There is much more to selling a Las Palmas property than putting it on sale and waiting for buyers.
If your agent doesn’t promote your property effectively you miss out on potential buyers. This could well mean that you end up waiting longer and having to accept a lower offer.
And once you’ve found a buyer, a whole host of things need to happen before you head to the Notary.
In fact, a lot of an estate agent´s job happens once you find a buyer.
The best way to guarantee that your property sells promptly and at the best possible price is to use a quality estate agent.
Here’s how to recognise a good Las Palmas estate agent…
A good selling agent tells you the truth
The most important factor is to find an agent that inspires confidence because they know their stuff, have a proven track record of selling property like yours on the island, and always tell you the truth.
- The truth about your property’s chances of selling
- The truth about the true market value of your property
- The truth about the whole process of selling
If you ask a question you should get an answer. A good agent won’t be afraid of giving you an answer you don’t like.
A good Las Palmas estate agent knows the city and market
Las Palmas city is one of the biggest cities in Spain and has a huge variety of property and property zones. The value of property in the city varies considerably fin different areas and not always logically.
For example, Triana and San Nicolás are separated by one street but prices in the former are double those in the latter. Property close to the beachfront can vary is price by thousands of euros per square metre depending on orientation, outside space, the reputation of the street, etc.
Getting the valuation right for a Las Palmas property requires in-depth local knowledge down to street and even building level.
You also need an agent that understands the variable preferences of local and foreign buyers because this can affect the the sale price. For example, a property with outside space may not sell at a premium if it is only marketed in Spanish and doesn’t reach foreign buyers. Local buyers are often put off by stairs that a German buyer doesn’t even think twice about.
A good agent doesn’t list your property, they sell your property
Many agents will list a property at the price chosen by the owner even if it is too high. Why?
Because they want to meet the buyers that come to see it so that they can sell them something else.
The main effect of pricing your property above market rate is that you help other people to sell their properties.
- Potential buyers will choose a lower-priced property after seeing yours
- Your high valuation makes all other properties on sale in the area look cheaper
A good selling agent will sturdy the local market and give you a price range. At the lower end of the range, you’d expect a quick sale. At the higher end, a longer sale period.
But what a good agent won’t do is list your property at a price that is way above market value.
Because they are busy working hard to sell other properties that are priced accurately.
A good selling agent has personality
The agent that sells your home is your representative throughout the sale process. They show buyers around, network with other agents, negotiate the price, and work with lawyers, notaries and accountants to make sure the sale goes smoothly. They have relationships with the people who help a sale go through at notary offices, property registries and local government offices.
Their attitude and personality have a big impact on both the price you are offered and the chances of a successful sale.
You want a Las Palmas estate agent who is pleasant and friendly, but also able to negotiate hard on your behalf.
To do this they must speak perfect Spanish (my team and I speak fluent English, Spanish, French and Swedish).
Most important of all, you want an agent who believes in your property and is willing to prove it…
A good selling agent invests in your property then shares it
Time, resources, energy.
If your agent believes in your property and in their own marketing, they will invest it getting in front of buyers and telling its story.
They will invest in quality photos, video and marketing because they know that your property will sell.
A modern estate agent has to tell each property’s story with images, text and video and they have to do it online. 90% of property buyers, and all foreign buyers, start their property searches on the internet. A well-presented property with an interesting story is far more likely to attract online attention than a property presented neutrally.
Poor agents gamble with your property. They put in the minimum effort possible and just hope that they get lucky and find a buyer. Then they ask for the same commission if their gamble pays off.
Who would you rather have selling your property?
Quality estate agencies also list the properties they sell in the MLS database. This allows all other registered agents to show it to their clients. If this leads to a sale, the commission is shared between selling and buying agents in a fair and transparent way. The MLS system increases the number of buyers who see your property and the chances of a sale at a good price.
Agents that don’t list on the MLS are often more interested in trying to make a sale themselves even if this means a longer sale period and a lower sale price.
A good agent knows how to negotiate
If you’re tempted to choose an agent that charges low commissions, ask yourself whether they will work as hard to sell your property with less skin in the game.
And whether they will really be in your corner during price negotiations with buyers.
Agents on low commission don’t know how to negotiate and just want to make a sale at any price. They won’t defend the price they set and work to find you a buyer willing to offer the right price.
A good agent works to get you the best possible price and this almost always justifies their commission rate. And that is before you take into account the work they do to make sure the sale goes through…
A good agent stays with you until everything is signed and sealed
Once you accept an offer you enter a period that when very little seems to happen. The buyers must sort out their mortgage, transfer money and make sure their paperwork is all correct. You must keep bills updated and prepare your own paperwork for signing day at the notary. This period can last as long as three or four months and while it seems quiet it is often where your estate agent earns their money.
Property transactions in Gran Canaria are safe and the checks thorough. However, they also involve a large number of different parties: The notary, gestorias, banks, lawyers, estate agents and, of course, the seller and buyer. Each has a series of procedures to carry out and each one involves a series of documents they must have.
So, while you are wondering why things are taking so long, your estate agent is probably running from office to office and government building to government building juggling forms and documents.While making dozens of phone calls back and forth to make sure everybody is ready on signing day.
I have sold hundreds of Las Palmas properties in the last ten years and there is always something that needs to be done to make sure a sale goes through. So far, so good, I haven’t seen a sale fall through due to an unforeseen problem that couldn’t be solved on time.
I’m Laura Leyshon and I’m a Las Palmas estate agent resident in the city. I work for one of Gran Canaria’s oldest and most reliable estate agencies.
If you have any questions about selling Las Palmas or Gran Canaria property, please just get in touch and I’ll be in touch within 24 hours…