source : Newspatrolling.com
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.
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