Director of Sales & Operations
Mikal Real Estate
This article intends to guide property owners to lease or sell their property at the best price emphasizing the right strategies for the owners to make the offer and truly turn their investment into a profit-making asset.
Warren Buffet, the CEO of Berkshire Hathaway, puts the real estate perspective in the perfect way- “Price is what you pay, Value is what you get.”
If you have a property to sell or put up for lease, you need to have a solid understanding of the real estate market trends to get the best value for your beloved possession. What does the Kingdom of Bahrain’s real estate market look like now?
The direct connection to Saudi Arabia, affordable property prices, and the introduction of real estate regulatory authority rules have made Baharian one of the most investor-friendly markets for real estate business. According to the figures released by Bahrain’s Survey and Land Registration Board, there has been a whopping 46% increase in Bahrain’s real estate transactions value in 2021.
Out of the many real-estate revenue streams, rental yield seems to be the number one reason to make Bahrain a favourite investment destination in the middle east. The rental yields depend greatly on the availability of tenants. Around 70% of the BD443 million(per annum) worth rental market is ruled by expatriates.
Best ways to lease and sell properties in Bahrain
Even in a vibrant market like the Kingdom of Bahrain, turning real estate investment of any kind such as houses, villas, land into cash requires a strategy to strike the best deals. Here are some actionable tips you must consider to lease or sell your properties instantly:
1. Market with attractive images of the property
Marketing your property with images that make your property stand out is the most potent way to attract buyers or tenants. In fact, around 68% of agents emphasize the importance of professional real estate photography.
2. Find the right real estate agent
You may find all the information on the internet but still may not hit the bull’s eye to strike the best deal. This is why you need the expertise of a real estate agent who understands the ins and out of the property management business.
3. Create a buyer profile and pitch accordingly
A customer (buyer or tenant) persona helps you target the right people and hence sign a handsome deal instantly. It helps you create the perfect pitch that gets a positive response at the earliest.
4. List your property at an online classified property portal.
In this digital age, you need to go online no matter what. Your potential customer is online looking out for the best property options, so make sure you list your property at popular online property classified portals. This gives proper visibility and helps you market your property and connect to the right audience instantly.
This article was published as part of the eighth edition of Property Finder Bahrain’s Trends Report.