Amidst rising real estate prices, selling a property today is nothing short of a 'golden opportunity'. However, due to a lack of information, most people fail to get the right price for their property. If you are also planning to sell your house, plot, or commercial space, these 5 golden rules will not only fetch you a better price but also make the deal easier and more profitable.
1. Market Research is Crucial: Know the Real Value of Your Property
The first step before selling a property is to gather complete market information. What are the current rates in your area? Which properties have been sold in the last six months? You can find answers to these questions on online portals (MagicBricks, 99acres) or from local brokers.
- Tip: Note down the prices of 3-4 recently sold properties in your area.
- Compare based on the property's location, size, and amenities.
- Contact at least 3 brokers to understand market trends.
2. Make the Property Attractive: 'First Impression' is Everything
The buyer determines the price of your property just by looking at it. If the property has minor flaws, the buyer will find an excuse to lower the price.
What to do?
- Get the walls freshly painted.
- Repair broken switchboards, leaky taps, and rusty handles.
- Clean the house and make it clutter-free.
- Make the garden/balcony look green and well-maintained.
- Special Tip: Instead of an empty house, keep some basic furniture (sofa set, bed, curtains). This will help the buyer understand the utility of the space.
3. Documentation is Key: Keep All Documents Ready
In India, 60% of property deals fail due to documentation issues. To assure the buyer, you should keep these documents ready:
Necessary Documents
- Original Sale Deed (Registration)
- Latest Property Tax Receipt
- Society/Building NOC (if it's an apartment)
- Bank Loan Closure Certificate (if there was a loan)
- Municipal Approved Plan (for new properties)
- Warning: Never give original documents to the buyer. Share only notarized copies.
4. Highlight the USP: Tell the Buyer 'Why You?'
Every property has a unique selling point (USP). You just need to identify it and present it effectively to the buyer.
Some USP Examples
- "Just 5 minutes from the metro station"
- "South-facing, sunlight throughout the day"
- "24x7 security and power backup in the society"
- "Reputable schools and hospitals nearby"
- Marketing Trick: Make a professional video of the property and share it on WhatsApp/YouTube.
5. Choose the Right Way to Sell: DIY or Broker?
Now the most important question - how to sell the property? You have two options:
- Option 1: Sell yourself (For Sale By Owner - FSBO)
- Advantages: No commission to pay
- Disadvantages: Takes more time, difficulty in negotiation
Tips
- List on sites like OLX, Housing.com
- Promote on social media (Facebook, Instagram)
- Put a "For Sale" board on the property
- Option 2: Take the help of a real estate agent
- Advantages: Experts negotiate, find the right buyer
- Disadvantages: Have to pay 1-2% commission
- Tips: Choose an experienced broker in the local market
- Clarify the commission rate on the agreement
- Work only with registered agents
- Bonus Tip: Know these negotiation tricks
- Initially, set the price 5-10% higher than your expectation
- Don't reject the buyer's offer immediately
- If the buyer is making a cash deal, you can give a 3-5% discount
- Show some flexibility on the registration date
Expert Opinion: "Patience is most important when selling a property. Never sell at a low price in a panic. Wait for the right buyer," - Rahul Sharma, Chief Research Officer, NRI Housing.
