The Dubai property market is extremely competitive and, as a result, many successful sales have little to do with luck. There is no shortage of educated, discerning and savvy buyers currently looking for their next home. As such, if you want to get a quick and good sale, then you will need to do more than put a listing on the web; you will need to prepare your property and have a solid plan.
Understand the Current State of the Dubai Market
Prior to painting the walls or hiring a photographer, take some time to research the market. The Dubai property market changes regularly as a result of changes in supply and demand for housing, interest rates, and new development projects. For instance, a villa in Arabian Ranches would typically attract families because of its spacious living areas and storage capacity. On the other hand, a Downtown apartment would be attractive to investors who are looking for rental income and/or a high return on investment.
Research recently sold properties in your neighborhood. Pay particular attention to actual transaction prices (not the “asking” price) and the number of days that each of those properties was listed prior to closing. If several similarly sized two bedroom apartments in your building were sold in 30 days when appropriately priced, that provides a good benchmark for you. An accurate initial price, often times, determines how long it takes to sell your property.
Smart Steps to Increase Your Dubai Property’s Market Appeal
Price Your Property Correctly from the Start
Many sellers in Dubai incorrectly price their properties initially and, therefore, lose significant momentum as the property sits idle for weeks and/or months. Buyers notice listings that have sat idle for extended periods and assume that there is something fundamentally wrong with the property.
Pricing your property realistically, based upon comparable sales, property condition, view, floor number, and any additional upgrades, will help attract serious buyers early and give you leverage to negotiate the strongest offers.
Leave a Good Impression Online
First impressions start online. A good listing with high quality photos and an informative description can greatly increase the number of inquiries. Since Dubai is a very competitive market, professional photographs are not optional. Make sure to include bright, natural lighting and clean staging in all of your photos. Declutter every room and remove any personal items, excessive furniture, and visible wiring before the photo shoot. Clean, neutral spaces allow buyers to envision themselves living in the property. Small upgrades such as painting the walls, polishing the tile floors, and repairing cabinet doors/handles can also positively affect the first impression of your property.
If you are selling a villa, keep in mind the landscaping. Make sure to trim the hedges, clean the outdoor tile flooring, and make the entryway welcoming to visitors. Often times, buyers make a decision regarding how much they like a property within the first few minutes of viewing it.
Complete Any Needed Repairs and Cosmetic Improvements
Visible signs of needed repair and maintenance can hurt your bargaining position. Repair leaky faucets, cracked tile, damaged paint, and broken lighting. Although these may seem insignificant, they can raise doubts in the minds of buyers as to whether or not the property has been properly maintained.
Also, consider inexpensive cosmetic improvements that add perceived value to your property. Examples of this could be replacing old light fixtures, upgrading the bathroom mirror(s), or adding modern door hardware to your property. In addition, clean the grout lines in your tile floors and polish the floors to significantly enhance the presentation of your apartment.
It is not necessary to complete a full renovation to obtain a successful sale. What you need to do is present a property that appears well taken care of and is ready to move into.
Gather All Required Documentation
Documentation in Dubai is critical in expediting the sales process. Collect your title deed, copy of your passport, Emirates ID, and any required NOC documents as soon as possible. Additionally, coordinate with your bank regarding the mortgage payoff procedures.
When you appear to be organized in terms of providing documentation, buyers tend to become more confident in the process. If you can provide the service charge information, maintenance history, and community information immediately, you will reduce delays and build credibility with potential buyers.
Stage the Property to Attract the Right Buyer
Identify the type of person most likely to buy your property. Family villas should feature the spacious living areas and adequate storage. Studio apartments in business districts should highlight the rental yield potential and proximity to commercial centers.
Simple staging techniques can influence the way buyers perceive your property. Arrange the furniture to display the size of the rooms. Use neutral bedding and simple decorations. Open the curtains to let in as much natural light as possible. If the property is vacant, you may want to perform some minimal staging to prevent it from appearing empty/cold.
Market Strategically
Your exposure is directly related to how quickly you will receive offers on your property. While placing your property on prominent realty websites is essential, strategically planning your marketing efforts can make a huge difference. Effective targeted advertising and using well-designed brochures in addition to an effective network of agents will enhance the exposure of your property.
In a well-organized listing description, you want to make sure that the positive aspects of your property’s location, which include such items as proximity to schools, shopping centers, public transportation, etc., are highlighted along with the unique attributes of your property. Investor clients are primarily focused on the potential for rental income, and the potential return on investment (ROI) for a specific piece of real estate; end-user clients are generally focused on how a particular piece of real estate impacts their lifestyle, or enhances their quality of life, and also focuses on the convenience the real estate provides.
Why Professional Guidance Is Important
Using reputable companies, such as Keyspace Realty and Keyspace Dubai, to guide you through the selling process can greatly benefit your experience. Our property advisors have extensive knowledge of the pricing strategies, buyer behaviors, and negotiation techniques used in the Dubai marketplace. We will assist you in analyzing your comparables, advising you on how to present your property, and connecting you with qualified buyers. Furthermore, our collective knowledge of the various neighborhoods, investor preferences, and marketing platforms will enable you to effectively market your property to attract the greatest number of potential buyers and ultimately obtain the fastest and most profitable sale possible.
Be Flexible When Viewing Your Property and Negotiating Offers
Availability is key. If buyers find it difficult to schedule viewings, you risk missing potential offers. When receiving offers on your property, consider each offer carefully. The highest offer is not always the best offer. Take into consideration factors such as the buyer’s financial preparedness, the status of their financing, and their timeline. A lower offer from a motivated buyer who can close quickly may be preferable to a higher offer from a buyer whose financing is uncertain.
Any negotiations you engage in should be conducted in a professional manner and based on data-driven evidence. Utilize comparable sales data and the condition of the property to support your price. Be open to reasonable discussion while maintaining control of your minimum acceptable price.
Create a Sense of Urgency Without Feeling Pressured
There is nothing wrong with creating a sense of urgency around a property that buyers desire. If multiple buyers express interest in your property, communicate this clearly to them. Creating urgency can encourage quicker decisions. That being said, avoid using aggressive or coercive methods to create a sense of urgency.
In order to sell your property in Dubai effectively, you need to prepare yourself, have focus and make wise decisions. To achieve a higher level of interest from potential buyers, you should properly price your property; present it professionally; and strategically market your property. If you utilize the correct strategy, you will be able to sell your property quickly and profitably in one of the world’s fastest growing real estate markets.
Frequently Asked Questions
What is the best time to sell a property in Dubai?
Regardless of the time of year, Dubai is a busy and active market, however, demand tends to peak after the summer months, and during times of strong economic growth. Proper pricing and presentation are far more important than the time of year you choose to sell.
How can I sell my property in Dubai quickly?
Pricing your home properly, repairing any issues that are needed, taking good quality photos of your home, and working with knowledgeable and experienced real estate agents will each help ensure the successful sale of your home. The strategic marketing of your home, as well as giving potential buyers flexibility in scheduling viewing appointments, will be key to the overall success of your home sale.
Do I need to renovate my property before I sell it?
Typically, no, you won’t have to do major renovations to your house to sell it. Instead, focus on making the required repairs, clean your house, and do some low-cost cosmetic work to make your house look its best.
How do I determine the correct asking price for my property?
Look at how much other homes like yours in the same building or area have sold recently for. Consider what’s included in your home (such as the view, the level of your home, etc.) and if you’ve made any additional improvements. Consult with knowledgeable and skilled real estate professionals who have experience with the current market conditions in Dubai.
Will staging my property increase my sale price?
Yes. Staging your property will increase the aesthetic appeal of your property, and allow buyers to form an emotional connection with your property. In order to help attract potential buyers for even the simplest of properties staging is important (i.e., removing clutter), and the use of neutral colors, bedding, etc., will also contribute to how attractive your property is perceived to be by prospective purchasers.
NOTE: Pictures used in the advertisement are for illustration purposes only.
