The COVID-19 outbreak might have temporarily stalled your plans to sell your home, but, it does no harm to know a few unique ideas to sell your property quickly, as the nation starts moving towards a post-crisis scenario. A few actions such as repairing and sprucing up of the property might increase its resale value manifold.
The COVID-19 crisis has shaken the very roots of the Indian real estate sector, namely the construction and the resale segment. It has been almost half a decade since the real estate market is facing a slowdown in demand. This fact, topped with the COVID-19 spread, has left sellers desperate for desired prices. However, if such sellers employ a few hacks and utilise this period in an innovative manner, they will be able to negotiate effectively and draw better prices from the sale of their property. Be it sprucing up the interiors or engaging a broker; you will have to be on the top of your home selling game to ensure that you get the best price. Let us delve into some crucial aspects which you should consider before going for the sale of your property:
Spruce up the property
Generally, a well-maintained property gets the attention of buyers much quicker than a shoddily-kept property. When a seller decides to put a property on sale, he/she must consider applying a new coat of paint within the apartment or on the exteriors as well (in case of a villa). This shall add a touch of freshness and improve the overall property-surveying experience of the potential buyer. Moreover, if the property was on rent, and the tenant maintained it poorly, it almost becomes a necessity to clean the premises thoroughly. Getting the help of professional cleaning services for the same could help in making the property presentable, which is much likely to attract more buyers.
This is perhaps the most integral component of getting a property ready for sale. It makes the same look clean, spacious, and ready for potential new owners. During the ongoing period, you can easily conduct a cleaning drive yourself as well. Start by clearing countertops, shelves, closets, and all corners of all rooms. Simultaneously, clean off all visible cobwebs and debris from around all light fixtures. You can also consider having an additional storage option if you want your home to look clutter-free, organised and clean.
Let the word spread
When a property is available for sale, the world should get to know about that fact. The seller can consider informing his/her friends, family members and people from his/her neighbourhood, so that word could spread quickly. Sometimes, the people in the know of your requisition might tell their relatives to consider purchasing the property. The more people that know, the lower the turnaround time of a property getting sold. Having more options on board in terms of potential buyers will not only speed up the selling process but also leave you with an upper hand at the price negotiation table.
In talks with 99acres.com, Subodh Mehta, Senior VP- B2C, Godrej Interio, shares some of the mantras to sail the crisis prudently.
Greens homes are trending in current times when the discussion around conserving the environment has taken centre-stage. The installation and usage of LED lights and smart meters in your property will increase its green quotient. Making way for ample natural light and using only Bureau of Energy Efficiency (BEE) rating appliances (if you plan to sell a furnished home) will reduce the overall electricity consumption as well as the carbon footprint. A sustainable home on offer will certainly induce the buyer’s interest.
When a property is put up for sale, documents depicting the chain of ownership of the same are of significant importance. When a buyer approaches, he must be assured of getting a clear title over the concerned property as well as non-ambiguity regarding ownership. It is important to keep the following documents ready:
- Society No-objection Certificate (NOC)
- Clear title deed
- Chain of ownership documents
- Property tax receipts
- Encumbrance certificate
- A general power of attorney certificate (if applicable)
If all of the required documents are presented to the potential buyer at the time of discussion, the buyer feels assured about legality and transparency regarding the fine print of a property. It also cuts the turnaround time for finalising the sale and gives an upper hand to the seller to quote a higher price.
Quality listing on real estate portals
Once the seller decides to put a property on sale, he/she must make use of online classifieds and property listing portals. The seller can post free advertisements on most of the online property listing portals. The seller can also get their property verified by such portals, which adds a dash of authenticity to their advertisement. In times of online connectivity and increased use of technology, online listings are tremendously useful to increase the number of enquiries generated for a property.
While listing your property on such portals, the usage of the right keywords, as well as the quality of the property description, is crucial in making the property searchable. If real estate jargon or any such complex words are used in your listing, the property will be visible to a lesser number of people. It is always suggested to keep the listing simple and straight-forward. Also, including high-quality pictures of the property in the listing significantly increases the chances of getting a response.
Make the most of social media
Social media and Google search are the first point of contact for enquiries in case of a housing need. This is especially so during the ongoing period when homebuyers are mostly staying indoors and depending on the internet to conduct some research on desired properties. People currently living on rent or permanent residents looking out for a place near their current residence can sometimes be found on social media groups and can prove to be a ready catchment. You should spread the word through WhatsApp, Facebook and other social media platforms. Popularise your property on multiple platforms for selling products (Olx etc). The wider you cast the net, the better are your prospects of catching the right fish.
Usage of smart technology
If you are planning to sell a furnished home, equipping the house with smart technology will enhance the buyer’s interest manifold. A few smart home gadgets such as a video doorbell, smart electricity appliances, adaptive lighting technology and smart infotainment systems etc. will give an edge to your home.
Pay heed to immediate repairs
Basic furnishings such as curtains, air-conditioners, modular kitchen and gas connection attract homebuyers and add to the overall ‘ask’ price of a residential unit. To increase the worth of your apartment, offering these facilities would help a great deal. If the previous owner has left the premises with broken furnishings, get it replaced or repaired. The same goes for all bathroom fittings.
You may think that home repairs are out of your league, but trust us, you can easily handle many of these activities. Not only does it help you save money in the process, but also makes your home ready for new owners. Always keep an eye on small repairs that require immediate attention such as plumbing issues, noisy cabinet doors, burned-out bulbs, and dents in wooden surfaces. Getting them fixed as soon as possible would give your property an edge.
Sanitise the space
The Coronavirus pandemic has compelled everyone to be all the more health and hygiene conscious. You must ensure that before a physical visit, the premise is thoroughly sanitised. To present sanitisation as a complimentary free service, you can also offer two free sanitisation drives post-purchase.
As the buyers have held on to the feeling of being a homeowner for too long, (forcefully extended by the Coronavirus pandemic), they are a vulnerable lot. Encash the gradual opening up of the economy and attract homebuyers with some lucrative offers.
Offers can range from a rebate on complete payment at once, easy instalments with a reduced down payment, offering a Gold/Silver coin, offering a free television set or a festive gift hamper on every purchase. Making use of the festive time can help you seal the deal.
Clean your walls
Walls can gather all kinds of marks, including dust and grime, over the years. Cleaning your walls might seem a daunting proposition, but it is indeed a rewarding one. In case you are currently working remotely, you should make use of the extra time that you might be having towards cleaning the walls of your place. Begin with dusting all walls using either a broom or a duster. Next, use warm soapy water to rinse off the painted walls. You can additionally use a cup of distilled white vinegar for a brighter look. However, make sure to test initially on an inconspicuous area of the wall.
Create a welcoming entrance
Keep in mind the area around the entrance of your house whenever you are planning to invite visitors. At home, you can easily clean up your front door using a mixture of gentle dish soap and water. Scrub the door properly and dry using a paper towel. All these things are easily available at home or can be ordered online, and therefore, you need not step out for such essentials.
Inspect your chimney
The chimney is an integral part of your household. It can immensely enhance the look of your kitchen, and therefore, requires routine inspection. Accumulated oil, grease, and dirt can interfere with the effective working of your chimney. Since the majority of people would want a chimney in peak working condition, you need to take special care of it. Make use of the days you are spending at home and clean your chimney using dishwashing liquid, vinegar, and baking soda. You can also use thinner to clean as it helps to remove tough stains.
Contact an established broker
Brokers are mediators who bring a buyer and a seller together on the negotiating table. They generally charge 1-2 percent brokerage from both parties. The broker can help you in finding the type of buyers you are looking for, cracking the best price for your property, and verifying all necessary documents.
Expressing his views on the broker engagement, Mukesh Yadav, real estate broker, Sector 137, Noida, explains, “Engaging a reputed or an experienced broker can certainly help in selling a property at the best price possible. However, the seller must only hire the services of Real Estate Regulatory Authority (RERA)-registered real estate brokers. Moreover, the terms and condition of broker engagement must be clearly defined in an agreement so as to avoid any dispute at a later stage.”
When a seller has decided to put a property on sale, he/she must be flexible with rates and the choices of potential buyers. The seller must sit on the negotiating table with an open mind and not become too fixated on the property value, in case the negotiation is turning negative owing to small figures. If the buyer wants to buy the property without attached furniture, make way for it. The seller must also decide on a threshold price minima, below which, it would not be possible to sell the property.
Conclusively, if the buyer is serious and wants to conclude the deal quickly, giving a discount of five to ten percent will not hurt you in the longer run. After all, it is a buyers’ market and looking at the demand slowdown; a sealed deal is better than no deal.