10 Smart Steps to Selling a Residential Property

When selling a residential property, it's essential to consider market trends, home maintenance, accurate valuation, loan repayment, and online listings. Although it may seem straightforward, selling property can be time-consuming and complex, especially for first-time sellers. Whether you’re relocating, expanding your family, or moving to a new city for work, here’s a comprehensive guide to make the process smoother.

GHAR shares TEN Key Steps to Selling Your Property:

1. Proper Maintenance

Maintaining the property is crucial. A well-kept property, even worth crores, may struggle to sell if it's not in good condition. Ensure thorough cleaning, repainting, and repairing issues like cracks or leaks before listing. A visually appealing property can instantly attract buyers.

2. Loan-Linked Property

If there is an outstanding loan on the property, selling becomes more complex. The seller must navigate multiple steps, including loan repayment. If you're struggling to pay installments or relocating, be aware that selling a mortgaged property can take more time.

3. Settlement of Dues

Make sure to clear any outstanding dues such as property taxes, maintenance fees, water, and electricity bills. If a buyer offers an advance, you can use that money to clear these obligations, but it’s wise to settle everything beforehand to avoid complications.

4. Essential Documents

Gather all essential documents like the sale deed, rent agreement (if any), previous ownership records, property tax receipts, and NOCs (No Objection Certificates). A complete file of these documents will ease the sale process and build trust with potential buyers.

5. Background Check of Buyers

It's important to vet potential buyers thoroughly. Knowing their background ensures a smoother transaction and prevents dealing with time-wasters. A reliable buyer can help you get a fair price for your property.

Key Market Insights

6. Understanding Market Dynamics

Before listing your property, engage with real estate agents to understand demand, supply, and whether the market is favoring buyers or sellers. If it’s a seller’s market, you can expect a quicker sale and better pricing, but in a buyer’s market, the process may take longer, and price negotiations might be challenging.

7. Finding Buyers

Locating the right buyer can be tricky. Decide whether you’ll use a broker or handle the sale yourself. Brokers typically charge 1-2% of the sale value, so if you’re not willing to pay that, you’ll need to invest time in marketing and handling the deal.

8. Broker Commission

Real estate agents work on commission, and offering a higher commission might motivate them to prioritize selling your property. Brokers are also valuable for pricing insights, knowledge of local markets, and providing information on competing properties.

9. Property Valuation

Accurately pricing your property is essential. Enlist a broker to get a fair valuation based on market trends and online portals, though beware of outdated information that could mislead you. A realistic price will attract more genuine buyers.

Maximizing Online Presence

10. Online Listings Online portals provide excellent exposure for sellers. Ensure you list the property with high-quality photos to give potential buyers a clear idea of its condition and layout. Good images can generate more interest and lead to quicker sales.

Pro-tip: Seek Third-Party Advice

Sometimes, both buyers and sellers overlook certain aspects of a property. A third-party opinion can offer unbiased insights into both the strengths and weaknesses of the property.

• Quick Summary of Sale Tips:
• Choose a reputable broker.
• Advertise in local newspapers and online platforms.
• Make the property visually appealing.
• Keep all documents ready.
• Be flexible with pricing.