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Best Practices to Sell Property in Dubai at the Right Price

  • 53 years ago
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How To Sell Property In Dubai

Is it the first time you want to sell property in Dubai? Or maybe you want the best price for your property? If that’s the case, this article will address your concerns and make the selling process smooth and easy for you.

Further, it will help to walk you through the essential requirements to sell your property in less time without any complications.

What is the Process to Sell Property in Dubai?

1. Comparative Market Analysis

Selling your home or property is a big decision, and one should handle it carefully. Before selling, one should do a market valuation or CMA. For this purpose, a local property advisor will help you to guide well about the market value of your property.

For instance, if you give your property for rent. In this case, send a notice to the tenant before 12 months of selling the property. Or you can make a contract with your tenant on favorable terms. The property evaluation will also help you to set a realistic price for your property.

2. Keep the Selling Process Stress-Free

Finding the right agent makes your selling process easy and reduces complications. But choosing the right one is a job. Dubai’s real estate market is full of unscrupulous and lying agents.

Therefore, learning how to find the best one to sell real estate in Dubai is critical. Following tips may help you get the best for you.

●      Watch Out for RERA Certified Agent

Please ensure the agent you choose is RERA certified, as it would prevent you from different scams. It’s crucial to look for the key characteristics of your agent to hire. The qualities can be honesty and competency. It’s essential to go for the agent who has both qualities, not only the one.

●      Have Patience

When choosing the agent, patience is essential; don’t settle for the first agent you meet. Give the 4 to 6 agents a chance, depending on your capacity.

●      Choose a Reliable And Reputed Agent

Go for the agent who is reliable, reputed, and the person with the best marketing package. It would help you provide a guide for selling your property in Dubai. Further, it can help to get the best price for your property to stand out in the competitive market.

3. Give Your Property a Big Exposure

Finding a broker with an active brokerage network will give significant exposure to your property and help you in a marketing campaign. Professional photographs and online marketing would get your property on the front foot to sell.

●      Importance of Listing the property with One Agent Contact

There can be the possibility that you are in a hurry to sell property in Dubai. Therefore, you find it suitable to list your property with multiple broker contacts. But this may ruin your deal.

It’s necessary to list the property with only one broker contact. Hiring many brokers to sell the property can send the wrong message to the market.

Choosing one broker contact for an exclusive listing can make the broker more secure and confident. He will invest more time and money into your property’s marketing.

●      Market Your Property With Enticing Photos

Listing your property with inviting and unique selling points is crucial. You can ask your broker to highlight the specific finishes and home upgrades to entice the buyer. Further, getting the best HD and 3D photos for your property to attract buyers is critical.

It will help you get fruitful results in the end. After listing your property, you can view your property on property portals and the broker’s website.

●      Documentation for Property Marketing

It’s an essential step for registered property owners to sign a RERA certification form. Signing form A would permit you to market your property. For the selling purpose, your agent can ask you for a copy of your ID card and a copy of your property dead.

●      Stay Updated About Different Marketing Strategies

The broker should update you about every view on the listing and weekly marketing strategies. It would get your marketing property in the best way.

What to Do When You Get the Buyer for Your Property?

Once you find a potential buyer for the property, here are a couple of things you should take care of:

The sales contract between the property buyer and the seller is crucial to proceed with the selling process. The reason this sale contract includes the terms on which both the parties should agree like:

  • Property price
  • Property details
  • Name of both the parties
  • The transfer date and details
  • Cost of transferring the property
  • Other details of the sales contract

Signing The Sales Contract

Signing the form F ensures a legal contract between the parties with the broker or agent as a witness. Therefore, take some time to read all the contract details carefully.

Also, evaluate the accuracy of the details mentioned there. After signing the sales contract, the buyer needs to make the down payment as an incentive to purchase.

4. Requirement Of No Objection Certificate

No objection certificate is crucial if you want to sell real estate in Emirates. The property selling process in Dubai never gets completed with a property developer’s NOC.

The Dubai Land Department demands a NOC as it declares that the property developer has no debts. Therefore, they have no objection to the sale.

●      NOC Charges

The NOC chargers vary depending on different developers. The average cost of charges lies between AED 500 to AED 4000. These charges usually count in the cost of property selling.

●      Time Required for NOC

The time required for NOC is around 3 to 7 working days.

●      Required Documents for NOC

The documentation for NOC includes the title deed and your Emirates id card copy. If you don’t have an id card in the Emirates, you can provide your passport with a valid residence visa and a copy of the sales contract form F.

5. A Trip To Dubai Land Department Office

The ownership transfer is the last procedure you require for selling a property. For this purpose, the buyers, sellers, and agents must visit the DLD office.

Here, the buyer will pay the remaining amount to the seller. The seller will also pay the transfer cost to the DLD. Afterward, a new title deed will be issued in the buyer’s name.

●      Required Papers for Ownership Transfer

The following documents could help to smoothen the process of ownership transfer.

  • Form F as proof of sales contract
  • Copy of title deed
  • No Objection Certificate
  • A cheque to the seller
  • A cheque to the Dubai Land Department (property transfer fee)
  • Valid passport, residency visa, and Emirates ID card of both parties.

Best Bits of Advice on Seller’s Expectations from the Agent

Here you will find the best advice for the sellers in Dubai to make effective deals in less time. Following pieces of advice will not only get you the right price for your property but help you get your deal without wasting much time.

Get the Right Mindset

Being the seller, coming up with the right mindset will make the process easy and help you set your expectations close to reality. Here, you must appoint one agent or broker for the selling job and tell him what you expect as a seller.

Your mindset should allow you to expect the best price determined by the market value. Also, the agent you hire must get the selling process stress-free, fraud-free, and risk-free for you.

What Should You Need to Expect from the Agent or the Broker?

●      Get You the Right Price, Not the High Price

The main job of hiring an agent is to get you the right price for your property. Here, the right price doesn’t mean a high price. Now, what would you call as right or the best price? The right price is determined by the genuine market value of a property.

The price that you would expect as a buyer. This kind of pricing often sets a win-win situation for both seller and buyer. It’s what you can call the best price.

If you demand a high price from your agent to sell the property, it won’t work. Therefore, expect the best price for the property from your agent, not the higher one.

●      Manage the Process Like Clockwork

The agent’s work is to take care of the selling process like a pro. Being the seller, invest in finding and hiring a responsible broker or agent for selling your property—the person who handles everything from paperwork to transactions without misleading you and the buyer.

Further, an agent must lead the process from point a to point z, leaving you in a stress-free situation. In the end, you get your money in your pocket and hand the keys and house to the buyer.

Make sure you hold your agent accountable for these two main points, as these can be a guide for selling your property in Dubai.

Additional Tricks to Sell Real Estate in Dubai in the Least Time

Urgently selling a home can be a challenging task sometimes. But following easy-to-apply tricks can help speed up the process:

  • Enhance the features of your property from a viewer’s point of view. Investing time in cleaning and repairing your home will make it more presentable and attractive.
  • Property staging would help list your property better. It makes your home more welcoming and helps modernize the property through exotic finishes. It’s a special tip for enticing the buyer.
  • Professional real estate photography will make the first impression of your property long-lasting. The smartly edited photos will help to convince potential buyers about the luxury of living on the property.
  • A trusted broker option will save time from the processing of selling and make a desirable deal for you.

Wrapping Up

If you opt to sell property in Dubai in the best possible way, these suggestions will lead you towards an easy process. Further, taking help from a local real estate advisor or agent will take the stress off your back. Completing the documentation in the required steps is essential to unwind the deal more legitly.

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