How To Sell Your Flat In Low-Demand Period?

While real estate investments are secure, they may not be as liquid as other assets such as stocks, FDs, gold, etc.

To hedge risks, it is wise to diversify your investment portfolio. With that in mind, many people invest in real estate. However, when it comes to selling the property, things may not go as planned. This is especially true when the real estate market is witnessing low demand conditions. However, there are some tricks you can use to easily sell your flat even in difficult times. Here are some options that you can consider.

Are you quoting a higher price? – Check prices of other similar properties in your area. This will give you an idea about the price range applicable in the neighborhood. It is possible that you may be quoting a higher price for your flat. Real estate prices can fluctuate in the short to medium term. If you choose the right pricing, you can attract more buyers.

Act like an ace marketer – It may seem that people will be looking only at the flat, the locality, amenities, price, etc. However, purchase decisions are also influenced by the seller’s persona, demeanor, trustworthiness, confidence, etc. If you go to meet buyers in a shabby state, it will create a bad impression not only about you but also about the property. So, make sure you dress properly and do the marketing part in a graceful and appealing manner. If you have family, take them along to create stronger inter-personal bonds and trustworthiness.

Target real estate investors – There are many investors who focus exclusively on buying and selling properties. Such folks are always on the lookout for a good deal. So, if you approach such real estate investors with attractive discount offers, you can easily liquidate your property. You may get a slightly lower price than market rates. But you can be assured of a quick and hassle-free sale of your property.

Wait for the right opportunity – If you do not have any immediate financial obligations, you can wait for the real estate market to bounce back. It can take some time, from a few months to a few years. In the meantime, you can give the flat on rent.

Loan against property – If you need funds urgently, but are unable to find a buyer quickly, you can apply for a loan against your property. Many banks offer loan against property. Banks will verify your income sources before sanctioning the loan against property. You will benefit because the interest rate is usually lower for secured loans such as loan against property.

As is evident from above, there are plenty of options if you are unable to sell your flat. If nothing works, you can approach a real estate agent. You will have to pay the broker’s commission and fees, which can be around 2% to 5% of the property’s sale price.