I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
If there’s one thing that puts people off selling their Las Palmas property with an estate agent, it’s the idea of signing an exclusive contract.
But this valid concern is due to a misunderstanding about what exclusivity means.
Exclusivity is actually a bad name for a very good thing.
All it actually means is that you get one estate agent pestering you rather than dozens of them.
Let me give you an example of how it works.
How an exclusive sales contract works in Las Palmas
You come to me and wants to sell your apartment in Las Palmas. Obviously, you want to get the best possible price for your property and this means getting it widely advertised with as many estate agents as possible.
At the same time, you don’t want to have to field phone calls and emails from dozens of agents and buyers. And you want someone who knows what they are doing to take control of the paperwork and sale process.
Ideally, you’d deal with one estate agent and still get your property advertised by every decent agency in the city?
Well, that’s exactly what you get when you sign an exclusive contract with a good estate agent.
As your agent, I make sure it is well priced, described and photographed, list it on all the main portals, both national and international, and tell every other estate agency in the city that it is for sale. In turn, they show it to all their buyers and list it on their own websites.
As enquiries come in from private buyers and agencies, I organize the viewings, show the property and pass on any offers to you.
All exclusivity actually means is that I handle the entire admin side of selling your property. It doesn’t mean that your property gets less exposure. In fact, because of the way Las Palmas estate agencies work, it gets you more.
The benefits of an exclusive sales contract
For you, the seller, signing an exclusive sales contract guarantees that your property will be advertised as widely as possible on websites, portals and in estate agency windows.
This is because the exclusive contract means that I, as your estate agent, can invest lots of time and effort into listing it on different portals and sites, and into telling lots of other agencies that it’s for sale.
I can do this because I know that if the property sells, I earn my share of the sales commission no matter where the buyer comes from. The more exposure I give your property the more potential buyers I find and the more likely I am to earn my money.
Other agents are more likely to bring their buyers to see your property because they know that they will also earn their share of the commission.
By the way, the commission you pay always stays the same.
I’ll let you in on a little secret: Most agents dread dealing with private sellers because they have unrealistic expectations, don’t want to pay commissions, and often change their minds about selling. Agents much prefer working with properties that are listed by other professional agencies because they know that things will go smoothly.
I hope I’ve managed to explain why the exclusive sales contract is a good idea. It’s basically a simple and highly effective system that’s a win-win for the seller and for agents.
The disadvantages of an exclusive contract
The blunt truth is that there are no disadvantages to an exclusive sales contract with a good estate agency.
Your property gets huge exposure on as many websites, portals and agency windows as possible.
This generates maximum interest and increases the number of potential buyers.
You get more offers and are less likely to have to accept one below the asking price
You also get to work with one person who knows your property intimately rather than having to field calls from dozens of buyers and unknown estate agents.
And you have the legal security of working with an agency that is looking out for your interests throughout the sale process.
What about the fees? If I sell privately I can save 5%
All quality Las Palmas estate agencies charge 5% sales commission so selling privately would theoretically save you this money.
However, it’s almost impossible for a private seller to get their property the level of exposure that a good agency guarantees.
For example, I list every property I sell on 15 Spanish portals, my own website and social media platforms, major international portals like Rightmove, and the international RE/MAX website.
It also goes into the shared database of properties that all professional agencies in Las Palmas use. From there your property goes onto other agency websites and is displayed in agency windows all over the city.
I also take free professional photos of your property that increase the number of viewings by over 40%.
This extra exposure means that you get lots more viewings and are highly likely to receive multiple offers.
Selling your property with a good estate agent costs 5% of the sale price, but I can tell you from experience that you’re almost guaranteed to sell it at a higher price if you work with a good agent.
And you get free advice, legal support, and translation all the way through the sales process.
Summary of the benefits of using a professional estate agent
- Quality photos and description of your property
- Massive exposure on multiple local and international property portals and websites
- Your property is marketed by all quality agencies in Las Palmas
- You have one person handling all viewings and offers
- You receive more enquiries, viewings and offers
- Your property sells for a higher price
- You get support and advice throughout the sales process
- You get after-sales support from your agent (help with bills, communidad, etc).
I’m Laura Leyshon and my job is to help you to buy and sell Las Palmas property in an efficient, professional manner. I hope this article explains why the exclusive sales contract is nothing to worry about but if you have further questions, please feel free to contact me at any time.