Are you planning to sell your property and looking for a way to ensure a fair price that reflects its true value? Selling a property is not just a matter of advertising and waiting for buyers. It is a process that requires planning and precision to determine the right price and ensure a successful sale. To achieve this, you need to know the true value of the property through an accredited real estate valuation.
This is done by a real estate valuer who studies all the factors related to the property, helping the owner determine an appropriate price that reduces the chances of selling the property below its value or at an inflated price. In this article, we will talk about the steps of selling a property in Saudi Arabia and the importance of real estate valuation in the sale process.
What is the best way to sell a property?
When you start thinking about selling a property, you may have many questions about how to price the property or how to present it to buyers. Below, we explain the best method you can follow when selling a property to ensure the deal is completed successfully:
Contact an accredited real estate valuer:
This is the most important step when offering a property for sale, as the real estate valuer studies all the factors related to the property, such as location, area, quality of finishes, facilities, and other factors related to the property. This ensures your rights, as the valuer determines the true market value of the property after studying these factors and using approved real estate valuation methods, which are:
Comparison method:
Also known as the market method, this is one of the most commonly used real estate valuation methods, especially for residential properties. An accredited real estate valuer compares your property with other similar properties to determine its value. One of its most important features is that it relies on real comparisons from the heart of the real estate market.
Income method:
This method is applied to commercial properties that generate regular income, such as hotels, companies, and others. It relies on converting the future financial returns of the property to its current value, after deducting operating costs such as maintenance, taxes, and management. What distinguishes the income approach is that it is considered an important tool for investors who focus on financial returns more than market price.
Cost approach:
This approach is used to value properties for which there are no comparable properties in the real estate market, such as hospitals, schools, and government buildings. It is based on calculating the cost of rebuilding the entire property and adding the value of the land.
Therefore, when planning to sell a property, you should rely on an accredited real estate valuer to determine the true market value of your property to ensure your rights when selling.
Determine the appropriate price for the property:
After knowing the value of your property through the real estate valuation report, you must determine an appropriate price for the property and not overprice it, as it is customary for some to overestimate the value of their property. However, to ensure a quick and successful sale, the price must be realistic and based on its true value. It is also important to identify your competitors and understand the prices that attract buyers, with the ability to adjust your expectations if necessary, so that the final price is attractive to the buyer and at the same time reflects the true value of the property.
- Use real estate marketing:
After determining the right price, the next step is marketing to attract serious buyers. The property must be presented professionally on the internet and real estate platforms, using clear, high-quality photos, and perhaps videos or virtual tours to show the details of the property in an attractive way, as good advertising helps the property reach the largest number of interested parties and increases the chances of a quick sale, focusing on highlighting the strengths and features that distinguish your property from others in the real estate market.
- Prepare the property for viewing:
Before completing the sale, the buyer will visit the property, so you must pay attention to this step when listing a property for sale in order to leave a positive impression. The place should be tidied up and cleaned carefully, and any personal items such as family photos should be removed, in addition to repairing minor faults and correcting any deficiencies in the finishes. You should also pay attention to small details such as paint, lighting, and landscaping, if any, as these measures contribute to making the property more attractive and enable buyers to visualize their life in it, which increases the chances of selling quickly and at a reasonable price.
Selling a property requires planning and commitment to well-thought-out steps, the most important of which is evaluating the property to determine the appropriate price, in addition to marketing and preparing viewings, to ensure a quick sale at a price that reflects the true value of the property. At Aain, we provide you with a real estate valuation saudi arabia service that helps you determine the true value and guarantees your rights when selling.
What are the procedures for selling real estate?
The steps for selling real estate in Saudi Arabia are not limited to an agreement between the seller and the buyer, but also include formal steps to transfer ownership in a legal manner known as “property clearance,” which means officially documenting the transfer of ownership before the competent authorities to guarantee the rights of both parties and prevent any disputes. This includes issuing a new title deed in the buyer’s name.
Today, property clearance is linked to the digital transformation of the Saudi Ministry of Justice, which facilitates the procedures and includes the following steps:
- Log in to the Real Estate Exchange platform with your national access account.
- Select the beneficiary’s status (agency – personal).
- Click on the menu at the top right of the page and select “Trading Services.”
- Select the “List a Deal” service (private deal, gift, no specific buyer).
- Select one of the properties owned.
- Fill in the transaction details and submit the request.
The most important conditions for accessing the real estate clearance service are:
- The beneficiary must have an active IBAN account linked to their name.
- If the applicant is an agent for the beneficiary, a valid power of attorney must be available, including real estate terms.
- A document proving ownership of the property must be provided.
- A valid real estate transaction tax reference number issued by the Zakat and Income Authority, to ensure that the transfer procedures are completed legally and smoothly.
When using the real estate transfer service, it is also required to register the transaction details with the Zakat and Income Authority’s real estate transaction tax and obtain a reference number, without the need to pay the amount at this stage. The system also allows for the addition of more than one buyer within the same transaction, facilitating flexible management of the process in accordance with regulatory requirements.
In conclusion:
When deciding to sell a property, it is important to follow a series of carefully considered steps, the most important of which is property valuation, as this helps you determine the value of the property through an impartial party. At Aain, we provide you with a professional team of certified valuers who will help you make your decision with confidence. Contact us now and get an accredited real estate valuation report that guarantees your rights when selling your property.
Frequently asked questions:
- How do we value our home?
Real estate valuation is carried out by an accredited real estate valuer who studies all factors related to the property, such as location, area, quality of finishes, and amenities. The valuer chooses the most appropriate method of valuation, such as the comparative method, income method, or cost method, depending on the type of property, and calculates the true market value of the property after reviewing similar properties or expected financial returns.
- The best real estate valuation company in Saudi Arabia?
Aain Real Estate valuation Company in Saudi Arabia is one of the most important valuation companies, as it has more than five years of experience in the field of real estate valuation saudi arabia and has obtained the necessary accreditations from the Saudi Authority for Accredited Valuers, the Ministry of Commerce, and is also a member of the Royal Institute of Chartered Surveyors. Its services include residential valuation, commercial valuation, feasibility studies and market consulting, valuation of projects under construction and off-plan sales, and valuation for IFRS budgeting purposes.
- How can I increase the value of my home?
The value of a home can be increased by improving its overall appearance and arranging the property in an attractive manner, while carrying out maintenance on any minor defects such as paintwork, lighting, and interior and exterior finishes. Facilities and spaces, such as gardens or additional rooms, can also be developed to add value to the property. Paying attention to these details attracts the buyer’s attention and allows them to imagine their life inside the home, increasing the chances of a quick sale at a higher price.