How to Sell Your Home
Dubai can be a challenging market to sell your home in, especially without the right advice or plan of action. The following tips provide you with a guideline that will help in achieving a quick and successful property sale.
Broker SelectionThe first and most important step is to choose the right broker, which is tricky enough when you have around 7,000 real estate professionals to choose from. It becomes all the more difficult when you realise that there are highly varying standards of professionalism and service.
Your broker must be able to demonstrate a sound knowledge of the area and of the property you are considering, and should also demonstrate transnational activity. They should possess a mix of confidence, energy, gravitas and charm with the ability to represent you and negotiate on your behalf during the course of the transaction. Building and maintaining a good relationship with your broker is key.
Asking PriceIt is essential that your property has the right asking price in order to attract more potential buyers and to bring in offers. Try to do as much research as you can on the area, supported by the opinions of other professionals including your broker, in order to determine the right price for your property.
Do not be flattered by the highest number quoted to you - some brokers aim high so they can entice you into listing with them but then struggle to sell for months because of the price. Anything too ambitious or unrealistic will only turn off a prospective buyer.
ViewingsBe flexible when it comes to viewings - it might not be very convenient to have viewings in the evening or on the weekend, but buyers often want to view a property on short notice. A serious buyer may only need one viewing to make a decision, regardless of what time it takes place. Flexibility is really important to help with a quick sale.
Marketing AppealMake sure that your property presents well and looks appealing. This is true not only for viewings but also for all forms of marketing, whether it is on a real estate website, on social media, a brochure or on online portals. High-quality photography and videography make a significant difference when a potential home buyer is looking for properties.
They will be naturally drawn to a home that catches their eye because of its visual appeal and will be inclined to give you a better offer. Did you know that the average online user spends no more than 3 seconds looking at a property advert on a portal? That means you only have 3 seconds to capture their interest and to make sure they enquire on your property.
If you want an effective offline marketing tool for people who are passing by your neighborhood, then I would highly recommend a FOR Sale board. This immediately lets people know that your property is on the market and provides 24-hour exposure. Some may consider this old-fashioned, but sometimes the classical approach is the best one.
Presentation of Your PropertyIn line with the above, make your home look absolutely gorgeous for potential viewers. Declutter, make sure every room is tidy, windows are clean, and even the outdoor areas such as the garden and pool are pristine. Don’t be afraid to go the extra mile when presenting your home - keep the lights on, turn on the air conditioning, display some fresh flowers, or perhaps put out some baked goods for a nice fresh smell. You cannot minimise the importance of a first impression.
Select the Right BuyerConsider each offer on its own merits. It's tempting to go for the highest price you get, but a cash buyer placing a lower offer might actually prove more attractive and agreeable in the long run.
Time kills deals - if you keep waiting for a higher offer to come in, you will keep losing interested buyers who will go to get their offers accepted elsewhere.
The main thing to keep in mind is that the transaction should be able to proceed smoothly from start to finish. It is not unreasonable to request proof of funds from the buyer and to understand that they are able to act promptly once an offer has been accepted.
Be PreparedPrepare all necessary documents in advance so that when an offer is accepted, there is no reason for any delays. Mortgage documents, title deeds, POA (Power of Attorney), passport copies, guarantee certificates, floor plans - make sure that you have everything on hand and that it is ready for submission.
Transaction Timeframe Be very clear and upfront about your expected time frame for the transaction so that all parties involved understand and can act to stay within that time scale.
Transaction MomentumOnce a sale is agreed, be sure to keep in touch with all parties involved in the transaction. This will ensure continuing momentum so that the deal is completed in a reasonable time. Regularly keep in touch with your broker to ensure your home sale is at the top of their priority list and that they can report positive progress on it.
These basic tips are often overlooked by property sellers but are valuable in helping you achieve a successful sale. Please contact our client advisory team if you would like to learn more about selling your home in Dubai.