Gone are the days when a property in India used to sell solely based on its worth. In a highly competitive market, where homebuyers are spoilt for choices, sellers in the country are finding it increasingly hard to find takers. This is true even for property owners in the best neighbourhoods with premium amenities. In this guide, we look into the key problems that could deter buyers, the property’s goodwill and benefits notwithstanding.
Planning to sell your property? Refer to these tips to increase the value of your property
Pricing of the property
This is one of the most common problems behind a seller not receiving several offers even though there is nothing wrong with the property. Sellers may demand unreasonable prices based on guesswork and wishful thinking. This demand is far removed from practical concepts like fair market value.
Failure to hire property appraisers
This is an expense that sellers often view as a burden without paying attention to its benefits. When you present a report of your property’s worth, evaluated by a professional appraiser, sellers are assured of its cost and would be more willing to trust other aspects of property sale.
No investment in repairs
The deeply ingrained idea of being the owner and having an upper hand often deters sellers from investing in simple repairs and renovations that could make the existing property much better. In a changing world, where buyers prefer everything prim and proper, a leaking tap or a dysfunctional electric switch can become a deal breaker.
No advertisement
Telling your friends and neighbours is no longer enough to find several offers in a short period. At the risk of being repetitive, it must be asserted that competition is alarmingly high for sellers and advertising has become a basic tool for home selling. How well you advertise your property is directly proportionate to how fast you get a worthy offer.
No inclination to ‘stage’ a property
Staging is a foreign concept for a typical seller in India. Buyers often witness zero effort to receive them when they come for property inspection. Showing more inclination to showcase to a prospective buyer the potential of your home increases your chances of closing a sale faster.
No inclination to hire a property broker
In India, the current rate to hire a neighbourhood property broker is 2% of the transaction value. This deters sellers from hiring the services of a broker. Sellers must opt for paid subscriptions to online property brokerage firms to get personalised services. Unwilling to invest in this process, owners often rely on friends and family to make a sale. This is more of a luck-based strategy, which may or may not yield the desired result.
No inclination to hire a lawyer
While there is an increased level of awareness about the legal aspect of property transactions due to an alarmingly high number of property frauds in India, sellers often avoid legal consultation because of the cost involved. However, legal aid can help avoid future hassles.
Poor communication
A seller has to be as active, keen and available for the buyers. Not answering calls from the buyer or the broker does not inspire confidence. They may view this as a sign of your unwillingness to proceed with the transaction. Provide regular updates to all parties and inform them about your time availability.
Neglecting technology in marketing your property
Everyone and everything is online now and there is no scope to ignore technology while planning your marketing strategy. Extend your property’s online visibility by engaging with reputable real estate websites, ensuring it is prominently listed to attract a wider audience.
Unwillingness to share property details
Due to an alarmingly high number of property frauds in India, buyers enter the property market with a lot of suspicion and doubt. In case a seller is unwilling to make key disclosures about a property, a buyer is likely to walk away as soon as possible. Maintain a detailed property file that includes all essential documents, such as past inspections, warranties and disclosures.
It would be highly convenient for a buyer if you have a comprehensive written record of property information, offering in-depth details about all aspects of your property.
Taking hasty calls
In cases where the marketing strategy is superb and the seller receives offers quickly, the delay in the actual sale could be caused by the seller’s haste. Give each offer a diligent review before making up your mind.
Unwillingness to ‘negotiate’
Like every negotiation, deliberations about property sales must be kept fluid. While there is no reason to settle for less than what your property deserves, take a realistic view of the market to make the final decision.
Ignoring the law of the land
Property transactions are highly complex in India due to heavy taxation and legal obligations for both buyers and sellers. In case of loopholes regarding the financial or legal aspect, the sale might go haywire.
Too much hurry
A conscious buyer would be scared off if you set short deadlines for the closure of the transactions. Their instinct would be to walk away, sensing the possibilities of fraud.
Selling without an agent
Selling a property without the assistance of a real estate agent may discourage buyers’ agents from engaging in the process. They often hesitate when there is a lack of professional representation as it raises concerns about the absence of a structured and reliable setup. Additionally, there is a fear of investing time and effort in assisting the seller, particularly with intricate paperwork, without the guarantee of receiving compensation. From a professional standpoint, a buyer’s agent is unlikely to direct their client towards your property when selling independently.
Failure to highlight key features of your property
To save time, sellers often leave it to the good sense of the buyer to spot the key features of the property. If your property has certain unique features that make it score higher than its competitors, highlight them while negotiating the deal. For example, not mentioning that your home is an energy-efficient one could be a major mistake.
Ignoring bathrooms, kitchen
These two areas of the house require the most maintenance. If you are planning to sell your home, start maintenance work in advance. Ill-maintained areas could leave a poor impression on prospective buyers.
Quick fixes right before the inspection
A discerning buyer would immediately know that you have gone for some quick fixes without any genuine efforts to improve the property’s quality. This trick may backfire.
Poor quality photographs in listings
With most home searches starting online, subpar photos can be a major deal-breaker. Dark, blurry, or poorly composed images fail to showcase your property’s potential, leading buyers to skip over your listing entirely. Good images create the first impression, and without professional-quality visuals, even great properties can be overlooked in a crowded digital marketplace.
Unrealistic expectations about the market
Sellers often overprice their homes based on emotional attachment or previous high valuations. This deters buyers and can cause the listing to sit stagnant. Unrealistic timelines, price expectations, or assumptions about demand may result in missed opportunities and growing frustration. Real estate markets fluctuate, and being unaware or dismissive of current trends reduces your home’s chances of selling quickly.
Dos and don’t for home sellers in India
| Dos | Don’ts |
| Provide comprehensive property details | Do not withhold crucial information from potential buyers |
| Be respectful when dealing with prospective buyers | Skipping legal advice can lead to complications later |
| Invest in a clean, attractive exterior and interior for a positive first impression | Do not ignore external repairs or garden upkeep |
| Invest in high-quality property photos | Low-quality images may deter potential buyers |
| List the property on reputable real estate platforms | Neglecting online listings can limit visibility |
| Provide virtual tours for an immersive online experience | Ignoring neighbour coordination can impact the property’s perceived value |
| Clearly state known property issues in listings | A hurry to sell can act as a red flag for prospective buyers |
| Regularly address any maintenance issues | Avoid leaving maintenance tasks for the last minute |
18 tips to sell your home faster
1. Stage it properly
A buyer tries to spot the defects in a property. Too many loopholes will force him to walk away and defects will allow him to negotiate the deal in his favour. Staging tricks will have the contrary effect. Show prospective buyers the potential of your property.
2. Declutter it
A clean look is always inviting. Take a minimalist approach and remove anything that is not required in a space. Give a prospective buyer the scope to visualise their dream house.
“I keep telling my clients about the ill effects of overcrowding. Buyers are more likely to stay and inspect a room more closely if it is not overcrowded with furniture and other stuff,” says Sanoj Kumar, a Delhi-based real estate broker.
3. Trust the intentions of the buyer
Sellers often continue to show mistrust about buyers’ intentions. They may wonder whether the buyer is window shopping or has real intentions to make a purchase. However, be more trusting of buyers’ intentions, considering nobody has the time to waste on fruitless pursuits.
4. Negotiate politely
As a seller, you are there to sell a product for a specific amount. Coming across as aggressive and making inappropriate remarks can deter prospective buyers.
Avoid asking rude questions about the purchasing capacity of the buyer. Even if you are unwilling to accept a price less than your asking price, turn down the offer in a polite manner. For example, instead of saying, “I won’t accept anything less than the asking price,” it would be better to say, “I am afraid, I can’t offer you any more discounts right now.”
5. Soft skills necessary for sellers to close a deal
The market is full of options in every price bracket. Hence, a buyer may walk out of a seemingly well-progressing deal, if they are rattled or displeased. This could be problematic for sellers who are in urgent need of liquidity.
Sellers should be mindful of certain behaviour patterns to encourage buyers.
6. Come across as genuine
Both buyers and sellers seek genuineness. While coming across as aggressive is a mistake, do not be too sweet either while negotiating with the buyer. This could trigger a doubt. Frauds often resort to such tactics to dupe buyers. In the absence of a platform like the real estate regulatory authority (RERA), buyers in the secondary market do not have a fixed authority they could approach in case of any wrongdoings. This is why they are extremely cautious to avoid potential fraud.
7. Avoid making personal comments
Even though property transactions are a monetary prospect, sellers have to make certain enquiries about the buyer’s personal life to understand who they are dealing with. However, restrict your questions to only those aspects, which will impact the sale. In case you have any reservations about dealing with a particular buyer, you could let them know at the start to save you and their time. In case of restrictions based on dietary, religious or lifestyle preferences, it is best to convey these to your broker or mention them in your listing upfront.
8. Maintain transparency
Sellers often take offence if the buyer is too inquisitive, especially if they feel that they have the upper hand in the negotiation process. However, as a seller, it is your responsibility to be forthcoming when the buyer asks questions. Unless a buyer is crossing a personal line, you should be willing to provide all the information concerning the property.
9. Do not distort, misrepresent or keep facts
Even if you are in contact with multiple buyers, you do not have to advertise it to try and push for a deal to close sooner. Bluffing about it is likely to cause undue harm to the whole prospect.
10. Do not exaggerate
While the buyer must be told about the property’s merits, ensure that you do not go overboard. Let the buyer discover the plus points and assist whenever required. Your role should be that of a guide and not a running commentator.
11. Utilise technology
Enhance your property’s online presence by investing in top-notch professional photos and videos that showcase its unique features. Craft targeted social media advertisements on platforms, such as Facebook and Instagram, to effectively reach potential buyers. Design visually appealing brochures and flyers as part of your print marketing materials for in-person viewings and distribution at local businesses.
12. Prepare for virtual tour
Gone are the days when buyers came knocking to view the property. They may prefer to have a first look through a digi-tour of the unit. Offer virtual tours with a comprehensive and immersive experience.
Ensure that you have a stable internet connection and a professional-looking background to conduct the meetings.
13. Discuss the location and neighbourhood
Keep the locality information handy. To explain the nitty-gritty of the neighbourhood, you can use Google Earth and Google Maps. This will help buyers understand the exact location of the project and nearby facilities.
14. Keep the documents ready
While the physical verification of the documents may not be possible, you can scan the essential documents and send them to the buyer for scrutiny. You can ask the buyer if they want to involve a lawyer through video conferencing.
15. Clearly explain your requirements to your agent/lawyer
In your property listings, prioritise transparency by clearly stating any known issues. Have a clear chat with your real estate agent about your property’s history and potential concerns, ensuring that they are well-versed in addressing buyer inquiries. For a thorough understanding of your disclosure obligations, consult legal professionals.
16. Give your home a welcome appeal
The oft-used idiom, “Don’t judge a book by its cover” does not hold relevance when selling a property. Paying attention to the external appearance of your property is crucial. One way to achieve this is through regular maintenance.
Consider the installation of exterior lighting to brighten walkways and highlight key features during evening viewings. Address any external maintenance issues promptly, such as peeling paint, damaged fences or broken gates, to present a well-cared-for and aesthetically pleasing property.
Invest in creating a welcoming entrance by maintaining a clean and attractive front door, complemented by a well-placed welcome mat and potted plants. This attention to detail enhances the overall appeal and makes a positive first impression on potential buyers.
17. Make smart changes
Consider small upgrades. Investing in new cabinet handles, doorknobs and light switches for a modern look could spruce up the place. Mirrors work wonders to give your home a bigger and better appeal.
18. Highlight unique features
Everyone loves a smart home. Let your buyer know how your home is different by showcasing smart home features, such as automated lighting, security systems or built-in speakers. If available, emphasise high-speed internet options to attract buyers who prioritise connectivity.
19. Use good quality photos
Hire a professional real estate photographer or use a good camera with proper lighting. Ensure your home is clean and well-staged before photos are taken. Highlight the best features and angles to capture attention and increase online engagement with your listing.
20. Manage your expectations
Consult local real estate agents or market experts to set realistic price expectations. Review recent sales of comparable homes in your area and be flexible with offers. Understanding buyer behavior and seasonal trends helps manage your expectations and sell faster.
Housing Point of View
Selling a home is as difficult as buying it. When you add taxation, the process becomes even more complex. This makes it important to hire as much help as possible to simplify the process. Involve real estate agents, lawyers and chartered accounts to steer clear of legal, financial and procedural issues.
FAQs
How can I sell my house quickly?
Some tips to sell your house quickly include decluttering the house, pricing the unit correctly, advertising the sale of the property and hiring professionals to help you with the sale.
What can I do if my house is not selling?
Property sellers can postpone the sale or wait for a longer period, rent out the house, reduce the price of the house or change the real estate agent.
How can I declutter my house for sale quickly?
Start by selling old furniture and other items that make the house seem crowded.
How is the market right now from the sellers’ point of view?
Owing to the easy availability of ready-to-move-in units, buyers have a dominant market position. They have greater influence over price negotiations, especially since builders are offering discounts and rebates.
What kind of profit can sellers expect in a market like this?
Considering the high property demand in India in 2024, profit margins will be high as well.
How is the demand for homes in the secondary market right now?
As buyers are keen on investing in ready-to-move-in properties because of the long waits involved in under-construction homes, the demand for homes in the resale market is healthy.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
