seller-guides

Top 5 Most Important factors to consider when you selling a property

By: Peris Gachago
November 28, 2022

Real Estate is one of the easiest yet the most profitable industry one can venture in. Though it's not easy to sell a property, ones you sell you are promised of a tremendous impact in your business transaction. It also presents a chance for economic growth and social development in a certain area. It's a dream for every real estate to make high profits from the investment, and if this is the case, we have identified several factors that you should consider before putting up your property on the market.

1. Price

Pricing your property too high or too low can chase away your potential buyers. If for example, a house is highly priced and does not match such a value in reality, clients may not be able to afford it or may consider it unworthy. If the house is low priced too, it may raise clientsÃ¢â‚¬â„¢ eyebrows on what could have been a problem with such a home and maybe scared away from such property ItÃ¢â‚¬â„¢s therefore very important to know the value of your house. When setting up a price to your property it is important to understand the market competition in your neighborhood. The other thing you could do is hiring an agent. A real estate agent will help you in setting the price and in selling of the property because they have an experience in the industry. Here is a simple guideline on how to price your home for sale

2. Supply and demand

It's important to consider all situations in the market because there are some that favor the selling of a property while others don't. Real estate, like other assets is subject to supply and demand. When the demand is high the price rises. When supply is low, the demand for the limited properties goes up and the prices of the properties increase as well. This means that selling that selling similar properties when there is an oversupply or when the demand is too low will not in any way favor you. It will therefore advisable to wait for the right market condition to avoid making losses from your properties.

3. Marketing strategy

We are living in an era where potential buyers are not only looking for a good listing but also listings that are captivating. Technology has changed everything for better. There so many popular sites where buyers search for the properties without necessarily doing a physical visit but chances are you are not on all of them. It's good list your properties on these sites to ensure that you are tapped into the largest pool of buyers. There are top 7 real estate listing sites and agencies in Kenya that you can consider listing o. some are free and other are paid. The other thing you can consider is social media marketing. If used rightly, Social media is a very powerful tool that can bring remarkable success to your real estate business. It helps you reach a wide range of audience within a very short time but you must consider these tips to make sure your properties stand out in the market. The main point is not listing on many sites it's about how you showcase your properties. Make sure you have taken high quality professional photos that will grab attention of the many buyers scrolling through different websites

In addition, we have rolled out a map-based search feature that allows you to search for property on a map. This provides you an ability to compare prices with properties within a similar range to arrive at a better value for your money.

4. Government policies

Did you know that all land is government owned? It's the government that is responsible for tittle deeds issuing, transfer processes and all policies of selling and buying a property are government base. The government can offer incentives to accelerate real estate industry. For instance, the government can provide credit that allows more people to afford property and thus drive prices upwards. Through infrastructural development like roads, sewer, electricity connections, the government can make a hitherto underdeveloped area a prime area for real estate growth.

5. Property Tax

One thing you should never forget before selling the property in the property tax Just make sure you have paid up all the taxes due on your property before putting it up for sale. If you do not want to pay them yourself, then at least make sure that the buyer pays them when he buys the property from you. Also, important to note, changes in taxation can either enhance to decrease investor appetite. If for instance the government raises the capital gains tax, less people would be willing to sell property while fewer people will afford the resultant property prices. If the government allows higher mortgage relief, this may lead to an increased uptake.

Always ensure that the property tax receipts are regularly updated and in perfect working condition so that they can be shown to the new owner. Learn real estate taxation from Land rates, Land Rent, Income tax, Capital Gains, stamp duty and VAT.