The Seller's Edge : A Guide to A Successful Property Sale

Properties tend to stay on the market for a few months and this often becomes stressful for sellers as they wonder why their property is not selling or receiving offers. I’ve prepared a 10 step process for sellers to understand the process of selling their property and the importances of using a successful real estate agency.

Step 1. Hire a trusted realtor.

The first step to selling your property is to hire the right real estate agent partnered with a well reputed agency. An experienced and specialized realtor understand the market trends in your community and can provide valuable insights to help you successfully sell your property. An area specialist will have the right agent network and often the clientele to offer your property. Moreover, having a well reputed real estate firm representing your property displays trust and confidence for buyer to proceed to a successful transaction taking place.

Step 2. Conduct a property valuation.

The next step is to get an accurate property valuation from your agent. This will help you to set a competitive price that attracts potential buyers whilst ensuring that you maximize your return on investment.The agent should complete the property valuation in person to accurately assess the condition and key selling points of the property as well as backing up their valuation with real market data of recently sold property.

Step 3. List your property.

A secret doesn’t sell itself, listing your property is extremely crucial if you are serious about selling your property. Listings create exposure, its a pre-screening process, and serious buyers that are interested click on the listing to schedule a viewing. Agents often have investors and buyers in their network, but it doesn’t mean that these clients are interested in your property. Nonetheless, listings help attract serious buyers that might most likely buy your property.

Step 4. Marketing your property.

Marketing your home right is very crucial in order to get a sale. Roughly 70% of homes sell in their first 4 weeks of coming onto the market. Professional photos and descriptions in listings that are made premium and featured on all available portals will secure to get the widest audience possible. We also generate leads from social media and email campaigns with extended smart reach. This leaves no stone unturned in promoting your property to its fullest extent. Having the right agent who has access and understands the dynamics of the different marketing channels is key. Many online marketing portals have premium paid tools to help boost exposure and get more eyeballs on the ads.

Step 5. Showcasing and Viewings.

After successfully marketing and listing the property, your property consultant will receive inquires from interested buyers that are interested in scheduling viewings. If you have hired an area specialist, your broker will not only show the property, but will be able to offer information and answer necessary questions that are important to the client’s purchasing decision. Giving your agent easy & unrestricted access will only make the viewing process easy and seamless giving the clients a better experience.

Step 6. Accept an Offer

Once there is a serious buyer, both partied need to agree on the price and terms through negotiations conducted by the realtor. This is where a professional agent will guide the buyer and seller to agree to a price based on the facts and statistical trends in the community. Once the price is agreed, the buyer will place a 10% security deposit cheque (to be held by the real estate agency) to book the property, followed by both parties required to sign a ‘Memorandum of Understanding’ (MOU, also known as the Form F). This contract is electronically generated and signed online by SMS and OTP.

Step 7. What if you are a mortgage seller?

The buyer will be required to settle the seller’s mortgage prior to the NOC being issued. This will require the bank’s involvement. To save time with this step, we recommend starting the process with your bank or lender the day you sign an MOU. They will issue a liability letter upon request. This can take up to 2 weeks with certain banks. If the buyer paying cash, there is a process to block the property at the Dubai Land Department Trustee office in order to protect the buyer clearing the seller mortgage. If the buyer is planning to obtain finance, the buyer’s bank will coordinate directly with the seller’s bank to facilitate the process smoothly.

Step 8. Applying for an NOC

Once all the documents are in place, the seller is obligated to clear any outstanding and pending fees (service charges & other payments applicable) need to be settled in full. All the parties will be required to then meet at the developers office, sharing all the documents, contracts and buyer details to apply for the NOC. Once the developers obligations are met, the NOC will be issued against a payment fee that varies based on the developer and is paid by the seller.

Step 9. Transferring of Ownership

Once the NOC is granted, all the parties will be required to go to the Dubai Land Department office to officially transfer the ownership. At this stage, the DLD will require the payment of the purchase price in the form of a managers’ cheque payable to the seller, along with the 4% transfer fee to the DLD, a trustee fee, and the agency fees (paid by the buyer and seller). Once these formalities are completed, a new title deed will be issued in the name of the buyer.

For a more detailed understanding of the process of selling a property in Dubai or understanding the market trends to price the property correctly, contact me and I will be happy to schedule a call and share insights about the Dubai Real Estate Market.