right information about your property price and also brings genuine buyers to your doorstep. Professional brokers generally charge 0.5-2 per cent of the deal and make your job of property sale easy and convenient. Mr. Anil Mithas says “be careful while choosing broker for your property and avoid getting cheated. A broker may quote one price to you while collecting a higher price from the buyer, and thus pocket the difference.”
Mr. Anil Mithas of Unnati Fortune Group further says that “real estate is an illiquid asset. Wait after listing your property on real estate portals for at least three to six months to find genuine buyers. Also, be aware of the market situation and current economic environment to decide whether the time is ripe for property sale or not.”
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If you too want to sell an apartment or any other residential property and finding the task challenging, follow these simple five tips to improve your property’s prospect and get the deal faster.
1. Advertise locally and then reach out to a wider audience: When you’re planning to sell your house or a residential property, as a first step, localize your search. People living in your neighborhood may be more interesting in buying your property as they know better about the locality, social infrastructures and other facilities, and may find your property as a good option for their family, friends or relatives. Put up an advertisement of your property on your society’s notice board, walls near the entrance and on social media pages run by the residents.
If a local pitch doesn’t work, broaden your search. Talk to a couple of brokers who can bring prospective buyers for your property and take appropriate commission. You can also list your property on realty portals to maximize its reach across the Internet.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, advices “not to contact lot of brokers for your property sale as you may end up answering enquiries from many of them for the same clients, leading to confusion and wastage of time.”
2. Put a competitive price for your property: Property prices keep on fluctuating with time and as per market sentiments. You need to first survey the prices of similar properties online before coming to a definite figure. You can also take the help of a good broker to arrive at the right price for your property. You also need to understand that property prices in the secondary market are usually lower than in the primary market, and therefore need to be taken care of while quoting. Mr. Anil Mithas says “many times it happens that sellers quote higher prices for their properties and find it difficult to attract buyers for them, thus wasting significant amount of time and resources.”
3. Make your property presentable to buyers: First impression of your property can make a huge difference in the buyer’s mind on whether to go forward or refuse at the very instance. Spruce up your apartment before you let a buyer walk in through the front door. It is very important to take care of small flaws like leaking pipes, poor lighting, broken doors, wires, etc., as they could turn into potential deal breakers. Even if any defect exists which may take time to correct, inform the buyer about it early on to prevent any confusion. Mr. Anil Mithas of Unnati Fortune Group says “giving true and complete information to buyers prior to their property visit enhances trust between the two parties and also encourages buyers to take a quick call on the property purchase.”
4. Have all your property documents ready: Have all your property related documents such as allotment letter, offer of possession, possession letter, sale deed, conveyance deed, property tax receipt, receipt of latest bills paid to utilities, etc. ready before you step into the market. Make sure that you’ve all the documents and receipts of property tax and other utility bills. One more point that the seller must remember is not to release the original property documents to buyer till he/she submitted the entire sum of money.
5. Find the right broker for your property: Finding a professional broker with considerable experience and a wide network of contacts is also as important as any other point mentioned above. The right broker gives you right information about your property price and also brings genuine buyers to your doorstep. Professional brokers generally charge 0.5-2 per cent of the deal and make your job of property sale easy and convenient. Mr. Anil Mithas says “be careful while choosing broker for your property and avoid getting cheated. A broker may quote one price to you while collecting a higher price from the buyer, and thus pocket the difference.”
Mr. Anil Mithas of Unnati Fortune Group further says that “real estate is an illiquid asset. Wait after listing your property on real estate portals for at least three to six months to find genuine buyers. Also, be aware of the market situation and current economic environment to decide whether the time is ripe for property sale or not.”
Follow Mr. Anil Mithas on Twitter & Facebook