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tips for selling under-construction property
By RAHUL AGRAWAL 141 views
REAL ESTATE

How to Sell an Under-Construction Property

Selling an under-construction property is tricky as it involves several parties. Moreover, modern buyers are no longer just attracted to the curb appeal. They need several quirks like floor plans, tech-equipped homes, and more because no one wants to overvalue a property and end up paying more than what they think is suitable. This has made the sellers re-evaluate their sales, especially when selling a newly constructed home. Here are some effective tips to make selling an under-construction property a seamless experience.

5 Quick Tips for Pre-Selling New Construction

  • Offer Lower Prices for Early Buyers

Before you list an under-construction property, you need to ask yourself: what will make a buyer consider this over a well-made property? Most of the time, the answer remains the price. The price is the differentiating factor for many buyers.

Don’t blindly trust the builder’s property price chart because they will probably project a higher price to showcase their venture as a high-yielding project. Evaluate the accurate price from a buyer’s perspective. Try to offer a low price for early buyers to attract more clients to the scheme. This offer is perfect for buyers who don’t like waiting till the construction finishes!

Moreover, many agents make the mistake of overvaluing a new construction and end up losing thousands of potential buyers along the way. Even for high-end buyers, the overpricing of an under-construction property is a turn-off. To avoid this, it is recommended to only sell new homes about 2.5 times the average household income of the market you are selling in.

  • Make Use of Technology

For many buyers, imagining their dream space in an empty construction is impossible. And reminding them how the space will turn out won’t change many things. In this scenario, it’s better to take the help of technologies like 3D rendering. It is perfect for people who need visionary help to imagine an empty space into something meaningful.

3D rendering is the conversion of 3D models into 3D representations. These representations are produced using advanced computer software that accurately mimics the textures, lighting, and dynamics of the actual world. 3D rendering lets the buyers get a crystal clear vision of what the new property will turn out to be even before the construction has begun.

Instead of letting people take the guesswork of what could turn out of the under-construction property, it’s better to show them what the space will become. Using technology like 3D rendering help buyers show the true potential of a property instead of just leaving it to their wild imagination. Potential buyers can get a virtual experience of the finished result without it being ready.

  • Be Accessible

People finding their dream homes want to be approached with warmth by a real estate agent. They expect you to be knowledgeable and accessible for the smallest queries.

You need to become a true consultant and pay attention to your client’s needs. Ask them what is something they cannot compromise when searching for their home and what is a deal breaker for them. When you have a complete idea of what your client needs, you make their home-buying process much easier. They will be able to paint a picture of themselves and their future home.

  • Keep a Genuine Tone

Marketing a home in an attractive way is, no doubt, necessary to attract potential buyers; however, calling it a move-in ready property when all you can show them is the “in-making” of the home is entirely wrong.

You need to consciously market homes and be consistent and accurate in the marketing and pricing of an under-construction property. The real estate industry has become extremely competitive because there’s a home to sell on every corner. So, keeping a consistent and genuine tone in your messaging will help you sell more homes at top dollar in the long run!

  • Examine Every Possibility

It takes a long procedure to sell out an under-construction property. If you are a seller’s agent, you need to ensure that the buyer buys the unit. Verbal assurance is not enough because if the buyer has to take a loan out to buy the property, they need to possess a sanction letter that claims their eligibility. This assures the seller that the buyer can, in fact, repay the loan.

Seal the Deal!

The process of selling a new construction is slightly different than when selling a made or previously-bought property. An existing property offers what can be directly seen and noticed while it can prove to be difficult for the average buyer to visualize and image the finished look. Modern-day buyers tend to look into all the potential facilities the property has to offer. If you keep the above tips in mind, selling a newly constructed property will become simpler & noticeably more effective. Moreover, not everyone can successfully sell new construction. That lowers your competition and increases your chances of selling your services if you ace the art.

Rahul Agrawal
Author
RAHUL AGRAWAL

Rahul Agarwal is the Co-founder & Chief Business Officer at Styldod. Rahul was also a co-founder of Mebelkart. He pushes the boundaries with his innovative entrepreneurial stints and is also a sound startup investor.