With the current financial climate and a distinct lack of property buyers, today's home owner has to look at all possibilities if they want to sell their property quickly. This is a global issue, whether you are in the USA, UK or Spain property prices are dropping and buyers are few and far between, even with the interest rates at an all time low.
So how can you get ahead of the field?
Ensure your property is ready to be sold, it needs to be clean, tidy and well presented at all times. If possible give it a fresh coat of paint!
Price the property for the market. Look at local estate agents or For sale by Owner web sites to find out how much similar properties are being sold for - you can also use nethouseprice which allows you to put in your UK post code and get a list of sold properties and the price they where sold for in the same area.
Discover what local estate agents have to offer. Ask them how they will market your property and where they advertise. Negotiate the best commission deal and ensure you read any sales contract (if possible have your legal representative review it). Some agents will have a clause stating if the vendor sells the property privately they are still liable to pay commission. Ensure this is removed or be willing to pay them as well!
Advertise your property privately using all available media - local newspapers, shop windows, For Sale by Owner web sites or all of the above.
If you are advertising in the local newspaper keep the title short and attractive A title of ?Luxury Property for sale? may discourage potential buyers, inferring the price will be too high where as ?4 bedroom detached house? may make them read further.
If you advertise in a shop window ensure you include a colour picture of the property and again keep the title attractive.
If you use FSBO (For Sale by Owner) see what deals are on offer. Online Property Sale is currently offering to advertise your property until sold for just ?52. This includes a full description and up to 6 pictures of your property. They also place it on Global Property Online web site and a minimum of 10 other web sites. Included in the price is an SMS alerts system which informs the vendor when an enquiry has been made on their property.
When advertising on an FSBO site ensure confidentiality is retained by not displaying your name, telephone number or email address. Some FSBO sites display these and before you know it you will receive 100s of SPAM emails.
If you really want to sell your property there are buyers out there (even in the current climate) and you just have to work at finding them by using some or all of the methods described here ? these could help you get ahead of your neighbour. If selling your property is paramount exploit all forms of advertising, manipulate the resources available to your advantage and make them work for you.
Selling property to overseas property buyers is not as straightforward as selling to local property buyers. Overseas buyers are in a state of disorientation and may feel vulnerable to malpractice. This results in overseas buyers being seemingly over cautious and on some occasions suspicious of the property agent. The real estate agent's job is to reassure and inform and never over sell. Taking a deposit to hold that condo that is about to sell any moment now will undoubedtly result in a withdrawal later on.
Real estate agents release the pressure
Overseas buyers warm to real estate agents that do not create additional pressure. Buyers are under a lot of pressure. Many are apprehensive of being ripped off. They want to know that you are legitimate and for you to prove it. The golden rule is to inform inform and inform again. Information will help sell your properties to overseas buyers. Never over sell or create a climate of pressure , after all the buyer is already under stress.
Some things you should know
A real estate agent or developer who can give the impression of being knowledgeable about their locality and about the property in question is half way to gaining the confidence of the nervous overseas buyer. Information that you may not think relevant such as visa applications , importation costs, taxation, mortgage process, building insurance, local taxes, the buying process in your country are to name but a few.
Develop your powers of empathy.
Real estate agents selling property to buyers from abroad need to have the power of empathy. Ask yourself what I would feel like buying a property in a foreign land. How would I recognise a good agent and a good deal? What information would I want my agent to know?
Selling off plan or pre construction property
Real estate agents selling a new property to an overseas buyer should be prepared to answer these typical questions.
1. What guarantees do I have that the developer for this new property will not go under?
2. Will my deposit be placed in an Escrow account?
3. Tell me about the building company, what work have they done in the past
4. Has the builder secured planning permission and local permissions for the project?
5. Are there any legal safeguards for foreign investors in the case of non-completion or poor construction work by the developer?
6. If I decided to sell before completion of the project, would that be possible and would I be penalized in anyway?
7. How easy is it to buy and sell property in this country?
8. What if I decide to sell the property?
9. Are there any other fees while the project is being built and what about after completion?
10. What do you anticipate the rental income to be once the facility opens based on current rates at similar properties?
11. What is the payment schedule?
12. What happens if the building is delayed?
13. What is the rental yield I can expect?
14. What are the tax and inheritance implications?
15. What is the buying process in this country?
Selling property to overseas buyers a road to success
Selling property to overseas buyers can be very challenging but rewarding experience. The agent that holds the buyers hand throughout the process will undoubtedly be the agent that successfully sells to the overseas buyer.
Both Property Byowner & Nicholas Marr are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.