Selling Home DHA Lahore “Sellers Guide”

Fetch the best price for Selling home DHA Lahore

Selling Home DHA Lahore is easy however fetching a price you desire may be a bit harder to get. When you decide to sell, the first thing to do is investigate the local housing market.

Online consultancy on websites such as imlaak.com, Zameen.com, Lamudi.pk etc. can help provide you an idea of prices of similar homes in DHA Defence Lahore. There are various newspapers which list the prices of homes in your vicinity. In order to evaluate the market trend it is recommended that you find our prices relevant to the house in question during the last four to five months.

Check with the authorized agents of DHA Defence Lahore on how the market is running in order to know if the market is going up, down or is relatively stable. This will help you evaluate and come up with a reasonable demand.

Selecting an agent

It may occur to you that you can sell your house without and agent but the mere 1-2% charge is worth it which the real estate collects. The cost of advertising your house as a single owner plus the hassles of documentation and dealing with different DHA Defence Lahore and Cantonment departments is an exhausting task. An agent who is already spending massive amount of finances on advertising online and offline is a worthwhile option plus the agent is bound to ensure smooth transfer of property.

If you decide to work with an agent it is recommended that you check your sources and the agent’s online presence. This will give you an idea of the agent’s work, worth and capability. Don’t just select an agent on the basis of a mere word of mouth. You should visit and interview the agent for the job.

Evaluate the agent as if you are a buyer: Is the person fitting for the job? Is he/she presentable and has a pleasant personality? Does he market the home in a way that you would want to view the property? The agent will most likely give you a professional opinion regarding the selling price of the commodity. Don’t be fooled by an agent who is merely flattering you with an inflated price. Go by what you already know about your house and the current housing market.

Select an agent, the person you’d want to be in touch with regarding any offers and/or updates regarding your house.

The guidance on commissions

Once you find an agent sign an agreement with him regarding if the house is to be exclusively marketed which means that you agree to pay the agent a commission regardless of where the offer comes from he/she will be dealing with the queries and handling them while in touch with you and also decide how the commission structure would be. You should commit no longer than six months with an agent (three months in a hot market). In case you find an agent lacking enthusiasm, you don’t want to be locked into a bad situation.

When discussing the listing agreement, discuss all your concerns regarding when the house is to be visited i.e. during what hours visitors can be entertained etc.

Also consider negotiating the commission in case your house is expensive let’s suppose a PKR 110 million house. You can negotiate the commission to 1% instead of the usual 2%. In case you know it’s a buyer’s market, consider offering a higher rate of commission if the agent can land you a sale within 5% of your asking price.

Your agent should be able to guide you through the negotiation process especially in case you are a first time seller. Normally in DHA the commission is paid in two ways either a part of the commission is paid during the ‘Biyana’ (The down payment made by the seller) and the rest during the transfer in DHA office or the relevant department. Second option is to pay the agent in full during the transfer. It’s advisable to pay a part of the commission during ‘Biyana’ because it further motivates the agent to complete the transaction as soon as possible.

Preparing house

You will need to spruce up your house before it goes in the market. It is recommended that you tidy up your house, and make necessary changes and modifications. You might even consider a new paint job. A well-presented property is likely to fetch a better price compared to worn out, cluttered one despite having a similar structure and location. Mow the lawn. Plant flowers, if it’s the right season. These seemingly insignificant details can add many hundred thousand to your eventual sales price.

Consider hiring a professional or asking your agent regarding the presentation of your property in order to have a quicker and better deal.

You need to settle on an asking price for your property, incorporating the remodeling, renovations you have done, what the neighbors are asking in your neighborhood for a similar property, and the expense of moving into a new house.

Once you have completed your homework it’ll give you an idea of how the market is faring. Discuss with your agent regarding the price and why should it be priced higher or lower than your evaluation.

Timing is of the essence

You should note how long the houses are in the market. If it’s a seller’s market, the market is fast paced with a lot of demand for homes you might consider adding a premium to your property.

In a buyer’s market it is strongly advised to get the price right. If your price is too high, it is likely to turn off buyers and it would be hard getting them back even if you lower the price later. You should try and sell within the first month. In case you get a genuine bid with the ‘token’ money which means a confirm buyer ask your agent on how to respond. This will largely depend on how well the house is priced, what the housing market is in your area and your urgency to sell or wait for a better offer.

Negotiate on a time to make the full payment once the offer is made. It is normally 4-6 weeks for houses and can vary depending on the seller. The buyer might want more time which can be negotiated with the seller. Once the time scale and price is finalized, it is the agents duty to ensure smooth transfer of property and the buyer’s responsibility to pay for the costs other than the FBR, capital gains etc

Contributed By

Captain (Retd) Shahnawaz Yaqub Bhatti

Contact : 92-333-1717170