16 Mar 2010

Selling a flat in 48 hours

Published in News

Under that striking title, the major Spanish newspaper “El País” recently published an interesting article with recommendations for the sale of a property under the present market situation. The article points out with a series of examples that it IS possible to sell a property quickly, in spite of the crisis and the market stagnation. “If you want to sell your property quickly and in the best conditions, you must be aware of a series of mistakes that are made again and again and can ruin a sale”. The article describes those mistakes that must be avoided: The main and most common mistake is the price. “You must be realistic and put a price that makes the sale possible within the shortest time possible”, points out an expert, adding that if a property remains for sale a long time, it gradually loses value. Especially if you consider that all advertising measures reach their greatest impact and effectiveness within the first 2 weeks. If you seriously want to sell, and not just have the property for sale during years, waiting for the “rare bird”, you need to find out what its real value is. For that, it is convenient either to get an appraisal made, which may cost up to 200 Euros or to get the advice of a competent agent. An expert recommends: You must make a market search, consider the offering price of similar properties and offer your house at a 10% lower price. The possible demand is important too, because a property can be excellent and valuable, but if there is little demand, it will no doubt affect its price. Another common mistake is to refuse the first offer hoping for a higher offer that in the present market situation may never come. The article points out a series of other mistakes (impatience for selling, exaggerating the qualities of the property, not distinguishing a simply curious person for a seriously interested buyer, signing an agreement without knowing if the buyer will obtain financing from his bank, etc.) All those mistakes are best avoided if you get professional advice and assistance from a serious Real Estate Agent, who will carry the sale quickly and efficiently (provided of course the price is a realistic one), with a proper marketing plan, study of the market, adequate and professional advertising means - which are of utmost importance - and all the legal guarantees. It is important also that the price offered by the owner and the price advertised by the agent are identical, otherwise it would lead a possible buyer to mistrust and a suspicious buyer will not buy. To resume the article in few words: to set the price too high and not in keeping with the market is a major mistake, which together with others, can ruin a sale. See complete article in Spanish under: http://www.elpais.com/articulo/economia/Vender/piso/48/horas/elpepueco/20100305elpepueco_1/Tes Translated and summarized by Rolande Chagrin