Selling your property in Dubai might be challenging, especially if you have no prior knowledge of the steps involved in selling a property in Dubai. Not having the enough knowledge might slow down the process and might actually affect the amount you eventually sell the property for. Hence knowing the right selling process is critical, here in this article we have put together an easy step by step guide which you could follow to sell you property and maximize your return on investment.
Step 1 : Choosing qualified real estate agency
With Dubai being one of the most competitive markets in the world when it comes to real estate, working with a qualified real estate agency is very important to make sure that your property will be sold at at least the current market price for such unit. The real estate agency of your choice will be responsible for advertising, showing and completing the legal requirements of selling your property. We do highly recommend to work with a well-known real estate agency with a strong portfolio like our company Maken Properties.
Step 2 : Property Valuation
With Dubai’s real estate market being bit volatile at the moment it is not as easy as it used to be evaluating your property. An expert from our company could assess the state of your property and also recommend some changes that could be made to further improve the property and raise the selling price of the unit.
Step 3 : Presenting your property
Presenting your property in the best manner is quite essential, Just like you wouldn't choose a bruised apple, potential buyers may expect to pay less for a property that doesn't look great in listings or ads. We would usually send a team of our best photographers to the property to make sure high quality pictures are taken showing the best features of the house. We do not only stop there but also edit the photos to make sure they look gorgeous.
Step 4 : Marketing
In our offices we do have fully equipped digital marketing experts who will perform all the necessary marketing required to best promote your property. We do use a wide range of platforms to advertise any given property, these platforms include listing sites, our website, email campaigns, social media campaigns and much more. The variety of platforms that we use will get you a wide range of potential buyers which will in return make the selling process much easier and profitable.
Step 5 : Viewing
After we gather a list of potential buyers our real estate experts will accompany them to view the property at times that suit you best. Usually the agent that we assign to any given property are the most knowledgeable on that particular property, for example, If you are selling an apartment in Downtown Dubai, an expert in Downtown Dubai properties will be in charge of the whole process to make sure our clients get the best results.
Step 6 : Receiving offers
At this stage you will receive different offers, we would help you study these offers and pick the one that best suits your interest. After this stage we will focus on the particular offer you choose and start with the paper work.
Step 7 : Agreeing to sell
Once you have agreed to sell the property at the proposed price, we will start the sales process and help with all the required paper work to make sure the process goes smooth. In addition we will agree on the payment procedure and on the handover date.
Step 8 : Paper work
The parties must bring the following documents
- A Memorandum of Understanding
- No objection certificate (NOC)
- Original passport copy
- Original title deed
- Oqood in case it is an off plan property
- Manager's cheque
- Other required documents by DLD during payment.
Step 9 : Transfer property ownership
In this step the property is ready to be transferred. The buyer, seller, real estate agent and the mortgage consultant (if applicable) will meet in the registration trustee office or the developer’s office to finalize the paper work and payment. Depending on the bank buyer deals with, the time it takes for the seller to receive the cheques might vary, so we make sure that the bank issues a guarantee letter stating the exact date the cheque will be handed over.