If you’re planning to sell property in Dubai for the first time and are puzzled about finding the right buyer and getting the best deal for your property. Well, there is no need to worry because this guide will help you understand all the basics and knowledge to sell property in Dubai.
Follow These Steps Before Putting Your Property On Sale
Initiating the process of selling property may be confusing especially if you’re selling for the first time. You must have proper knowledge of the property market. Here are a few selling tips you must follow.
Get an Accurate Value of Your Property
Once you have made up your mind to sell the property, the next thing to do is invite two to three good real estate agents who will value your property. This meeting should always be in person so the agent can assess your property condition and location, and if any upgrades to the property are required. The agent you choose should be experienced working within your community and have evidence of selling similar properties. Let’s explore how to choose the right agent.
Choosing The Right Agent
During the visit of agents, ask about the sales strategies they will apply to get the best price for your property. Before setting the deal with real estate agents you need to make sure that they are trustable and you can compare their abilities by checking their evidence of selling and online presence. In Dubai, there are RERA-approved real estate agents that follow real estate principles set by the Dubai Land Department (DLD). You must select the agents that follow the principles legally. You can identify a RERA-approved agent by checking their RERA card.
Signing FORM A
After choosing the right agent for your property, you have to sign an agreement with them. To sell property in Dubai you will get FORM A – one of the RERA forms that mandate the marketing and brokering of your property to the agent. This form contains information about your property details, agent commission, payment schedules, listing details, and service charges. After the FROM A is signed, it is submitted to the DLD’s Tarkheesi system for approval and you’ll get a permit number after approval so you can start property advertisement.
Staging Your Property For Sale
It is a fact that buyers visit lots of properties until they find the perfect one and then commit to a purchase. This means that it’s crucial to ensure that your property stands out from the competition. For that, you need to prepare your property for sale according to the market trends. This can be done very easily just by making a few changes without spending too much money. If it is a vacant property, make sure it has been deep cleaned and freshly painted before advertising and marketing. If the property is not vacant, make sure it is tidy and smells fresh.
Prepare Your Documents
This is an important step because without complete documents you cannot sell property in Dubai and for that, you need to speak with your chosen agent to confirm what documents you will require and keep all the documents ready to quickly process your selling. These documents will help in completing the transaction to sell your property if they are not in place, you can face long delays. You need to have the correct NOCs (no objection certificates) in place from the relevant authorities. So, make sure you have all the original documents, a copy will not suffice.
Set a Marketing and Pricing Strategy
The whole process of selling the property must be done correctly. Your agent must be aware of the amount that similar properties have sold for recently, and the listing price of your property must be at that price or a maximum of 5% higher. You should review and negotiate with the agent for the pricing strategy. Moreover, the agent should have a ready bank of potential buyers so, they should all be invited to the pre-launch open house visit.
Advertising Your Property Properly
You cannot sell property in Dubai or anywhere else without advertising. Advertising lets people know about the house and attracts potential buyers. It is your agent who will take care of putting your property on online listing portals or advertising in local newspapers or social media etc. The most important segment of marketing or advertising is its presentation. This is the reason why “Property Staging” is necessary. Staging ensures that your property will look good in photographs, videos, and 3D imagery used in advertising.
Viewings Of Your Property
Real estate agents companies work hard to sell property in Dubai. Viewing is the stage where potential buyers come to check and visit the house and these viewing are carried out by agents. They often carry out viewings early in the morning, late evening, and over the weekend. It is important to provide ease to the interested buyers in viewing the property which is why the property should be presentable, clean, and tidy every time.
Once You Find The Buyer
It is possible to find a buyer immediately or it might take a while. When you do, certain things need to be taken care of before handling the ownership and completing the transaction.
Signing FORM F
FORM F, also known as the Memorandum of Understanding (MOU), is the sales agreement between the buyer and seller of the property. It contains all the terms and conditions agreed upon by both parties. It contains details like; price, property details, selling cost, names of both parties, transfer date, and other final details of the transaction. Moreover, a dated and signed FORM F is a legally binding document of both parties, with the agents as a witness.
Takeaways
All of the information above carries the key steps and complete guide to selling property in Dubai that will help to put you in a position to secure the best price even when aiming to achieve the sale quickly. If you happen to find yourself in a position of emergency where you need to sell your property on a shorter notice period, even when the market is tough, there are always going to be cash investors looking for good investments. Moreover, if you hire a leading real estate agency like Prescott, you will sell your property within a shorter window of time.
