by Mr. Om Ahuja, JLL India
In a slow real estate
market, selling a property (land or house) can be a daunting task.
Nevertheless, selling
a property is sometimes necessary or / desirable despite market circumstances -
for instance, when the home's mortgage value is higher than its market worth,
if one has purchased another house & faces difficulties in paying two
mortgages, if one wants to upgrade to a bigger and better house or / if there is a need to downsize.
Other circumstances
such as job relocation and family issues can also necessitate the sale of one's
home - with an express need for a quick sale.
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| Om Ahuja, CEO – Residential Services, JLL India |
As a rule of thumb,
it is never a good idea to sell anything when the market is bad & showing
no signs of recovery. That said, if there is no alternative but to sell despite
unfavourable market conditions, it is not enough to simply list the home and
wait for an offer.
The thought to keep
in mind in such a situation is that even though the market has decelerated,
there are still plenty of homebuyers eager to find a home.
There are some key
tactics to help increase the possibility of a sale, and these pertain to
preparing both the property and one's mind to increase the probability of a
sale:
• Know Your Market..!
When selling a
property on a depressed market, it is very important to understand what is
really happening & why it is happening. Understanding gives objectivity,
and an objective mind is more conducive towards a successful sale than a
desperate one.
Above all, it is
important to know the true market value of one's home, which is often very
different from what ones hopes or thinks it is. Most sellers operate in the
dark and are simply offering their property for the price they want, regardless
of what other houses in the same location are being sold for or / are currently
selling for.
Undervaluing or /
overpricing your property while trying to sell it on a slow market is a serious
mistake.
• Be Competitive In
Your Pricing..!
On a slow market,
property prices dip & the possibility of obtaining a really good price is
remote at best. It is essential to price
your home reasonably by looking at similar options available in the current
market.
If you take a look at
the homes in your project or / neighbourhood which are listed with brokers.
But, are not selling, chances are that their owners' expectations are just too
high.
To stimulate a sale,
under-pricing your property relative to others being offered in the project or
location by just a little can generate more interest from buyers.
For high-end
properties – that is luxury units in metro cities valued at Rs. 5 crore +, one
can should consider using the close bid process. In this process, which reputed
property consultants employ on behalf of their clients, bids are invited from
prospective buyers with the objective of achieving the best possible price.
High-end &
landmark properties are normally sold using this process, which invariably help
sellers to arrive at an optimal sale price.
• Make Your Home
Presentable...!
Apart from right
pricing, nothing will attract potential buyers more than a well-maintained
house. This goes beyond just cleaning and sprucing it up, and actually involves
removing your 'identity' - or / the personalization you have undertaken to make
it 'your' home - from the house as far as possible.
Retain only the
things that actually add value to the flat. A small investment in making your
property presentable is more cost-effective than a price reduction.
Make the entrance
presentable and address issues related to plumbing, water seepages, cracks in
the masonry, loose railings and ill-fitting window frames.
When there are many
options available on the market, buyers will look for homes that are ready to
move in rather than units that require significant effort and expense on
repairs and refurbishing.
• Be Flexible With
Showings..!
It is essential to
keep your home available for inspection throughout the time it is listed on the
market. Remember, it takes only one buyer to get your home sold. Keep your home
available for viewing at moment’s notice, and do not restrict access solely to
the times you are personally available.
The more often your
home is shown to potential buyers, the likelier is a quick sale. Do not give
buyers the impression that their request to see the flat is an inconvenience.
• Engage The Right
Property Agent..!
On a slow market,
using the services of a top-of-the-line real estate consultancy can be a faster
route to a quick sale than roping in multiple small-time brokers.
A first-class
property consultancy employs more operatives & has a larger and more
dynamic database of prospects, and these capabilities are a major
differentiator from smaller brokerages with limited resources.
• Be Flexible On Your
Terms..!
On a buyer's market,
the willingness to be flexible on one's terms can make a big difference. Buyers
know that you want to sell your home, but may also be looking for some scope
for negotiation. If a home is priced too high and the owner refuses to negotiate
on terms, it is likely to be ignored by buyers.
Apart from openness
to negotiation on the quoted price, offering flexible financial terms with an
extended closing date can do the trick.
• Be Patient..!
Selling your home is
invariably a stressful process, and the stress is inevitably prolonged when the
market is slow. Remember that this is a waiting game, and that impatience will
work against you.
Be flexible, do not
display any signs of desperation and use the right resources. At the end of the
day, there is always a buyer for every good property.
Mr. Om Ahuja, CEO –
Residential Services, JLL India
For media Contact
Mr. Siddhant Vernekar
Marketing and
Communications
JLL India, Pune - 411 001.
Tele: 020 3093 0441
Fax: 020 4019 6101
Mob: +91 95456 22049
Website: www.joneslanglasalle.co.in
Twitter:
JLLIndia_Realty
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