In a softer market, it is always more challenging to achieve a “quick sale” whilst still making sure you receive the best possible price. Achieving this is not an exact science as it varies from property to property, however, we will help to put you in the best position to do so. Read our guide and follow these key steps to maximise your returns in minimal time:
Have an accurate valuation of your property carried out
Once you have made the decision to sell your property, invite two or three leading agents to come and value the property. They should bring comparable evidence of similar properties they have recently sold and the price they were sold for.
Choose the right agent for you
When the agents visit you to conduct the valuation, quiz them on how they plan to achieve a quick sale whilst still getting the best price for you. You will be able to tell which agent is the most active from their comparable evidence and also by checking their online presence. It is important for you to be able to trust the agent you are working with as you will be working closely together to sell the property.
Prepare your property for sale
Buyers at the moment are viewing a lot more properties before they commit to a purchase. We need to make sure yours stands out from the crowd and sticks in the buyer’s mind. This can be done very easily without spending too much money. If the property is vacant make sure it has been deep cleaned and freshly painted before the marketing begins. If you are living in the property make sure it is tidy, smelling fresh and has lots of natural light pouring in.
Prepare your documents to avoid delays
If you have made any significant upgrades to the property, you need to make sure you have all the correct NOC’s (no objection certificates) in place from the relevant authorities. These will be required in order to complete the transaction and if they are not in place, it can cause long delays. If you do not have a mortgage against the property, make sure you have the original title deed in your possession, a copy will not suffice when completing the transfer. If you have lost the original title deed, the process to replace it will take a month.
Agree on a marketing and pricing strategy with your agent
In order to achieve a quick sale, it is so important for the property to be launched to the market in the correct way. Professional photos are an absolute must, as is a well-written property description. We know the amounts that similar properties have sold for and the listing price needs to be at that price or a maximum of 5% higher to allow for negotiations. Before your property is marketed online, the agent should have ready a bank of buyers who have registered their details and who’s requirements match your property. They should all be called and invited to a pre-launch open house event.
Be ready for viewings
Contrary to popular belief, agents work hard in order to sell a property. They often carry out viewings in the early morning, late evening and over the weekend. In order to make a quick sale, it is important that your property is available to view at ease during different times of the day and that it is always looking presentable, clean and tidy. The front of your property including the entrance areas or front garden should also be presentable and inviting. The agent should arrive slightly earlier than the client and make sure that all of the curtains or blinds are open and the lights are turned on to create a welcoming environment from the moment the client arrives.
Remember the market knows best
Even when looking at comparable evidence, valuing a property is not an exact science and the market will always dictate what the true value of the property is. The value can change based on many different factors. If after 10 days on the market you have not received an offer for your property or agreed on a sale, you will need to work with your agent to reduce the price to a level that will attract more interest. As a guide, this should be a reduction of at least 10%. The alternative to reducing the price would be to spend some money on upgrading the property. However, since you are aiming to make a quick sale, this may not be appropriate as the upgrades will prolong the time needed to complete the sale.
Consider your offers
When an offer is made on the property there are a few elements that need to be considered. The most important is obviously the price being offered. However, a close second is the buyer’s buying position. Are they buying with cash? If so, is the cash available now, or do they need to raise it? If they are buying with a mortgage, have they already started the mortgage process and have they been pre-approved? When time is of the essence, it is important for you to fully understand the buyer’s time scales for completion.
Enlist a professional conveyancing company
Once your agent has completed his main objective of securing a buyer for your property, the next vital step is to appoint a professional conveyancing company to manage the process from signing the contracts until completing the transfer. The rules, regulations, and processes are forever changing in Dubai, so it is vital for you to enlist a professional company that is experienced, knowledgeable and who will save you time and money by guiding you through the relevant processes. Most reputable agents will work with and be able to recommend their chosen conveyancing company that they trust.
Need to sell within a week?
All of the information above outlines the key steps that will help to put you in a position to secure the best price even when aiming to achieve the sale quickly. However, sometimes you might happen to find yourself in a position of emergency where you need to sell your property within an even shorter period of time. In these circumstances, even when the market is tough, there are always going to be cash investors looking to pick up good investments. If you get in touch with the leading agencies, they will be working with these kinds of investors and should know who will snap the property up at below-market price within a shorter window of time.
We wish you the best of luck with selling your property quickly, and we hope that you are able to do so at your ideal price. If you would like any further advice or if you would like to list your property with us, please get in touch with us by calling 600 52 2233.
Residential Sales and Leasing Director