Here are 5 pieces of advice that will help you sell you home for the highest possible price.
Create a first-rate listing. #
Several online sites offer great helpful hints, photo support and premium listings that will help make your property more visible. Look for a site that has incentives for buyers - perhaps tied to special ‘give-aways’ or ease with currency exchange and legal support.
Be willing to settle in an alternative currency from the one you need. #
If you are selling in Spain, traditionally, the transaction is in Euros. If a UK buyer wants to use pounds and not lose funds in the currency conversion, accept pounds and have the lawyer work out the conversion for the 3% withholding tax at the time of transfer. You may consider taking a digital or “crypto” currency. These funds can be locked at the time of contract signing or the day of transfer of title - this provides equivalent values at time of closing. If you want, you can also have an exchange ready for the crypto back to fiat currency for a nominal fee. This is often a good way to sell a property quickly and transfer is easier. We’ll have more about this in future blog posts.
Give extra incentives in the form of a higher sales commission to the sales agent. #
Remember you are competing for agent’s attention. Whether they can sell a property under 400,000 Euros and make up to 20,000 Euros that they share with multiple agents or they have a property selling for 1.2MM with a commission of 60,000 euros, they will focus on the one that pays them more. It’s a simple math issue.
Do the most you can to get your listing seen by as many people as possible. #
Create a sales flier and distribute it to many agents both in your village, surrounding villages and in Palma plus places you visit off the island. Remember, selling is mostly a numbers game. The more qualified people who see your listing, the more possibilities you have created to sell. Some sellers do get ‘lucky’ being in the right place at the right time with a friend who knows someone who would “love” your place. But most sellers are competing with other good properties.
Keep your listing consistent. #
When friends ask your selling price, do not negotiate against yourself. Never lower price on one or change in multiple places. If a buyer sees different prices for the same property, she will be confused and be in doubt about the authentic value of the property you offer. Think about it: if you are listed for 425,000 Euros in one place and 395,000 Euros in another, then the buyer will see this because of the access to internet data and the way that data is populated. What would you do if you saw both prices? Offer less. So will your buyer. And remember, consistency is also about the details of your property. Do not let an agent market a room with no windows, closet or access only through another room as a bedroom. This is a large closet, not a bedroom. Your potential buyer will see discrepancy from listing to reality and begin to question other aspects of the offering.
By Memphis Holland
5 September, 2018