written by Tuğçe Tanay, Triotime Real Estate


Buying or selling real estate is one of the most important decisions we have to make in life. There are many details and procedures which have to be considered during sales. We’ll go through real estate due diligence in detail.

Real estate owners want to sell their property at the best price. There are many important issues to consider during the process of determining the correct selling price such as the location of the property, square metre, age of the building, number of floors, present condition of the property (renovation, repair and maintenance), regional factors and social factors which all have a great impact on the price. We can say that the location of the property and the sales prices of similar properties as well as how long the property takes to sell are the key factors in determining the correct selling price. Unconsciously determined prices unfortunately only cause loss of time and money. More importantly, prices exceeding the real value of the property cause the loss of potential buyers.

Unsold properties advertised for long periods of time, create a negative effect on potential buyers. They may feel there are other problems besides the price. Firstly, trying to sell a property at a high price then dropping the price slowly when there are no potential buyers or trying to sell a property on different real estate websites at different prices causes confusion for buyers and this brings about other problems.

If a potential buyer sees the same property at different prices on different real estate websites, they will lose faith in it. When this happens, a property which could have sold in the right hands is then not consider by the buyer. Every property can be sold and every property has a potential buyer. There are many properties on sale in North Cyprus and it is important for you to know what are the reasons behind preventing a sale of a property;

1. High sales prices
2. Problems related to the title deed, or surrounding area and trouble with renovation, repair, damp or humidity in the building

Reason Why You are Unable To Sell Your Property?

Let’s assume that the property has been estimated at the correct price by a property consultant and it’s time to move on to the next step. Real estate due diligence is essential. The type of title deed and no barrier or mortgage on the property is required for a successful sale. Problems like these must be explained to the potential buyer in grave detail. If the property has a shared title deed, all shareholders must agree on the sale of the property and ensure that problems preventing the sale do not occur during the transaction.  After the right market selling price of the property is determined this research is then completed, followed by a correct marketing policy and sale. Hanging signs and posters, sponsored advertisement, posts on property websites are the primary marketing strategies for a good sale. However, they are not effective on their own.

At this point, working with an expert, trustworthy property consultant will guarantee a problem free sale at the estimated price. A 360-degree virtual tour of the property is a great sales technique to use during this global Covid-19 pandemic as many people do not want to physically go and see properties. Providing them with virtual tours of the property will able them to see every detail and feel as if they are actually inside the house they are viewing. This will bring about a quicker way to closing deals. Videos, brochures and flyers, contacting potential buyers and communication with other property investors will also speed up the sales process. There is only one aim behind advertisement, sales and marketing processes and that is to find the right buyer for your property.

After a potential buyer is found, it is important to find out if this person has TRNC, TR citizenship or citizenship from another country before starting the legal sales and transaction procedures. TR citizens can obtain the title deed in 1.5-2 months whereas citizens from other countries can obtain their title deeds in 4-6 months.

Conducting Real Estate Due Diligence

Getting familiar with the due diligence meaning is important to know for all of you.  During the sales process, real estate due diligence must be conducted in order to prevent any surprises occurring before an offer is made on the property. It is always best to trust the professionals in this sector and not act alone. Due diligence is the detailed report of a property or real estate asset. It consists of useful information and documents the buyer needs to know before proceeding with the purchase of a property.

By collecting all useful information before the transaction, the sales process is completed quickly. Real estate due diligence, adds value to the property, analyses the construction, city planning and surrounding area. It also guarantees the property’s location, dissolves other doubts about the property and determines its asset value. There are lots of properties to rent and buy in North Cyprus that everyone of you would love to look at.

Real Estate Due Diligence Checklist

It all begins by examining documents. If documents are missing then evaluation is carried out on the property. This is followed by approving the comparison of written documentation with technical examinations made at the property. In the case of inconsistencies or false claims, corrections and improvements are made.
 

All these sales, marketing and closing sale processes require detail, expertise, experience and tracking. Overseeing the sales process smoothy and in an organised manner is not coincidental. Our professional real estate consultants will follow all these procedures on your behalf while you enjoy the moment of securing a fully documented property.