The Tricks Las Palmas Estate Agents Use To Bag Your Property Listing

Laura Leyshon is an experienced Las Palmas de Gran Canaria estate agent

There are dozens of estate agencies in Las Palmas de Gran Canaria and hundreds of estate agents. Competition for listings can be intense, especially as quality property in the city is in short supply. As an experienced Las Palmas de Gran Canaria estate agent, I’ve witnessed the many strategies employed to secure property listings. In this blog post I reveal some of the common tricks and arguments used by agents, followed by a discussion on what a quality estate agent should bring to the table.

  • Note that these strategies are not illegal and that many agents would see them as tricks of the trade rather than sharp practices. However, in my experience quality agents don’t have enough time in the day to be thinking up crafty ways to get listings.

We’re already too busy marketing the ones we already have!

1. The unrealistic sale price gambit

One of the oldest tricks in the book involves presenting homeowners with an inflated sale price. The idea is simple: by suggesting a higher price than market value, agents entice sellers into listing with them, hoping that they will eventually relent and drop the price. This tactic is a risky gamble for the seller because property that sits on the market for a long period only ever attracts low offers, even when the price is reduced.

You are much better off listing at the correct market price and attracting plenty of quality attention from active buyers.

2. The non-exclusive listings illusion

Another ploy used by some agents is offering non-exclusive listings under the guise that it increases the chances of a sale. In reality, non-exclusive agreements diminish an agent’s commitment and motivation to sell your property. Why make an effort or spend any money when another agent can come in at any point? The fact is that multi-exclusivity, where one agent represents the property and does all the marketing and other agents share the commission, consistently works better.

Working with an exclusive agent does not limit your property sale in any way. In fact, it amplifies it significantly. Agents that argue otherwise have their own interests at heart and not yours.

3. The lower commission rate charade

Some agents start by offering a lower commission rate, hoping to win over sellers by portraying themselves as budget-friendly. However, this tactic raises questions about their negotiating skills and the value they place on their services. A quality agent who knows that they can sell a property for a good market price will not cut their commission in advance. Commission cuts should only be on the table as a negotiating point once a sale is underway.

A good agent earns their commission and shouldn’t be giving it away just to get a listing.

4. The Sell Your Property Privately Fantasy

Some property sellers are, for any number of personal reasons, unwilling to list their property on public websites like Idealista or Rightmove. Instead, they find an agent willing to market their property privately via estate agent WhatsApp groups and email.
This does sometimes (rarely) work when an agent just happens to have a buyer looking for a property that matches. However, most of the time the agent is just hoping that the seller will change their mind in the future and list it openly.

It is almost always better to list a property widely and attract as many potential buyers as possible.

What You Deserve: Traits of a Top-Notch Estate Agent

Now that we’ve exposed some common tricks, let’s focus on what a good estate agent should bring to the table to earn your trust and secure your listing.

Long Track Record of Sales in the Area: A reputable agent should have a proven history of successful transactions in your specific zone. This demonstrates a deep understanding of the local market dynamics and an ability to navigate its intricacies.

Always ask potential agents how many properties they have sold in the area and expect them to have in-depth knowledge about its nuances.

Large Social Media Presence in the Target Market: In the digital age, an effective online presence is crucial. A good estate agent should leverage social media to showcase your property to a wide audience, maximising its visibility and attracting potential buyers.

These days, an estate agent without a solid social media presence is like a shop with no windows.

Proven Negotiating Skills and Relationships with Quality Agents: Negotiation is an art, and a skilled agent can secure the best deal for you. Additionally, strong relationships with other reputable agents can facilitate smoother transactions and increase the chances of finding the right buyer.

It is always in your best interests to get your property marketed as widely as possible and an agent with a wide network is an important part of this.

Complete Transparency and Honesty: Trust is the foundation of any successful partnership. A trustworthy agent should be transparent about market realities, your property’s potential challenges, and the selling process. Honest communication builds a lasting relationship based on mutual respect.

Choose the agent that tells you the truth, rather than the one who tells you what you want to hear.

In conclusion, when selecting an estate agent, be aware of the common industry tricks of the trade. A top-notch agent will bring a blend of experience, online presence, negotiation skills, and honesty to the table, ensuring that your property gets the attention and representation it truly deserves. And be far too busy to be messing around!