Selling property in Lagos, one of Nigeria’s most dynamic real estate markets, can sometimes be challenging. Despite high demand, various factors might delay your sale. If your property has been listed for a while without generating offers or inquiries, it’s time to rethink your strategy. Here are key steps to help you turn things around and successfully close a deal.
Reassess the Asking Price
One of the primary reasons properties fail to sell is overpricing. Buyers in Lagos are savvy and often compare multiple listings before making a decision. If your property is priced higher than similar ones in your area, it might deter potential buyers.
Solution:
- Conduct a comparative market analysis (CMA) to check prices of recently sold properties in your neighborhood.
- Consider lowering the asking price or offering incentives like covering legal fees or including furniture.
Enhance Property Presentation
First impressions matter in real estate. If your property lacks curb appeal or doesn’t look appealing in photos, it may not attract buyers.
Solution:
- Invest in professional photography to showcase your property’s best features.
- Improve curb appeal by repainting walls, tidying the landscape, or fixing broken fixtures.
- Stage the interior to help buyers visualize living in the space. This includes decluttering, adding fresh decor, and keeping the property well-lit.
Update Your Marketing Strategy
The way you market your property plays a significant role in attracting buyers. Relying solely on traditional methods like word-of-mouth or print ads might limit your reach.
Solution:
- Leverage online property platforms like NaijaSpider to list your property. These platforms have broad audiences actively searching for homes.
- Use social media to promote your property, especially with targeted ads on platforms like Facebook and Instagram.
- Create a virtual tour to offer a more immersive experience for potential buyers who might be unable to visit in person.
Highlight Unique Selling Points
In a competitive market like Lagos, it’s essential to stand out. If your property lacks distinctive features, it might be overlooked.
Solution:
- Emphasize unique attributes such as proximity to key amenities (schools, shopping malls, transport links), modern fittings, or extra features like a swimming pool or generator.
- Include these points prominently in your listing description and advertisements.
Improve Accessibility for Showings
A property that isn’t easily accessible for viewings can discourage potential buyers. If you limit showing times or delay responses to inquiries, you could miss out on serious buyers.
Solution:
- Be flexible with your schedule to accommodate buyers, including weekends or after-work hours.
- Work with a real estate agent who can handle viewings on your behalf if you’re unavailable.
Evaluate Market Timing
The Lagos real estate market can be seasonal. Certain times of the year might see lower buyer activity due to holidays or economic uncertainties.
Solution:
- If your property has been on the market for a long time, consider temporarily withdrawing it and relisting during a busier period, such as after New Year or during peak relocation seasons.
- Monitor market trends and consult a local real estate agent for advice on the best time to list.
Consider Renovations
Older properties or those in need of repair may not appeal to buyers who prefer move-in-ready homes. A few updates could significantly increase your property’s value and attractiveness.
Solution:
- Focus on high-impact, cost-effective renovations, such as updating the kitchen, bathrooms, or flooring.
- Address any structural issues, including plumbing or electrical problems, to avoid turning away buyers during inspections.
Work with an Experienced Real Estate Agent
If you’re selling the property on your own and not getting results, it might be time to bring in a professional. Experienced agents understand the market and have a network of potential buyers.
Solution:
- Choose an agent who specializes in your property type and location.
- Agents can also provide valuable insights on pricing, marketing, and negotiating offers.
Offer Flexible Payment Plans
In Lagos, not all buyers are able to make full payments upfront. If your property is targeted at middle-income buyers, you might increase its appeal by offering flexible payment terms.
Solution:
- Consider installment payment plans or partnering with financial institutions that provide mortgage options to buyers.
- Highlight these flexible payment options in your listing.
If your property isn’t selling in Lagos, don’t panic. By reassessing your pricing, improving your marketing, and making strategic adjustments, you can increase your chances of finding a buyer. With the right approach and tools, including platforms like NaijaSpider, you’ll be well on your way to closing a successful deal.