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 […]
The RE/MAX Contract: Why It’s Good For Las Palmas Property Owners
The contract signed between RE/MAX Cony Overseas and property owners wanting to sell is known as an exclusive contract. However, this does not mean that the agency has the exclusive right to sell a property.
Instead, it means that the agency has the exclusive right to represent the property owner during the period of the contract. Your property is still marketed by all of the city’s main estate agencies thanks to the island’s shared MLS property database.
The benefits of an exclusive contract
Signing an exclusive contract with a quality Las Palmas estate agency increases your chances of getting the best possible price for your property and also keeps the process professional and straightforward. Here’s why …
1. Your property is marketed by the entire RE/MAX network (over 10 Las Palmas offices) plus all of the island’s main estate agencies via the MSL shared property database
It is also listed on a wide range of local and international property portals.
This means that it is seen by the vast majority of active buyers in contact with all of the city’s main agencies (which sell the vast majority of Las Palmas property).
We also market the property in the local area using flyers, posters and social media; Our reach amongst potential buyers is unrivalled amongst Las Palmas agencies.
2. You have one point of contact when selling your property; The agent that lists your property receives all enquiries and arranges all visits
This guarantees that you don’t have to show your property to the same prospective buyers via different agencies, and always know who is showing your property.
It also allows you to stay in control of the sale process and get answers to any questions you have from one source.
3. Exclusive representation allows your listing agent to invest all their time and effort into marketing your property and providing you with quality service
This includes the time and money invested by the listing agent; Visiting and photographing the property, listing it on the RE/MAX website, MLS database, and multiple national and international portals, printing and distributing marketing material such as flyers and posters, showing it to prospective buyers, communicating with buyer and seller during negotiations, preparing documentation and sale contracts, etc.
4. RE/MAX Cony Overseas’ excellent local reputation (it was the first RE/MAX agency in Spain) means that you know that your property sale is being handled by professionals
RE/MAX Cony Overseas is the city’s most professional agency and focuses on providing sellers and buyers with the best possible service; Our unrivalled local and international reach puts your property in front of the maximum number of buyers possible.
5. You receive personal attention from an agent fluent in your native language
RE/MAX Exclusive Contract: A Clause By Clause Summary
The contract signed between RE/MAX Cony Overseas and Las Palmas property owners looking to sell is eight clauses long. Here’s a summary of each one.
RE/MAX agrees to list your property in the Canary Islands MLS (Multiple Listings Service) database. This database is available to all RE/MAX estate agencies and other participating agencies and allows them all to access the property information and to market it to their clients.
- Your property is marketed by the vast majority of Las Palmas estate agents but you only have to deal with your listing agent.
The contract gives RE/MAX Cony Overseas the exclusive right to list and market your property for the agreed period.
- Normally four or six months; This allows us to invest maximum time, effort and money into marketing your property.
The seller agrees to allow RE/MAX Cony to visit the property with prospective buyers at reasonable times and to place a ‘for sale’ sign on the outside of the property that contains the agencies contact details. The seller also agrees to allow RE/MAX Cony to publish photographs and the required information about the property on its website, the wider RE/MAX website, the MLS database and such portals as are appropriate for the effective marketing of the property to local, Spanish and international buyers.
- This allows us to get your property in front of as many potential local and international buyers as possible.
The agreed fees payable to RE/MAX Cony upon the sale of the property are 5% or €6000 for properties sold for under €120,000 (plus IGIC tax of 5% of the total fee).
- This applies to sales made during the contract period and also to sales made after the agreed contract period to buyers that viewed or enquired about the property during the contract period.
The agreed sale price of the property including the fees (although this is open to negotiations between the seller and buyer).
- The initial sale price of the property. This can be modified at a later date.
The property owner agrees that RE/MAX Cony has the exclusive right to market and sell the property during the time period of the contract, and agrees not to allow any other agency to market or sell the property during the contract period.
If property owner breaks this clause, the contract is void and the seller agrees to pay RE/MAX Cony 50% of the agreed sale fees as compensation for costs and damages incurred.
- This allows us to invest maximum time, effort and money into marketing your property as we know that we will earn the agreed fees when it sells.
RE/MAX Cony is authorised to take a deposit (either a señal or arras) from prospective buyers before informing the property owner about the interested buying party. This sum is kept in a dedicated account in the name of RE/MAX Cony.
RE/MAX Cony is authorised to retain a maximum of 50% of its fees from this sum in the case of a sale, with the remaining 50% paid at the time of sale.
- A señal is a small amount (normally about 500 euros) that the buyer deposits to indicate that their offer is serious. Arras is the 10% deposit that a buyer makes to make an offer official.
- If you decide to take a property off the market once a firm offer is made by a buyer, the agency reserves the right to retain 50% of due fees.
The property owner agrees to pay RE/MAX Cony the 100% of the fees due if a person that found out about the property due to its marketing efforts, their family members or associated business buys the property from the seller after the contract period is complete.
- This allows us to invest maximum time, effort and money into marketing your property as we know that we will earn the agreed fees when it sells.
Property details
The second half of the contract is where the property owner and RE/MAX Cony record the details of the property required by RE/MAX CONY to effectively market and sell the property.
This includes the address, property specifications, property register number, etc.
If you have any questions about the RE/MAX contract or any other aspect of selling a Las Palmas property, please contact me here for a no-obligation consultation.
Download the full RE/MAX contract (in Spanish) here:
full remax contract for sellers
I'm Laura Leyshon and I help foreign property buyers and sellers in Gran Canaria. I work with RE/MAX Cony Overseas, one of the island's oldest and most prestigious agencies, and I offer a complete, professional service with a personal touch. If you want to buy or sell property in Gran Canaria and want to work with one good agent, please get in touch.
