In the real estate market, there exist different types of properties, and different types of potential buyers. It is important to note that each buyer is different and a different approach has to be undertaken by the real estate agent. When marketing a property, it is important to first try and determine the profile of the buyer for the property. In order to get the correct type of buyer for a property, it is important that the marketing of the property is focused and directed to the targeted audience, rather than a huge crowd of people.
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What are the different channels to sell my property?
The different channels to sell property are –
The seller can set out an advertisement either in a newspaper, magazine or a press release. It provides a medium to further the announcement of the sale of a property and can attract various potential buyers. A seller can either writ an advertisement on his own, or can hire an ad-agency to write about the availability of sale of property and in order to attract potential buyers.
Online advertisements –
Most potential buyers often search the internet in order to find real estate property. The information that the seller puts up regarding the property should be accurate. The picture and specifications regarding the property should not mislead the potential buyers. The internet is a great medium in order to approach potential buyers and is an integral aspect of advertisements.
Social media –
Sellers can use social media as a tool for advertisement of their property. It is important to ensure that all the details regarding the property are correct. The more social media presence that the seller has, the more the advertisement is spread out to potential buyers. Social media provides a chance to showcase the aspects and features of the property. The most common social media platforms used are Instagram, Facebook, LinkedIn, Twitter.
Brochures and flyers that are kept in areas of common place in a society with the details of the property are also an effective way to spread the information to potential buyers.
Using a real estate agent –
The most common way to sell a property is to use a real estate agent. The agent will deal with the listing of the property, marketing and showing the property to potential buyers. They will also help the seller in negotiating with the seller and ensuring that the deal goes through. They usually work on the basis of a commission.
What are the possible charges or fees incurred for sale of my property?
A closing cost is the total expense that is incurred by the seller of the property. This cost includes the brokerage cost, attorney fees, related taxes that have to be paid etc. It is calculated at the time when the title of the property is conveyed to the buyer. The closing costs that a seller incurs will determine the profit or loss that a seller will gain over the property.
The closing cost regarding the real estate agents commission is usually calculated at 1-2 % of the property’s sale price. In certain cases, the broker can charge up to 1% of the sale price from both the buyer and the seller.
A seller may incur the following charges –
When selling a property, it is advantageous to hire an agent to help in evaluating the property. He would help you fetch a good price for the property and a credible home buyer. They would also help in the home-selling process, including showing around the property to potential home buyer, completing the paperwork, negotiations, etc.
Transaction charges –
When selling a property, the seller pays transactional costs, which are similar to the cost incurred while buying the property. This is inclusive of stamp duty as well as property registration charges. These costs are divided among the buyer and the seller.
Staging and repair costs –
When potential home buyers pay a visit, it is important to have a property that looks good. This would mean the seller will have to spend some additional money in getting the dull house look better by applying a fresh coat of paint, etc.
Cleaning up the property for the potential buyers to see the property as it actually is, is important.
What is the best website to sell property?
Buying and selling property is not easy. Due to the fast-paced nature of transactions taking place, it is difficult for people to research the market, compare the available options and to finally choose the property that is well suited to their needs. Keeping these factors in mind, buyers usually hire a real estate agent/broker in order to help simplify the process. However, a part of the selling price has to be given to the real estate agent as part of his commissions.
Given below is a list of websites which buyers/sellers can use in order to buy/sell property in India. The order in which the websites are given below are not in any preference.
- Common Floor
How do I sell my house on the internet?
In the progressing age of technology, it can be seen that property owners have started using the internet in order to sell their property. The use of the internet for selling real estate properties is beneficial as it connects the buyer directly to the seller. It eliminates the need of having a middle man (broker) to show the property to the buyer.
In most situations, property owners will create websites which is dedicated to selling a piece of property. It involves the creation of strategic content, photographs and a search engine. An efficient manner to sell property over the internet is to list it on a website which is dedicated to sell property in the real estate market.
It is important that the property has good photographs which are taken to showcase the property, as the photos are the first thing that a potential buyer looks at. Also, in order to increase the number of potential buyers who view visit the real estate websites, a seller can avail the premium option which is available on the website. Under the premium listings, certain properties can be seen to appear repeatedly at the top of the search criteria. These sellers have paid a certain fee for the property to be heavily publicized, thus expanding the base area for potential buyers.
How do I sell a unique house?
Selling a property is difficult to sell in the market. This is because of many reasons such as overpricing of the house, the need for repairs and renovation etc. But it is also possible that a house cannot be sold because it is a unique property.
A property is considered to be unique in nature when it does not conform to the majority of the homes that are built is the area, i.e., it is different from other properties in terms of the layout of the property, the amenities provided by the property etc. the following are a few things that are to be kept in mind while selling a unique property –
Marketing of the property –
Many homes and properties are considered to be unique because of their location and setting. For properties with unique layouts it is advised that an aerial view of the property should be shown to the potential buyers. It is also advisable to have photographs and videos of the property which show its unique nature. This helps the potential buyers to understand the features of the property that make it different from the other properties in the area.
Staging of the property –
While selling a unique home, staging is an important aspect. Staging of the property helps the buyer to understand the home space. It also helps to highlight the features of the property that make it unique. Potential buyers need to be made aware about the uniqueness of the property.
Pricing of the property –
The most important aspect of selling a unique property is the price of the property. It is important that the property is not overpriced or under-priced. For this purpose, it is important that a valuation of the property takes place. The valuation of the property will reveal the correct value of the property.
Target audience –
In order to sell a unique property, it is important to identify the potential buyers who may be interested in the particular property. It is important that the uniqueness of the property has to be kept in mind while trying to sell the property. For example, if a unique property has access to the waterfront, it is necessary that such property be marketed to boating enthusiasts.
How do I sell an expensive house?
Selling a property which is at a high end is different from selling other types of property. The high-end properties target a different set of potential buyers, and it is important that everything should be optimized for the right buyers. The more expensive a property, the narrower the potential list of buyers are. One must be aware of the market trends that are followed in the real estate market, but it is also important that the property stands out in order to be purchased by a potential buyer.
Staging of the property –
An important aspect of ensuring the sale of a high-end property is the staging. It is important that the property is not bare when buyers come to inspect the property. This because buyers tend to visualize themselves living in the property, and staging the property will help in realising the potential of the property.
Price of the property –
It is important to set the right price for an expensive property. Too high a price would lead to buyers being disinterested and too low a price would lead to huge losses to the seller. It is important to obtain a valuation over the property before deciding the price. It is important to set a price which doesn’t not discourage the buyers yet at the same time is not considered as a loss to the seller.
Photographs of the property –
In order to draw the attention of potential buyers to expensive property, it is important to have photos which are pleasing and enhance the property. Arranging high-quality is important as most buyers are unable to see the property first hand. Videos and virtual tours can also be created to add a boost to the property. This will help the buyers to understand the layout of the property.
Marketing of the property –
Since these properties are on the higher end, it is important to invest in marketing of such properties. Potential buyers are not looking at standard properties, so it is best to avoid marketing in such places where it is difficult to attract the attention of the buyers.
Amenities and perks associated with the property –
It is important that the sellers highlight the high-value features that are associated with the property. These features should be prominently feature in the photographs and videos and should be expressly mentioned in the marketing platforms. It is also important to discuss about the certain perks that are available with the property.
How to sell your villa?
It is important to have a specific approach while selling a villa. Simply putting up the villa for sale on the real estate market through a broker will not lead to the sale of the villa. The following conditions are to be met with to enable the sale of a villa –
Price of the villa be right –
A villa is sought after for the location where it is built. It is important to obtain a correct valuation with regard to the property. This includes the size of the property, facilities that are available, design, fittings, etc. A correct valuation will allow for a sales price which is neither to low nor to high.
Renovation and repair –
There may be times where the property is damaged and requires repairs and renovations. It is necessary to conduct such repairs in order to ensure that the value of the property does not drop. It is important to ensure that the property is appealable to the buyer. If there are any repairs and renovations that a buyer would have to conduct after purchasing the property, he is not likely to buy such property.
Marketing the property –
In order to draw potential buyers, it is important for the property to be marketed properly. This involves the distribution of photos and videos to show the beauty of the property. Seller can also have a virtual tour of the property and videos highlighting certain areas of the property, in order to attract prospective buyers.
Villa should be ready and be available to view –
The property should be in proper condition in order to attract potential buyers. Any repairs or renovations that are needed are to be carried out earlier. If the property is ready and available, it will attract potential buyers.
It is to be noted that while selling a villa, it is important to not only discuss the property but also the ambiance that it provides. Facts such as the landscape of the area, the outdoor space should be highlighted in order to attract buyers. The seller should discuss the lifestyle and the purpose for which the villa can be used, like a holiday home, exclusive retreat, etc.
The selling of real estate property cannot be done by anyone. This is because there are different types of properties and different interests that the potential buyers and sellers of the property have. Some people may want to buy property to further give it on rent, others may want to purchase a property to stay in the premises. Thus, while selling real estate property, it is important to initially understand the interests of the buyer and the seller. Once the real estate agent is able to understand the interest of the parties, it is easy to negotiate on the terms and conditions and come to a solution between the parties.