The market for property in Dubai is highly dynamic, with changing trends and investors’ concentration in the business. With the economic growth of the region and the rapidly developing population, the demand for housing in Dubai remains stable. But, it is quite challenging to sell a property, especially within this kind of market competition. A seller needs to understand some issues that might delay his or her process of Properties for Sale in Dubai. Here in this blog, we will talk about the 6 most common blunders that you need to avoid while selling a property in Dubai and how MAP Real Estate can help you in that scenario.
6 Major Mistakes to Avoid When Selling Property in Dubai:
After conducting detailed research on the Dubai Real estate market, MAP Real Estate the leading Real Estate Company in Dubai has come up with the fact that there are 6 mistakes that every proper owner must avoid during the selling of property. Let’s talk about these 6 mistakes turn by turn for more clarity.
Mistake 1: Lack of Market Research
The first mistake associated with the selling process is the lack of extensive research about the market. This lack of research not only costs in terms of overpricing or lower pricing but also adds ambiguity to the understanding of the real value of the property.
Understanding Property Values:
Before engaging in any venture, there is a need to determine the market prices of the property. This can be done by researching recent property transactions, observing demand trends in pretty much the same way that formations are compiled, as well as factors like location, immediate accessibility to social amenities, etc. This applies to real estate that has existed for some time hence understanding the property prices will ensure you sell your house to potential buyers hence avoiding a repeat of cases where the property will take ages without being sold. For accurate estimates of your property, you can also get help from our real estate agency in Dubai.
Overpricing Your Property:
Lack of market research often leads to overpricing of the property sometimes. Dubai being a fast-growing market means that if a property is overpriced, it may take several months for it to sell and in the meantime, it will not attract much attention. Besides such an approach consuming much time, it may also demotivate interested buyers from making any purchases. To avoid this, ensure that you take time to look for similar properties around your area, and if you have to adjust your price do so when your property is just launching on the market. You can also get help from MAP Real Estate experts for accurate pricing estimates.
Mistake 2: Not Preparing the Property for Sale
The second major blunder that you need to avoid is not preparing the property for sale. In this stage, you need to focus on the full preparation of all requirements of home staging such as required repairs.
Neglecting Home Staging:
Home staging is essential when it comes to selling a property in Dubai because it adds more value to your property. Moreover, It affects the process of shaping and selling the image of your home so that prospective buyers would be interested in it. Staging makes it easier to look at the home with the potential to buy by creating a way that may inspire the buyers to imagine themselves inside the home, and this will help in its sale. If you don’t like what your home looks like from the outside the first chance you get, decorate and clean it up to make it more appealing on the outside.
Failing to Address Repairs:
Another major blunder that most of the sellers commit is not taking time to carry out some repairs that might be required on the property before putting it on the market. Some form of refurbishment can demoralize a prospect, an indication that other problems could be with the house. Any loose screws or rust should be repaired before listing your house for sale so that you can sell the house at a higher price.
Mistake 3: Inadequate Marketing Strategies
This involves having a poor or ineffective marketing mix model or plan, or overall, not having any marketing plan at all.
Skimping on Professional Photography:
People cut corners mainly to save time or money, and one of the most common areas where users think it is completely acceptable to cut back is professional photography.
As we live in the era of the Internet, first impressions matter much. With MAP Real Estate, you can add the extra difference of capturing potential buyers’ interest and catalyzing the sales of your property. We do not use photographs done by a novice and all our captured photographs are taken by expert professionals. MAP Real estate experts understand this very well that’s why we go for professional photographers who will be able to capture the best view of your home.
Missing Out on Online Platforms:
The Dubai property market has gone online and most of the potential customers are able to view details of the properties on the internet. To find the desired traffic and reach, it is vital that your property should be advertised on as many internet platforms as possible. Do not overlook local listings, which might be full of potential buyers along with international and famous websites.
Mistake 4: Poor Presentation and Communication
Poor presentation of the property and bad communication from the agent’s side also lead to many issues. Such issues of poor presentation and communication often lead towards inconsistent listing information and neglecting buyers communication.
Inconsistent Listing Information:
Another reason is that it is important to have the information consistent and accurate amongst all listing services. A lack of coherent facts may create a misunderstanding mislead potential clients and ultimately result in lost sales. Check that the descriptions, prices, and location data match between the edges since it is easy to confuse them.
Neglecting Buyer Communication:
When selling a property in Dubai, communication is more important. Being quick to engage with the buyer, adhere to their request for a viewing and regular communication on the selling process will go a long way in reassuring them that the whole process is a positive experience for them. Communication will assist you to attract more potential buyers and have a high possibility of sale.
Mistake 5: Neglecting Legal and Financial Checks
Legal and financial checks are very important especially when you are going to sell a property in Dubai. If you want to avoid any kind of legal hurdles during the process of selling then you need to focus on the legal aspects of this process too.
Ignoring Legal Documentation:
Conveyancing, as it is commonly called, is the legal process of transferring the ownership of the property from one person or entity to another. To achieve this there are normally many documents that have to be executed and processes that have to be followed when selling a property in Dubai. This process even becomes more complicated for an individual who does not know how to go about it. As much as it may be a personal deal, it is advisable to seek the services of competent lawyers who will help complete all the necessary paperwork.
Underestimating Costs:
Being an investor in Dubai, you can also face numerous expenses when selling your property including legal charges, agent commission, registration fees, and others. Still, when planning to list, ensure that you factored in the following costs as you may be unaware when selling your house.
Mistake 6: Choosing the Wrong Real Estate Agent
The selection of real estate agents in Dubai most of the time decide about the making and breaking of the deal. So, be very careful when you are going to select a real estate agent. You don’t have to worry about anything at all when you select MAP Real Estate agents for the management of your property process. Here are two major factors that you can consider while selecting a property agent in Dubai.
Lack of Experience in the Dubai Market:
In Dubai you must hire a real estate agent like MAP Real Estate to sell your property and the most important thing here is that the agent should have a lot of experience in the market. An agent should be knowledgeable in the selling of property and he or she must be in a position to work towards the sale of your property. Steer clear from agents who have limited experience in the Dubai market because sometimes problems occur during the process of selling.
Poor Communication Skills:
As with any sale, it all comes down to communication; communication with you, and communication with the potential clients. Thus, the potential buyer should select an agent that is proactive, courteous, and good at communicating. It will help to keep all three parties in the selling process informed, which will bring about the sale.
Conclusion:
Since the Dubai property market competes on a global level, there are certain mistakes to avoid, no matter the desired outcome. This way you anyone understand the value of the property, prepare a home for sale, apply proper marketing strategies, present the property well, control legal and financial checks, and, finally, select a proper real estate agent when selling a house. At MAP Real Estate we understand the complexities of the Dubai property market and are capable of giving the best advice, market analysis, and an efficient and smooth sale of your property. Please read more information on our website in order to find out how we can help you in selling your property quickly and easily.
