Bayut Academy: Tips for success in a buyer’s market
The UAE real estate market is currently booming with property handovers and is experiencing ‘Buyer’s Market’. Simply put, the supply exceeds demand and as a result, prices for properties tend to drop, with an exception of unique properties or properties that have had desirable upgrades. Inherent in a buyer’s market is increased levels of competition, so having a solid strategy in place when trying to sell a house in the UAE is paramount. Here are a few tips that any real estate agent can use to quickly sell a house in the UAE.
10 Tips for real estate agents To Quickly Sell A House In The UAE
1. Stage your properties.
Gone are the days that properties in the UAE sell in a day or two. So if you want to sell a house in the UAE, you will need to make it stand out and this can be done by staging your property to make it more desirable. This can help out a lot, especially if the property is empty. Bringing in some neutral furniture and artwork into an empty house is a great way to get a house ready to sell, as it helps the client visualise living in a property and create a more emotional purchase. If the property is currently tenanted, staging means decluttering and neutralizing the property to give it a clean and refreshing look.
2. add a fresh coat of Paint
There is a lot of inventory of properties in the UAE real estate market, so if you are representing sellers, it is imperative to explain the importance to add a fresh coat of paint to be able to sell a house in the UAE. A fresh coat of paint covers cracks that occur through wear and tear and can help one property stand out over another. During this time it is best to avoid experimenting with trendy colours or sticking with an entire white finish. Instead, use natural tones such as grey and beige. These have a crisp, modern and sophisticated look and provide the home with a bright look.
3. make needed repairs and Update appliances
One of the most crucial tips for selling a house is to make repairs to any damages before listing the property. Any damage to floors, windows or storage spaces should be fixed prior to a sale. If a potential buyer spots any damage they will likely move on to the next property. Spending a small amount of money to show a perfect property is money well spent. The same goes for appliances as well. Updating the appliances is a great way to get a house ready to sell. If appliances are outdated or mismatched, your buyer will likely not make the purchase. So make sure the owner has updated appliances, as it is a small investment to ensure your property sells quickly
4. use bayut.com
The easiest way to sell a house in the UAE real market is to make sure the property ranks on the top of the search results on Bayut.com. Exposure is the name of the game in a buyer’s market, so make sure your property is seen by buyers and agents alike by listing it on Bayut. A great feature offered to help your property rank on it is the ‘Bayut’s deal of the week’ – it ensures your property is at the top of the search of results and helps speed up the time it takes to sell a property.
5. study the market
Amongst all the tips for selling a house, this one is the most important of all. Having a complete and comparative market analysis of the properties in the emirate you’re selling is essential to helping sellers price their properties correctly, and negotiating properly on behalf of buyers. Knowing how properties compare to others is important in order to properly market properties. Bayut’s market reports such as the Dubai H1 market report are a great place to start your analysis to analyse property trends and prices in the real estate market in the UAE.
6. Network.
In a time of heightened competition, one of the most important things to do to sell a house quickly is to network with anyone involved in the UAE property industry. Networking can help you find not only buyers and sellers but other real estate agents in the UAE. Don’t lose a buyer because you don’t have a property to fit their needs, instead work with another agent to secure the buyer a property. Agents are much more willing to work with agents they know so it is important to build a relationship with them. It will also help you increase your client trust in you and bring them back to you for any future property related transactions.
7. Make a great first impression
Photoshoots of the property are incredibly important in the selling process. A buyer’s first impression of any property you represent will be online at Bayut.com and will also be the first impression of your level of professionalism. When listing a property on Bayut, take the time to schedule a professional photo shoot to make sure your photographs stand out and allow potential buyers to get a clear look at the property. Also, don’t forget tip one number of staging properties as they show much better than empty or cluttered properties and generate more inquiries.
8. Listen to your clients’ needs
Another way to sell a house fast is to provide the customer service by listening to your client’s needs. People contact agents because they want help with a real estate purchase or get expert and insider knowledge about the UAE property market. So make sure to ask questions and listen carefully to determine client needs, and make sure you are providing exceptional service at every stage of the process as sloppy customer service skills are the quickest way to lose a client.
9. Ask for your client’s business.
With a lot of inventory, clients do go back to Bayut.com over and over to look at available properties. It’s important to extend your services and be vocal about asking your clients for their business. Reach out to them and find out how you can help if they have found another property that they prefer. This way you ensure they are connected to you and you have a role in advising them of the right decision.
10. Work for your client’s best interest
This goes without saying but you have a fiduciary duty to do what is in the best interest of your client. If you are representing buyers it means finding them a property that meets their requirements at the best price possible. Share with clients why you do what you do by saying: “Let me explain why I got into real estate. I truly enjoy meeting new people and helping them find their dream property. I saw there was a real gap in the market regarding customer service and I entered real estate to fill that gap.”
We know agents that are doing extremely well in this market. They are committed to their clients, provide service and know how to stage and market a property. If you would like to improve your skills as an agent, attend any of our workshops at Bayut Academy or Contact us at academy@bayut.com for more information.
