SPAIN – This fact is, of course, not exclusive to this country. However, there are a large number of homes left unsold here, especially on the Costa del Sol. Advice given to Spanish sellers on various websites might be handy knowledge for expats, too:
· One ad is not enough. Even a series of ads may not be enough. The secret behind successful marketing is in repetition, so we can learn from the likes of Coca-Cola, Lever Bros. etc. etc. The big boys, in other words. (More ideas and suggestions below.)
· Photography/Video: Rarely will a buyer visit a property without having seen good photographs – even better, a good video – of it beforehand. One website advises on what should be commonsensical things, such as getting rid of a hose in the garden or pool, a sink with washing up in it, personal items in the bathroom, unmade beds, etc. Apparently, you would be surprised at how easily these things are forgotten.
· Social media are not profitable. If you really want to sell your property, forget the social media. You could use them to create something that may attract more visitors but won’t necessarily help to actually sell it.
In contradiction to the above, one website, originally created by a group of friends to sell their homes abroad through Facebook and Twitter, among others, advertises properties in Spanish, English, German and Italian. They call it ‘a progression from word of mouth’ and is a rapidly growing in success.
· Visiting hours or the facility for potential buyers to visit are important. Make it easy for a potential buyer to visit the property, even if you’re living in it.
· Make sure all documentation is in order. In Spain, this is particularly important as the paperwork is complicated – and particularly so if you don’t have the language. These will necessarily include a receipt for at least the last Council Tax (IBI, Impuesto de Bienes Inmuebles) bill, but more if possible, the property’s Energy Certificate (available from a local architect or certified authority – ask at your Council offices), property registration (Registro de la Propiedad). Have a Contrato de Arras (contract of Deposit) prepared. All of these will speed things up – and make a closure quicker.
To ask an owner for the ability to sell and close a deal may be too much, but a couple of hints: you can hook a buyer by offering a rental with option to buy, or even a cheque for small repairs.
Of course, it is possible that none of the above will work. But don’t forget that there are homes in areas where there is practically no demand and the property could take years to sell. If you’re in any doubt, it’s best to consult, or even engage, the services of a qualified, reputable estate agent. They are trained to sell, and they may well have a handy financing source or two. And the 3 - 5% they charge may be well worth it.
There is always time to bring your price down. It is one of the owners’ worst ideas and often ruins a sale.
Setting the price too high leads to exclusion from the market. An interested buyer will decide to visit the property within fifteen days of seeing an advertisement. If the price is above the market, a sale is very unlikely, in which case the owner will be forced to make a drastic reduction, closing a sale well below the true value; buyers are not fools, especially in a buyer’s market – and let’s not forget that prices have come down substantially over the last six years. The fact is, alas, that the longer it takes to sell, the less value it will have.
Good luck!
SPAIN – This fact is, of course, is not exclusive to this country. However, there are a large number of homes left unsold here, especially on the Costa del Sol. Advice given to Spanish sellers on various websites might be handy knowledge for expats, too://
· An ad is not enough. Even a series of ads may not be enough. The secret behind successful marketing is in repetition, so we can learn from the likes of Coca-Cola, Lever Bros. etc. etc. The big boys, in other words.
· Photography/Video: Rarely will a buyer visit a property without having seen good photographs – even better, a good video – of it beforehand. One website advises on what should be commonsensical things, such as getting rid of a hose in the garden or pool, a sink with washing up in it, personal items in the bathroom, unmade beds, etc. Apparently, you would be surprised at how easily these things are forgotten.
· Social media are not profitable. If you really want to sell your property, forget the social media. You could use them to create something that may attract more visitors but won’t necessarily help to actually sell it. In contradiction to this, one website, originally created by a group of friends to sell their homes abroad through Facebook and Twitter, among others, advertises properties in Spanish, English, German and Italian. They call it ‘a progression from word of mouth’ and is a rapidly growing in success.
· Visiting hours or the facility for potential buyers to visit are important. Make it easy for a potential buyer to visit the property, even if you’re living in it.
· Make sure all documentation is in order. In Spain, this is particularly important as the paperwork is complicated – and particularly so if you don’t have the language. These will necessarily include a receipt for at least the last Council Tax (IBI, Impuesto de Bienes Inmuebles) bill, but more if possible, the property’s Energy Certificate (available from a local architect or certified authority – ask at your Council offices), property registration (Registro de la Propiedad). Have a Contrato de Arras (Contract of Deposit or Intention to Buy) prepared. All of these will speed things up – and make a closure quicker.
To ask an owner for the ability to sell and close a deal may be too much, but a couple of hints: you can hook a buyer by offering a rental with option to buy, or even a cheque for small repairs.
Of course, it is possible that none of the above will work. But don’t forget that there are homes in areas where there is practically no demand and the property could take years to sell. If you’re in any doubt, it’s best to consult, or even engage, the services of a qualified, reputable estate agent. They are trained to sell, and they may well have a handy financing source or two. And the 3 - 5% they charge may be well worth it.
There is always time to bring your price down. It is one of the owners’ worst ideas and often ruins a sale.
Setting the price too high leads to exclusion from the market. An interested buyer will decide to visit the property within fifteen days of seeing an advertisement. If the price is above the market, a sale is very unlikely, in which case the owner will be forced to make a drastic reduction, closing a sale well below the true value; buyers are not fools, especially in a buyer’s market – and let’s not forget that prices have come down substantially over the last six years. The fact is, alas, that the longer it takes to sell, the less value it will have.
Good luck!
Great article Alberto!
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