Selling A Home: These Are The Biggest Mistakes

A private home sale is a complex and usually lengthy process in which you as a seller can quickly make mistakes. In this guide we will introduce you to the process of selling a house. We explain the most common mistakes when selling a home and give you important tips to avoid these mistakes.

How does a private house sale work?

A private house sale consists of four process phases, preparation, marketing, processing and handover.

Phase 1- Preparation

The first phase is the preparation phase. In this phase you should determine the value of your property and set the offer price. In addition, you should compile or apply for all important documents for the house sale.

If necessary, you should also prepare your house for sale, i.e. make cosmetic repairs and remove personal items so that they do not interfere with the photos for the exposé and during the viewing appointments.

Phase 2- Marketing

After preparation comes the marketing phase. In this phase, you should define your marketing strategy based on your target buyer group, create an exposé and advertisements, as well as make viewing appointments.

Phase 3- Processing

Once you have found a buyer, the processing phase begins with sales negotiations. Here you should check the creditworthiness of the buyer before drawing up the purchase contract with the notary.

Phase 4- Handover

In the final phase there is an appointment with the notary and the contract is signed. After the buyer has paid the purchase price for your house, the notary will make the entry in the land register. The sale of the house is complete when the keys are handed over.

1st mistake: The wrong time

Preparing for a house sale is just as important as the house sale itself. And that includes carefully considering when you want to sell your house. The time of sale can be decisive in determining what sales price you can achieve for your property.

In order to get the optimal price for your property, it is essential that you observe the property prices in your area in advance when you sell your home in order to identify possible trends in price developments.

You should also keep an eye on the development of interest rates. This is the only way to ensure that you can find a buyer for your home and sell the property at the best price.

2nd mistake: The real estate market value is unknown

When you sell your property, it is relevant to know the current market value of your house or apartment. As an owner, you may still remember the price you once paid for your home.

You are also likely to have the costs for any repairs, renovations and improvements. But if you have owned a property for a long time, it is not unlikely that the current market value will deviate significantly from the purchase price originally paid.

Generally speaking, property prices are determined by supply and demand. The value of a property also depends on other factors such as the location, equipment and condition. In the property valuation, it is important the correct valuation method to use for your type of property.

To ensure that the valuation is carried out correctly, you should hire an expert to assess your home. Thanks to the valuation, the real estate expert can determine an appropriate sales price for your property.

What Makes the Real Estate Consultants Indispensible?

Property Dealer in India

Investing in real estate might look rosy and simple – there is hardly any doubt about it. In fact, real estate is a fast growing business and a magnificent source of employment. You will find real estate firms hiring various types of professionals to run their business. They include brokers, inspectors, lawyers, and other professionals. However, running real estate business and investing in properties is not as easy as it looks apparently. On the contrary, there is a fair amount of risk associated with real estate investment. One wrong step may invite utter disaster. That is why, if you are planning a real estate business, you need to hire a real estate consulting firm as well, which will guide you in your endeavor to prosper.

What Difference Does A Real Estate Consultant Make?

Are you looking forward to purchasing a fully furnished office space in Delhi? Have you planned to put your old godown for sale in Noida? Either way, a real estate consultant will use all its experience and assist you in the process. Be it purchasing, investing or selling real estate properties there are a plethora of issues to deal with. All these three areas of real estate business have their own technicalities and issues to tackle and a quality real estate consultant would coordinate everything in a seamless manner using all their experience and expertise.

Whom do you Rely on the get that Difference?

 

There isn’t any dearth of real estate consultants in India and Delhi is no exception. In a crowded pool of too many names, you need to pick up one of the bests, if not the best one. In order to do so, you need to opt for the ones that are truly experienced and have been in the business for long, and the ones that are enough seasoned to provide you all the guidance you need. The name you vouch for, has to have a healthy pool of reference or contacts and should be competent enough to help you in considerable savings by the virtue of these contacts.

You need to take into consideration the location of the consultant as well. For instance, if you are looking to purchase an office space in Connaught Place, you cannot look for a consultant from Pune. Rules and every aspect changes from place to place in real estate business and you need to be specific when it comes to choosing a quality consultant.

The Issue of Discount

One major setback that you have to face when you move all by yourself, you seldom can save. That’s where the presence of a quality would come in handy. Quality real estate consultants come up with schemes that help you earn discounts on purchases, and that leads you to considerable savings.

When you accumulate this, with all the guarantee and safety assurance that these companies provide you on a property along with all the assistance they provide, the contribution of these companies indeed turns to be enormous, thus proving their indispensability in the realm of real estate business.

Therefore, the bottom line is that but for these real estate consultants, you simply cannot excel in real estate business.

Some Qualities That Make A Successful Real Estate Consultant

Being a successful real estate consultant is not a matter of joke. It needs a great deal of expertise along with some added qualities to be a successful real estate consultant anywhere in the world. Here are some qualities that make a successful real estate consultant.

They Correspond

This is the first and foremost quality of a good real estate consultant. When it comes to purchasing an office space in India, regardless of the location, it is, to say the least, a Himalayan task, full of stress and uncertainty involving a lot of paperwork, paraphernalia involving the infamous red tape and other associated doldrums. Hence, while going through this entire complicated process, it is important that the investor and the consultant constantly be in touch with each other to avert any issue. There should be a constant correspondence between the two parties. An able and truly professional consultant will maintain a constant correspondence with its clients to keep at bay any confusion whatsoever.

They are Proactive

A quality real estate consultant needs to be proactive in order to excel in their forte. In other words, they have to bring out, out of the box ideas to make things happen, rather than waiting for things to happen. They need to be initiative in closing deals and that also in favor with their clients and constantly generating new leads for their customers, getting in touch with the potential sellers and buyers, fixing meetings and communicating with their clients an intimating them about the newer prospects.

They Listen

Someone who is looking to purchase an office space in Noida must have got something up his sleeves. He must have some futures plans related to his investment. Hence, the agents need to be an attentive listener, who would pay heed to every minute details that their customers disclose regarding their objective and keep them in mind while looking for properties. People are generally wary o the consultants who talk too much and listen less. They should also keep in mind the customized requests (if any) from their clients, as this will help them in value addition to their service, which the clients expect from them.

They are Client Centric

Whatever a quality real estate consultant does, that is entirely client-centric. Their first and foremost priority is clients and their preference. Their every move is for the benefit of their customers and they put themselves in the shoes of their clients and empathize with them, to make sure the clients get exactly what they need.

They are Flexible

Every quality real estate agent has a business policy and that’s quite obvious. However, that does not mean they need to be stubborn so much so that the clients do not feel at ease working with them and they have to shift to another service provider.

A quality real estate consultant needs to be flexible enough to adapt to the customized needs of their clients and act accordingly. This may include going some extra miles to satisfy their clients or providing some extra favor to a client, it that makes a considerable positive difference from the clients’ perspective.

These minor adjustments and value additions go a long way in boosting clients’ confidence, opening the door of mutual advantage and a successful business venture, creating a win-win situation for both the sides.

Real Estate Consulting – A New Trend of Income Generation

Real Estate Consultant

Real Estate consulting is indeed one of the most lucrative businesses that act as a major source of income generation.

The most interesting aspect is that at the first glance, real estate consulting might appear to be at odds with the commission-based model, upon which the business is based. However, the truth is that real estate consulting can be of great help when it comes to converting more and more leads to full commissions. Let us discuss the concept in details.

The Concept in Details

Primarily, it is essential to take note of the fact that just like regular commissions, consulting does not involve any fixed rate. Consulting fees and commissions are always negotiable and depend upon the extent of service provided and the type of service provided. For instance, commission involving the sale of an IT office space in Noida will surely be much higher than renting an office space in Connaught Place. Therefore, for each client and each opportunity, the consultants have to be determined the best fitting or suitable commission for the business.

How it Works

In order to ascertain how things in real estate consulting works, it is essential to establish a distinction between the normal model commission sale and consulting. As per the experts, a salesperson just ‘tells ‘n sales’ goods and services, whereas a real estate consultant is the one who actually ‘guides but does not decide’. As per this theory, the consumers at the time of investing like to have someone at their side, who will act on behalf them, though stop short of taking the final decision, bestowing that responsibility to the consumers. In fact, they like to hire these professionals to represent as well as safeguard their interests.

The New Online Trend and its Effect

 The modern generation prefers to conduct all the research and gather information online or through referral systems. This has made a better and more professional approach of the real estate consultants. They have to play that role of that trusted referral or resource, which is good enough to provide clients with all the information that they require so that it is possible for them to take the best decision in connection to their investment.

A certain pool of experts is of the opinion that these consultants provide way too much service to their customers, without being paid appropriately and accordingly. However, this is not correct, as there is nothing called ‘free service’ in the world of real estate consultancy.  More so, after the advent of online business, the customers pay for whatever service they take from these consultants.

There has been a new trend in the realm of real estate consulting, which vouches for an hourly rate, as this is the best way to gauge the worth of a professional. There are state-of-the-art time-tracking apps that these consultants use and they charge their customers strictly based on the hour of service they provide.

Hence, as things stand now at present, real estate consulting has indeed newer and more lucrative avenues of negotiating on the behalf of investors and freeing deadlocks and troubleshooting issues against fees. Thus, this profession is perceived as a very attractive source of income generation.

How to work with a real estate consultant in Delhi/NCR?

Office Space in Delhi NCR

When it comes to working with the real estate consultants, a specific method needs to be followed. This is needed for mutual benefit and to make sure there is a win-win situation for both the parties. Let us discuss some of the methods that apply while working with these consultants. Though the rules might chance subject to situations, the crux remains all the more same.

Enter into an agreement

First of all, you need to enter into an agreement with the consultant. This agreement should clearly explain the respective responsibilities duties in black and white and should distinctively define the relationship between the parties involved. This type of agreement also negates the scope of any subsequent misunderstanding or probability of overlapping into each other area of expertise.

Let there be transparency

You need your real estate consultant to know what you expect of him. This will help you avoid misunderstanding subsequently. For instance, if you are looking forward to purchasing an IT office space in Delhi, you should expect your consultant to drive you all around the city to all the showings. Disclose hat to your consultant openly. If you have any reservation regarding any area due to security issues, let that be known to your consultant.

Again, if you are trying to sell off your office space in Sector 44 Gurgaon, you might not want the realtors or people come down to your office to communicate with you. In this case, again, your consultant should play the part of the mediator and arrange for meetings appropriately. You need to be realistic about your goals and it’s the duty of your consultant to advise you on that. The idea is to have a mutual respect and crystal clear transparency between the two parties.

Understand the contracts in details before signing

In case you are entering an agreement with the real estate consultant, you need to understand every bit of that clearly before you put down your signature. In case you are not clear about any clause or you do not understand any aspect of the agreement, do not hesitate to ask the consultant. It’s their duty to explain things to you in details. Again, you need to keep in mind that these consultants are not lawyers and hence do not have the expertise to interpret the legal affairs. Hence, if you have any simplest doubt, get in touch with our lawyer and clear things out before entering any contract.

Make sure your objective is met

Be it a getting rid of an office space in Noida selling off a parking space somewhere in Delhi, you need to make sure that consultant you work with, is after all, able to help you out in meeting your objective and make a sure profit. Remember, whatever you do its profit that determines your success and failure.

So, from a pool of a number of real estate consultants, you have to pick the one up that will stand up at your side and will assist you to in every aspect when it comes to acquiring a real estate property or disposing of one.

How to Select a Quality Real Estate Consultant?

Business Centre in Noida

When it comes to selling or purchasing a real estate property, an accurate property evaluation is an absolute imperative. This is particularly important for challenging the cutthroat competition that prevails in the real estate market. A proper appraisal of real estate property helps in realizing the market value of a property be it in the midst of the proper business center in Noida or in the outskirts of Ghaziabad. However, for that one would need a quality real estate appraiser or consultant.

Real Estate Consultants are actually agents who are specialized in finding out an accurate market value of a particular property, particularly in this era of a harsh competition. There are a number of real estate consultants available in the market and this at times poses a trouble for people. Availability of too many options leave them virtually perplexed and opting for the best one from them is frankly speaking, not an easy job. Let us discuss some tried and tested methods of choosing the right real estate consultant from a crowd of a lot.

Accreditation and License

Prior to hiring a real estate consultant, it is important to check the company’s license and find if the consultant in question has the authority to run the business. In case the property in question is in another state, it is important to check if the company has the authority to run business in that state or location. This not only helps in hiring the evaluator, who is licensed to carry out the appraisal process in that state where the property is located.

Educational Background and Training

Before appointing a real estate consultant, their educational background needs to be checked. Besides, one should also check if the consultant has the required training, which an appraiser must undergo for satisfying the requirements of the state where the property in question is located. Quality and eminent consultants possess those professional designations, which are issued by the respective states in the form of certificates. These certificates are a proof of the commitment of the consultant to standard ethics needed for carrying out business.

To earn these certifications and designations, the consultants need to have specific educational backgrounds and experience, which are subject to specific states and areas. Hence, it is necessary to conduct a thorough research on this subject, before hiring a consultant.

Service Area of the consultant

One has to make sure that the consultant in question has specialized in the area where the property is located. For instance, when it comes to purchasing an office space in Nehru Place, a consultant who is accustomed to the area and has enough experience of handling properties in and around that area should come in handy. Someone who has more experience of working in Faridabad or Huda City will not come in handy.

The Experience

Last but not the least the experience of the consultant needs to be taken into account. The job of a consultant is not that easy. Frankly speaking, it takes years of experience, to gain a proper exposure and a hold on the market, and be an able consultant to be in a position to guide customers on a subject as dicey as real estate.

Efficacy of Real Estate Consulting As a Promising Business Model

Rented Property in Gurgaon

Before we start an in-depth discussion about the efficacy of the practice of real estate consulating as a potential business model, let us at first mention that along with a wide range of specialized service, these real estate consultants offer:

  • A-la-carte services to the purchasers and sells on the basis of hourly service
  • Packaged services with pre-priced bundles that are solely based on the requirements of the consumers
  • A wide range of ancillary services like help in solving disputes over property tax, marketing valuations for insurance and a wised range of related services

Efficacy of a Consumer

Now let us come to the issue of evaluating the efficacy of a consumer, which is also an extremely important factor to consider before we discuss the worth of a real estate consultant. Ideally, a consumer gains a fair amount of flexibility when it comes to choosing the services they need from the consultants.

Sometimes, the seller or buyer of an office space in DLF cyber city-Gurgaon is confident about taking up the challenge of completing some of the tasks that are associated with the business deal. This may include negotiating the contract and even deciding upon the final price. In these cases, these consumers have the leverage of paying the consultants only for those services that they are taking from them, instead of a package as a whole.

This helps the seller or buyer of say, a godown for sale in India in a considerable amount of savings. Besides, this also means that the sellers can get a lower listing commission expenses, while the buyers can enjoy credits or rebates if they have made payments for the services that are rendered up for closing.

This is one way reduces the responsibility of the consultant and shrinks the efficacy channel to a considerable extent. Hence, you see the efficacy of a consultant is also dependent on the efficacy of the consumer and vice versa.

Efficacy of a Real Estate Consultant

Quality real estate consultants never market themselves offering services like CMA or comparative market analysis, driving the buyers around in various parts of Delhi or NCR for viewing and deciding upon properties, and the likes. Instead, they provide specialized real estate consultations, which open up newer revenue streams like helping the property owners’ dispute over the valuation of property tax, evaluate the properties for sale as FSBO or ‘For Sale by owner’, or assisting in closing an FSBO, once a buyer has been finalized.

Other Areas Where Real Estate Consultants Make a Difference

These consultants also come in handy while working with the investors. Investors are actually buyers or sellers, who would look to opt for any method that will help them, save on transactions and increase their ROI in short as well as long-term. These consults provide them the easiest routes to savings and make sure that they invest on something that is going to fetch them profit either in the short run or in the long run and that also in a more or less hassle free way.