2024 Seller's Playbook: How to Accelerate Your Property Sale

Are you eager to sell your property quickly and effectively? As 2024 has just started, adopting the latest tactics that resonate with potential buyers is essential. This blog will guide you through proven strategies to accelerate your property sale and maximise your return on investment. So don't let your property linger on the market longer than necessary. Follow our seller's playbook to gain a competitive edge and sell your property.

Tips to Accelerate the Property Sale

Here are some useful tips to accelerate the sale of your property.
 

• Ensure your home is always show-ready by keeping it clean and tidy. Take appointments or install a lockbox so that agents can show your home even when you are not available.
• Buyers look for move-in ready homes, so make sure your property is well-maintained and free from major issues.
• Declutter and deeply clean your property to make it more appealing to potential buyers.
• An inflated price can make you lose the potential buyer and prolong the selling process. Work with a real estate professional to determine an accurate and attractive price based on market conditions and comparable sales.
• Utilise different online marketing channels, such as property listing websites like Betterhomes and social media platforms like Facebook, Instagram, and YouTube to reach a wide audience of potential buyers. Use platforms like Google Ads and Facebook Ads to create targeted campaigns that maximise exposure and generate qualified leads.
• Professional photography, virtual tours, and engaging property descriptions make your listing stand out.
• Make necessary repairs, touch up paint, and address any cosmetic issues that can distract the buyers.

Ensure your property is in excellent condition. Putting time and effort into preparing your property will increase its desirability and create a positive first impression that can lead to a quicker sale.

Pricing Strategies to Accelerate Sales

Setting the right price is crucial for accelerating your property sale. Here are a few pricing strategies to consider:

Comparable Sales

Research recent sales of similar properties in your area to determine the market value. Price your property competitively based on these comparable sales to attract buyers.
 

Strategic Underpricing

Underpricing your property slightly below market value can create a sense of urgency among buyers. It can generate more interest, multiple offers, and drive up the final sale price.
 

Price Adjustments

Monitor the market closely and be prepared to adjust your price if necessary. If your property isn't generating sufficient interest within a reasonable timeframe, reduce the price to attract more buyers.
 

Check out Betterhomes’s free property valuation tool to assess the current market value of your property.

Understand the Expenses in Advance

Selling a home in Dubai involves more than just setting a price and finding a buyer. Several selling expenses come with the process that can slow the selling process if not considered. They are:
 

Home Inspection Fees

Before finalising the sale, it is best to have a professional home inspector examine the property for any defects or issues. Home inspection fees usually range between AED 2500 and 4000, depending on the neighbourhood and size of the property.

Real Estate Agent Commission

Real estate agents play a crucial role in facilitating the sale of your property, and their commission is one of the largest selling expenses. In Dubai, real estate agent commissions can range from 2% to 5% of the sale price.
 

Transfer Fees

When the property ownership is transferred from the seller to the buyer, a transfer fee is charged by the Dubai Land Department (DLD). The transfer fee in Dubai is 4% of the property's sale value.
 

Looking to transfer your property? Let Betterhomes streamline the process for you with its Conveyancing Service.

Mortgage Payoff Penalty

If you have an outstanding mortgage on the property, you may incur mortgage payoff penalties for prepaying the loan before its maturity. The mortgage payoff penalty is 1% of the remaining balance or AED 10,000, whichever is lower, and should be considered when calculating your selling expenses.
 

Property Staging Expenses

Staging can create an emotional connection with buyers and make your property more attractive. A professional stager arranges furniture, artwork, and accessories to highlight the property's best features. The staging fee for a studio apartment starts from AED 5000 and can go up depending on the property.

Negotiation Strategies to Close the Sale

Negotiating plays a crucial role in closing the sale and achieving your desired outcome. Here are some tactics to consider:

Respond Promptly

Timely responses to offers, inquiries, and counteroffers will help maintain momentum in the negotiation process. Prompt communication shows your seriousness and willingness to engage in the negotiation.

Be Prepared to Compromise

While standing firm on key terms is essential, showing flexibility on certain aspects can increase your chances of reaching an agreement. So, be open to finding common ground on less critical points.
 

Leverage Multiple Offers

If you receive multiple offers, use this to your advantage. Set deadlines for offers and communicate that you are considering multiple offers. This will create a sense of urgency and drive up the final sale price.
 

Be Prepared to Walk Away if Necessary

While selling your home is a priority, compromising on crucial aspects or accepting an unfavourable deal is not worth sacrificing your best interests. The courage to walk away demonstrates your commitment to securing a fair agreement.
 

Always ensure that all agreed-upon terms are documented in writing. The written record serves as legal protection for both parties and eliminates any confusion or disputes.

Benefits of Accelerating Your Property Sale

Accelerating your property sale offers numerous benefits.
 

• A quick sale reduces the time your property spends on the market and minimises the holding costs such as mortgage payments, utilities, and maintenance expenses.
• It allows you to move on to your next venture, whether buying a new home or investing in other opportunities.
• A fast sale can create a sense of urgency among buyers and increase the chances of receiving competitive offers.
• Accelerating your property sale can help you avoid potential price reductions that may arise if your property sits on the market for an extended period.
   

Accelerating your property sale in 2024 needs smart planning. Implementing the strategies and following the tips outlined in this playbook will enhance the appeal of your property, attract more buyers, and accelerate the sale of your property.

List your property with Betterhomes today for a smooth selling experience and access to a vast network of buyers.