Once you’ve decided to sell your property, it’s important you take the right steps to ensure you’re going to achieve its maximum value, here we give you an insight into what actually happens once a property is online and on the market.
You’ve decided to sell your property, and naturally want to cover as many potential buyers as you can, so you list your property with two, three, four agents who in turn list your property on various property websites, Dubizzle, PropertyFinder, who then call their existing clients to let them know about their new listing. They might also let other agents know about the listing, who may (whether to your knowledge or not) also list the property.
Great, this means you’ve covered all bases, reached as many potential buyers as possible, and your property is online on several different websites, as well as repeated on the same ones, surely there will be buyers interested. Let the viewings commence!
The reality of this is you’ve now effectively flooded the market with what looks to potential buyers as a surplus of availability of the exact unit type you’re selling. The repeated listings haven’t generated interest, they’ve distorted supply and demand.
How many agents did you list with, 4? That’s at least 4 times the actual availability in the market, sending buyers into a false sense of security that they have options, time, and if there’s that many available, the sellers must be looking to negotiate. If buyers are under the impression they have options, their offers will be lower.
There are currently 3,191 villas listed for sale in the Arabian Ranches on Dubizzle. According to Emaar’s website, there are 4,000 villas in the whole area. Is 80% of the area for sale? No, but the same villas are listed repeatedly, with various agents, of varying standards of presentation and service.
How does this affect you, as a seller? We ask Jimmy Tzgani, Real Estate Broker with Allsopp & Allsopp who’s sold over 57m aed of property in the last quarter to explain the benefits of choosing one agent:
There are currently 88,539 property listings on Dubizzle, with around 20 properties listed per page over 4,426 pages, your property could be anywhere among this list and missed by potential purchasers. Allsopp & Allsopp pay for more ‘featured listings’ on Dubizzle and Property Finder than any other agent. This has a direct increased cost to us, but it means we can get your property to the top of every search in the area. No need for repeated listings if yours is the first one buyers see on every page.
For Sale Boards
We understand everyone likes privacy, but what about the neighbour’s friends who’ve been looking to move to the area, who see yours is for sale? Serious buyers will drive and walk around the area they want to live in. Why miss the opportunity?
While the market may be very different, for sale boards alongside exclusive listings in our UK office make up the majority of our instructions there, and in fact 93% of exclusive listings are sold within 30 days and achieve their asking price.
Keeping control of negotiations
From our seven years in the Dubai real estate market, we’ve experienced the same scenario time and time again: we (as experienced and professional agents) receive an offer which is put to the seller. The seller seeks advice from their other agents, who, not wanting to lose their listing, in turn, have a ‘very interested client’, even an ‘offer’. Less scrupulous agents have been known to make offers to their sellers, regardless of their existence, purely for their own advantage.
In the meantime, the genuine buyer loses interest, can’t increase to the ‘other agent’s offer’ or simply loses trust. The result is the actual buyer walks away and the seller is left with no offers.
By building a relationship with one agent, you can save your time by letting them pre-qualify potential buyers to suit your circumstance. If your plan is to sell before a certain date, new school term or before you start your new job, by having a well-informed agent they can ensure they only conduct viewings with suitable purchasers.
What about the other agents who might have clients?
You don’t have to exclude the other agents, we can deal with them for you. We understand that while our outreach is larger than most brokers, we can’t reach every buyer. We already have relationships with other successful brokers, and are happy to deal with other agents who you’d like to use. If you’ve ever had dealings with too many people involved, you’ll know well how you can easily lose control of proceedings, communication breaks up and efforts become counter-productive.
Exclusive listings maximize the value of your property while minimizing the time and stress involved in the selling process.
To discuss how listing your property exclusively can benefit your sale, call Allsopp & Allsopp on 044 29 4444 today.
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