Selling a Property seems difficult. and last several years’ stagnant real estate market isn’t helping either. As developer inventories expand, obtaining a decent price on an old property becomes difficult. However, you must handle paperwork and brokering. Consider these things to sell your house smoothly.

Prepare all paperwork

Selling a property requires readying your paperwork. Arrange the property ownership chain and societal NOC early. The chain of papers and society NOC reassure the buyer regarding the property’s title. Reduces turnaround.

If the property is inherited, check for family claims. Girish Shah, Executive Director-Residential Sales at Knight Frank India, advises taking necessary permissions for properties under loans.

Improve your home

Well-kept homes sell rapidly. “You should consider painting the house to freshen it up. Prashant Thakur, Head-Research, ANAROCK Property Consultants, recommends hiring a professional cleaning staff. You should clean the house more if the renter neglected it. Cleaning up after years of abandonment is also important. Arrange lights and plumbing.

The buyer usually inspects the property in five minutes. According to Mandarus Partners founder and managing partner Naushad Panjwani, the sale would likely go through if the buyer and his family enjoy it. Focus on property condition.

Share it!

Inform surrounding neighbors and friends that you’re selling your home. “These people know the locality, infrastructure, building, and sometimes the property. Naushad Panjwani adds, “They may want to live there to stay with their relatives, so you can charge more.” A renowned home buyer will make you feel at ease.

Advertise on realty portals

List your home on several real estate platforms. Most posts are free. Verified posts cost a fair price. If you choose a verified posting, the company visits, takes images, and uploads them. The gateway distinguishes these listings.

Summarize the property. Speak clearly. “Two minutes from the metro station” and “Three minutes from the Mall” are better than “in the vicinity of mall and metro station”. Include the property name, location, features, and pricing. Mention your price negotiation willingness. Siva Krishnan, MD-Residential Services, JLL India, advises against misrepresenting a property.

Price it

Price your flat reasonably. When the real estate market is down. “Set the property’s best selling price. Check the circle rate or ready reckoner rate. Shah suggests talking to local brokers about the local resale market.

Know the area new and resale housing prices.

If needed, use a broker.

Brokers take two percent of the transaction value, one from each party. If you think the broker will generate leads, check purchasers for sincerity, and aid with documents, hire one. However, sign a signed contract with the broker stating the conditions and fees. Krishnan recommends an RERA-registered institutional broker.

“Know your area’s property supply mix. Panjwani believes brokers will prefer new projects over resales if your neighborhood has them. “Developers pay three to five percent brokerage,” he says. If your area has no new projects and you’re competing with resale houses, hire a broker.

Carefully handle purchasers

If you post the property on a site, expect calls from non-serious purchasers. Flexibility aids.

“Be flexible about selling property furniture and fixtures. Panjwani advises selling a shell property without furnishings and fittings to a serious buyer. Change your quotation as needed.

In a buyer’s market, you should also cut pricing. If the buyer is sincere and can close soon, a 5–10% reduction won’t harm. Serious buyers have property funds. A month-long agreement may be more profitable than one that lasts a year.

Conclusion:-

Selling a property can be challenging due to the stagnant real estate market and the expansion of developer inventories. To sell a property smoothly, it is essential to prepare paperwork, improve the property, and share it with neighbors and friends. Advertise your home on real estate portals, summarize the property clearly, and price it reasonably. Consider using a broker to help with the transaction, as they take 2% of the transaction value. Know your area’s property supply mix and negotiate with brokers if needed. Be flexible when selling property furniture and fixtures, and adjust your quotations as needed. In a buyer’s market, a 5-10% reduction in pricing can be beneficial, as serious buyers have property funds and may prefer a month-long agreement over a year-long one.

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