23 real estate tips to read before 2023

23 real estate tips to read before 2023

Amal Ali 08 Dec 2022

With the end of 2022 approaching, we decided to collect 23 real estate pieces of advice and tips for you to know before the beginning of 2023.

The year 2022 was full of global events as well as local ones, which certainly affected all sectors and levels, especially the economic field, and certainly the real estate market was one of the sectors that witnessed great changes.

Egypt was able to prove that its real estate market can overcome difficulties and continue to make profits. Therefore, despite all obstacles, we witnessed the opening of many real estate projects and the entry of many new real estate development companies for the first time in Egypt. We also witnessed a strong presence of national projects this year, foremost of which is the inauguration of the new city of El Alamein and the new administrative capital, just as President Abdel Fattah El-Sisi inaugurated the new city of Mansoura.

Investing in real estate is one of the sound decisions you should consider if you consider securing different income sources. And you have to develop a plan for your investments or start thinking about owning your dream home, as it will be one of the most successful decisions to secure your family’s future.

The decision to buy or invest in real estate is not limited to one element, but it is an equation that includes a group of parties without whom the buying or selling step cannot succeed. Every ingredient and tip is crucial to reaching the desired results.

• Real estate developers:

Real estate development companies are keen to present real estate projects that meet the needs of the market and achieve diversity in the real estate product to suit different groups in society. Therefore, the presence of a large number of real estate development companies is considered an important element in the market.

• The seller:

One of the most important real estate markets is "resale", where a person can buy real estate from individuals or its owner away from real estate development companies.

• The Buyer:

The most important element in this equation is the customer or the buyer. Without the need to purchase real estate, the entire sector will stop. This is what some real estate markets are witnessing in other countries, where the number of real estate units exceeds the percentage of people willing to buy them. This is what puts the Egyptian market at the forefront of the strong real estate markets because the annual need of Egyptians to buy apartments or real estate is huge and increases every year. 

• Real estate consultant:

It is the main connection between all parties. If you are a buyer, you will need a service that will make you reach what you are looking for in the shortest time at the most suitable price. And if you are a real estate owner, you will need someone to connect you with the largest number of buyers so that you can sell your property quickly by advertising it correctly. Certainly, real estate development companies need partners to promote their projects and ensure that these projects and news reach the largest possible segment.

Therefore, the idea of hiring a real estate consultant is very wise, but you have to choose the right office and real estate agent for you and your needs.

You can take a look at all of the weekly articles we offer on the Inland website. Now enjoy reading these 23 tips.

First, let's start if you are looking to buy your own home or property

#1 Identify your priorities and needs and differentiate them from wishes

One of the most common mistakes made by some of those looking for real estate is starting to search and preview real estate without specifying what they want exactly, and most importantly what are their needs. Therefore, it is an essential step to clearly define the set of things that you will not give up on your property and what points or wishes can be dismissed.

Read this article to learn more about 5 tips to consider before buying your home.

#2 Create a clear financial plan

Not defining your financial capabilities and the amount of money you intend to pay as a down payment puts you in a greater position of confusion and distraction because you will waste your time searching and viewing real estate that is outside your financial ability, and this may lead to your feeling of frustration, retreat, and delay in your purchase decision.

The step of determining your financial plan is one of the basic preparatory steps that precede the process of searching for the property itself.

#3 Do your research and narrow down your choices

Do not rely entirely on advertisements or the opinions and recommendations of those around you. Do your research, search for the areas you want to live in, and learn about the latest projects in the neighborhood. Spend some time exploring these areas in real life and form your own opinion.

Exclude the options that are not suitable for you and set a specific set of options so that your experience in owning your property becomes faster successful and more effective.

#4 Hire a real estate consultant and benefit from free help and advice

After you have researched and determined your priorities and needs, it will always be a successful idea to deal with a real estate consultant, who will provide you with the appropriate service you are looking for. They will provide many options for you to see and will not limit you to only one project, as is the case if you resort to the project developer itself.

If you are hesitant to take this step, you can learn more about the advantages that you can get through this topic. What is real estate consultancy and how can you benefit from it?

#5 Be flexible if you don't find exactly what you're looking for

One of the best ideas to adopt while searching for real estate is to be flexible in your decision. It is possible that the options available are not exactly what you imagined as the real estate market is constantly changing and in this situation you will have to think logically and flexibly about what is available and make a decision.

#6 Navigate your options carefully 

Browsing through all the options will help you determine your likes and dislikes and will give you a more accurate picture of what you can find in the real estate market beyond your imagination.

#7 Study the contract you are going to sign

Many people suffer after buying their real estate as a result of some errors or points that were not taken into account when signing contracts. You should take care while reading your contract, make sure of your delivery date, and read the terms of penalty and compensation.

We advise you to read this article for more useful details on 6 Key Points that will Help You Avoid Mistakes In Real Estate Contracts.

#8 Consider a range of additional expenses such as closing fees, insurance, and maintenance

The total amount that you will pay is not limited to the price of the property only, as there are a set of other expenses that will be added to the original price, including property registration fees and the commission that you will pay if you seek the help of a real estate consultant.

#9 Try to avoid emotions and feelings when making your decision

In a previous point, we advised you to adopt flexibility and explore options, but the truth is that at the same time, you should not get carried away by feelings. When you like a property, make sure that it is suitable for you and your financial ability, not just because you liked it.

#10 Try to take your decision quickly so you don't miss out on irreplaceable opportunities

If you find a suitable opportunity or a property that fulfills a large percentage of your requests, do not delay your decision too much, as delay in decision-making and procrastination in research leads to losing some golden opportunities.

Secondly, if you are the owner of the property and are considering offering it for sale

#11 Price your property according to market indices, not according to your desire

Some people get carried away with setting the prices of their real estate according to their assessment, which puts them in the face of two things, either increasing the price in a way that affects the sale or setting a lower price, which exposes them to a loss. Always study the price indicators in your real estate area, and you can seek the help of a specialist to set the correct price.

#12 Do all the maintenance and put the property in the best shape to attract clients

You cannot get the price you seek if your property is not in a very good and excellent condition that encourages the customer to buy and negotiate. It is always recommended to prepare the property before selling it by completing maintenance work and improving its appearance.

#13 Hire a real estate agent to market your home through them

You can use the traditional methods of selling your property by displaying it in the circles of acquaintances and friends, but it is not guaranteed that it will be the ideal and quick way to sell your property. When offering your property to a specialist, you will benefit from carrying out specific advertising and marketing campaigns for your property, which will ensure that more people are coming to it.

#14 Be flexible during the negotiation process

Some owners insist on not negotiating or making some concessions that cause their property to remain unsaleable. Try to enter into negotiations, reach the best offers, and do not reject outright and directly.

#15 Consider hiring an estate management service if you are looking for an easy way to manage your property

If you own more than one property or a large number of properties and are thinking of operating it or renting it, you can save the effort of following up on all the details of the property by using the real estate management service. Learn more about this service through this article Learn about property and real estate management and how you can benefit from it.

#16 Pay close attention to the quality of your property photos

We are now living in the age of images where how you portray your product has a huge impact on sales and customers are interested in seeing a realistic, high-quality image of everything before they buy or invest in it.

#17 Always be prepared for clients to view your property

Some clients face a problem with the real estate owners during the inspection phase, which makes the client lose interest and start looking for another property. Therefore, if you are a property owner and want to sell it, the property inspection periods should be open most of the time to suit customers and be suitable in the morning and evening periods.

#18 Try to respond to offers promptly

Some owners delay responding to the offers in the hope that they will obtain higher offers, but this behavior will not be in your interest at all times because it may push the customer to refrain from buying, which will result in a loss for you. It is not guaranteed that you will get a higher price later.

#19 Take into consideration how much commission you will be paying

You should know, as a real estate owner, that you also pay a sum of money as a commission if you seek the help of a real estate consultant. The commission is agreed upon at the beginning, so you must keep this point in mind.

#20 Study the market to know when is the right time to put your property up for sale to avoid expenses

One of the biggest mistakes that can make you lose time and part of your money is advertising your property in the wrong season or time. Where supply and demand dominate the real estate market as well, the summer season will focus more on chalets and areas such as the North Coast. At the beginning of winter, Ain Soukhna and residential units are dominant. Therefore, you have to research and select the appropriate season to display your property.

As for the last 3 tips, they are for everyone who is thinking of investing in real estate

#21 consider investing in commercial and administrative units and do not rely on residential real estate only

Some people think that investing in real estate is limited to housing units and renting them out. But in fact, the administrative and commercial real estate market is achieving very strong gains because the rental prices of these properties are higher and their lease terms are long and can bring you a stable income. Search for projects related to administrative buildings and study your opportunity in this investment.

#22 Investing in real estate is a long-term investment that pays back after a while

If you choose to invest in real estate, it is a long-term investment sector. If you are looking for an opportunity to make a quick profit, then your best choice will not be real estate.

#23 Don’t invest all your capital, start with small steps

One of the biggest mistakes that you can make is to use all your capital in one investment. You have to secure yourself and your sources of income to ensure that you do not stumble later and lose all your capital if you do not invest it well and make the right decisions.

The search for a safe investment is certainly a dream and aspiration of many people and the best time to start investing is now because real estate prices and commodity prices that affect the market such as the price of gold are always on the rise. The beginning of the new year is an opportunity to begin making steps toward your investment. We at Inland always try to provide you with all the information and services that you always need.

Call us at this number 01003366453 for free real estate advice or to answer all your questions.

We also advise you to browse our website and read the weekly articles to find out about the latest real estate projects in the Egyptian market.