How to Sell a Property in Slowdown Property Market

Bangalore: Selling an apartment/flat during a property market slowdown requires a good preparation. The news papers and online real estate sites are offering ample number of options. But, if you want to sell a property in current slowdown property market, you may find it an exigent task as the Indian real estate market is volatile and currently passing through hard times.  Here are some of the ways to improve your probability during property market slowdown.

Confine Your Search:

When you are planning to sell an apartment in slowdown property market, the foremost thing that you need to perform is advertise locally as individuals who are living in rental homes, nearby localities or who have relatives in the neighborhood localities are more willing to purchase as they are habituated to the locality and might be planning to settle permanently. If your apartment is in complex, advertise your decision in society portal, notice board or close to the entrance gate. If it is required, pay a fee for the resident’s welfare association and online groups for the promotion.

Put forth to Wider Audience:

If the local advertisement does not work out, widen your research by informing to a couple of real estate brokers who have the better experience in the same field and whose business comes mainly from that locality.  Don’t inform to a lot of property brokers as it may cause greater confusion, wastage of time and money.

List Your Property on Realty Portals:

Due to slowdown property market, if everything fails you can broaden your search by listing your property details in Real estate portals. In this move you can spare a brokerage fee and can contact the buyer directly. The downside of this move is that you may be overwhelmed by calls from many property brokers, purchasers including the exploitative ones.

Be prepared with all the required documents such as Allotment letter, sale deed, possession letter, offer of possession, conveyance deed, and property tax receipt, receipts of latest utility and electricity bills. Delay in formalities due to lack of paper work may break the deal in sluggish market.

Be Flexible about pricing:

It is advisable to be flexible in pricing the property in slowdown property market. Our main aim is to sell the property in a best possible way. Keep in mind that the prices in the slowdown property market will be usually lower than the active property market.  Be aware of similar property prices and quote them accordingly. Quote the price based on what other builder has quoted for similar apartment; Past transactions may not always be an exact aide. First survey the actual price of the property by taking a help from a good professional broker. Good professional brokers will have a list of prices based on the recent transactions and improvements.

Taking a help of a professional broker for smooth settlement at some stage in the property market slowdown is a wise option to settle a deal and formalities closer.

Present Your Property:

Spruce up the apartment before inviting the purchaser. Paint altogether with appropriate colors, make sure that the apartment is Declutter and smells great. Take care of flaws like water leakage, electric wiring and fixtures. Keep in mind that the first impression is the best impression. If any defect exists, inform the buyer before coming, if the buyer steps into the apartments and finds it is in a shabby state, it can beat down the price and can turn into a potential deal breaker.