Possessing relevant documents – First of all, you need to ensure that you are the sole owner of the property you wish to sell, without any ambiguities. You must have all the documents in place including original share certificate in case of a flat in a co-operative housing society, tax submissions, copy of approved plan, occupancy certificate, and bank certificate of purchase price amongst others. If it’s an inherited property, check for a clear title.
Know the Plus Points – Before you start marketing, make a list of all the points that will attract buyers to your property like a renovated house, fully furnished apartment, and proximity to school, hospitals or other facilities.
Pricing It Right – Regardless of how beautiful your home is or whether it was renovated recently, it is important to price your property appropriately. Demanding too much may cause you to lose out on a prospective deal.
Research for Proper Valuation – Conduct a good research about the properties in nearby areas. Assess similar properties locally that were recently sold. Consult property dealers in your area to know about the prevailing market rates for similar properties. Check out newspaper ads or real estate websites to know about the property prices in your area.
Finding a Potential Buyer – Find out a potential buyer, preferably someone you know. If you are an NRI, you can sell your property only to a resident of India, an NRI or POI?
Start Marketing your Property – Let your friends, family and co-workers know that you’re putting up your house for sale. Ask them if they know someone who is looking for property. Advertise you property online. Put up a classified ad in a local newspaper. If you’re an NRI with inherited property in India, try putting up an ad online or use social media sites and state that you wish to sell your property in India.
Take Advantage of the Internet – When you advertise your property, find a reliable property listing website like HDFC Red to post your property. Upload high-quality photos of your property. This way the buyers are more interested in the property and know that the seller is genuine. Write a description about your home, and highlight special features like a terrace garden, or a furnished kitchen, appliances, or recent renovation. Selling your property using these property listing sites is most convenient and fruitful. It’s fast and easy.
Preferred Sales Method – You can either take help from a professional broker with a good track record or deal with clients on your own. Dealing without a broker will save you the real estate commissions. If you’re an NRI, take help of professional consultants who can instruct you on how to sell your property. Take advice from lawyers and tax consultants to deal with issues of taxations and other property related documents.
Keep Your Property Clean – You wouldn’t buy a property that doesn’t look appealing, right? Then why sell them to your buyer. If the property went unused for years, get it cleaned and painted. A good looking house can fetch you an equally good price.
Dealing with Client – Be very open about the facts related to your property and explain them to your clients. Show them your house, if they show interest in buying and be a good host. If you are an NRI residing outside India and can’t be present there to show your property, then hire a trusted realtor, a friend or a family member to show your property.
Negotiation – If the client is interested in your property and wants to genuinely buy it, then sweeten the deal. A slight negotiation can help build good relationships with your buyer. If you do not like the offer, just say no. If the deal seems rights, close the transaction as quickly as possible.
Legal Procedures – Communicate your governing body about your intention to sell your property to the buyer. Next, you’ll have to obtain a No Objection Certificate from your housing society if you’re selling the property. After obtaining the NOC, schedule an appointment with the sub-registrar office to get the property registered in the name of the buyer. Once everything is settled, move out at a convenient time feasible to both the parties.
Tips
• Do not hide flaws related to your property. Explain them to your clients.
• Do not intimidate your prospect by asking for too much.
Warning
• Usually brokers in India charge about 2-3 % of the sale price as part of the commission.
About the author:
Suraj Deshpande is a real estate writer and contributor with immense knowledge and experience in the field of real estate. He regularly writes about various properties, property trends, property listings and about Real Estate market in general. His main focus is keeping a track on all the news and happenings related to all major property markets in India. Click here for more such information related to properties in India.