The pandemic has caused much havoc in the real estate sector, leading to the slowdown in the construction of residential projects in Mumbai as well as affecting the resale segment. Many who were geared up to sell their flats have had to wait for the Covid-19 outbreak to falter in its long reign over the world and the lockdown to be lifted.
However, as the nation is now moving towards normalcy, property sellers can now utilise this time to sell their property at its best possible value with a few innovative techniques. Here are some things you should keep in mind when putting up your property for sale in the post-pandemic era.
Analyse The Market Value of Your Property
Before you list your property for sale, it is a good idea to do your market research thoroughly. Investigate the property prices and values of similar flats that have been sold in your neighbourhood. Remember that the sale price of the property should be set according to the carpet area, amenities, flat interiors, popularity of the area etc.
Such research, especially during the time of the pandemic is quite crucial. This is because it helps you estimate a profitable price range as well as avoid the pitfall of setting the sale price of your property on a whim.
Hire A Reputed Broker
To sell your property at its best value possible, it is advisable to get in touch with an established broker. At a usual charge of 1 to 2%, a good broker can get you in touch with prospective buyers and even manage to sell the property at its most profitable value!
However, one must definitely opt for a RERA registered broker and list clear terms and conditions about broker engagement in the sale agreement. This helps avoid disputes at a later stage as well as any hidden charges in the property sale documents. If you take these precautions well – a reputed broker is certainly worth the trouble! This is because they may sell your property quickly and at an excellent price, despite the current Covid-19 situation.
It’s always a good idea to spread the word that your property is on sale, rather than solely depending only on the broker for advertisement. You can start by telling your family, relatives and friends about it so that they can inform more people about a good property on sale. Such word of mouth advertising can get a large pool of potential buyers interested, which will give you the advantage of negotiating for a highly profitable price.
Another thing one must do is list their property on popular real estate listing websites, as these portals allow you to freely advertise your property online. This is especially crucial during the pandemic, as most potential buyers tend to first survey flats online within the confines of their home.
In fact, you can even use social media to your advantage! From sending a text about the sale of your property on WhatsApp groups to setting your Instagram story about the same – advertising on social media surely has the power to find relevant people who are looking for a good home.
Spruce Up Your Property
Remember that the first impression is the last impression! Stick to this adage when showing the property to potential buyers and you’ll have a good number of people who’ll want to get it off your hands. A proper impression requires that you maintain the property well, spruce it up a bit, and keep it clear of clutter so that the buyer falls in love with the flat and can imagine it as their future home. A well-maintained residential property in Mumbai, also fetches a much better value.
So ensure that you get all the broken furnishings immediately repaired, repaint walls with peeling paint, clean out all cobwebs, solve plumbing issues, and deep clean your home thoroughly, inside and out! You can even go further to give a lavish vibe to your home by getting out your best pair of drapes and upholstery or even giving the old wooden furniture a rich coat of polish. The buyer is going to look at all these minute details, as they have come to survey your property in such a frame of mind.
P.S. In fact, it wouldn’t hurt to get the entire place sanitised, so that the place is hygenic and extra clean right in time for the buyer’s physical visit to the property.
Be Open to Flexible Negotiations
While it’s always excellent to have an upper hand during negotiation, it is also good to be flexible to create a win-win situation for both yourself as a seller and your potential buyer. Considering the current situation, the budget may be tight for your home buyer. As a seller, one can be quite flexible about this and come with an open mind to the negotiation table.
This allows you to slightly lower the price if the buyer insists, and still be able to earn your desired profit margin. This also seals the deal for you quicker, as the buyer has been given a small discount. If nothing else, offering freebies such as a free AC or a refrigerator would certainly work in your favour.
At Ashwin Sheth Group, we’ve penned this informative guide to ensure that your property resale process undergoes smoothly during the post pandemic era. We hope these tips help you market your property well during this time, to fetch you an incredible profit!