Allsopp and Allsopp have seen a record number of inquiries from buyers in the first few weeks of 2021 and a number of sellers looking to put their homes on the market. Lewis Allsopp, CEO of Allsopp & Allsopp explains the steps to take if you are looking to sell your property in Dubai.
Step 1 – Find a reliable broker
It is paramount for you to find an agent who you can trust and with whom to build, not only a professional but friendly relationship. It is so important that you feel you can have an open and honest conversation with your agent.
They will share advice and insight into the Dubai property market and the area you are selling in and will provide you with market appraisals and show you the prices of properties that have recently sold within your area.
Step 2 – Do your own due diligence
In your mind, you already have a price you are willing to sell at but is this achievable and realistic in the Dubai property market? Jump on property portals and have a real good look around to compare your property to those that have sold in your area. Perhaps it would be helpful to look at similar properties in other areas and see what buyers can get for the sale price you have in mind for your own property. Your agent will send you market price indexes on a monthly basis, so you are aware of what is selling in your area and for what price.
Step 3 – Consider going exclusive
Exclusivity with one broker ensures your property is marketed with one message and in one specific way. This will avoid the potential of a multitude of differing adverts of your property, some of which can even display a different asking price than you had agreed with your broker.
Step 4 – Marketing
It is so important to declutter your home before the selling process begins. Your property will be professionally photographed, and you want this to be as clean and attractive as possible. If there are any snagging jobs to be done, we will advise that you complete these before we market your property.
The agency you choose should put a lot of time and money into the marketing of your property. We can take professional pictures, do 3D tours and virtual tours which may be boosted on their social media channels.
Again, make sure your property is in the best condition before a potential buyer comes to view. We advise you to share property highlights with your broker. Tell them what it is that you love about the home! Perhaps it’s the sunset view from the balcony or the sunrise over your garden whilst you’re drinking your morning coffee. Our brokers can relay this message to potential buyers and point out aspects that are not obvious to the naked eye but could be a swaying point for a buyer.
Step 5 – Sign the Memorandum of Understanding (MOU)
An MOU is the first stage in the formation of a formal contract. It is a nonbinding agreement between the seller and buyer outlining the terms and details of an understanding, including each parties’ requirements and responsibilities. Your broker will run through this with you to ensure you are happy to go ahead before moving onto the transfer stage of the sale and make you aware of your requirements and responsibilities.
Step 6 – Sale Progression
The agency you choose may have an in-house sales progression team who will be with you every step of the way to ease you through the sale process and make it as seamless as possible from the No Objections Certificate (NOC) from the developer right through to the transfer. They will coordinate between you as a seller, the buyer, the developer and the banks involved. A sales progressor will make sure all of your documents are in order before beginning the process in order to avoid delays.