Time has passed since you first bought your property, and now it’s time to find a buyer for it. However, not everyone is used to dealing with the fluctuating prices of the Real Estate market, which makes pricing confusing for some people.
With all that in mind, and as a company that sees new listings of property every day, we’ve compiled a list of tips and suggestions to help you get the most out of your investment while keeping your prices attractive for buyers.
The market chooses the value.
We all know a house that’s had a “For Sale” sign on seemingly forever, and most of the time this is because the owners are just asking too much for it.
When you invest, and you’ve figured it’s time to sell, however, you don’t want to wait until the opportunity passes you. This sense of urgency is what makes online platforms like Reobee valuable. You can post your apartment with the best descriptions and pictures available, as well as a price you think it's right, and then share your posting everywhere and with everyone. Then, gauge the interest.
Repeat this process a couple of times if necessary, and consider adjusting, so you find a price that’s just right and gives you leverage to negotiate with other investors.
Compare prices in your area.
You may not be the only one to have figured out that a good time to sell its coming, so it never hurts to take a look to see if any neighbors are selling. You can do it over the Internet for a particular area, or, if you know anyone, ask them directly.
Now, set aside your distinctions. Does your apartment have?
...unique panoramic views?
...superior living conditions?
...comfortable and adequate spaces?
All of these factors can help you establish an adequate price for your apartment, so it’s good to adjust on behalf of these terms.
Another way to look at your area’s specifics is to consider what’s going on there and how that may impact the Real Estate in the zone. For example, in our post about the top Tech cities in India, we discuss several cities and the main progress-growth drivers that are making several areas appreciate. This is also true on the backhand, and certain industry developments, new complexes around and overall changes in the landscape may cause swings downwards on the prices, in which case the best alternative is always to sell.
Use every tool available.
There are online tools that will also take you one step further to your perfect pricing. Reobee.com doesn’t only offer the possibility of listing your apartment for sale but also allows you contact buyers and sellers, which you can use to ask questions.
Also, builders often post 3D walk-around of their properties on sale, so you can take a guess as well using those, and looking at the prices while comparing differences. If you can’t find your exact complex, look a similar or close one, just to give you an idea of the current prices. To see what they offer, a simple Google search for “Name of builder + your city + builder/developer” would do. You can find some good recommendations for quality developers in tech cities in this post we made. Most of them deal with NRI’s and are therefore used to talking with people overseas.
Phone calls and email are not to be ruled out either, as there’s plenty of agencies and even your builder (or offices in the complex, if any) that you can contact. If you are resolved to selling to another NRI, which we recommend, just make clear you need this information to set your pricing, and that you don’t need any extra help selling it.
Another interesting tool you can use, as well, is Makaan.com, or Numbeo. These two are online tools you can use to review prices for specific areas in certain cities of India, while also allowing you to see how prices have fluctuated over a specific period. Taking into account that the results you’ll get are average market prices that can be flawed, these are to be used as tools for consultation and not to make any final decisions.
Last, but not least, keep an eye for the math.
Although calculations are obviously needed, most buyers or sellers often manipulate them on their favor, therefore making necessary that you double-check everything you see. Averaging market prices work in your favor here, as it rules out preliminary calculations.
When the moment of calculations comes, however, it’s when point #1 proves itself right: The market often chooses the prices by itself, regardless of the low prices buyers ask for and the usually incredibly high demands of sellers. Ask people how they do their math for setting up rates, and see if it makes sense for your case. Also, if you want to do a mathematical calculation for your building, take a look at this article, that explains how to consider appraisal.
We encourage you to take advantage of Reobee’s system for pricing your apartment, as well as finding NRI’s close to you, people with whom you can directly make deals. The most straightforward choice is usually the best one!
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Stay tuned for more market insights!