you decide to sell your property you must make it certain what is
the basic object of your sale : like you intend to buy another
property by selling this (which could be more or less than its
value), you want to invest money in business or any other area.
Other thing one has to look at the property market situation as it
has a lot of bearing on your property sale prospects. If it is
buyers market it will be different scenario as compared to either
sellers market or in a neutral market. You will have to adopt the
right strategy according to market and your requirement.
If you intend to buy another property, which is bigger (thus
expensive) it is advisable to sell it when the prices have
crashed. You would defiantly get less price for your property as
compared to natural market, but your purchase for a better/bigger
price would also be cheap and you would need to add less money to
buy your required property as compared to scenario when the market
is giving you a better price for your own property.
If you intend to invest the realized money in business of any
other area you should try to sell it at a time when there is right
price available. Though like stock markets it is difficult to
predict what is the highest and lowest market price but one can
find out the right market prevailing price of similar property
which you intend to sell and once you are able to achieve your
target price you should sell your property.
No doubt you need to present your property in a manner that it
should appear to be one of the best proposals available for sale
to intending purchasers. At the same time you must appreciate the
plus and minus points of your property and calculate the right
price for the property. It is very easy if you take a look at your
property with an eye of a buyer.
Some of the important points you should take a note while selling
your property :
Make a Summary of your property : (It should include the
following) Built up area, Accommodation, Plot Area, Construction
quality, Age of Construction, Its location and property ownership
title. Other details like Electricity load, water supply, house
tax structure, distance from the market, schools, hospitals,
airport, railway station, bus stand, etc. also make an impact on
sales of your property price. Any other positive point/s should
also become part of this Summary but minus points of your property
must be at the back of your mind so that when you negotiate your
property price you know them.
Decide who would sell your property :
You should decide whether you intend to sell your property on
your own (a difficult scenario) or you intend to depend on a real
estate agent :
If you intend to sell your property on your own (as quoted above
it is a very difficult and tardy process) you would need to place
advertisements in Newspapers and Websites. Before you place
advertisements you should be ready with the summary of the
property and the right price you expect for your property. It is a
common trend today to expect some bargain so people normally quote
little more than the price they wish to get for their property.
So, you should quote a little higher to the caller and in case you
give the right price you should mention that this price is not
negotiable. You should be ready with all answers to questions
which a Buyer could ask (which would be available if you have the
summary ready with you). If you have little marketing skills, it
is advisable to appoint a experienced firm to market your
property. By doing this you get the best transaction in every
In case you decide to sell your property through a Real Estate
Agent you should select the right estate agent. The right real
estate agent is a person who is dependable & honest,
established and has a good reputation in the market. Further, he
should have a good knowledge of property trade and the laws in
operation in the state. Though real estate consultants list your
property without any charge, one needs to be careful in choosing
them as they are representing your property. A good real estate
can bring in good clients and results. Check the real estate
agent's infrastructure, experience, his knowledge of the trade,
some references he could provide. You can check up with your
friends, and other people then decide which real estate agents is
suitable for the job. You may opt for an exclusive real estate
consultant, in case you feel he is worth it or you can select two
or three only to list your property with them. It is not at all in
your interest to list your property with too many estate agents.
Find out the Right Price :
Once you know the right price of your property you would be able
to sell it at the earliest. Everyone wishes to attain maximum
price for his property. However you need to be realistic. There is
no point that your property is listed at a higher price but does
not conclude in a transaction. At the same time you would not like
to sell your property lower than the market price. Best way to
ascertain the right price is to check up with real estate agents
the price of a property similar to yours, check up with friends
and neighbors if they know the price of any property sold in your
vicinity. Then compare the plus and minus points of that property
with yours and you can come to the right market price for your
property. Nevertheless, if your property is good for a self user
you can get a better price from an end user as compared to a
builder who would pull down the entire building to make new flat/s
and he would never take the cost of an existing construction into
account while making an offer for your property, whereas an actual
owner would be willing to pay a part of it.
Some more useful tips :
If you try to negotiate the brokerage of the real estate agent,
his interest in your property would become low so don't try to cut
on his brokerage.
Let your estate agent know your property details and the summary
you have made as it would make him aware of every positive aspect
of the property and he would be in a better position to market
If you wish to sell your property on your own, place
advertisements in Newspapers which have better circulation and
place your ads on days when they publish special property pages.
But this process involves lots of efforts, dealing with all sorts
of people and a lot of expense on advertisements.
Put your property in presentable condition so that when a buyer
visits to see this property it does not appear to be in a bad
shape. Small expense on getting the right lighting, paint and
clean floors would fetch much better price.
Don't show your desperation while negotiating your price. Remember
if a buyer likes your property he would pay a good price but if he
does not like it he won't buy it even if you reduce your price.
Guideline Value of the particular street where the property is
located. The best place to check that is "Official
Tamil Nadu Govt. site"
* Information posted above
is for reference only.
Estate - Chennai (Approved Real Estate Firm) Trusted name in
Real Estate Marketing.