Are you an owner looking to sell or rent your property in Dubai? It can be truly an overwhelming process not knowing where to start and what strategy to use to get your property heard by the right people. Well, have no fear! Here is a guide showcasing a few tips on how to sell your property in the market.
First, we need to know the different prices stated for a property.
List Price – It is key to figure out how much your property’s worth to offer a list price. A list price is the seller’s asking price and can be adjusted high or low depending on market conditions or the amount of offers received.
There are a lot of factors to consider in terms of pricing such as market trends as well as receiving an appraiser’s opinion. Many buyers who look into mortgage options require the appraisal value to ensure the property’s credit worthiness. An appraiser is a third party licensed professional who conducts a comparative analysis based on the sale of surrounding properties in the market in order to provide an impartial realistic appraisal value.
TIP: The market value will increase based on these factors:
-Square footage: The more the square footage, the more the market value is.
-Number of rooms: The more rooms available, the more the rate increases.
-Renovations: Many owners complete renovations such as fixing pipes to grow the market value
-Age and Condition: The older the property gets, the more maintenance repairs to handle which decreases the overall market value – many buyers search for younger properties in this case.
-Sale Price: The final price the property is sold at and what a buyer is willing to pay based on the appraisal received.
Best way to market properties
Owners normally work in partnership with certified real estate agents who help on their behalf to negotiate.
TIP: Make sure the real estate agency is licensed with a RERA card and have a proven track record for sales.
The best way to market properties is through listing from verified accounts such as Bayut or Property Finder which accounts to a database of many potential buyers in search for properties in addition to the extensive search filter.
It is mandatory for every property listed to have the necessary Trakhessi permit to advertise. Trakhessi helps ensure all listings are real, available and not fake.
Once approved, the marketing process starts.
The real estate agent will prepare high quality photos, videos and virtual reality tours of properties to put on the listing.
When you find a buyer, an MOU or memorandum of understanding is signed between buyer and seller including all the T&Cs such as price, property details, selling costs, transfer date and down payment.
To sell a property, an NOC or no objection certificate is contracted to finalize the sale. Here, developer declares the seller is free from remaining fees or liabilities and there is no objection on sale of the property.
Lastly, a visit is done to the DLD trustee office where the seller will pay the remaining amount and buyer will pay transfer fees. The transfer of ownership is acquired with the buyer receiving the title deed for property.
Here at Indus, we want to smoothen and make the sale transition easy. We would love to talk different strategies to get your property heard and at the price rate. Contact us today and we would be more than happy to assist you.