How to Sell Property in Portugal
Every seller of property in Portugal naturally wants to get the most money for their home, however, unfortunately, the most common mistake that causes sellers to get less than they hope for, is listing their property at an unrealistic price.
Property listings reach the greatest proportion of potential buyers shortly after they reach the market, but if the property is dismissed as being overpriced early on, it can result in later price reductions.
Overpriced properties tend to take an unusually long time to sell, and they generally end up being sold at a lower price than they likely would have had they been priced correctly in the first place.
Mistaking Appraisals for Market Value
Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the value of the appraisal is the amount that they should expect to receive for their property.
Unfortunately, however, lenders often estimate the value of your property higher than it actually is, in order to encourage re-financing, when in most instances the actual market value of your home could actually be (and often is) lower.
Your best bet is to ask your Realtor for the most recent information regarding property sales in your community which will give you an up-to-date and factually accurate estimate of your properties worth.
Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell property in Portugal to prospective buyers, do not forget to make your home look as pleasant as possible.
Make the necessary repairs, and do not forget to clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing.
A poorly kept home in Portugal, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.
Do Not "Hard Sell" Buyers
Buying a house in Portugal or anywhere for that matter, is always an emotional experience, and with some buyers, making difficult decisions can be daunting.
As a result, you should try to allow prospective buyers to comfortably examine your property without you or your Realtor haggling or trying to forcefully sell your home.
Instead, be friendly and hospitable, point out the local amenities or places of interest, whilst being receptive to questions, but most importantly do not try to negotiate at this stage, as salesmanship, may just turn your potential buyers away.
Trying to Sell to Lookers
A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property, as often, buyers who are not accompanied by a Realtor are 6-9 months away from buying, and are more interested in seeing what is out there than in actually making a purchase.
They may still have to sell their property in Portugal, or may not be able to afford a house quite yet. They may still even be unsure as to whether or not they want to relocate. Your Realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general.
If your Realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing to the wrong people. If you have to do this work yourself, consider finding a new Realtor.
Know your Rights / Responsibilities
It is extremely important that you are well-informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing.
Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract.
Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.
Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best Realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent.
Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you, so be sure to have control over your situation before signing a real estate contract.
There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, Realtors often use open houses solely to attract future prospects, not to sell that particular house.
Does your Realtor have a website? There are very few successful real estate professionals who don’t, and for good reason. Your Realtor should employ a wide variety of marketing techniques and should be committed to selling your property; he or she should be available for every phone call from a prospective buyer.
Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor is working on selling your home during these hours (many Realtors only work part-time).
Choosing the Wrong Realtor
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that how to sell property in Portugal and that you select a Realtor who is a good match for you.
Experienced real estate agents often cost the same as brand new agents, and chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles. Take your time when selecting a real estate agent. Interview several; ask them key questions.
If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.
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Sell Property in Portugal