How sell a property
We recognize that each property has its own unique challenges, such as low collections, high operating expenses, or even physical obsolescence. Our management team is well-trained to treat and handle these challenges thanks to Luxiero’s unique, collaborative platform which provides resources that other real estate companies cannot access directly. Luxiero’s local market knowledge with corporate entities provides you with the following benefits:
- We identify quality buyers through establishing some guidelines, finding a buyer who meets those guidelines, and negotiating contract price on the landlord’s behalf.
- We can reach the pre-approved buyers which are more trustworthy, by knowing their personal information, proof of income and proof of assets ensuring you that you’re dealing with the best possible buyer of your property.
- The collaborative nature across Luxiero business departments provides our team with the needed data of current market movement trends, resulting in greater insight and value for our landlord clients.
- We also employ the latest online marketing techniques and specialized communication platforms to ensure your property reaches the widest possible audience.
- Luxiero has a team of savvy brokers who are ready to help you maximize the value of your portfolio of properties.
- We can provide maintaining assistance to keep your property in a perfect appearance and enhanced with the market standards.
- But Luxiero looks behind the numbers. We continue to provide market updates and consulting services after the sale.
- Luxiero is experienced with buyer representation in the following areas: apartments, investment, hospitality, land, retail, office.
The Detailed Guide On How To Sell Your Property With Luxiero
- Prepare the property to be presentable
Think as the buyer of your house and how much he will spend on maintenance then inspect and handle the maintenance for faster selling. Make sure to fix any cracks or defects, check the air conditioning system, and inspect the plumbing and drainage system for any existed problems. We also recommend getting a fresh coat of paint, it’s better to choose a neutral shade instead of personal color choices then lite up the light fixtures to give the first impression that your house is nice, bright and clean. The last step is to clean the property in addition to get your garden tided if it’s a villa.
- The pricing process
It may surprise you that there are 3 types of prices when it comes the selling a property, we simplify it as follows:
- List Price: The list price is the price you offer when an interested buyer inquires about your property and it is negotiable.
- Sale Price: it is the final price that the owner will settle at.
- Appraised Value: The value provided by a real estate agent, and it is figured out by comparing your property’s value with other properties in the community surrounding you.
Luxiero’s team is able to help you to set the right listing price for your property by sitting an initial value based on comparisons with other properties in your area. However, be flexible and patient because when you choose the right value, multiple buyers will be interested in buying your property.
- Listing your property
In order to list your property you will need to sign a Form A (it’s a contract between the owner and the real estate agent/agency authorizing him to find a buyer in return for a percentage of the contract price as a commission), In addition to handover a copy of your title deed and a copy of your passport as a verification of identity.
- Marketing the property in all ways
It’s no secret that the marketing is the most important section when it comes to any selling process, no difference here. Luxiero will employ the marketing material that talks about the lifestyle aspects; such as transport links and access to gyms, supermarkets, restaurants, malls, hospitals and schools. We will also highlight the unseen amenities in the property description, and talk about the advantages that aren’t obviously seen in the photos. Talking about the photos, we will choose the best views as strength points while marketing such as; the bedroom that has a gorgeous sea view or you a manicured garden. In addition to marketing your property through our website and many other related platforms and social media accounts.
- Selling process steps
When you find the buyer there are few cliché steps to follow till you transfer the ownership and hand over the keys:
- Sign the MOU
To agree with the seller and the buyer terms, both parties are required to sign a memorandum of understanding (which known as MOU or Form F). And the buyer will issue 10% as a security deposit.
- Apply For NOC
You will apply for the No Objection Certificate (NOC) from the developer to sell the property. The appointment needs to be booked at the land department in order to complete the transfer.
- Utilities Disconnection
Contact your utility companies and arrange the process of disconnection. By now both parties should set the date for transfering and finalizing.
- After receiving the NOC
Now all parties are able to officially transfer the ownership. But be aware that there may be fees of 4% will be paid to Dubai Land Department plus an admin fee that will not excess AED 4,000 (the common practice in Dubai is that DLD fees are paid by the seller, but according to the agreement between the buyer and the seller these fees may be added to your side). And also, DLD will insist on payment of the purchase price to be paid made in the form of a manager’s cheque made payable to the seller on the date of transfer.
- Extra fees to expect
- Clearance of mortgage (cancellation fees)
- Settlement of DEWA/District cooking
- Clearance of service charges
- Real estate agent commission (the common practice in Dubai is that Real estate commission is paid by the seller, but according to the agreement between the buyer and the seller this commission may be added to your side).
When the formalities are completed, a new title deed will be issued by the name of the buyer and when you receive the full payment installments you can hand over the property keys and access cards to the new buyer.
HOW TO SELL YOUR PROPERTY
Apply For NOC
- Bank mortgage clearance
- Meet at trustee office to transfer the ownership
This infographic is sponsored by Luxiero.com
While we hope that this guide is useful, please be aware that it is not intended to be the only guidance for prospective buyers to follow when making a purchase. In addition, we do clear our responsibility for the accuracy or the quality of any information available at other websites listed in this guide or anywhere else on the website. We strongly recommend that prospective buyers of a property in the UAE, seek legal and financial advice at all stages of the purchasing process.