Bangladesh is a country with a huge population, most of whom are settled in the urban metropolises like Dhaka, Chattogram & Sylhet. Since the birth of our nation, Bangladesh has always been quite vulnerable when it came to the economic front. Fluctuations in the market have been common for Bangladeshis from 1971, especially as the political situation of the country was always riding with the wave of politics reigning at the time. The need for real estate tips for buyers and sellers has always existed in the Bangladeshi real estate industry.
Since August, for the first time in many years, Bangladesh is beginning to see glimpses of hope in the dark night. In today’s blog, we will share some tips for both buyers and sellers of secondary property to help make the property transactions much smoother than it would be without any guidance.
Tips for Secondary Property Buyers
- Conduct Proper Research
This is true for any scenario that places you in a market, whether it is as a buyer, or as a seller. Stay well informed about current trends in the market, market prices, and other economic factors that could potentially affect the property you are looking to invest in, or to sell. To be able to make an informed decision, you must do enough research and then choose what to do. There are numerous online resources that you can use to your advantage. You can also attend webinars, read analyses by experts, or keep in touch with current trends by extensively going through a variety of news sources, both print and visual.
- Have Patience
Whatever you do, always make your decisions after you have carefully weighed out the pros and cons of your choices. Whatever you may choose to do, under no circumstances should you lose hope and make an emotional or a rash decision. Impulsive decision could make you lose all of your money in an instant, before you even realize what is happening. You must take your time, waiting for the perfect chance to present itself.
- Fix a Budget
Whether you plan to sell or buy property, just make sure that you prepare a budget and stick with it throughout the process. This will not only help you create a plan where you are forced to stick with your decided budget, it will also allow you to think creatively and outside the box when you have to do interesting work within a set limit, be it the budget or something else.
- Prioritise Long-Term Value Over Price
When you think of investing in property, whether it is secondary or brand-new, think about whether it will be a fruitful long-term investment or not. Thinking about an investment and the kind of returns it might yield in the long run will help save you from intense pain down the road.
- Appropriate Timing
If you are going to invest in real-estate, properly timing your decisions could make a whole lot of difference. If you are planning to buy, the off-peak season might be a better bet as prices are usually lower at that time. In short, you should look to buy when prices fall, and sell when prices are high.
- Spread Out Your Investments
For those of you who are willing to invest, never invest in one single company or sector. Spreading out your investments across a diverse profile can help cushion against volatility of the market, and even allow you to mitigate market risks.
- Diversify Your Investments
Don’t put all your eggs in one basket. Diversifying your investments can help mitigate risk and cushion against market volatility.
Tips for Sellers of Secondary Property
- Understand Your Market
Before you try and sell your secondary property, make sure to conduct an extensive research on who your competitors’ are, and what kind of rates they have in the surrounding localities. You need to especially pay attention to the current price of your property. This will ensure that you are able to set a competitive market price that attracts buyers.
- Real-Life Pricing
As the Bangladeshi property market is constantly experiencing fluctuations, you should have realistic expectations about the price your property might fetch. If you overprice your property, it may be on the market for longer than it would otherwise, leading to potential losses. You could get your property professionally appraised, or even consult a financial financial advisor or a real-estate agent.
- Enhance Aesthetic Look
When we go shopping, as buyers, we are often attracted to those products that look good. Simply put, small improvements made here and there can enhance the perceived value of your property, which in turn will make buyers want to be more involved in the process, even when the market is difficult to maneuver.
- Be Flexible
Study and brush up on your negotiation skills. Take feedback from potential buyers and the conditions of the market into account, and adjust your strategy and pricing according to the market conditions (recess, inflation etc.).This will enable you to get better deals & quicker sales than other brokerage agencies or firms.
- Maintain Transparent Communication
All forms & channels of communication must be open & honest. To be a good seller, you will need to first bridge your gap with buyers. Not only will this allow you to build trust with them, it will also lend transparency to the entire process of negotiation for the property (from the ground up). You should also give clear notifications of any issues that might occur, and maintain an open dialogue if it is possible.
- Use Timing to Your Advantage
If you are planning to sell your property, then keep track of the market, especially if it experiences an upward trend. Similarly, if you notice a downward trend, consider speeding up the process of your sale to avoid possible losses.
In this case, being aware and astute about the market trends and scenarios could help you connect sellers and buyers, making the process of property transaction smooth and fast. Whether you are considering selling, buying or renting your property or apartment, then you need to first conduct research before jumping into the investment.
Conclusion
Navigating market fluctuations requires a mix of strategy, patience, and adaptability for both buyers and sellers. By staying informed, being realistic, and maintaining a flexible approach, you can make informed decisions that align with your financial goals. Whether you’re buying or selling, remember that every market presents opportunities—it’s all about knowing how to seize them!
