Are you looking for a property dealer to sell your property? Why not sell it yourself? By taking the lead, you can avoid heavy commissions and ensure transparent operation. Check out this guide on how to sell a property without a property dealer.
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What are the benefits of not opting for a property dealer?
- Monetary saving: You can save on the commission, which is close to 1-2% of the property value by closing the deal yourself.
- Effective communication: If you are handling the deal then you can communicate with the buyer directly instead of involving a third party. You can fix appointments based on the buyer’s and your schedules.
- Updates about the deal: Since you will be the single point of contact, you don’t need to depend on others for updates.
Steps to follow to sell a property without a dealer
- Property price
- Based on the market value and similar properties in the area as a benchmark, fix the property price.
- Property price depends on factors, such as the property’s age, configuration, maintenance and amenities, such as a parking space.
- Make the property presentable
- Attend to issues, such as faulty pipes and broken flooring, to make the property presentable.
- Clean the house and declutter it so that the space is visible.
- Marketing your property
- List your property on real estate portals.
- Write all the features of the house in a simple language. The details should include area, configuration, location and contact details.
- Support with high-resolution photographs.
- Arrange for property visits
- Arrange for home visits so that interested buyers can come and see the space.
- Meet the home buyer personally to build a rapport and tell them about your property.
- Arrive at a sale value
- Know about the customer’s feedback on the property and the price being offered.
- Do not rush into a decision. Take your time to think and respond about the best-selling price that will work for both you and the buyer.
- Take the token money
- Once both parties agree on all the terms and conditions, lock the sale by taking a token amount from the home buyer.
- Token money is generally between 1-5% of the property value.
- After blocking the sale of a property, the buyer may withdraw. This is a loss for you as you may have let go of other prospective buyers. In such a case, you can deduct a part of the token money and return the rest. In case the buyer backs out at the last minute, you can keep the token money to adjust for the losses incurred.
- Notarise the token money received to make it legal proof for both you and the buyer. Mention the above-discussed clauses in the document to be notarised.
Points to remember while selling property without a property dealer
- Before proceeding with the sale, study all the legalities to avoid any dispute.
- Market your property on online housing portals, such as com. The use of social media is a good idea.
- When you meet the buyer, be polite and answer every query. Remember that the buyer will spend their savings and will want to be doubly sure before investing.
- Once the deal is finalised, be in touch with the buyer and execute the deal by preparing documents for transfer of ownership.
Housing.com POV
Selling a property is a time-consuming process, therefore, be aware of all the steps and legalities. While it may seem difficult, it is doable. Selling a property without a property dealer can save a lot of money and keep the transaction transparent.
FAQs
What is the procedure for selling a property?
Prepare the property, fix the price, list on portals and proceed with the selling process.
How is property dealing done?
A property deal is complete when the home buyer pays the entire consideration value to the seller and the property registration is complete.
Can we accept cash for property sale?
No. According to Section 269SS of the IT Act, the seller will be held guilty if he takes more than Rs 20,000 in cash. He will be penalised with a 100% penalty fee.
Do I need to pay tax if I sell my property in India?
Yes, long-term capital gains on property sales are taxed at 20%.
What is the commission charged by property dealers?
Property dealers charge close to 1-2% of the property value.
| 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 |