The 20120/2013 season is approaching and anyone who has thought about selling a property this year is wondering how to get the most for their home and sell it in the next few months. Puerto Vallarta is just coming out of the year’s slower season and coupled to this is the downturn most real estate markets worldwide have experienced in the last few years. There are more homes for sale than available buyers who want them. According to the AMPI MLS system the average condominium takes 266 days to find a buyer, and brings in just 80% of its asking price. That said Puerto Vallarta’s average condominium sales price has increased by $50,000 from 2011 and the inventory absorption rate has dropped 38% from 2011 levels. This is good news.
So how can you make your house so enticing that people will snap it up anyway?
Choose The Right Agent
Ask your agent the right questions. #1 Are they active members of AMPI which means they can market your property on the professional agents MLS system. This also means that they must adhere to professional ethical standards and are required to take continuing education courses. #2 Ask the agent to assess your home and show you some comparable properties that have sold recently with a Comparative Market Analysis from the MLS. #3 Speak to some of their past clients, or do your own mystery shopping and view the properties they sell. #4 Make sure you have the most gifted negotiator you can find because you want to make sure they can negotiate well on your behalf. #5 The best agents will protect you. You never know what level of professionalism the Buyer’s agent may have and you want to make sure that once you have an accepted offer your agent can get the sale successfully closed. Having a signed contract and actually closing are two very different things. #6 Does the agent have a professional office to back up their professionalism? Are the office staff experts in their fields? #7 Ensure your agent has an easily navigated website, and utilizes all the property portals available including social media, videos, and popular internet web sites.
Price Your Home Correctly
The second most important thing you can do is price your home properly to sell. Review the sales comparables with your professional agent and look at what really is market value. Market value should not be confused with the value you’d like to see from your investment. Good agents work everyday in your market and have a great feel for what pricing should be for your home. If you are not getting showings (which means no offers) talk to your agent about your pricing before your property gets too stale on the market or simply, you loose precious time. If you are listing in November revisit this topic with your agent by January. 30 to 60 days after listing should be a good time frame for this discussion.
Insist On Proper Branding
Find the best quality look and branding of properties in your price range and area, then show it to your agent. Insist on something just as good. The sales details should include a well written description and detailed features. These profiles should be ready before the first person views your property.
Make Your Home Easy To Show
Nothing is more frustrating than an agent saying “a viewing isn’t convenient for the seller”, says Russell Falkner of Timothy Real Estate Group. Be flexible about timing even if it’s inconvenient. And take the dog out for a walk while the viewing is taking place. Buyers don’t feel comfortable mentioning things they don’t like when the owner is present. If your listing agent doesn’t hear the negatives from the Buyer they won’t be able to overcome them or address them. Remember the Buyer will get back in the car with their agent and make their comments there, but that may be too late to overcome any objections fro your agent.
Consider An Open House
If your home does not sell quickly, ask your real estate agent to give would-be buyers a two-hour window to view your home. “An open house creates a buzz, and possibly encourages higher and earlier offers” says Jay Burchell. It may also be a good idea to go see some open houses for yourself to check out the competition. They say that “real estate is a beauty contest and a price war”. When an offer does come in its nice to know what the completion is and where they are priced.
This is where your property can stand out against the others. High-quality photos of your home, view, and garden are a must. These photos will be used in the marketing of your home and to attract all of the possible Buyers there may be for your home. The photos need to look great.
Get Your House In Shape
Complete any outstanding maintenance issues. The Buyer will do an inspection and they will pop up anyway, it is best to get rid of that contingency as soon as possible. Ensure the paintwork is perfect before the home is photographed. Maintenance is high on a buyer’s agenda. Buyers take comfort in seeing a house that is ready to move into. They feel better about the things that are not visible to the eye.
Sales can fall through; so don’t give your buyer more time than necessary on contingencies. Try to satisfy all contingencies as soon as possible. “Delays allow buyers to get cold feet or get confused with more properties. Don’t give them any excuses,” says Luis Muñozcano.
Agree to move at a date to suit a Buyer, even if you rent temporarily while seeking your next home. Any short-term hassle will be worth it to ensure a sale in a difficult market. Often times Sellers can take things personally in a transaction and want an “eye for an eye” in the negotiating of every detail. When you are in a more difficult market remember it is a business transaction and remain flexible.
Unclutter and Tidy Up
As well as maximizing the number of bedrooms, think about space. “Storage is a big factor in people’s ability to see themselves in your home. Think about renting a ‘storage unit’ or putting unnecessary furniture or clothes in a friend’s spare room,” says Linda Kennedy. Anything, which helps the buyers ignore the distractions and make an offer, will be worth it.
Most Of The Time Incentives Don’t Work
Many Sellers think that if they offer an incentive to their agent with extra commission or extra cash for finding a Buyer will keep them motivated to concentrate on their home first. The truth is that Buyers buy the home they like the most. They want an agent that will show them any and all homes that will work best for them, not the homes that offer extra commissions to their agents. Sellers who find out about extra incentives always wonder why it was necessary and did they see all they should have. The most professional and successful agents will look for the right property and not the right commission. So, if you want to give some extra incentive it should be to the Buyer. Offer to pay for closing costs or discount the pricing to be even more competitive.
Contact one of our Timothy Real Estate Group agents who are specialist in the Puerto Vallarta real estate market.
Timothy Real Estate Group has professional designers and stagers that can help you prepare your home for the war. Gorilla tactics that work because it is a Price War and a Beauty Contest that can mean making and saving more with your property investment. Stay informed about Puerto Vallarta Real Estate and sign up for our newsletter… click here
Timothy Real Estate Group – An innovative company setting new standards in Real Estate sales and services has the most professional and experienced Realtors in the Puerto Vallarta area who understand the intricacies of Mexican Real Estate ownership, the local market, Puerto Vallarta property codes and regulations and financing. The Timothy Group uses that knowledge to provide a sound analysis on every aspect of property ownership. Timothy Real Estate Group is known for professionalism and experience and they bring this to every transaction they work on for the benefit of Real Estate investors and developers alike. Ask about our Real Estate Listings