Tips To Market Your Property
The last quarter of 2008 and the first quarter of 2009 witnessed a huge boom for price of property in India and the metros in particular. But, the subsequent months saw the prices falling like the proverbial 9 pins. From there, the momentum has been slow and in many cities home sale have dipped to historical lows. Smaller market segments in fewer cities however do enjoy better turnarounds, Home owners are influenced by the high prices they saw for a brief while between 2008 and 2009 and some of them were lucky to encash their homes at the top of the table.
In current times, things have changed dramatically and it could potentially take several years for those fancy prices to come back. Your efforts to market your properties today would therefore be guided by the events leading to the rise and fall of the Indian realty sector. The following tips are intended to help you market your homes more effectively.
Pricing
Pricing is the most crucial part of marketing your properties in the present conditions. Even in markets with robust demand, buyers like to play the wait and watch game. On the other hand, sellers are unrelenting and want to see the high prices which they saw in their neighborhood during the peak period. As a seller how long can you wait for the prices to move up, if at all they do? In the hope of realizing better prices, are you exposing yourself to the risk of lower prices if the markets go further down? A better option is to arrive at a price that aligns with the current market conditions and convert your property into cash.
Factors influencing your selling decision
There are several reasons why some one decides to sell his/her properties. If you are in a hurry because you are relocating to another city or country, never let the cat out of the bag since that piece of information can pull the prices further down. A partition, need to raise liquid cash to meet other expenses, re-investment are among other reasons to sell your property. The reason is not important for your real estate agent or the buyer. Take care never to expressly or obliquely exhibit your urgency when negotiating with a real estate agent or a prospective buyer.
Limit inspections
Every prospective buyer is entitled to inspect the property before he arrives at a decision. But, that privilege is available only to prospective buyers and not every one who thinks he may be interested. If you allow excessive traffic on your property, it can potentially discredit the property and in turn affect the pricing negatively.
Clean up the paper work
Every buyer would insist on clean documents that he/she is buying into. Obtain a ‘nil’ encumbrance certificate from the concerned registrar though the buyer’s agent/attorney will do this again. Keep photocopies of the original title deed and link documents ready for the buyer’s inspection. Never part with the original documents for whatever reasons until the sale deed is registered and you have received the full consideration. The original documents are best kept in your locker until it is needed.
Spruce up the property
Irrespective of whether you are offering an open plot or a built-up property, spruce it up to an extent where buyers would like to take deep look. Take particular care of not just the interiors but also the exteriors of built-up property. Do understand that shabby exteriors can drive away potential buyers even if you are offering an apartment in an old complex. Explore the possibility of getting your owners’ association to give a coat of paint to the entire complex. This singular exercise can substantially add value to your own apartment. Take care of the plumbing and electrical lines and fix the leaking taps, switch boards that perilously hang out from the wall and stuff like that. Pay special attention to the baths and the kitchen because ladies can be very critical of these areas.
Vastu compliance
Vastu, the ancient science of architecture has gained immense value in modern times, particularly in the Indian context. If your property is not vastu compliant, you could have a tough finding the right buyers. This is a tricky area and you could be taken for a ride if you place yourself in the wrong hands. Talk to different consultants and take a balanced view before you sink any money to make your property vastu compliant.
Choosing your agents
In most metros, we have real estate agents of different hues. Many of them are simply brokers and have little or no knowledge of the nitty gritties of property transactions. If you choose a professional agent who is experienced and has a track record to show, you would be better off. The fee charged by professional agents would be marginally higher than the brokers but you will be buying plenty of peace of mind with that extra cash.
Know-how to deal with the financial part
The payment modalities in real estate transactions in India are not always transparent for obvious reasons. When you conclude a transaction, be very alert on this aspect and protect your interests fully. Speaking to an experienced friend or having an attorney to take you through the process of selling your property would be a great idea too.
The upwardly mobile young India has the ability to lap up most homes in Indian metros. How well you market your property and how you price them will be the key drivers for you to benefit from this situation.
