The COVID-19 crisis has shaken the roots of the Indian real estate sector, namely the construction and the resale segment. The real estate market had already been facing a slowdown in demand for almost half a decade. This, topped with the COVID-19 spread, has left sellers desperate for desired prices. However, if sellers employ a few hacks and utilise this period in an innovative manner, they should be able to negotiate effectively and draw better prices from the sale of their property. Whether elevating the interiors or engaging a broker, you will have to employ methods to ensure the best price. Let us delve into some crucial aspects which you should consider before selling your property:
Spruce up the property
Generally, a well-maintained property grabs the attention of buyers. When a seller decides to sell a property, they must consider applying a new coat of paint within the apartment or on the exteriors (in the case of a villa). This will add a touch of freshness and improve the overall property-surveying experience of the potential buyer. Moreover, if the property had been on rent previously, and the tenant had maintained it poorly, it almost becomes necessary to clean the premises thoroughly. Hiring professional cleaning services for the same could help make the property presentable, leading to more buyers.
This is perhaps the most integral component of getting a property ready for sale. It makes it look clean, spacious and prepared for potential new owners. You can also efficiently conduct a cleaning drive yourself. Start by clearing countertops, shelves, closets, and all corners of all rooms. Simultaneously, clean off all visible cobwebs and debris around all light fixtures. You can also consider having an additional storage option if your home looks clutter-free, organised and clean.
Let the word spread
When a property is available for sale, the word should get out. The seller can consider informing their friends, family members and people in the neighbourhood for word of mouth to work. Sometimes, the people who know your requisition might tell their network of people to consider purchasing the property. The more people know, the lower the turnaround time of a property getting sold. Having more options on board in terms of potential buyers will speed up the selling process and leave you with an upper hand during price negotiation.
In an interaction with 99acres, Subodh Mehta, Senior VP- B2C, Godrej Interio, shares some of the mantras to sail the crisis prudently.
Energy conservation
Greens homes are trending in current times and discussions around conserving the environment have 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.
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Have transparency
When a property is put up for sale, documents depicting its chain of ownership 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 property documents ready:
- Society No-objection Certificate (NOC)
- 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 the legality and transparency of the fine print of a property. Having necessary papers shortens 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, they must utilise online classifieds and property listing portals. The seller can post free advertisements on most of the online property listing portals. They can also get their property verified by such portals, adding 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 complex words are used in the 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 searches are significant points of contact for enquiries, and real estate is no exception. Their popularity has grown further during the pandemic as homebuyers mostly stay indoors and depend on the internet to research 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. It would be best to spread the word through WhatsApp, Facebook and other social media platforms. Popularise your property on multiple platforms for selling products (like Olx). 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. A few smart home gadgets, such as a video doorbell, smart electricity appliances, adaptive lighting technology and smart infotainment systems will give your property an edge over others.
Pay heed to immediate repairs
Basic furnishings, such as curtains, air-conditioners, modular kitchen and gas connection are duly scrutinised by potential 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 dweller 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 require only professionals but you can also easily do some of them. 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 minor 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 help keep the property in top shape at all times.
Sanitise the space
The Coronavirus pandemic has compelled everyone to be health and hygiene conscious. You must ensure that the premise is thoroughly sanitised before a physical visit. To present sanitisation as a complimentary free service, you can also offer up to two free sanitisation drives post-purchase.
Offer freebies
The pandemic and the lockdown induced by it have made buyers vulnerable as they have been delaying their property purchases. Encash the gradual opening up of the economy and attract homebuyers with some lucrative offers.
Offers can range from a rebate on one-time payments, easy instalments with a reduced down payment, a gold/silver coin, 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 marks, dust and grime, over the years. Cleaning your walls might seem a daunting proposition, but it is a rewarding one. In case you are currently working remotely, you should make use of any extra time that you might be having towards cleaning the walls of your place. Begin with dusting all walls with 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 you test initially on an inconspicuous area of the wall.
Create a welcoming entrance
Spruce up the area around the entrance of your house whenever you are planning to invite visitors. 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 materials are readily available at home or can be ordered online.
Inspect your chimney
The chimney is an integral part of your household. Accumulated oil, grease, and dirt can interfere with the effective working of your chimney; hence, it requires routine inspection. Since the majority of people would want a chimney in proper 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 paint 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 one to two percent brokerage from both parties. The broker can help you find potential buyers, crack the best price for your property, and verify all necessary documents.
Expressing his views on 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 conditions of broker engagement must be clearly defined in an agreement so as to avoid any dispute at a later stage.”
Be flexible
When a seller has decided to put a property on sale, they must be flexible with rates and the choices of potential buyers. The seller must participate in negotiations 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 purchase the property without attached furniture, make way for it. The seller must also decide on a minimum price threshold, below which, it would not be possible to sell the property. If the buyer is serious and wants to conclude the deal quickly, consider giving a discount of 5-10 percent. After all, it is a buyers’ market and going by the demand slowdown, a sealed deal is better than no deal.
Overall, the market is buoyant as sales have picked up after the pandemic. Hence, sprucing up and maintaining the property, hiring an experienced broker and setting a realistic price may help crack the deal.
