Actualizado: 26 de abr de 2020
Selling your apartment in Panama can be simple, as well as being a process that takes years depending on whether or not to follow the correct steps. The 5 tips that I am going to give you below are a basic guide, there are cases that require complex elaborations to be able to sell and it is always good to get advice from an expert.
1. Arrange before selling:
A property with basic fixes like painting the walls (preferably white), fixing leaks, changing wallpaper or kitchen furniture will sell much faster than one without fixes. These details that I mention will not represent a major expense, so you should take it as an investment and not as an expense. In this way you will avoid that your sale price is punished by buyers and more in the current real estate market in Panama.
In my professional practice, I assist many clients who come to my office and say “Lic. Santos I want to sell, but I do not want to make repairs to the property, we are going to ask for the highest price. ” These cases seem interesting to me because this customer profile wants to obtain the highest possible profit from the sale without taking the necessary measures. When this happens, I explain to the client why it is necessary to make the repairs, some understand that they save time and receive more money for their property, however, those who do not want to do so end up accepting the advice months later, when they do not receive Offers or offers are very low. We must understand that buyers know and research the costs of repairs and the value of their own time, most will be willing to make up for it in the price to pay for the property. There are cases in which the property can be sold without making repairs, as long as the seller is willing to lower his price, but even with the low price, the sale time is extended because not all buyers are willing to undertake a process of repair on a property, most just want to move out and forget about it.
2. Make an assessment:
To have an appraisal is to start your sales process with the right foot, many owners want to go out to sell their property guided by the stars and they come to the market with a speculative price. Many clients have spent years trying to sell their property at an exorbitant price and without an appraisal to support it. In other cases, only an appraisal is made, it is offered at the correct price and voila is sold, this is not magic, it is just going out to offer the property at the correct price and conditions. Now, not all appraisals are correct, there are companies that are clear about the behavior of the real estate market in Panama and others that are honestly more disoriented than the owners, if you want to know which company to do your appraisal just send me a message in the contact or services section.
3. Study your competition:
In all sales processes you will always have direct competition and real estate is no exception, at this point you have to value direct competition and indirect competition.
· Direct competition: They are the properties for sale in the same building or buildings in the area that have similar characteristics such as footage, rooms and sale prices (sale prices according to the market). · Indirect competition: They are the properties in other areas with similar characteristics that may be options for your potential buyer due to the similarity in price and characteristics. The basis for this is that the property with the best conditions and the correct price will sell faster, then those with less favorable conditions will be sold, and so on.
4. Take good photos:
I have always thought that this should be logical for sellers, but the reality is that they usually take photos with a cell phone without a frame, without light and you do not understand what you see in the image. Taking professional photos is not expensive, there are many photographers who offer their services or at least you can borrow a semi-professional camera from a friend. Some clients want me to offer their property with photos taken from a cell phone, there are many reasons why it is not convenient to use those photos. For the marketing of the properties that I manage, a photographer and a cameraman are used to make the audiovisual material; using 100% professional equipment. However, this is not a guarantee that the property will be sold immediately, but it is attractive to customers and instills confidence in potential buyers. It is sure that you will advertise your property through your social networks or on a real estate portal, remember that these are digital platforms that lower the quality of the images and if you advertise with photographs in a low resolution you will end up with an opaque and unattractive image; The portals is a topic for another article, but I tell you that not all of them are sold and the most quoted portals their business is not to sell your property, their business is to charge you to position your ad and not all of them are as effective as you may think. .
5. Use a real estate consultant:
As you will understand, the sales process is not just putting up a sign that says sell and sitting and waiting for a miracle to happen. The sale process is a development that seeks to enter the consumer's mind, to convince them that your property is their best option. A real estate consultant trained with the necessary tools can achieve the objective, other comparative advantages of working with a real estate professional is that he manages a database of potential buyers, has a marketing structure and also colleagues who manage buyer clients, this translates into a less time to sell your property.
Additionally the sale process does not end with getting the buyer, after you have the buyer there is a legal process to transfer the property and if you have a trained advisor to deal with the issue, you can live a real nightmare and even lose your buyer .
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Until next time!