Don't Make These Mistakes When Buying And Selling Your Property

How can you speed up your property deal? And how long should a transaction really take?

This week, Paul Kelly, our Operations Director, sits down with Jess Stephenson, our Head of Sales Progression, to uncover the secrets to a smoother transaction. Learn about common mistakes to avoid, expert tips, and how our team pulled off a last-minute deal at a private jet terminal!

What is Sales Progression?

Jess begins by explaining the core function of the sales progression team, likening it to conveyancing in the UK or the work done by solicitors in other parts of Europe. The team manages the process from the moment a sales contract is signed to the final transfer of property ownership. This includes navigating through various legal and logistical hurdles, ensuring that all stakeholders are on the same page and that the transaction progresses smoothly.

Why don’t agents handle Sales Progression?

A common question that arises is why real estate agents don’t handle sales progression themselves. Jess clarifies that sales and sales progression require different skill sets. While agents excel at negotiations and closing deals, sales progression officers specialise in the meticulous processes that follow. They are adept at handling the legalities, liaising with banks, developers, and the Dubai Land Department, and ensuring all necessary documents are in order.

Misconceptions about Sales Progression

One of the popular misconceptions is that sales progression teams are miracle workers who can guarantee a smooth transaction. Jess candidly discusses how, despite their best efforts, many factors are beyond their control—such as delays caused by banks or developers. The team’s role is to manage these complexities as efficiently as possible, but clients should temper their expectations, knowing that not everything can be controlled.

Banking delays: What’s really going on?

The current property market in Dubai is bustling, and this has put additional pressure on banks, resulting in delays. Jess points out that while these delays can be frustrating for both buyers and sellers, it’s crucial to be patient. The sales progression team works tirelessly to push things forward, but the volume of mortgage applications and the varying efficiency of banks can slow down the process.

Pro tips for buyers and sellers

For sellers, Jess advises being mindful of their availability during the transaction process, particularly if they have travel plans. Sellers should also gather all necessary documents, such as approvals for modifications and service charge payments, in advance. Having liquid funds ready for the sale is crucial, as certain costs need to be covered before receiving the final payment.

Buyers, on the other hand, should focus on getting their life admin in order. This includes securing pre-approval for their mortgage and ensuring that all necessary documents, such as salary certificates and bank statements, are readily available. Jess also highlights the importance of understanding the need for manager’s checks—a form of payment that might be unfamiliar to many buyers.

Would you run across a private jet terminal to close a deal?

Jess did! And she lives on to share the tale of the lengths the Allsopp & Allsopp team goes to ensure transactions are completed successfully. In one instance, they had to coordinate between banks and a private airfield to finalise documents before a client’s flight. This dedication to client service reflects the team’s commitment to making the seemingly impossible, possible.

Wrapping up

Sales progression might not be the most glamorous aspect of real estate, but it is undoubtedly one of the most critical. The expertise and dedication of the sales progression team at Allsopp & Allsopp ensure that the complexities of property transactions are handled with care, providing clients with peace of mind. Whether you’re a buyer or a seller, understanding and preparing for this process can make your real estate journey much smoother.

If you have any questions or need further clarification on the sales progression process, feel free to reach out to us. Don’t forget to subscribe to Taking Care of Business for more insights into the real estate market.