What If You Fail To Sell Your Property For Long?
Many of you would have put your money in real estate purely from an investment point of view. When you saw the time was ripe to make a killing, and put your property in the market for sale. For some reason beyond your understanding, you have not been able to get the right buyer so far. Some of them are unwilling to pay the price acceptable to you, others are just inquiring and site visiting. You have been keeping busy amid all this, but, you do realise that it has been over eight months since you listed your property for sale.
Let us first look at what this means for a seller.
On an average, a good property will be sold in a matter of months not exceeding six. In case your listing is older than that, it may cause doubts in the mind of those buyers who check out the listing. Even if their doubts are ill-founded, these have the potential to spoil your chances as a seller.
Since a seller must also invest a great deal of time when he puts his property up for sale, you will have to make personal sacrifices in case you are not able to sell the asset quickly. Every time a prospective buyer calls, you have to give him your complete attention. Every time someone comes site-visiting, you have to dress up your property for the occasion, apart from the fact that you have to be personally present. If such a process stretches too long, it would give the seller sleepless nights.
Doubtlessly, you will also incur monetary loss if you are not able to sell fast. Suppose, you expect to earn Rs 50 lakh from this purchase. Of this amount, you plan to deposit Rs 20 lakh as fixed deposits. A six-month delay in implementation of this plans means loss of six-months' interest on this big amount.
What to do now?
*You may want to re-consider the price tag. Are similar properties in that location coming cheaper? If yes, you may have to reduce the price. This is not to suggest that you allow yourself losses of any kind.
*It may not be easy to sell in a slow-moving market. Once things are back to normal again, you could come back with the listing.
*May be you need to change the broker. Find yourself a better service provider who has a better selling record. Also, do not depend on only one person to accomplish the task.
*You may consider having a look at your own approach. The market is full of properties, and nobody has any patience for an unduly proud seller.
*Let people in your social circle know – friends, neighbours and colleagues – that you are selling your property. They could be really helpful.
*You do know that money begets money. Some improvements in the property may do the trick.