Selling property requires the right kind of skills, and intimate knowledge of the market. If one does not possess these, it’s good to hire an agent to sell your property. The agent can arrive at the right price, find multiple ways of marketing your home, identify the best buyer, and finalize the deal in the right timeframe.
However, please note a couple of things while finalizing the right agent.
- Identify a couple of agents initially: Start with a large pool of agents by enquiring with friends and acquaintances. Be aware of their specialties: commercial/residential, apartment/villa, independent homes/clusters etc.
- Be clear on financial terms: Agents in India charge from 2 to 4% of the sale value, depending on the kind of property, location and experience level. Be clear on this and avoid hidden terms and conditions.
- Ensure the agent is professional: The agent must be committed to satisfying you. If he/she appears too eager to sell, too aggressive with the terms, be suspicious. Such behavior will turn off the buyer and his agent.
- Assess his/her knowledge: Probe the agent’s knowledge of recent buying and selling trends, demand in each category of property, recent prices, etc. Be suspicious of agents who always promise you quick sales at top prices.
- Find out his/her loyalties: Is the agent a Freelancer or works for a large agency? Is he/she also bringing in the buyer? In case of the latter, be careful. The agent may not present multiple options or the best prices as the buyer is also represented by him/her.
End of the day, it is your property and you are entitled to the most reasonable terms and conditions. Select the agent who can assure this and avoid conflicting situations.
Selling property in India is not that complicated and can be done without the help of real estate agents who charge a hefty commission. Just follow these steps and you can do it yourself.
- Do your groundwork: Research the internet or consult friends and relatives to familiarize yourself with real estate terminology, buying and selling procedures etc.
- Get the paperwork in order: Ensure you have all the legal documents in place such as property papers for appraisers, insurance documents, No objection and encumbrance certificates from the municipal authority, etc.
- Give your property a makeover: Property buyers look for defects and flaws in your property to negotiate down the price. Preempt this by painting, plastering, repairing and fitting new fixtures so that the property looks good.
- Price the property correctly: Research the internet to know the latest property prices in your locality. Realty portals like Clapdoor carry such information. Be aware of limitations in Vaastu, access, age of property, etc that may require some flexibility from your side.
- Market your property well: Get on to the Internet. Use social media and Realty sites to post your sale intentions. Spread the word around your acquaintances. And finally put up a ‘For Sale’ notice on the property with your contact information.
- Check out your prospective buyer: Ensure the buyer does not have a criminal record as you and the sale can get into trouble. Avoid an all cash transaction.
- Prepare a sale deed: Take the help of a property lawyer and draft a sale deed with all terms and conditions clearly spelled, sign the same and get the buyer’s signatures. Make copies of the same.
- Be ready to be present for the registration: It’s the buyer’s responsibility to pay stamp duty and registration but you will have to be physically present at the Sub-registrar’s office during registration.
The boom in real estate in India has increased awareness on buying and selling procedures. Follow the right steps, learn from others’ mistakes, and you can eliminate the need for agents.