All You Need to Know About Selling Properties in Nigeria.
Selling a property is very different from selling a household item or even a gadget. You don’t want to make a mistake and not get the required profit you are meant to get from selling your property. Whether you decide to entrust the sale to a real estate agent/agency or not, there are still certain things you need to know about selling properties in Nigeria, so as to avoid undervaluing your property or falling into the hands of fraudulent agents. They are simply the right steps to take when you want to sell your property. So what are these steps to take when selling properties in Nigeria?
Properly Package the Property
Think about it! Is your property looking like something that will attract the right buyers? Does it look good enough for people to want to exchange money for? The truth is, your property might have the potential to provide what the buyer needs but the buyer will likely work with what they can see at the present. And if it doesn’t look like what they need at the present, they might not buy it. Think about it this way; if that property was sold to you? Will you buy it? And if you would, how will you negotiate the price based on how it looks? The answer to these questions will help you understand this point better. If you are answering in the negative, you should try to do some remodelling, renovations and cleaning where necessary to make the property look presentable to buyers. Work especially on walls, drainage, doors, windows and netting, and if you are furnishing, make sure the interior decor is properly done.
Prepare All the Necessary Paperwork
The reason selling a property is different from other things is the documentation involved. That is why it is important to start getting them ready the moment you decide to sell your property. Don’t wait until you get a buyer or else you will look unserious and that might turn the buyer completely off. Contact your solicitor or a professional to help you with the documentation. Some of the documents you will need include sale deed, letter of allotment, planning documentation, mortgage and financial documentation amongst others.
Sample the Market Value
You need to properly value your property to get the right value out of it. If it is a piece of land or a building you bought, it might be easier to value because you can just add a reasonable profit to the amount you bought it. But if it is a property you built, it might be difficult to keep track of all you spent on it and besides that, a lot of factors also determine the right value of the property. You can enlist the service of a professional, which is recommended because the professional knows the value of similar properties in that region and can properly gauge the value of your property based on that as well as the kind of soil, materials used and so on. However, if not, you can do it yourself by doing a market survey of what similar properties cost in that region and using that information to value yours.
Consider the Timing
Consider the timing when selling the property as it can impact how fast your property gets sold and how much people are willing to pay for a property. If there is an economic recession or downturn, it could affect the sale and if you are not in a hurry, you might want to be more patient in that situation.
If you are selling yourself, you will want to market and thankfully, you don’t have to be limited to your network. There are a number of good classified ads websites like SellOff.ng where you can take total control of the sale of your property. You can also advertise on your social media pages. Make sure to get quality and accurate images of your property because one of the complaints people have for buying properties online is that the image doesn’t properly represent the property. Remember that buyers will ask for viewings before paying, so you can’t get away with inaccurate images.
In conclusion, selling properties in Nigeria or anywhere else, for that matter, requires a lot of patience. You need to be patient so you don’t sell your property for less than its value.