5 Tips to keep in mind in any real estate market
The real estate market is a vast and complex field with its nature changing day by day in response to multiple factors. Political climate, advances in technology, global and regional economic performance, all of these factors and more determine how the real estate sector operates and performs. That said, there are some things that hold true in any market, whether you’re a buyer, seller or just looking to invest. Here are some tips to keep in mind:
1. Do your homework
A recent study by HSBC found that on average, 72% of people in the UAE search for property online, with 67% researching the market before even walking into a real estate agency. Properly studying the market and knowing the current situation is critical for any buyer or seller and with a wealth of information available at your fingertips these days, failing to do so means you’re not getting the best possible deal.
2. Don’t get emotional
When selling a property, it’s natural to feel offended when prospective buyers come to you with low-ball offers. After all, this is your property, a hard earned investment, you know what it’s worth, after all you’ve paid it. The sad truth is that a property is worth exactly what the market will pay for it, no more, no less. Accepting that will help make it easier to sell and prevent a property from lying in the market for months. For buyers, it’s important to keep a level head when inspecting a prospective property and know the market before making an offer.
3. Location, location, location
In real estate, location is everything. Whether selling or buying, the location will need to be considered and factored into your numbers when setting a price or making an offer. Proper research is also important; a property that is isolated today could be at the heart of a new business district in 10 years time.
4. Choose the right help
More than anything else, real estate is a heavily trust based business and it is crucial to choose the right help. Choose reputable brokers and make sure to have the proper due diligence done on any prospective property or buyer, it will help flag a lot of prospective issues before they become actual problems and save you a lot of pain down the line.
5. Don’t be afraid to walk away
This is the most powerful tool in negotiations and especially true in buying or selling property, be prepared to walk away. It’s tempting to hold on, especially in case of a long, drawn out property purchase or sale, but no deal is often better than a bad deal.
Whether buying or selling, it pays to have the right advice guiding you. Land Sterling’s team of experienced property consultants has nearly a decade of experience in the Middle East real estate market and we’re always happy to help. Send us an email at email@example.com or call us on +971 43 808 707 and let’s see what we can do for you.