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Leading Realtor explains hack to faster property sales in Nigeria.

Dec 07, 2023

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Leading Realtor explains hack to faster property sales in Nigeria.

When it comes to selling a house, people make it more difficult than it should be. The reason is this: there are lots of layers or processes to it. However, with the right knowledge, you can fast-track each process and come out smiling. That is why we have developed a ten-point checklist on how to sell your house faster in Nigeria.

 

  • Renovate and declutter.

This point is two-fold: it focuses on how to make your move easier when it comes to leaving the house. It also examines how to grow your equity in the property.

 

  • The first: Renovate

Renovating your property can make you a good amount of money when the time comes to sell. To ensure success, it is crucial to execute the renovation correctly. The stress is in "done right.".

Put quality effort into your planning. This will help you not spend beyond your budget. Find out how much the project will cost you and save towards it.

Our advice is to start at least six months before the date you intend to list your house. This way, you can make a proper diagnosis of your home and find out where you need to focus.

Is the roof leaking? Or is it old? Is the plumbing old? What about the wiring? Are there any faulty wires? Are there points through which power may be leaking from the property? Has anyone cleared the septic tank?

The first place a potential buyer looks at is the roof. Make sure to get quality roofing sheets and hire professionals to make sure the aesthetics are pleasing to look at.

 

  • The second: declutter.

Decluttering means removing unnecessary or old belongings and making space in your home. It helps create access to more space in your home. Also, by decluttering now, it is easier to move with your most valuable things when you decide to sell. When you are packing out, you don't want to start wondering where you kept which and what belongings.

How can I declutter my home?

Some items may have emotional value to them, and it is understandable if you want to hold on to them. If they are a gift, you should ask yourself: is the emotional value of the person who gave you the gift, or the gift itself? If it is for the person, then you can discard the gift and retain the value for the person.

There are ways you can declutter your home:

 

  • Organise a yard sale: Yard sales may be unpopular in Nigeria, but they work. People may need the things you no longer want and may be willing to buy them from you.
  • Donate to charities: You can donate some old clothing or shoes to charities.
  • Give to family and friends: Give to family and friends items that are no longer in use such as a baby cot lying about to an expecting parent.
  • Decide on a selling strategy:

You should have a strategy on how to sell your home as selling your home by yourself may be a task. There are documentation to do, therefore we advice you get a professional.  

  • Hire an estate agent or broker.

Getting a good estate agents or brokers will help you get buyers who are interested in your property. You can get contact of agents and brokers from your lawyer as they may have some who they have worked with. Ask the agent what kind of contract they want to sign. Some may want exclusive deals. That means they are the only agents that will get to market your property. You may decide on a multi-agent system where more than one agent gets to market your property, and the agent that seals the deal gets the commission. This method will get more traffic from buyers as agents will be competing to get the commission. Additionally, inquire about their payment method: whether they charge an upfront fee or work on commission. "Will they charge an upfront fee or on commission?" Oluwakemi Adeyemo, a real estate investment advisor and managing director of Futureperfect Limited, explained how the process is handled and how payment is made. She said, "The lawyer may have a list of agents or brokers, but the transaction flows through the broker. Either the buyer or the seller engaging the broker is obligated to pay some fees that the broker and all the agents get to share among themselves."

"Exclusive contracts rarely happen in Nigeria. Developers want their properties sold quickly. The faster they can sell, the better for them. So, they enlist many agents—as many as possible. Individuals too can enlist a lot of agents—as many as 10—to say, 'Okay, I have this property for sale'; it is whomever sells." 

  • Get an estate surveyor to value your home.

Estate surveyors in Nigeria value, survey a property and give you an accurate amount of what it's actually worth. This would help you not undervalue or overvalue your property. Sellers always have a desired completion time frame for the process. Ensure you put the exact price for your home if you want to sell your property fast. This is because, overpricing your property can lead to it staying longer on the real estate market thereby increasing expenses due to maintenance. By setting your property at a good price, you could potentially set off a bidding contest among buyers, and this is good. You can also do a price-slash promo to generate FOMO (fear of missing out).

 

  • Upload quality photographs of your property to search platforms.

Do not upload pictures taken with your 8MP camera on property search platforms such as Zerodip. Quality pictures will add more details about your home and help improve the process.

Hire a professional photographer to take professional pictures of your property. It may cost a few thousand naira, but it is worth it.

On Zerodip, we offer sellers an opportunity to upload a 3D house tour, so you can also take advantage of that.

 

  • Organise a property viewing:

This is very important in the property sale process. Organise a property viewing day and alert agents to bring potential buyers. This makes it easier for the buyer to see more of the property and make faster decisions.

This gives you an opportunity to answer any questions they may have.

You can set the programme for weekends to attract more buyers. Additionally, it is advisable to remain open to buyer viewing requests, allowing them to schedule a day of their choice to view your property.

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DISCLAIMER

We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zerodip accepts no responsibility or liability for any decisions you make based on the information provided. Graphics and images used here are for information purposes - we do not have ownership right over them.

Leading Realtor explains hack to faster property sales in Nigeria.

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