Selling a property is an important procedure as an owner; therefore, you must do it with the utmost rigor and attention. In order to make a good sale, we are providing our clients the best support by sharing valuable tips to accompany them to sell a property in Spain.
At the beginning of the operation, you may have several doubts to clarify. Here are the common ones you might come across when you sell a property in Spain.
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Agency fees
The sellers pay the agency fees of the selected agencies with whom they sign the sale commission of the property. In Spain, this percentage ranges between 3% and 5% of the final sale price, plus VAT (21%). However, each agency applies its own percentage. In addition, in some parts of Spain the fees are commonly shared between the buyer and the seller.
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Contacts for your property
One of the main advantages of a real estate agency like ChicRoom Properties is the knowledge of the area in which we operate. We are experts in every neighbourhood in Barcelona and according to the clients’ expectations, we advise them on the most adequate area to invest in.
We also work in collaboration with other offices and have the possibility to offer your property to more clients. If a collaborating agency or a relocation office gets in touch with us about a product that could interest their clients.
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Property valuation
This is probably the main concern among the majority of the sellers. 80% of customers know exactly how much they want to get for their property. Like in many other agencies, we value our clients’ properties by comparing them with similar ones. We also use real estate portals that provide valuable information on the price per m2 in every area.
Of course the given is only an approximation and sometimes it requires a correction. This depends on the features the property has which can increase the selling price. In addition, the geographical orientation, the floor of the apartment or the state of the building in general can alter up to 20% the value of a property.
Our team of experts will always give you a fair valuation of your home for you to sell it as quickly as possible and to meet your expectations.
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Duration of the selling process
This period will vary greatly depending on which area the property is located. With the situation of the real estate sector in Barcelona it can take up to 6 months or more.
When it comes to selling a home, it is essential to make a price / time relationship. The more we raise the price of a home compared to its similar ones, the longer it will take to sell.
Why sell a property in Spain?
This is the question you should ask yourself before putting your property in the market. Usually owners sell due to economic and personal reasons.
For the first reason, the change of property may be due to the availability of space. You may need another home if the family grows or a smaller one once the children have left the nest. It could also happen when in case of a separation.
Difficulties to pay the mortgage could a financial reason for selling. Once your property is acquired by a buyer, you could rent another home or purchase a more affordable one.
ChicRoom Properties, your real estate
You have heard that some people succeeded in selling their property without intermediaries. Although we do not deny it could occur, this is usually not the norm as most operations are complete through an agency or an agent.
Make you choose an agency with good references as previous customers’ experiences matter. At ChicRoom Properties we fully dedicate ourselves to provide the best service and maximum confidence to our clients. We value great communication with them all through the selling process and an entire support in this delicate moment.
Feel free to read our clients’ references of platforms like Facebook and Google for you to familiarise yourself with our company.
We invite you to get to know us via our website.
Sign a contract with the agency
We recommend you to sign a contract as it protects both parties. The conditions should include the following:
- The duration: you can renew it every 2 months if you prefer this option.
- The price: it binds you to the agency. If the agency gets a client who accepts the price and makes a reservation, do not back down or will have to pay a compensation.
- Exclusivity: agencies usually ask for it but you can choose to work with several agencies.
- Fees: Negotiate them with the agent. As mentioned before, usually between 3% and 6% of the final sale price you will also have to add the corresponding VAT of 21% to the commission. Normally the agency charges 50% of its fees when the buyer pays the deposit, and the other 50% when the sale is signed before a notary.
Set a price according to the market
For a good sale you need to set a price in accordance with the situation of the real estate market and the quality of your home. Do not waste time trying to sell your home 50% more expensive than similar homes in the same area.
There must be valuable reasons for buyers to spend more as they are usually informed about market prices. In other words, do not undervalue the price, but do not waste time bloating the price. If you want to sell, look for a fair price.
Avoid speculation on the evolution of the market
They do not recommend you to back down expecting a possible increase of the market price if a buyer is willing to buy your home. This could actually never happen or in the worst case scenario, a crisis could occur. In addition, you may to wait several months to get another offer which might be lower than what you expect.
Prepare your home for visits
The first impression is important and probably the most decisive one. Keep your home clean and tidy for visitors. Potential buyers have to get the homey feeling they are looking for to fall under the charm of their future home, your property. Also, it makes the task easier for the real estate agents to present the property to potential buyers.
Make some room and get rid of unnecessary furniture that could occupy too much space. Wide areas are very valued and is in many cases a reason for purchase.
Make sure the property is clean, tidy and ventilated. A sale could be lost if the home is presented otherwise. This goes together with fixing with what is broken or defective. You will not make a great impression if a visitor wants to turn off a light that does not work or if the walls are full of dirty marks, for instance.
Add some “heat” to the dwelling, but not too much. Try to privilege light colours for the walls and ceilings. Bright colours may be too aggressive for some potential buyers and could make it harder for them to picture themselves living in your property.
Be ready to answer the most predictable questions
Buyers usually ask a lot questions and want to be reassured before making an investment. Be ready to give answers to almost everything or to transmit them to the real estate agency you work with. The common questions are about the reasons you want to sell a property in Spain, the last reforms and when, the neighbours or if the building has passed the ITE (Inspección Técnica de Edificios or Technical Building Inspection).
Stay firm during the sales process
With a fair price appropriate to those of the market, do not abdicate to a potential buyer bargaining a high percentage and remain firm.
When selling a home, you must be convinced with what you do. Keep control of the situation, stay firm in your intentions, communicate clearly and set the limits.
Keep an eye on the calendar
Do not rush in selling the earliest possible. This could make you close a very bad deal and sell cheaper than expected. On the other hand, taking too much time can also be detrimental. Sometimes, waiting for the dream offer is not the right strategy. The property could “flame out” and you could actually miss an interesting opportunity.
