HOW SHOULD I PLACE MY HOUSE ON THE MARKET?

The following tips are given in the hope they will prove to be of some assistance to vendors, especially when selling a home in which they have lived in for some years.

Why are you selling?

Make yourself clear about your intention to sell. A potential buyer will often in the back of his mind have the question - "Why is the property for sale". The Agent will need a realistic answer. Is it because:

1) Moving back home
2) Up-/downgrading in size of property
3) Taking a profit
4) Family reasons
5) Problems with the house
6) Problems with neighbours and or surroundings
7) Other

Pricing

As there are many other factors which affect the value, a more realistic view is to obtain some valuations from chosen Real Estate Agents. A good Agent will take into consideration the vendor's point-of-view plus their professional local knowledge of similar properties and the current market trends. Discuss with each Agent the policy they use in regard to pricing.
Depending on the vendor's situation and out-look and the Agent's view on the property, the correct strategy will be set.

Estate Agent

Choose your Real Estate Agent carefully and make sure it is a licensed Agent with a valid AMI number.

hoose your Real Estate Agent carefully and make sure it is a licensed Agent with a valid AMI number.

In Portugal it is not the norm to work on an exclusive basis. We recommend that you do not use more than 3-4 Agents however, as the buyers tend to think negatively about a property that is being handled by "everyone"! Also, if the Agents know that the property has been given to “everyone”, they will typically work less hard on selling it.

Agents often specialise in certain segments of the market and these should be considered in relation to the selling potential of a property.

It is strongly recommended that you have the same market price for all Agents to avoid possible manipulation by prospective buyers.

Make sure that the representative can identify him/herself with proper ID, showing that he/she is licensed and working for a licensed Agency.

All Agents should have a Sales Agreement/contract, which is in accordance with the guidelines set by the Government body of IMOPPI.

Viewings

Arrange for access to the property to be made as easy as possible. The buyers are normally viewing during a short visit to the Algarve and sales are often lost because of limitations created by the vendor.

Prepare your property for a sale:

It is sad to see how many potential sales are lost due to vendors not making the effort to “shine up the property” prior to placing it on the market.

How easy it is to turn off a buyer with the little cracks in the wall, the black spots on the ceiling, the paint which is scaling off, the general lack of a thorough cleaning, the salt coming through the walls etc., etc..

All small issues that have to do with normal maintenance and care. Make your home look THE BEST EVER before having potential buyers walking through. Do spend the extra time and € 5 – 10,000 getting it right. It can become very costly to not to!