Tips for Selling Your Property in The Fast Lane

Wish to sell you property in the open market? Follow these simple tips and do it with ease

In India, currently, there is more supply than the actual demand in certain segments of real estate. In such a situation, selling off your property for profit or at the amount that you have in mind, is rather difficult. The basics of making profits in the real estate industry is to purchase the property when the market is at a low and sell it when the prices have gone up, thus, making a good profit out of it. However, this market is totally unpredictable and no one can predict which way the deal will turn.

Such situations make it reasonably important that you should always have knowledge of the current market situation. It's understandable that it is not always possible to be up-to-date with information about the pricing, rules, legalities, etc., especially, if the property owner is either a working professional or an NRI who wants to sell the property for profits. Here are some tips and suggestions that will be of help while selling the property.

Finding a very good real estate agent: In India, most of them work the traditional way they charge a commission fee, payable after sale but in return, they save you time and stress by actively promoting your property and the hassle of dealing with would-be buyers. Now, to get the best real estate builder or agent, you will have to do some work and do research, ask around, check testimonials among other things, such as fees, their track record. Once you have finalized on the agent, keep a check by staying in regular contact, asking for progress reports and making sure they are getting prospective buyers in.

Property valuation: Fixing the right price for your property is crucial. You can self-assess or resort to an external source for determining it's worth. There can be various factors associated with pricing such as a viable environment, utility of the project in the future, location, infrastructure and civic amenities, other than the market situation. If all these areas are taken care of while preparing for selling the property, it will help you place your property in the right price bracket and that too, in a short span of time. Know and listen to the market: Listen to the ground realities. It's a basic rule that as a seller one must understand and follow.

Finding a prospective buyer: Advertising in newspapers, websites, or contacting professional brokers or even word-of-mouth, can help you identify/find the potential purchaser. It is equally important to check the credentials of the purchaser in terms of his background, financial capabilities and reliability.

Legalities: Communicate to the governing body; get a No Objection Certificate (NOC) and then proceed with legal documentation. Get the property registered under the provisions of the Indian Registration Act. Selling a home in a fluctuating market, requires a little extra work.

Do everything you can to get the property in excellent shape and be prepared to make some small concessions at closing. These tips, coupled with an attractive price, will increase the odds of getting your property sold.