Trying To Sell A Property For Long? 3 Questions You Should Ask Yourself
There are times when a property does not get a buyer even in a seller's market. This becomes even more worrisome when the property owners tend to ignore the reasons and keep losing time and the associated costs.
Well, there could be many reasons why a specific property does not sell within an average span of the transaction in a given locality. Let's take a look at some of the major ones and discuss how you can keep them at bay.
How is it marketed?
The English idiom, "don't judge a book by its cover" does not hold relevance when it comes to selling a property. You may have put the best property in the locality up for sale but potential homebuyers may not even notice it unless you showcase it in a way that it looks presentable and catches the eye.
The advent of online property listings sites has empowered real estate owners to advertise their properties conveniently.
The way you list your property can make or break the deal. Think from a buyer's point of view and list what you think will interest them. Do not list the property with low-quality images and badly-written descriptions. Rather, upload well-captured photos, with a write-up that best describes the unique features of your property. This can enhance the property's appeal by several folds.
Have you engaged brokers?
If you have listed your property with brokers, then you have to take care of several other aspects. Most times, property owners tend to engage several brokers, in order to raise the probability of the sale. However, it doesn't always help.
In the property market, buyers look for credible people. Engaging a broker, that has a low credibility score, can rather hurt the prospects of the property. Therefore, you must perform a thorough due diligence before hiring any broker to sell a property.
Moreover, brokers also feature the property listing on online sites, ensure that the listing is done in the desired way.
What's the logic behind pricing?
This is the most crucial aspect of your property selling efforts. It is still easier to set a price for under-construction or newly-built properties taking a cue from the surrounding ones. However, selling an older property in the resale market is a different ballgame.
Too many owners tend to set the price based on what they believe is the right price for their property. Experts suggest that one should factor-in prices of the sold properties not the active ones.
Consider this. Properties similar to that of yours may be sold at Rs 50-55 lakh in the same locality but other property owners might be starting with a price tag of Rs 60-65 lakh.
It is recommended to be realistic. If you want to sell your property faster, price it near the real threshold. You will save tremendous time and related costs with this approach.
No need to keep a Rs 50-lakh property staying on the market for long and losing interest cost of at least 0.5 per cent a month (going by the normal bank fixed deposit rates), unless you have a strong reason that can get you far better returns.