How can one sell Property in Dubai?
At the time of selling property in Dubai, you need to take a bunch of factors into account. It is important for you to work with the right agent. Only he can efficiently guide you through the sales process. A trusted agent is one who understands the local and international market really well.
It is a fact that Dubai is a very transient city. Sometimes, it serves as a way station for travelers. It can be said that this is the right time of year to sell your homes as part of the exit process.
Keep in mind that selling your home is a big decision. Thus, it certainly cannot be taken lightly. In order to get the best value for your home and to achieve a decent sale, you need to consider certain things.
Finding the right realtor
The process usually starts with your choice of real estate broker. In Dubai, there are plenty of real estate brokers and brokerages who cover every facet of the market. It ranges from affordable rentals to luxury sales. Most of the brokers have extensive market knowledge and levels of service. However, there are certain brokers who are not that well-suited in this field. It is very important to find the right realtor.
Do your research before listing your property
Before listing your home, you must do your research well. Make sure to get a good understanding of who the specialist brokers and brokerages for your home area are. Try to know as to what their transactional record is like. You need to understand what sort of marketing strategies they use. Just putting a property listing onto a portal is not enough. Make sure that your home is listed with an organization and a broker that can present it in the best possible way through plenty of marketing channels. This is essential to generate the maximum number of viewings and a seamless transaction.
Brokers need to gain knowledge and insight
What makes a good broker? A good real estate broker is one who makes sure to gain good market knowledge, who is professional as well as qualified. Also, he needs to have a tangible experience. Even better if he is a really good communicator and an impressive work ethic. Dubai is filled with efficient brokers.
Determination of the right price
It is crucial to determine the right price for the property. In the current market, the value of your property might not be exactly what you paid for it when you made the actual purchase. Keep in mind that the market leads to transactional activity. A good estate broker will accurately appraise your home based on transactional data related to your neighborhood. Also, the type of property you have comes into play here.
Consider recommendations
Take the recommendations of your real estate broker into account. After all, you don't want to price yourself out of the market. Keep in mind that the market data does not always recognize the capital value of the work that you have done to your home. At the time of looking at pricing strategies, you must compare well.
Focus on paperwork
You need to ensure that all of the paperwork is complete and accurate, without fail. Try to know if there is an issue with the documentation that might prevent you from selling your home. There should be no missing NoCs on work that was done to the property. A comprehensive file of transactional paperwork needs to be there for the property. This way, when an offer is received, the sale can proceed quickly. Your broker needs to have all relevant documents in hand. It is then that he should give a clear indication of the fees involved in listing as well as selling your property.
Try to make a first good impression
You must present your home to potential buyers in the best possible way. Focus on decluttering. It is the first step in making a good impression. When a property looks well-ordered and spacious, it is bound to attract potential buyers in a short time period. In case there are any minor repairs or renovations that you have been neglecting, you must take care of them before it is too late.
Be patient
When your home is on the market, the realization marketing period in Dubai can vary from 2 weeks to 3 months plus. In case you're in a hurry to sell, then you clearly are opting for restricted realization marketing period. Also, your pricing may need to reflect the same. However, you must keep in mind that sometimes, all homes take time to sell. Thus, it is important for you to maintain good communication with your broker. You must provide where possible unrestricted access for viewings. Remember that buying clients tend to want to view at short notice. Thus, facilitating those viewings at short notice is vital for getting a handsome offer.
Dealing with the settlement of mortgage payments, if applicable
In case your property is mortgaged, you need to request a liability letter, usually valid for 15 days, from your bank. The right agent is bound to guide you accordingly. When it is done, you are supposed to get a NOC from the developer. Keep in mind that each developer has different criteria for a NOC which typically includes advance payments of service charges amongst other expenses. You must provide the documents from the checklist in step 2 while applying. There are some developers who may charge extra to expedite this procedure. Once the developer issues the NOC, if the seller has finance, you need to proceed to a Dubai Land Department's trustee office in order to block the property into the buyer's name.
The trustee office usually holds the buyer's payments, issuing a 'Restrain property certificate.' When the buyer is mortgaging the property, the buyer's bank will settle the mortgage for the seller. In case the buyer is not getting a mortgage, the seller's mortgage is settled outright.
It is a fact that Dubai is a very transient city. Sometimes, it serves as a way station for travelers. It can be said that this is the right time of year to sell your homes as part of the exit process.
Keep in mind that selling your home is a big decision. Thus, it certainly cannot be taken lightly. In order to get the best value for your home and to achieve a decent sale, you need to consider certain things.
Finding the right realtor
The process usually starts with your choice of real estate broker. In Dubai, there are plenty of real estate brokers and brokerages who cover every facet of the market. It ranges from affordable rentals to luxury sales. Most of the brokers have extensive market knowledge and levels of service. However, there are certain brokers who are not that well-suited in this field. It is very important to find the right realtor.
Do your research before listing your property
Before listing your home, you must do your research well. Make sure to get a good understanding of who the specialist brokers and brokerages for your home area are. Try to know as to what their transactional record is like. You need to understand what sort of marketing strategies they use. Just putting a property listing onto a portal is not enough. Make sure that your home is listed with an organization and a broker that can present it in the best possible way through plenty of marketing channels. This is essential to generate the maximum number of viewings and a seamless transaction.
Brokers need to gain knowledge and insight
What makes a good broker? A good real estate broker is one who makes sure to gain good market knowledge, who is professional as well as qualified. Also, he needs to have a tangible experience. Even better if he is a really good communicator and an impressive work ethic. Dubai is filled with efficient brokers.
Determination of the right price
It is crucial to determine the right price for the property. In the current market, the value of your property might not be exactly what you paid for it when you made the actual purchase. Keep in mind that the market leads to transactional activity. A good estate broker will accurately appraise your home based on transactional data related to your neighborhood. Also, the type of property you have comes into play here.
Consider recommendations
Take the recommendations of your real estate broker into account. After all, you don't want to price yourself out of the market. Keep in mind that the market data does not always recognize the capital value of the work that you have done to your home. At the time of looking at pricing strategies, you must compare well.
Focus on paperwork
You need to ensure that all of the paperwork is complete and accurate, without fail. Try to know if there is an issue with the documentation that might prevent you from selling your home. There should be no missing NoCs on work that was done to the property. A comprehensive file of transactional paperwork needs to be there for the property. This way, when an offer is received, the sale can proceed quickly. Your broker needs to have all relevant documents in hand. It is then that he should give a clear indication of the fees involved in listing as well as selling your property.
Try to make a first good impression
You must present your home to potential buyers in the best possible way. Focus on decluttering. It is the first step in making a good impression. When a property looks well-ordered and spacious, it is bound to attract potential buyers in a short time period. In case there are any minor repairs or renovations that you have been neglecting, you must take care of them before it is too late.
Be patient
When your home is on the market, the realization marketing period in Dubai can vary from 2 weeks to 3 months plus. In case you're in a hurry to sell, then you clearly are opting for restricted realization marketing period. Also, your pricing may need to reflect the same. However, you must keep in mind that sometimes, all homes take time to sell. Thus, it is important for you to maintain good communication with your broker. You must provide where possible unrestricted access for viewings. Remember that buying clients tend to want to view at short notice. Thus, facilitating those viewings at short notice is vital for getting a handsome offer.
Dealing with the settlement of mortgage payments, if applicable
In case your property is mortgaged, you need to request a liability letter, usually valid for 15 days, from your bank. The right agent is bound to guide you accordingly. When it is done, you are supposed to get a NOC from the developer. Keep in mind that each developer has different criteria for a NOC which typically includes advance payments of service charges amongst other expenses. You must provide the documents from the checklist in step 2 while applying. There are some developers who may charge extra to expedite this procedure. Once the developer issues the NOC, if the seller has finance, you need to proceed to a Dubai Land Department's trustee office in order to block the property into the buyer's name.
The trustee office usually holds the buyer's payments, issuing a 'Restrain property certificate.' When the buyer is mortgaging the property, the buyer's bank will settle the mortgage for the seller. In case the buyer is not getting a mortgage, the seller's mortgage is settled outright.
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