Selling a Property

 

TIPS ON SELLING A PROPERTY


The Bigger Picture

The world wide economic slow down is having a major effect on property markets, but:

  • In the long term economists tell us that Spain is better placed than many other countries to withstand the crisis caused by the Credit Crunch, partly due to a Spanish government treasury surplus.
  • At this time thousands of foreign owners, including those from the UK, have decided to sell their Spanish property; in some cases needing to sell on account of the economic downturn in their own country.

    For whatever reason, there are presently an unusually high number of Spanish properties for sale and owners cannot expect the high capital appreciation returns of a couple of years back. Indeed it may be, for many, a question of reducing losses by selling quickly.

    Throughout this piece we hope to give some tips on how to secure the optimum sales price for sellers.
  • Realistic asking prices at this time are crucial if you really want to sell your property.

    The overwhelming number of buyers do so by raising finance and will therefore require a lender’s mortgage valuation in order to raise funds. Help is available on this point and referred to further down.
  • Buyers are wary. Most people with an interest in Spanish property will have seen on prime time TV and read adverse publicity.

    Everything you do will have to take account of prospective buyers’ concerns, so it will be wise to ensure that if you are using an estate agent, they are credible, your Title Deeds are in order, all utility bills and any community matters are taken care of.
  • It all adds up to the fact that a concentrated effort will be needed to ensure that you are in with the best chance to obtain the best possible price for your property.

Prices and Marketing Preparation

Price Tag: Put yourself in the position of a prospective buyer, bearing in mind the current economic climate. If you really want or need to sell, remember that prices may still continue to fall for some time yet.

Sure it’s always good to look in local estate agents’ offices and on the internet for property like for likes and compare prices, but always bear in mind that asking prices are not necessarily selling prices. Local people will be able to tell you about examples of properties remaining unsold, even after two years due to unrealistic pricing.

Bearing in mind that most buyers will be needing a mortgage valuation, you may consider it prudent to use the GPS-Direct Seller’s Valuation service, which is carried out in conjunction with a leading Spanish bank. By using this service you will have a realistic assessment of the true valuation of your property.

Mortgages: If your property is currently mortgaged, check with your lender to see if it is transferable as some lenders build in this facility. If you mortgage includes this option, the transfer will of course subject to the status of the buyers.

Pre-Arranged Mortgage: If the GPS-Direct Seller’s Valuation (referred to above) is taken up, we can arrange for a ‘mortgage in principle’, subject to the status of the buyer, to be put in place. This will add considerably to the saleability of your property.

Estate Agents: However buyers commence searching, at the end of the day it is estate agents or developers’ representatives in the property’s locality which may have an overwhelming influence on the buying decision.

Through GPS-Direct you can have the best of all worlds with:

 

a) Second to none website exposure.
b) UK marketing and support.
c) Local Spanish estate agency services.

 

Website Sales: The overwhelming majority of buyers start their searches online. You will need to ensure that you find a way to make the World Wide Web work for you.

Through GPS-Direct you can obtain exposure for your properties on sites which in total receive over 2,000,000 monthly visitors.

Do It Yourself Sales: Consider all the topics in this piece and act on them. Just to place the odd advertisement probably won’t work, you need to put in place a full marketing package.

The GPS-Direct Option 1 (Sell Direct To Your Purchaser) probably offers the most comprehensive marketing package for selling direct, which can be even further enhanced by opting for the Seller’s Valuation, Pre-Arranged Mortgage and reduced solicitors fees.



Preparing Your Property

Furnished or unfurnished? Unfurnished apartments at the time of viewing are rarely appealing. If you insist on showing your property unfurnished, you may be able to show examples of similar properties using photographs of show houses or apartments. If you do this, you must make this clear in your advertising.

If your property is not furnished, by far the best bet would be to buy a furnishing package. Many moderately priced packages are available; you could opt for a part furnishing package which may include items such as beds with covers, dining and living room furniture, curtains, some white goods such as a refrigerator and maybe a grill, essentially to fill the most obvious gaps in the kitchen.

First impressions are important and you need to provide a ‘wow factor’.

Pets: Your property may attract the attention of many nationalities and not least the Spanish, who generally do not let their dogs and cats have the run of the home and are appalled by them sharing beds and sofas.

Cleanliness: Those who have visited Spanish homes will realise how fastidious they are about cleanliness, with floors sparkling and furniture shining. Bear in mind your property may be viewed by any nationality.

Taking time to reflect on how your property may appeal to buyers is a good thing. If you have an estate agent talk to them and/or talk to friends to get their opinions.



Offering Your Property to the Market

So you’ve done everything we’ve talked about above? Why not draw up a checklist? Stand back and take a look at every aspect of your pricing, marketing and property preparations.

If you are selling through GPS-Direct, either directly or using our full agency Service, you will encounter a simply and easy to fill registration form.

Be sure to include information about size (in square metres), which is essential if you require a Seller’s Valuation. Be generous with description in the section “Other Information”. Include items like local amenities, medical centres, shops, schools, golf, water sports; in fact think about features of the property and the community which appealed to you when you purchased, plus any additional features which may appeal to purchasers.

Location. Having mentioned in the “Other Information” section items of interest with regards to local amenities, give a general description about the locality, i.e. public transport facilities, distance to airports, distance from the sea (if appropriate).

By giving the fullest information, you will attract the optimum number of enquiries. Generally prospective purchasers do not want to engage in a ‘to and fro’ exercise to seek information which will satisfy their buying criteria. Genuine buyers will be more inclined to make direct viewing enquiries or add to their shortlist properties with full information listings, rather than reply to the advertisements with scant, uninteresting and abbreviated details.

Photographs

Every picture tells a story, so tell a good story. Take lots of pictures internally and externally, then choose up to 10 of the best which will show all aspects of your property in its best light.


Every good wish for an early sale at the optimum sales price.