Selling A Las Palmas Property? You Have To Read This First

Selling a Las Palmas property? The exclusive contract and why it's a good thing for Las Palmas property sellers

Selling a Las Palmas Property: Advice for property sellers

If you’re selling a Las Palmas property, this is the most important thing you’ve ever read and it will save you time, hassle and money.

It explains how you can get every agent in Las Palmas to sell your property, and guarantee the best possible price.

And do it all with no hassle and no worries about legal or money problems.

Here’s how…

Exclusivity: A bad word for a good thing

When I first walked into a Las Palmas estate agency to sell a property, I thought the concept of an exclusive contract sounded a bit dodgy.

My reaction was the same as most people’s …

  • Why would I want to be tied to one company when I want everyone to sell my property?
  • Why not just sell it privately and skip the agency altogether?

15 years later, the exclusive contract is still the most misunderstood part of real estate in Las Palmas.

But now I know that it’s such a powerful tool that you must understand the benefits of exclusivity before you put your property on the market.

You are (of course) welcome to ignore them, but I think you should at least know exactly what exclusivity means.

Exclusivity saves buyers time, hassle and money that add up to much more than the fees.

What exactly is an exclusive contract

An exclusive contract between a seller and an agent is a simple agreement.

All it says is that the agent agrees to do all the work needed to list, market and sell a property.

In exchange, the seller agrees to pay their fees when the property sells.

But, it doesn’t mean that the agent is the only one allowed to sell the property.

In fact, the opposite is true.

Every agent in Las Palmas can sell an exclusive property because it goes into the shared MLS property database.

Why the shared database matters

I recently sold a property in Las Palmas for the asking price. It sold after 30 viewings.

Of the 30, only one contacted me via the sign on the window. Another two came from my personal contacts with buyers, and three others from online listings on portals.

The other 24 came from other estate agencies around Las Palmas via the shared database. It was one of these viewers that bought the property.

Without the shared database, the property would have received 80% fewer viewings.

The key to selling for a good price is to make sure that all potential buyers know about your property; the more buyers, the more offers and a better chance of selling at the asking price.

Let’s have a look at the benefits of exclusivity for a Las Palmas property seller …

Selling a Las Palmas property: The benefits of exclusivity

The seller…

  • only has to deal with one agent rather than getting phone calls and visits from dozens of people
  • gets their property listed on dozens of portals and websites
  • has their property sold by every single quality agency in Las Palmas via the shared MLS database
  • gets the legal security of working with a professional estate agency
  • Benefits from the experience and negotiating skills of their agent (this alone can save you thousands of euros)

The agent…

  • can invest time and effort into selling the property knowing that they will earn their fees when it sells
  • can offers buyers reliable information about the property and security

 Exclusivity is a win-win situation for the seller and the agent

Exclusivity often saves sellers money

Here’s just one way that exclusivity can save you money when selling a Las Palmas property…

Estate agencies in Las Palmas charge 5% of the final sale price in fees.

Most buyers ask for a 10% discount on the listed price of a property, especially if it hasn’t had other offers.

But, if you are confident that your property is priced right, and have had plenty of interest, you can turn down low offers.

In my experience (15 Las Palmas properties sold personally in the last 12 months), this alone often saves more money than the seller pays in fees.

How to make exclusivity work for you

Exclusivity works best when your estate agent puts in the effort to market and sell your property.

Pick your agent wisely because there’s a lot to do…

  • Take professional photographs so that the property stands out online
  • Make sure all paperwork is in order
  • List the property on portals and websites (I put every single one on 15 Spanish portals, plus Rightmove, my own website, social media, on the REMAX CONY website and the shared MLS database)
  • Send out a message to all the agents in Las Palmas so that they know it’s online
  • Flyer the local area so that everyone knows there is a property available
  • Handle calls from buyers and other agents
  • Arrange and host viewings
  • Handle negotiations over price and conditions
  • Draw up reservation contracts and purchase documents
  • Liaise with the notary and take them all the paperwork required by Spanish law (estate agents in Spain have strong arms)
  • Make sure all tax and registry payments are made
  • etc

And that’s just the basics; this being Spain, there’s always something unexpected that pops up during the sale process.

I’ve sold 15 properties in Las Palmas in the last 12 months and every single one had something that needed to be sorted out.

A missing bit of paper, a discrepancy on the registry documents, a last-minute counteroffer, mortgage delays, etc.

With an exclusive agent, you know that someone with local knowledge and experience is there to solve these problems for you.

Recap: The benefits of exclusivity

  • You have one person in charge of selling your Las Palmas property rather than having to deal with dozens of agents and buyers
  • Every quality agent in Las Palmas actively markets your property to your buyers
  • You get the maximum exposure possible and the best chance of selling at a good price
  • You get the security of professional knowledge contracts and experience

Looking for a Las Palmas estate agent?

I’m Laura and I’m Las Palmas’ resident estate agent. I know the city and its property market like the back of my hand and I work for one of the city’s best estate agencies. If you want to sell a property in the city, please feel free to contact me for advice and  no-obligation evaluation.

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Laura Leyshon
Las Palmas Estate Agent at Las Palmas Property
I'm Laura Leyshon and I'm Las Palmas' specialist foreign buyer (and seller) specialist. I work with RE/MAX Cony Overseas, one of the city's oldest and most prestigious agencies, and offer a complete and friendly service. Get in touch if you have any questions about buying or selling property in Las Palmas.

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