Owning a property in Dubai and having the ability to sell it at a premium price is fantastic. But many times our presumptions of the property market can get the better of us. Fortunately, it’s not hard to come out ahead when you’re aware of these mistakes that sellers make when selling your property.
All statistics are based on historical analysis of all property transactions that Allsopp & Allsopp has been a party to from 2008 to 2013.
Choosing The Wrong Agent - Occurs 18% Of The Time
It is imperative you choose the right agent to sell your property; take a look at how they advertise their properties – choose an agent who isn’t afraid to blow the advertising budget to attract more buyers to your property, understand what your agent will do for you; reputation and awards are a great indicator of their performance.
Not Meeting Your Agent - Occurs 17% Of The Time
Don’t forget you’re selling one of your most valuable assets, but have you actually met the agent selling it for you? Not meeting face to face is a mistake too commonly made between seller and agent. Creating a trusting and honest relationship is key; your agent should be able to discuss with your current available properties in the market similar to yours, what has recently been sold and advise on current market conditions. Your agent is your link to the changes in the market, trust and use their knowledge, they can ensure you achieve the maximum value in the minimum amount of time.
Mistaking The Marketing Price For The Selling Value - Occurs 9% Of The Time
Same thing? All too often, valuable time and money are spent marketing properties at prices which are outside of the current market rate. Ask your agent; what did the last property like mine sell for? Use these facts together with your experienced agent’s opinion to gauge the real price for your property. Remember, the amount you see similar properties to yours marketed at isn’t always the price achieved. Often agents themselves are the only source of this information, use them wisely and be realistic.
Multiple Agents - Occurs 14% Of The Time
This is often counterproductive; the same property listed multiple times gives prospective buyers an impression of a lot of availability and oversupply in the market, ultimately damaging the value of your property. Choose the agent you want to work with and give them a timescale, within three months review the position every two weeks with them; how many viewings have you had, and what’s been the feedback from buyers? Reoccurring feedback can be a great indicator of what you can change to make your property more appealing.
Presentation Of Property - Occurs 7% Of The Time
It’s said that first impressions are the only impressions and this is true when it comes to the presentation of properties. Well maintained gardens, neutral smells, and tidiness are important factors. Put the pets away, avoid having too many people in the house, and if your unit is vacant, it’s worth keeping on lights and air conditioning to give a bright, cool and welcoming feel.
Having Documents Ready - Occurs 8% Of The Time
Are you prepared for when you do agree to sell your property? Not having key documents ready can delay and potentially lose the offer you’ve agreed to be organized and be prepared. Ideally, before you’ve agreed to a sale you should send the necessary documents over to your agent. Ensure you have paid your maintenance fees to the developer, have your title deed ready, make enquiries with your bank as to how much outstanding finance you have, will you be needing another mortgage if you’re buying again? Talk to your agent about where you’d like to move onto, these are all relevant to have ready and will help ensure a smooth transition with your sale.
Advertising - Occurs 9% Of The Time
Most agents are trained to take professional photos with expensive photography equipment, to show your property in the best light – this directly generates enquiries and viewings. Use this service offered by the agent, this will give your property the edge over the others using uninspiring photos and sometimes ones taken on a mobile phone. Poor photos aren’t going to help sell your property.
Access - Occurs 8% Of The Time
If your property is tenanted, it is imperative that the tenant is co-operative so keep them happy! Tenants will often be present at viewings while the property is occupied, they can be instrumental in your house sale. Obstructive tenants can hinder your sale while accommodating tenants can even help to sell your property on viewings. Make sure they are kept informed and allow access, this is another reason not to use multiple agents, it’s only going to upset your tenant if they’re receiving multiple calls a day for access. The market isn’t such that properties are sold without viewings any longer, make sure your agent has access to the property with ease. If it’s vacant, supply your agent with a key.
Communication - Occurs 10% Of The Time
This should come easily if you’ve built up a relationship with your agent, communication between seller and agent should be open and honest. When it comes to negotiating, be honest with your agent, not communicating an important factor such as receiving a higher offer can be detrimental; if your agent knows your position, they may even be able to bring you an increased offer.
Remember to communicate anything that may be relevant, if you’ve had a change in circumstance and your timescale changes, tell your agent so they can adapt their marketing to suit your needs.
If you’re thinking of selling and would like to talk to a specialist agent in your area, call Allsopp and Allsopp Real Estate 04 429 4444.
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