This is a very neat trick for property sellers. If you are a genuine seller, to find out where the market is and you want to sell your unit you are going to contact your broker. You are going to have a communication with the broker about the value of your property. Then you will be unhappy with the broker’s valuation.
You will think that your property is worth more, that is an absolutely natural human reaction. You may even think that your broker wants to get a really cheap price so he can sell it quickly, and to a certain extent the broker is motivated to do a quick deal there.
So how do you find where the price is for yourself?
The best thing to do is have a conversation with your broker and say “Okay, let’s list the property at this price.” That we’re both reasonably happy on, and then after three weeks if the broker’s phone isn’t ringing let us drop the asking price by 2%, another three weeks another 2%, another 3 weeks another 2%, until the point where your brokers phone starts ringing with the people interested in your unit.
That’s when you know you have found the market. The market is where the buyers are, the buyers are looking all the time. As soon as your unit hits that market price, that transactional price. They will start calling. Your broker can actually give you details from propertyfinder.ae, bayut.com, or whatever it is to show you how many leads your unit is getting so you know that they are being truthful.
But also, your broker is motivated to sell your property for a higher amount. They get more commission. So, your broker will want to do this too. If you are a motivated seller and you really want to sell but you don’t know where the market is and you are not 100% sure of your broker, use this tactic. It’s very effective.
