Seven steps to get the best price for your used property
As you get down to selling your house, you realise that it is easier said than done. A dull real estate market over the last few years isn’t helping matters either. As unsold inventories of developers rise, getting a good deal for an old property appears to be an uphill task. Even so, you need to be on top of several aspects such as documentation and engaging a broker.
Here are some important factors to consider to make your property sale smooth.
Have all documents in place
It’s important to keep your papers ready at the time of selling your house. The chain of property ownership documents and society no-objection certificate (NOC) must be arranged early. If you can show the chain of documents along with the society NOC, then the potential buyer feels assured about the title of the property. It cuts the turn-around time.
“Do check for any claims from within the family especially if the property is inheritance. If the property still under a loan, ensure that proper clearances are taken for the same,” says Girish Shah, Executive Director-Residential Sales at Knight Frank India.
Spruce up your property
Well-maintained properties get buyers quickly. “You should seriously consider giving a fresh coat of paint as it will add a touch of freshness to the house. Getting a professional cleaning crew to clean the house will ensure that all aspects of the house are in presentable condition,” says Prashant Thakur, Head-Research, ANAROCK Property Consultants.
If you had given the property on rent and the tenant maintained it poorly, there is all the more reason for you to make the house presentable. If the property was lying vacant for many years, then too cleaning up becomes necessary. Get the lighting and plumbing fixtures in order.
“Inspection of the property by the potential buyer generally takes place in five minutes. If the buyer and his family likes it, there is high chance that the deal goes through,” says Naushad Panjwani, founder and managing partner, Mandarus Partners. Give utmost attention to the condition of the property.
Spread the word
Do inform your neighbours and friends staying nearby that you are planning to sell your property. “These individuals know the locality, infrastructure, building and in some cases the property in question too. You can also command a premium since they may want to live in that area to stay together with their relatives,” says Naushad Panjwani. You will be comfortable dealing with a known individual as a buyer of the property.
Post ads on realty portals
Post details of your property on a few real estate portals. Most of these postings can be done for free. For a reasonable fee, you can also make ‘verified’ postings. If you opt for a verified posting, the representatives of the firm visit the property, click pictures and upload them. These listings are also displayed in a differentiated manner on the portal.
Give a brief description of the property. Be clear in your communication. For example, “two minutes’ walk from the metro station” and “three minutes’ walk from the Mall,” are better than ‘in the vicinity of mall and metro station’. Also, clearly mention the name of the property, area, amenities available and the price. If you are willing to negotiate the price, mention it clearly. “Never, ever misrepresent the property or give false information about the property,” says Siva Krishnan, MD-Residential Services, JLL India.
Decide on the Price
Be reasonable in fixing the price of your apartment. More so, when the real estate market is in a slump. “Determine the optimum cost at which the property has to be sold. This can be done by looking at the circle rate or ready reckoner rate. Also speak to local brokers to understand the market for resale properties in the area,” says Shah.
You should know both the new property prices in your locality and the going rate for re-sale houses.
Engage a broker, if needed
Brokers charge around two percent on the transaction value; one percentage point each from the buyer and seller. If you think that the broker is going to add value to you in terms of lead generation, screening the buyers for seriousness, and help with the documentation, you should engage one. But do enter into a written agreement with the broker clearly specifying the terms and charges of the service. “Prefer a Real Estate Regulation Authority (RERA) registered institutional broker,” says Krishnan.
“You should also understand the supply mix of properties in your area. If your area has new projects coming in, then brokers will be keener to sell those flats over re-sale flats,” says Panjwani. “The brokerage paid by the developers is around three to five percent,” he adds. If your locality does not have new projects and you are competing against other re-sale properties, then it makes sense to engage a broker.
Deal carefully with buyers
If you list the property on a portal, be prepared to answer the calls from non-serious buyers as well. Being a tad flexible also helps.
“Be flexible about the furniture and fixtures that you are selling with the property. If a serious buyer comes only for the bare shell property, you should be open to selling that without furniture and fixtures,” says Panjwani. You may have to modify your quote accordingly.
This being a buyer’s market, you should also be prepared to lower the prices in line with the current trend. A discount of around five or ten per cent won’t hurt, if the buyer is serious and is in a position to complete the deal quickly. A serious buyer is one who has the funds for the property already in place. A quickly closed deal, within a month, may be more rewarding than the one that fructifies at the end of a year.
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