Selecting an Estate Agent in Spain is not like it is in the UK where you would usually go to just the one agency to market your property, here in Spain you are able to go to dozens to give yourself a better chance of selling your home.
However, there are a couple of things that might be something that you want to look out for when handing over those keys to an estate agency here on the Costa Blanca.
House Valuations:
Anyone can tell your house is worth a certain amount so be careful if your estate agent over values your property. Yes, it may be music to your ears that your property is worth more than you thought from your estate agent but getting a proper bank valuation will put your mind at rest on terms of how much your property is worth to the bank as this is what the buyers mortgage will be compared to.
Look at other properties in your urbanisation that are for sale and compare, do you know anyone that recently sold there property near you? How much did they accept for the sale of their property and how long was it on the market for?
Especially now, be prepared to take a lot lower than your starting asking price. Very rarely will someone pay the exact asking price, offers will always be on the table if they are seriously interested in purchasing your property.
Estate Agent commissions:
Obviously a big subject here in Spain is “High Estate Agent Commissions”. What do Estate Agents do for the money that they are charging to market and sell your propety for you?
Make sure you ask how much commission they will be adding to the asking price or if it is being taken out of your asking price that you have agreed to settle on. It is very well publicized that Estate Agents where making an absolute fortune out of their clients charging ridiculous sums of money, sometimes as much as 15% / 20% commission which in our eyes in unjustifiable. Most estate agents in our days now work on smaller commissions like ourselves, we only charge 3% commission however – if it makes the difference between making a sale and not, there is always room for negotiation on our part as well as the vendors. We have always been low commission estate agents since the day we opened our doors, as the market has changed all other estate agencies have had to follow suit or risk going down the same route as the greedy agents … closure!
Just make sure that you know what is being made from the sale of your property and that you are not being taken for a ride.
Signing Contracts:
Make sure you look at the small print, make sure that the agent that you are looking at marketing your home for sale is not asking for exclusivity which would stop you from taking your property to other agencies to show your property. Better still, find a agency that you do not have to sign any contracts pre sale. This will give you the freedom to do what ever you like with your property, if you wish to stop using an estate agent due to a bad experience with them, then you may take your keys away and ask them to remove your home from their shop window and website.
Most estate agents will ask for keys or for the contact of your key holder if you are not resident in Spain or you are very rarely here. This is down to the fact that you are not always going to be here to be able to open up and the house before a viewing takes place. In most cases viewings are made at very short notice so it is necessary to have good access and at short notice.
Multiple Estate Agents:
Obviously, it’s a numbers game, the more people that you get to view your property the more chance you have of achieving a sale. So, get your property in order - function ability, feel and look, then with all of the ideas above, select your estate agents to market your property. Don’t limit yourself to just the one otherwise you may be sat on your property for a lot longer than you think.
One thing that is common practice here in Spain is that Estate Agents share properties, which in fact is much better for you in a way. If they have a client that is arriving at short notice and they do not have the type of property that their client is looking for they will usually ask around other agents that they collaborate with to find a property that is suitable for their client. If you are not comfortable with this idea, make sure you tell the estate agent that you are using that you do not want your property to be used by other agents. But in the long run it is better for you in your bid to sell your property.
In todays market in Spain, people that are looking for a property for sale will do all the planning back at home over the internet. They will contact agents to arrange viewings and will have a complete schedule for the whole of their stay here, they will be out with different estate agents everyday – completely different from the days of the old inspection trips where they would only be out with one estate agent during their stay here.
Now, your property is in competition with so many other properties that are currently available on the market and you need to make sure that not only is it more attractive price wise and on the eye – but you need to make sure that you are getting enough viewings for it to be sold.
Remember, word of mouth is always the best form of recommendation – ask others that are or have been in the same situation as you are in now, see what their experiences have been like and see whom they would recommend!
Good luck in the sale of your property!