Enhance the property
Each buyer sees multiple properties of same price bracket. Enhancing the property always leaves a good impression on the buyer and makes it more attractive when he compares it with other options that he has seen. If your property is well maintained, it may even increase the value of the property. Get a fresh coat of paint, if required- Preferably a lighter shade of color. Maintain the bathroom and kitchen well. Electrical fixtures like loose wires and switch boards should be fixed. Deep cleaning of the property is highly recommended. Getting a pest control is advisable. Adding artificial or natural plants to the property will enhance the look.
Documents
All the documents should be in order and arranged properly in a file. Ownership documents, sale deed, conveyance deed, BBA etc must be well sorted out and available. Chain of title, previous ownership documents must be clear. Receipts- Property tax, electricity, water and gas maintenance must be cleared. Neatly stored and readily available documents leave a good impression about the owner and the buyer feels comfortable in transacting.
Time to sell
Its difficult to time the market. Seller market- When the supply is less and buyers are more, we can sell the property sooner. Buyer’s market- When there is an over- supply of property, it can take 6-9 months to sell a property.
Valuation & Pricing
Assess right market valuation, right pricing also ensures faster sale. Be aware of the last transaction that happened in the neighborhood and the prices of other available properties. Highlighting rental returns in case of commercial property will get you a better price.
Marketing
There is a cost involved to effectively market a property. Its best to give it exclusively to one broker firm for a certain time period and let them spent on it. A regular broker understands the right channel to be used as per the price and type of property. However, if you wish to market at your level you should keep the following key points in mind
Property details like location, nearby schools, hospitals, markets, airport all should be highlighted. It makes the property more saleable and attractive. It is always good to describe amenities like temple, gymnasium, club, swimming pool, parking etc. These amenities are very much in demand.
Adding pictures and videos of the property will fetch more eyeballs which will make it more saleable. Detailed pictures will give a better perspective to the buyer. These pictures should be added on property portals or social media accounts.
When you are marketing a property, you must talk about its positives. One must highlight its aspects like vastu, sunlight, ventilation, luck & charm, neighbourhood, maintenance, etc. These aspects must be spoken about.
Negotiation
A seller should have clarity on the figure/amount and should have done his homework. Once the deal gets fixed-it’s unethical to back out. When sitting for a negotiation, always try to get the buyers expected price before you giving out yours. Asses the buyers interest in your property and understand the other available options he may have.
Agreement of Sale
Always insist on signing the agreement to sell with at least 10% amount. Read the agreement preferably a day in advance to understand all the terms and conditions. Raise questions about terms that you don’t understand (if any) with your broker. Insist that the buyer himself signs the agreement and not his representative or nominee. Take a copy of buyers ID and Address Proof at the time of signing.
Raunaq Singh Arora
Ace Consulting
To know more, you may write to me at
raunaq@aceconsulting.co.in