When it comes to selling a home, the first thing that comes to mind is contacting a real estate agent. However, owing to the digital era, you can save a few stages and increase sales faster. Putting your home on the market no longer has to follow the standard ‘property for sale’ procedure. Here’s a simple guide to selling a property online in Nigeria.
Selling a home online can save you more money than you think. For starters, you wouldn’t have to worry about the real estate agent’s commission. However, selling a home using an online platform does not necessarily imply that you will go through the entire procedure for free.
The internet, e-commerce, and social media platforms have changed the face of marketing as technology has advanced. Because you can sell anything online, the processes or sales process have become less onerous.
Can’t wait to start selling real estate online? Take a deep breath and relax. Let us assist you in gathering all of the necessary information before listing your property for sale online.
Benefits of selling your property online
The perception that the only things you can sell online are low-cost items (such as garments) is rapidly changing. Time flies in today’s society, and with the advancement of technology, everyone wants to acquire what they want without concern. They literally want to receive these products with the touch of a button, which makes the internet a great platform to sell your product or market your services.
Having said that, here are some advantages of selling your home online
There are numerous internet channels to choose from.
One advantage of selling a property online is that you have access to a large number of real estate portals where you may advertise your properties. You have the advantage of being able to display your property on as many platforms as possible. PropertyPro.ng and other online property platforms can assist you list your property for free.
See also: Properties For Rent in Lagos
With the development of social media sites such as Facebook, Instagram, LinkedIn, and Twitter, you can simply reach out to potential buyers.
If you are a real estate agent, you can start right away by developing your own website to target your local audience. Those who live in your city or country.
Your property will receive visibility and innovative advertising.
Whether you advertise on a property website, a social media platform, or your own website, your properties will be viewed.
You can use geolocation, images, videos, and other material to attract potential purchasers. According to current studies, videos have a greater impact than photographs. As a result, you can post films of the house, its interiors, and other eye-catching aspects.
Reach more prospective buyer
Property sellers may contact as many potential purchasers as possible by using digital marketing campaigns and other forms of social media advertising.
If your property is listed on a property portal like PropertyPro.ng, buyers will be able to find you easily when they search using relevant information.
You control the sales process
Selling a property online allows you to cut out the middlemen. You are in charge of the entire sales process, from beginning to end.
Sellers have the opportunity to speak directly with prospective purchasers and provide all required information. These real estate and social media tools make it easier for buyers and sellers to communicate.
How to sell a property online
Set a timeline for selling your home
Selling a home is a huge undertaking that can take several months—or much more, depending on local market conditions—from start to completion. So it makes sense to plan ahead and keep organised.
As soon as you decide to sell your home, start looking for real estate agents with the appropriate experience for your case (see Step 2). However, don’t stop there.
Consider scheduling a pre-sale house inspection at least two or three months before you plan to list. This is optional, but it can help you discover any problem areas, particularly if you suspect major difficulties. Allow ample time to schedule any required repairs.
Begin heavy cleaning about a month before marketing your home in preparation for shooting listing photos. To present your property in the best light, keep clutter to a minimum and consider storing unneeded belongings in a storage unit.
Hire an agent who knows the market
The internet makes it simple to research a real estate agent’s professional background, assisting you in selecting the best person to work with.
Look up agents’ web profiles to find out how long they’ve been in the business, how many transactions they’ve closed, and what designations they may have received.
Take note of how and where they market their listings, as well as how professional their listing photographs appear.
Some homeowners may be tempted to avoid paying a commission by selling their house without the assistance of a real estate agent. This is known as “for sale by owner,” or FSBO.
Sellers can save thousands of dollars on such fees, which are often 2.5 percent or 3 percent of the overall transaction price. However, as the seller, you will still be responsible for paying the buyer’s agent’s commission – and an agent works hard to earn their fee.
For example, they can market your home to the widest possible audience and negotiate on your behalf to obtain the best available offers. If you go it alone, you will be responsible for preparing your home for sale, marketing it, analysing buyer offers, and handling all negotiations and closing formalities.
When working with a real estate agent, bear in mind that commissions are frequently negotiable. As a result, you may be able to negotiate a better deal at the closing table.
Determine what to upgrade and what not to
Before investing in pricey renovations, ensure that the modifications you make will provide a significant return on investment. Installing new granite countertops, for example, makes no sense if you just stand to break even—or perhaps lose money.
Furthermore, if inventory levels in your area are low, these renovations may not be essential to selling your property for top Naira.
A qualified real estate agent will understand what people in your neighbourhood anticipate and can advise you on what has to be done and what doesn’t.
In general, kitchen and bathroom improvements yield the best return on investment.
However, low-cost DIY projects can also go a long way: A fresh coat of neutral paint and spruced-up landscaping are both inexpensive ways to make a good first impression.
There is also the option of having a pre-sale house inspection performed. This is optional, but in an older home, it can be a prudent upfront investment. A full inspection report identifying any major faults will cost you a few hundred dollars. This warns you ahead of time about issues that purchasers are likely to notice during their own inspection later in the process.
You may be able to speed up the selling process by completing repairs in parallel with other home-prep work if you are a few steps ahead of the buyer. Then, when you put your house on the market, it should be ready to sell quickly and without drama.
Set a realistic price
Even in competitive markets, purchasers do not want to spend more than necessary, so pricing is critical. Overestimation can backfire, while underestimation might leave money on the table.
Consult comps to price your home correctly from the outset. This data on recently sold houses in your neighbourhood provides you with a sense of what comparable homes in your area are selling for, which can help you decide how much you should properly ask.
Furthermore, numerous price reductions may give buyers the idea that there is something wrong with a home. As a result, it’s preferable to avoid the need for multiple price reductions by pricing your home to appeal to the broadest pool of purchasers from the outset.
List your house with professional photos
Whether you are listing your property on a real estate website, a social media platform, or your own website, professional photographs are required. These images must be able to capture the attention of potential buyers. Don’t forget to photograph the many characteristics of the property.
Take images of all the rooms, the kitchen, the front view, the backyard, the aerial view, and any other features you think are important. Do the same for any other form of property, since without images, purchasers will have no idea what you’re selling.
Videos, they say, are the future of digital marketing; use videos to take your advertising to the next level. Make clear, professional movies of the property you wish to sell, featuring all of the characteristics shown in the photos and more.
The aforementioned steps described above are necessary for listing your property online. Now that you’re ready, your photos and videos are ready to go. The next stage is to get that property online and visible to the public.
Consider online real estate portals such as PropertyPro.ng, where you may list your property and advertise on Facebook, Instagram, Twitter, and other social media platforms.
Remember to make a strong first impression and make your descriptions as precise as possible.
Review and negotiate offers
Once buyers have visited your home, offers should begin to come in. A real estate agent can be your best advocate and go-to source for advice in this situation. If your local market favours sellers, buyers will most likely offer extremely close to, if not above, the asking price. If sales are slow in your area, you may need to be willing to negotiate.
You have three options when you receive an offer: accept it as is, make a counter-offer, or reject the offer. A counteroffer is a reaction to an offer in which you negotiate terms and/or price. Counter-offers should always be made in writing and should provide the buyer with a short deadline (preferably 48 hours or less) to respond.
You can, for example, offer a credit for paint and carpet but insist on maintaining your original asking price. To sweeten the bargain, you could offer to leave specific goods behind.
If you are fortunate enough to receive many offers, you may be tempted to accept the highest proposal. However, consider other features of the deal as well, such as:
- Payment method
- Contingencies in the down payment amount
- Requests for concessions
- Proposed deadline
Keep in mind that if a buyer is reliant on loan finance, the property must be evaluated.
Any difference between the purchase price and appraised value must be made up someplace, or the sale will fall through.
Consider hiring a real estate attorney
Some states require sellers to have a real estate attorney present while closing on a house sale, but many do not. Regardless of your state’s regulations, the cost of protecting such a major financial transaction is worthwhile.
It might cost you a couple thousand bucks, but there’s a lot more money at stake, and it never hurts to have a legal professional sign off on everything.
Furthermore, an attorney may assist in appropriately filling out paperwork, reviewing contracts and documents, identifying potential concerns, and ensuring the sale proceeds as smoothly as possible.
An attorney would also be able to identify title concerns that could stall your sale for weeks or months, or possibly derail it entirely, such as outstanding liens or encumbrances, trust or issues, and encroachments.
Selling your property can be a complex and challenging process, but with the right attitude and a little information, you can make it a lot smoother and more successful. You may boost your chances of selling your home quickly and for a fair price by preparing your home for sale, setting the right price, marketing your property properly, and working with the right professionals.
PropertyPro.ng provides professional assistance in selling your Gurgaon property; we have the required resources and knowledge to help you sell your property swiftly. We’ll make sure your home receives the attention it deserves with our focused marketing, professional photography, and expert guidance. Contact us right now!