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In the context of real estate, if the Novel Coronavirus spread has taught us anything, it is the worth of technology. While technology is making it easier to get over boredom and isolation, it is also helping the property market to connect investors and home buyers with the sellers.
Developers are preparing for digital project launches and property portals are gearing up for full-stack digital platforms, to facilitate transactions and video tours. Sellers of secondary homes should also get ready to face this new market.
Discussed below are some tips for sellers looking to exit their investment in the resale market:
Use online real estate portals
Sellers and owners can list their properties on portals like Housing.com for free. You can register your property, mention the details and upload photos, to garner more interest from prospective buyers. Since the individual listing is for free, your contact details will be shared with the potential client, as soon as they show interest in your property. This is one of the easiest ways of generating leads for free. However, keep your expectations realistic. The market is slow and getting an interested lead could take days.
Create a video
A picture speaks a thousand words but a video speaks a million. A video walk-through can easily be created using your smartphone camera. Make sure the property is clean and nicely lit, as you shoot. You can start from the outside of the house and then proceed inside, so that there is a clear sequence of rooms and different areas. You can upload this video on your property listing, as well as social media handles.
Reach out to local brokers and use their network
You can also contact property brokers in your locality and use their network, to market your property. While you have to pay the commission to the property agent, you will be able to exit the investment soon with the help of professionals. You can ask them to get a professional photo shoot done to, provide a better virtual look to your property. While the commission could be higher, you have to be clear about what your priority is.
This is the time to use your social media network for your benefit. Create interesting graphics or use property photographs to tell your friends that you are looking for a buyer. While this might be a tough way of finding a potential lead, you might get references from your friends who can help you.
In these difficult times, you can rely on your friends and network for help. While there is no certainty on when this will end, you can only hope for better days ahead and enough liquidity in the market, so that you can exit the market soon enough.
Here are other options that you can choose instead of selling your property:
Wait till the market picks up: Instead of panic selling, wait for a few weeks. If you are worried about the home loan EMI, opt for a moratorium, as a last resort.
Rent it out: You can also rent it out for some time, so that you do not have to worry about the upkeep of the property. You could also ask your friends in essential services if they can use this property as a temporary accommodation.