How to sell Spanish real estate fast

[robberto]

Believe it or not you can sell your Spanish property in a matter of days. The key is to set the right price.

A couple years ago a property selling e.g. in Mallorca for 500K was sold within 2 months, nowadays the same property will not even sell at 450K, but might stand a change if its priced between 350-400 K. (note: see yovi.es)

Many investors and 2nd home owners who bought Spanish property and have to sell would like to close their eyes and wait until their nightmare is over. They are faced with the decision of having to sell their property at a loss.
Most of these investors would rather wait a little longer and see what happens. They might think about the recuperation of the US housing market and they desperately are focusing on the positive economic figures in Europe.
What these investors are disregarding is simple fact of Who in their right minds would want to buy a property which has been in the market since a long time and for the same selling price?. The chances of finding a buyer ar very very slim.

So here a couple tips when selling Spanish property.

1) Sell at the right price
Try to be realistic when selling Spanish property. If your property is not selling its because of the price.
Lower the price of your property and you will be amased to see what the effects are.

2) Be sharp
When your property comes into the market invest heavly in promoting it. The fisrt couple of weeks are essential when trying to sell the property. The longer your property is in the market the less chances it has.

3) Compare prices
Check what similar properties are selling for and price your property in a competitive way.

4) Seek professional assistance
An estate agent will probably help you filtering potential buyers and curios not wanting to buy buyers.

5) Be calm
When showing a property to a potential buyer do not give him the sensation you desperately want to sell. Do not overly exagerate the positive points of the property.

6) Do not disregard offers
If someone makes you a valid offer, one that is within reason, do not disregard it or you might regret it later on.

7) Using social media and other property portals
Make sure the property is priced the same in all the media and with your estate agent/s.
Having different prices is suspicions and scares buyers off.

8) Using an attractive ad
Properties that do not have pictures do not sell. Aln make so provide good descriptions and if you can make a video presentation.

9) You sold your house, or maybe not.
Let say you found a buyer. Make sure is has the credit to buy it. Make sure he can get a mortgage.
Make sure that when a deposit is paid to in case the sell is canceled. Do not take the for sale sign off until the sell is completed.

[Janaro]

Thanks for the tips!

I got rich information like this from Scott Marshall at [snip>I like it when the look out for the customer before making money over inexperienced buyers like myself!

[algorfa]

I think that many of the agents which are left now have changed their ideas on selling and how to sell. At the height of the boom, it was not a problem to sell, if one client did not like it then it would be like London buses, there would be another along soon.

Many of the big boys have gone away, many of those who had joined the market to make a quick euro have also gone, you are now left with those who are in it for their dedication and will be there for the future.

It is about time that agents came to realise that the client has rights as well as the agents desire to sell a property at any price they can get, but the vendor has also got to realise that the buyers are not there in the numbers that once were so have to be more realistic on the price they want.

If everyone was more realistic on price and cost, then the market would move again.

[rowlandsbb]

I'm sure that most agents still in business appreciate that nowadays you have to give a profesional service to both buyers and sellers and not before time!

There are lots of sellers who have adjusted to the current market including the Banks with their repo sales and large [ or formally large] developers like Polaris World -on their established resorts they do offer some good realistic deals

Agents do not dictate the market but re act to it and sellers who really want to sell are taking a sensible view
But we are a long way from having an active market in Spain or for that matter in most of EU

The economies of the EU countries inc UK have to get growing again and the debts reduced before the demand will be sufficient to really activate the market

In the meantime those with finance can be selective and pick up bargains

Due to the current state of the EU economies, and we seem to move from one crisis to another EU & world wide, I suspect the market will be flat for some time

By 2015 we should see sufficient economic improvement for buyers to come out of the woodwork and start implementing their pent up desire to own a 'Place in the Sun' -why 2015-well by then certainly those in UK will have more money in their pocket again !

And this may well be the case with other Northern EU buyers

So it looks like 5 years of a flat market but there will be locations which will better this and start moving sooner

[greg]

The right price is a definite...

Everything else is a matter of many factors.

Do not take the for sale sign off until the sell is completed.

Excellent point! Many sellers forget that a deposit is still far from the sale...

[SusanaSuspenda]

We have had an awful year in Costa del Sol and an exceptional year in Mallorca because in Mallorca we have been able to bring buyers and sellers together wheras in the Costas buyers still have a ridiculous idea of what they can buy property for.

Mallorca really is the London of the Spanish real estate market and just doesnt have the oversupply that other parts of Spain has so buyers tend to know when they have got a good deal.

[wolfgangbrand]

Originally Posted by SusanaSuspenda

We have had an awful year in Costa del Sol and an exceptional year in Mallorca because in Mallorca we have been able to bring buyers and sellers together wheras in the Costas buyers still have a ridiculous idea of what they can buy property for.

Mallorca really is the London of the Spanish real estate market and just doesnt have the oversupply that other parts of Spain has so buyers tend to know when they have got a good deal.

Hi

I think it is not just a matter of people having rediculous ideas about what they can buy property for, but I also think that many poeple have silly ideas about what they can get for their property.

The usual calculation is: What did I pay for it + what I want to earn on the sale (usually way over reasonable interest or typical capital gains) = sales price.

People have still not realised that the prices that have been charged 5 year ago, had nothing to do with a market values, it was all balloony fantasy prices based on the "noblese" image of Marbella and on the everlasting sunshine. The later is still here the former is gone!!

The only time when you can get a reasonable price from a seller is when he bought a house lets say 5 years ago for X pounds when he came here and now he wants the same amount back. This is a good deal for a Euro-buyer because he needs now much lets Euro to give the seller his price in pounds.

With rentals , especially commercial rentals the picture is even funniere: Locals and offices are empty fro years becasue the (Spanish) owner does not lower the rent.

The definition of insanity: Doing the same things over and over again but expecting different results.

Regards

Wolfgang Brand

[InmoLaSirena]

Fully agree with you, owners, in general, don´t think about low prices, they keep thinking in better years before. Only owners who consider honestly the real market, do a reasonable price sales, and they are who get the deal

QUOTE=wolfgangbrand;136014]Hi

I think it is not just a matter of people having rediculous ideas about what they can buy property for, but I also think that many poeple have silly ideas about what they can get for their property.

The usual calculation is: What did I pay for it + what I want to earn on the sale (usually way over reasonable interest or typical capital gains) = sales price.

People have still not realised that the prices that have been charged 5 year ago, had nothing to do with a market values, it was all balloony fantasy prices based on the "noblese" image of Marbella and on the everlasting sunshine. The later is still here the former is gone!!

The only time when you can get a reasonable price from a seller is when he bought a house lets say 5 years ago for X pounds when he came here and now he wants the same amount back. This is a good deal for a Euro-buyer because he needs now much lets Euro to give the seller his price in pounds.

With rentals , especially commercial rentals the picture is even funniere: Locals and offices are empty fro years becasue the (Spanish) owner does not lower the rent.

The definition of insanity: Doing the same things over and over again but expecting different results.

Regards

Wolfgang Brand[/QUOTE]

[patrick1972]

Originally Posted by InmoLaSirena

Fully agree with you, owners, in general, don´t think about low prices, they keep thinking in better years before. Only owners who consider honestly the real market, do a reasonable price sales, and they are who get the deal

QUOTE=wolfgangbrand;136014]Hi

I think it is not just a matter of people having rediculous ideas about what they can buy property for, but I also think that many poeple have silly ideas about what they can get for their property.

The usual calculation is: What did I pay for it + what I want to earn on the sale (usually way over reasonable interest or typical capital gains) = sales price.

People have still not realised that the prices that have been charged 5 year ago, had nothing to do with a market values, it was all balloony fantasy prices based on the "noblese" image of Marbella and on the everlasting sunshine. The later is still here the former is gone!!

The only time when you can get a reasonable price from a seller is when he bought a house lets say 5 years ago for X pounds when he came here and now he wants the same amount back. This is a good deal for a Euro-buyer because he needs now much lets Euro to give the seller his price in pounds.

With rentals , especially commercial rentals the picture is even funniere: Locals and offices are empty fro years becasue the (Spanish) owner does not lower the rent.

The definition of insanity: Doing the same things over and over again but expecting different results.

Regards

Wolfgang Brand

[/QUOTE]

Unfortunately as we are all too aware based on our Irish property collapse, property owners are fueled by greed and estate agents added to the fire. The main consideration when selling a property anywhere in this economic climate is to be realistic. This means accepting that you are not going to get the same prices as 3 to 4 years ago. Once you accept this, put your property up for sale on as many sites as possible at a realistic price (seek advice if necessary). Do not commit to 1 agent, use as many as you can avail of. Consider all offers on face value even if they are below your asking price. Dont be afraid to hold out for the price you want but also don't lose a sale for the sake of a few thousand. Using resale sites and agents is a good idea but large upfront fees should be avoided. Do your homework on these sites and always compare their costs to what you would have to pay to sell it privately (their fees versus advertising and selling the property yourself). A few pointers but hopefully helpfull, I have successfully sold a few properties of mine by being realistic and using all avenues available to market the property to the right areas. I think Russia is the best option for many sellers at the moment.

Best of luck to all selling their property.

[SJS]

'Try to be realistic when selling Spanish property.' I think that line is something every seller should look hard at!

Kind regards
SJS