Selling process guide in Marbella and Spain
If you are selling a property for the first time or know someone who's been through the process of selling a property before, the concept of selling may seem intimidating at first. That's precisely why we've put together this comprehensive guide – to support you every step of the way during the sales process. Our goal is to provide you with a clear understanding of what to expect during the sale and offer valuable insights that you should take into account before you decide to list your home on the market.TABLE OF CONTENTS
01: Find a reliable real estate agent in Marbella
02: Preparing your Marbella home for sale
03: Listing agreement and exclusive contract
04: Marketing your Marbella property for sale
05: Viewings to sell a property in Marbella
06: Negotiation with the property buyer in Marbella
07: Closing a sale of Marbella property
01: FIND A RELIABLE REAL ESTATE AGENT IN MARBELLA
The significance of engaging the services of a real estate agent throughout the entire sales process cannot be emphasized enough. Real estate agents bring their knowledge, experience, and professional network to the table right from the start, which significantly enhances the chances of a successful deal.When searching for an agent, it's essential to:1. Establish a Comfortable Rapport: Choose an agent with whom you feel comfortable. Building a strong, honest, and professional relationship with your agent will facilitate smoother communication and contribute to a more efficient sales process.2. Consider Reputation and Experience: Opt for an agent with a solid reputation and extensive industry experience. This will ensure a more efficient and delay-free experience while working with the agency.3. Local Expertise: Seek agents who have previously sold homes in the same neighborhood where your property is located. Familiarity with the local market can be a significant advantage.4. Market Knowledge: Ensure that your chosen agent possesses in-depth knowledge of the real estate industry to provide an accurate assessment of your property's current market value. This assessment should consider factors such as property size (measured in m²), location, views, construction materials, and more.5. Set Clear Expectations: Clearly communicate your expectations from the sales process upfront. Indicate whether the property will be sold fully furnished, partially furnished, or unfurnished. Discuss the sales inventory, especially if there is any pending work in the home.6. Ask Questions: Don't hesitate to ask your agent questions. They are there to address your concerns and provide information. Some questions to consider include: - How much have you sold in the area? - What should my property be valued at? - How many other properties are you currently handling? - What is your success rate? - How will you manage property viewings?Once you have set your expectations and discussed your thoughts and questions, your agent can provide fair market appraisals, a list of recently sold properties in the area, and valuable insights into the Marbella real estate market, especially in your neighborhood.During this period, it's advisable to request your agent, or attorney if necessary, to inform you about any expenses and taxes associated with both the sales process and post-sale. Many sellers encounter difficulties when they fail to fully understand the general costs and expenses associated with selling their property. It's crucial to gather all necessary information before listing your property for sale to avoid any surprises later on.02: PREPARING YOUR MARBELLA HOME FOR SALE
Preparing your house for sale is undeniably one of the most challenging and crucial steps in the selling process. It's during this stage that numerous factors are taken into account to determine the potential selling price and success of your property.Maintaining objectivity when assessing your property's value is of paramount importance. Remember that there will be a designated time for discussing the listing price during negotiations. Furthermore, exercise caution when comparing your property's price to those of other listings on the market, as internet pricing can often differ significantly from the final selling price agreed upon. This discrepancy arises because the actual price may not be known to parties not directly involved in the sales process.Focusing on highlighting the unique features of your home is essential, as presenting it attractively can enhance its value and attract more potential buyers. While your realtor can provide insights into the current market, conducting your own research can help improve your home's presentation. Utilize real estate portals to compare your property with others in your area and stay informed about recent market reports to understand what is selling, for how much, and who the buyers are in your specific area.HOME STAGING
Once you've conducted your research, your primary goal is to stage your home effectively for viewings. Poorly presented properties are a major reason why many transactions fail.Here are some key steps for staging your home:1. Declutter: Remove non-essential personal items like jewelry, toys, and photos to create a tidy and welcoming atmosphere. Consider removing worn-out furniture and taste-specific decorative objects.2. Make a Snagging List: Identify small issues that need fixing, such as paint flaking, leaks, and heating problems. Ensure all appliances are in working order to prevent issues during the sales process.3. Cleaning and Maintenance: Hire a cleaning service for a thorough cleaning, and invest in paint touch-ups and floor maintenance.4. Property Inventory: Complete the property's inventory before showings, as discrepancies between the inventory and what was originally agreed upon can impact the negotiation process. Ensure your inventory is up to date and accurate.Your realtor may provide professional advice and recommendations on how to stage your home, leveraging their experience with property viewings to enhance your property's appeal to potential buyers.03: LISTING AGREEMENT AND EXCLUSIVE CONTRACT
In the real estate market of Marbella, various factors come into play when considering a listing agreement and the type of contract that best suits your needs. These agreements outline essential details such as the listing price, commission terms, payment to the agent upon the property's sale, and more. Here are the options you might encounter:1. Multiple Listing Agreement: This is a common approach where sellers can list their property with multiple agencies and agents simultaneously. The sale commission is earned by the agent who successfully closes the deal. This approach offers the advantage of diverse marketing strategies from various agents but may require active coordination and communication with multiple parties.It's advisable to monitor how other agencies market your property online to ensure it receives adequate exposure. Websites like Idealista or Fotocasa can help you keep track of your property's presence.2. Exclusive Listing Agreement: Opting for an exclusive listing agreement or an exclusive right to sell with a single agency can be another route. With exclusivity, your property becomes the primary focus of the chosen agent. Their sole objective is to market it flawlessly. An exclusive contract streamlines the marketing process, allowing your property to be presented with consistent branding and customized strategies. Your agent will handle all marketing and viewing activities and distribute promotional materials to other agencies, if necessary.The benefits of an exclusive contract include a dedicated marketing channel tailored to your property's unique features, providing a consistent and distinctive presentation. This approach can attract more attention and recognition among potential buyers.It's essential to understand that no option is inherently superior, as each has its merits. Your choice should align with your goals and preferences. Your agent can provide professional insights to help you decide which method best suits your property and objectives. Ultimately, the key is to select the approach that aligns with your needs and ensures effective promotion of your property in the Marbella real estate market.04: MARKETING YOUR MARBELLA PROPERTY FOR SALE
Effective marketing is a pivotal element in the process of selling a property, and it goes beyond the skills of your agent. Hence, having robust marketing strategies in place is of utmost importance.In Marbella, whether you opt for an exclusive or standard listing, the agent or agency typically shoulders the financial responsibility for all marketing initiatives. However, choosing an exclusive listing often means the agent is more inclined to invest more in marketing your property, thereby increasing the likelihood of a successful sale. This is primarily because a higher budget allows for better-quality marketing, which in turn results in greater visibility and focus on your property. You can discuss increasing the marketing budget with your agent, and some sellers may choose to contribute extra funds on top of the agency's expenses to enhance marketing efforts and achieve superior outcomes.At Amea, we take pride in handling all marketing materials in-house and covering all associated costs. Our 7-Day Standard approach ensures that all marketing materials are completed within seven days of the initial action, setting us apart from other Marbella real estate agencies. If you choose to work exclusively with us, we will manage all expenses to ensure your property is impeccably presented and guaranteed to stand out.Once the marketing materials are captured through photography or video, you may also consider organizing an open house event to attract a larger audience. This is an excellent way to generate word-of-mouth and increase visibility for your home.05: VIEWINGS TO SELL A PROPERTY IN MARBELLA
Property viewings are a pivotal aspect of the selling process as they provide potential buyers with a firsthand experience of the property. Proper physical preparation of the house is essential before any marketing activities begin. This means ensuring that the house is in pristine condition to be captured effectively through photography and videography. Additionally, any ongoing work on the property should be completed and disclosed before launching any marketing campaigns.Given that you possess the most intimate knowledge of your property, it's crucial to communicate with your agent before the initial viewing. Share what features you consider most appealing and what aspects you'd like them to highlight when presenting the property to potential buyers. It's also advisable to take your realtor on a second tour of the property to ensure they have a comprehensive understanding of its nuances.Naturally, your knowledgeable agent will be prepared to address as many of your suggestions as possible when discussing the property with prospective buyers.To maximize the chances of receiving offers and facilitating the transaction, provide your agent with as much flexibility as possible for viewings. Being open to showing the property at various times of the day increases the likelihood of attracting high-potential buyers.In our view, it's generally preferable for homeowners to avoid attending viewings with clients and their agency. Homeowners often have emotional attachments to their properties, which can lead to unintentional overselling or irrelevant details. Additionally, prospective buyers may not feel comfortable expressing any concerns or objections about the property with the owner present.It's essential to trust the expertise of your agent, whom you have hired to professionally present and sell your home. Allow the experts to handle the process, and your agent will provide you with feedback on the outcome of the viewing and their initial impressions.06: NEGOTIATION WITH THE PROPERTY BUYER IN MARBELLA
This stage of the process will showcase the expertise and experience of your agency. Offers from potential buyers will begin to arrive, facilitated by your agent. Establishing a cordial relationship with your agent is valuable, as they can assist you in selecting an offer that is both suitable and well-informed.To aid in making an informed decision regarding the offers, your agent will also provide feedback on all the viewings that took place and compare them to previous successful viewings and purchases. A competent agent will guide you through your options and offer expert advice without pressuring you to accept a specific offer.For instance, consider a scenario where you agreed with a prospective buyer that you would cover the costs and complete the construction of a home cinema before the sale, while your property was listed for sale and the cinema was still being built. If the prospective buyer hasn't been informed about how the cinema will be constructed, what materials will be used, or how many seats there will be, they may have preconceived notions about the cinema's design. This can lead to feelings of deception and dissatisfaction with the outcome, potentially causing them to withdraw their offer and terminate the transaction.To avoid such situations, it's crucial to establish the inventory and provide property details before accepting any offers. It's also advisable to set a budget for such scenarios that the buyer agrees to. Instead of simply agreeing to add a cinema to the house without setting a budget, the buyer may agree to cover the additional cost to enhance the quality of what they will receive.CONTRACT SIGNING
Once you and your agent have reviewed the offers, you will decide which offer, along with its price, to accept. Following that decision, your agent will draft a reservation contract containing all the terms and details negotiated and agreed upon during the process. Your agent will then guide you through the contract signing process. At this stage, it is also advisable to engage a lawyer to review the contracts and ensure a smooth progression.Your agent will coordinate with your lawyers to arrange the signing of the reservation contract and the payment of the reservation fee between you and the buyer. The buyer will pay 10% of the purchase price as a down payment and also sign a private contract.In most cases, the 10% down payment and reservation fee are non-refundable, except under special circumstances. Additionally, since this is a legally binding agreement between both parties, terminating the sale may result in financial penalties imposed by the buyer. The contract also typically includes a due diligence clause, giving the buyer the right to terminate the agreement and receive a refund without penalties if the due diligence process takes an extended period or produces unfavorable results.07: CLOSING A SALE OF A MARBELLA PROPERTY
Once the initial contracts are completed and all necessary legal requirements have been met, your agent or attorney will guide you through the remaining steps and prepare you for signing the closing documents.The signing of the title deed must take place in the presence of a notary, involving all parties. This signature signifies the transfer of full responsibility for the property, effecting the legal transfer of ownership and enabling an immediate transfer of possessions. The agreed-upon payment terms are also utilized to make the simultaneous payment for the property acquisition. Your attorney will ensure that all payments are processed, and the transfer of ownership is officially recorded once the property is sold.Amea’s agents will be with you every step of the way, utilizing their expertise and experience in the Marbella real estate market to ensure a smooth and successful sale. Our representatives are available to assist you at any time. Our key priorities include meeting your expectations, offering you the best guidance possible, understanding your needs and aspirations, maximizing the value of your home, and supporting you throughout the entire selling process.We guarantee that your confidence in us will be evident in the results we achieve promptly. As your success ultimately determines ours, let's achieve success together.