Top 10 Mistakes to Avoid when Selling Property in Dubai

Selling a property is an intimidating task. It requires a lot of work and can be a tiresome process. Many factors can contribute to selling a property, such as financial issues, moving to a different place, or cashing out. An individual can make mistakes when selling a property, which can turn out to be fatal, so below are some mistakes highlighted that an individual should avoid.

Being Emotional

Most people get emotional when they are selling a particular property. Sometimes, it turns out to be their first home, which they bought after years of hard work, or they grew up there, or it’s the house where they had their children. People get too attached to a property due to these emotional connections, which is the foremost mistake you should avoid when selling a property. 

Try to think out of the box and look at the financial gains after you sell the property. Realizing the economic benefits you will get by selling the property, the emotional aspect may become less significant, which will help you avoid this mistake.

Overpricing your Property

A seller always wants to get the maximum amount by selling his property. However, identifying a realistic total price and not overpricing can be crucial. Asking for a very unrealistic high price can halt selling your property. Try to get in touch with a real estate agent and evaluate the actual value of your property. This will help you sell your property faster. 

If you list your property too high and then cut the price to a reasonable asking price, the buyer will notice that and develop an impression that you are desperate to sell the property or have problems. This will cause an issue in negotiations as he will try to lowball you and further delay the process. 

Always remember there are better solutions to selling your property than overpricing. This becomes one of the significant mistakes of being a wall between buyers and sellers. Keep a space for negotiation. This will make the buyers feel good about buying a property.

Condition of the Property

Ensure your property is in good condition when trying to sell it. Ready-to-move-in properties are always in demand. Most buyers prefer to purchase a property and move in. If a property requires some work or is in bad shape, selling it reasonably in less time becomes more accessible. 

If your property needs to be well-maintained or requires some work, it is preferred to get the repairs done. It is wise to opt for professional repair services as they will use solid materials and will work in less time.

After you finish the repairs, you can get help from professional cleaning services to tidy up the place. This will make a good impression and look like a newly renovated property. This will increase the price and attract more buyers, which will result in selling it at a much faster rate.

Choosing the Right Real Estate Agent

Choosing the right real estate agent can be very crucial when it comes to selling your property. If you opt for the wrong agent, this might cost you. The agent will just be looking to sell your property without considering your terms and conditions. This may also not work in the interest of buyers.

If you opt for the right real estate agent, it benefits you and the buyer. For this, you must research, ask for reviews from people, and browse the internet for the agent. Opt for a reputable and credible agent and look for information, such as their selling rate, registration with the real estate authorities, and more. This will help you choose the right real estate agent.

Working with Multiple Brokers

People have a misconception that registering their property with multiple brokers will help them sell their property quickly. On the contrary, this stalls the process due to various reasons. Numerous listings will show different prices for your property, confusing and leaving a wrong impression on the potential buyer. 

Working with one or two real estate agents can be a feasible option. This will let you keep track of your listing prices and the information you give to each agent and streamline things. This will also not result in too much advertising of your property, which a buyer may think you are desperate to sell. This will also help you avoid the confusion of varying prices when you face it while working with several brokers. 

Rushing to Sell

There are better strategies than rushing to sell your property. It would help if you find a reason to sell your property. Trying to sell property in a fixed time can add unnecessary pressure and stress for you, the agent, and the buyer. Selling a property takes time, as there are various factors involved. The buyer has to be satisfied to decide on the property. The documentation also takes around 3-4 weeks.

Selling takes time, as the agent has to make a strategy for selling the property. Then, he has to find the qualified buyers for it. He has to advertise the property on various platforms. The documentation process takes some time after the buyer decides on the property. So, you must be patient when selling your property and avoid rushing it.

Uncomprehending Financial Obligations

To transfer the rights of the property, the seller should be aware of the charges they need to pay. The seller will be required to pay the settlement fee and NOC charges for transferring the ownership of their property. 

As a seller, you can take guidance from your agent. These real estate agents will guide you through the other payments you need. They will also take you through how these payments affect the selling price.

Trying to Sell by Yourself

Selling property by yourself might seem easy, but it may be a wrong decision down the line. Whether you are selling it for the first time or have done it in the past, having a professional’s assistance can benefit you. 

Signing up with an agent to sell your property may seem like a bad idea at first, as it will cost you in terms of commission payment to the agent. But on the flip side, the agent will streamline the process by bringing and dealing with the buyers, dealing with all the paperwork, and advertising your property. This will take a lot of responsibilities off your shoulders and save you time and effort.

Declining Assessment and Arrangement for Viewing

Never decline the assessment of your property. This is one of the mistakes to avoid selling Dubai property. Assessment will work as a tool to get the right price for the property from the buyer. A professional can help you to thoroughly understand and assess the basics of property and where it stands in the market.

The buyers prefer a rightly considered property. It is because the assessment calculates the risk, damages, or any other issue that the property might have along with the price. Arrangement for proper viewing is also very crucial to sell your property.

Buyers will visit your property and see it for themselves. A live experience of the property may speed up the process and help buyers make decisions. The tenants must be informed about the viewership of the buyer beforehand to access the space.

Being a seller, it is essential to be open about viewing the property. This will help in fast and cost-effective sales. Moreover, the seller can also supply their property’s key to the broker if it is kept vacant. 

Not having Proper Documentations

When you decide to sell your property, you should prepare the necessary documents for selling your property. The primary documents, such as ownership documents, deeds, and permits, should be available even before listing your property. In any circumstance, if one of these documents is unavailable, this will result in halting the process of selling your property and buyer’s trust.