A Guide to Selling Your Home in Spain...
Here is a brief insight into some key points to consider when looking to list your property for sale in Spain.
Selling a property on the Costa del Sol means dealing with a largely secondary housing market and especially in areas like Marbella, a buyer could potentially come from anywhere in the world and is something that needs to be factored into account when looking for a buyer.
As buyers are looking at second or even third homes, emphasis tends to be about 'lifestyle' not 'need' and therefore want something that provide a better quality of life to the one they typically reside in when working…
This being the case, the secondary housing market especially the luxurious property end, can often mean it takes longer to sell, but this can improve when working with a receptive vendor and a qualified buyer with good intent.
The 10 Steps to Selling Your Property –
Putting the Property on the Market
Choosing an Agent
Photography & Presentation
Marketing your Property
Getting an Offer
Agreeing the Deal
Instruct a Lawyer
How to price your property…
It is important to set about having a ‘sales strategy’ which should of course needs to give careful consideration to the asking price – too high and people will not take the listing seriously let alone view – too low and you r risking losing out on large sums of money that could have been used towards selling costs.
Getting this balance right is essential to selling this type of real estate and a key element that your agent should be involved with. This can be helped by having the guidance from someone with a broad timeframe of experience and knows market trends both past and likely in the future.
Using ‘comparables’ can only help to demonstrate the thinking behind gauge this and what other houses have sold for in the same area is a great guide to knowing what the market will allow.
Have a Strategy
There are also a number of factors that contribute to pricing. When considering the value of a property it is important to factor what it is that would add value and attract potential buyers.
By focusing on the fundamentals, it will improve the delivery when putting it to market.
Size of Build & the Plot/garden
Levels of Natural Light
Age and Condition – New or in need of work
Design & Layout
Quality Finishes/ materials used
Specifications – HVAC System, Kitchen Appliances, Doors & Windows etc…
Smart Home Control System / Cable Networks – TV, Audio, Lights, Internet & CCTV.
Indoor Pool / Heated Outdoor Pool
Home Cinema / Entertainment Room
Bar or Bodega
BBQ Area/Pergola etc…
These are just a few examples, but all contribute to the value and therefore the potential sales price.
One way I like to get a better understanding about the highlights of a property is to ask the owner themselves to list the top 10 elements that influenced them when they purchased, what they enjoy most about living in it and whether there is anything they have indeed installed themselves which has improved it still further?
Understanding this can not only help promote the house when marketing but also highlight them when showcasing it during viewings with clients first-hand.
Any unique features that set a property apart are key to achieving the best possible price as anything that can set it apart from other properties means it can be priced accordingly.
Why use an Agent?
Apart from helping with advising on the right price to sell at and working to protect it, a sales agent offers many benefits to warrant their fees.
Sourcing suitable clients is paramount and involves a sharp qualifying process prior to any visit. This is to ensure the potential buyer is going to be looking at what meets his requirements while the owner is not asked to ready their property unnecessarily.
This is important for both parties at this level and few vendors appreciate being asked to open their doors only for the client that has asked to view to perform an about turn before hardly entering the hallway…
Much should be done prior to even arriving at this point so the byer has good insight into the reasons why the property is being offered to them and why they should be going to view…
Marketing and preparing a property properly in a professional manner takes a lot of time and indeed investment at this level and even when done well across all available media both digitally and in print form, can run into several thousand and of course when working on a commission fee upon successful sale only, no one benefits until it sells.
The standard sales fees for a resort area such as Marbella is between 5% - 7.5% + IVA.
Agent Exclusivity or Not?
The decision to give an exclusivity agreement to an agency is normally lead by the same few factors:
Availability of the owner
And whether they want to take an active role in the sale or not.
As second homes many owners are not always on hand to provide access, so keys are often required to maximise the viewing options. It is therefore impractical to provide keys to numerous agents if only for security and logistic reasons.
Making appointments and managing several agents can be an off-putting experience to many owners of luxury homes. It is more common for them to prefer to deal with one broker or the same company once a decision is made about selling and therefore not to have to deal with numerous companies.
As most agencies collaborate on a multi-listing agency it is vendors are invariably no worse off by going exclusive as in reality they simply act as the principle agent and manage all the viewings and qualification process on the owner’s behalf.
us there is more control if the sale agent that listed it is promoting it as they have the advantage of the level of insight that will give them the edge over just anyone coming along and chancing their arm.
In the eyes of an agent an exclusive agreement provides a higher level of incentive and confidence knowing the time dedicated will be time well spent and not be in vain. Largely because they don’t have to fear they are competing with another company down the road which makes the whole process easier to control and therefore easier to provide a more professional overall service related to some of the points made previously.
A good agency will still generate the same exposure while carrying out the necessary level of qualification needed on behalf of the vendor to prevent wasting time wherever possible.
By the same virtue, if the owner is offering sole agency but not prepared to acknowledge the advice of the agent on certain ‘sales strategies’ then this can equally be a worthless exercise and end up as time wasted.
Good preparation plays a large part in the success of a timely sale and this again is something a good agent can do to influence a sale by promoting it accurately and in its best light in the form of professional photos and where possible drone video footage while targeting the best possible avenues for generating the right incoming enquiries – which normally all comes down to experience.
In truth – exclusive listings get priority – rightly or wrongly..!