How to Sell your Property Fast in Sri Lanka
Advertising property in Sri Lanka has mostly been offline for many years. However, with the spread of COVID-19 it is a trend that has been changing rapidly over the years. According to LankaPropertyWeb’s recent records, over 50% of the property advertised online has been sold faster than any other source.
The highest areas where these sales were recorded were mainly from Colombo, Dehiwala, and Kandy. This shows that the usage of online advertising for property in Sri Lanka is a growing trend and is more common in the developed cities of the country.
A study on traffic for lankapropertyweb.com in 2020 revealed that the search for property for sale has increased by 34.5% since last year and a 49% increase in land searches was also recorded.
So how can you sell your property fast?
Work with an agent
Globally real estate agents have recorded the highest number of sales for a property. With their experience in identifying clients that suit a particular property to knowing how to position a property, the chances of selling your land or house for sale are higher with a realtor. You could also search among the recognised real estate companies to find a realtor that matches your purpose.
In Sri Lanka finding the ideal real estate agent who is not only trustworthy but also skilled at what he does is harder than most other countries. The limited regulations and the lack of a realtor registry, has made identifying such reliable persons almost equivalent to finding a needle in a haystack.
To overcome this and ensure that customers are directed to only the right persons, LankaPropertyWeb has designed its own set of standards for agents to meet. Those that are up to such standards are identified as verified agents, allowing people to contact them without fear.
The recent land frauds that have been occurring frequently can also be avoided by working with a trusted agent.
Timing your sale
The magic behind gaining the most returns from real estate is by knowing when to purchase and sell. Locally, most property sales, including the sale of apartments, take place in January and July. During these times buyers are the most active in the industry and there is a range of discounts offered by developers as well.
With the Sri Lankan government opening up a pathway through the recent budget for expats to purchase property as well, timing is even more important when selling your property.
The trickiest part with selling a property is pricing it. Even when letting out a luxury house, there are a range of factors that impact the price. However, you have the ability of increasing its value by refurbishing and upgrading the property further
Generally, in Sri Lanka, Colombo district is the area where the most expensive property is found. This is followed by Gampaha, Kandy and Galle. The reasons for this is mainly the infrastructure development, the demand for property because of workplace connectivity, surrounding schools and amenities, etc.
However, at the same time, within the Colombo district, properties with narrow access roads, old houses and urgent for sale have comparatively lower prices as well. Being aware of these factors and knowing how to price your property is an important factor in getting it sold fast.
Stage your home
No one knows your home better than you. That is why staging it based on the purpose of each room and each space is a key part of increasing leads for your property. When each space is designed to fulfil the purpose it is meant for, the buyers have the ability to easily imagine what their future home will look like. This increases their interest in the property while in turn increasing your chances of selling it faster.
A part of staging your home is also decluttering and depersonalising. Remove the excess and the unwanted and design your home in the most appealing way. This will also reassure buyers that once they move in, they wouldn’t have much to work on.
On average, a property listing in Sri Lanka spends 90 -120 days before selling out on lankapropertyweb.com. And while this may vary based on factors such as the images included in the property, its location and convenience factors, there is also always something more that you can do to increase your chances of selling out.
So make sure to try the above the next time you advertise your property and increase your leads in no time!
Posted Date: 6th April 2021