Be Aware Of The Real Challenges Faced By A Property Owner While Selling The Property
Due to many complexities are involved in the process of selling a property in India, many property owners find it hard in the whole transaction. Since every transaction is unique, there are various challenges a seller has to encounter while selling his or her property, whether it is a small home or a piece of land. For the purpose of simplicity the term ‘property’ is used to indicate both home as well as land. Wherever needed specifically, these two terms are used separately.
Below are the top 8 challenges that a property owner needs to encounter while selling his or her property.
- Local market trends: Since the real estate industry in India is highly dynamic with fluctuating prices a property owner needs to be aware of the current trends that are prevailing, before making a decision to sell a property. Since every local real estate market is unique, the month of sale can make a great impact. Hence one has to balance the market trend as well as the period of sale which is really challenging especially while selling a large land area in rural areas.
- Effective negotiation of price: This is one of the challenges most sellers overlook. The art of negotiation is an important part of the selling process. Here a seller should never allow the prospective buyer to bargain the price and a seller should always stick with the price gently and firmly. In the case of showing any flexibility, one has to clearly define the limits of price discounts or freebies. A smart negotiation will always end up with the mutually beneficial agreement.
- Tackling emotions: Most of the property sellers in India are succumbed to emotions just before or after the transaction. Aspects like excitement, the long attachment will always be coupled with stress and bit nervousness will always pose a big challenge to the sellers while disposing a home or even a land in any area. One should always keep it mind that selling is a kind of business decision and hence there should not be any place for such emotions.
- Choosing a right agent: Majority of the property sales in India are still done through professional property agents. This is absolutely true when the seller is in a remote place while selling his or her property in another place. More importantly, these professional agents have great understanding of the real estate trends and also have some negotiation skills. They need to be chosen depending on their expertise they have in dealing home sales, land sales, and commercial sales. Though this selection can be challenging but can be rewarding for the sellers.
- Legal Issues: A seller needs to be aware of the legal issues involved in selling a property. One cannot be a layman when knowing some of the legal intricacies that may rise up while making the sale. This is more so while selling a plain land in urban and rural areas. One has to ensure all the relevant title deeds are perfect without any glitches, as this seen by the buyer’s advocate.
- Showing the property at its best: This factor is not only challenging but also mandatory.
- Home: First impression is the best impression. Every owner has to the responsibility to keep the home attractive in order to sell easily. Show the buyer a neat and well maintained home by solving few minor issues. A good appearance will surely convenience a buyer and works better for the seller. All other things are only details.
- Land: A clean and sound looking land will surely make a quick sale. Keep the pathway neat during the inspection period. Prospects would not like to travel on a place with potholes to reach the property. Make clear boundaries so that they easily visible for the buyers.
- Getting appraisal by the bankers: Not every buyer buy property with full cash. The majority of the people buy through banks that offer finance. In such cases, the property should be appraised by the banks through their own appraisers. Getting the right appraisal is one of the challenges faced by both the sellers as well as the buyers. Such value appraisals should be in tune with the seller’s expectations which are really challenging for the sellers.
- Closing a perfect deal: Not every selling transaction ends with a perfect finish. While some end with arguments or dissatisfaction from both the sides. Here a seller has to carefully handle the matter with great care in order to clinch the deal in a professional manner so that both parties should feel the win-win factor. Professional lawyers have to be hired for the deal in order make the legal process with great accuracy before making the sale document ready for signature with witnesses. All types money transactions should happen at this stage. Being a crucial part of the transaction, this challenging job seems to be vital for both the sellers as well as the buyers.
In conclusion, the sellers need to know the fact that it is really a daunting task to listen to various opinions while selling a real estate in India, whether the property is home or a land. The challenging factors mentioned in this short write-up have been largely proven time and time again. These inputs will surely help the sellers either in clearing up what they are unsure about or give them some new information. More importantly, recognizing these challenges and acting on them will surely award the seller with a great amount of satisfaction.
