How to sell without an agent

[eleanor]

Has anyone got any good ideas they can share regarding how to sell a property without using an agent?
Their fees are ridiculous - the minimum I have found is 5% + iva!!

 

[Project]

Hi Eleanor
Quite a few agents will negotiate down to 3%, which although still seems a lot is worth it if you want your property sold
It's pretty hard and time consuming to move your own property, you could try adverts in the daily bulletin, thats how we bought our finca

 

[eleanor]

Hi Acidburn,
Thanks for the info. I have tried to negotiate with many of the agents and they won't move. Their argument is that times are different and they need to work much harder to sell a property. They seem to think that because they have many on their books then they do not need to worry! Such a short sighted attitude. We all know things can turn around very quickly and they may then be only to happy to have a villa within walking distance of the Port on their books - I suppose we can't win really! Thanks - I will have a look at the D. B. might be worth a go. I can buy many many ads for 5% of the sale + tax!

 

[ray]

Why not advertise in the German or irish press as they don't have the pound problem,or set up a web site of your own. Estate agents here are not having to work harder, they have never had to work before, money for old rope. You could set yourself a limit on how much you would spend on your own advertising before resorting to agents

 

[eleanor]

Excellent idea Ray. I think I will look into doing just that - many thanks.

I can buy much advertising for the fees charged by the agents. Not sure how they can justify these fees!

 

[pollensa]

You can always place an advert on our site Apartments, Villas for sale in Pollensa, Mallorca Majorca If you are already a rental advertiser then this For Sale advert can link to the rental advert which gives details of the property & makes buyers aware that is a rentable property. Email us at advertise@puertopollensa.com if you are interested.

However, based on what we've seen the few properties that are being sold have had their prices cut dramatically i.e. they are distressed sales. So if you don't NEED to sell it may be worth hanging on.

 

[eleanor]

Hi Pollensa, thanks for this. Yes we do advertise to rent on this site but I was a little worried about placing a for sale ad too as I felt it may deter people for renting next year, if they were aware the villa was for sale.

It will probably still be for sale next year as the market is slow and if so rental income is important to us. If we sell prior to the start of the season I have an agreement with my sister that with agreement, any renters will be offered my sisters villa which is much superior to ours and very close to the seafront with seaviews. Certainly any renters booking our villa will not be disadvantaged should we sell. Just do not want to put anyone off when there probably wont be any good reason to do so. Difficult position really.

 

[Belladonna]

I wouldnt think it would put any one off at all, providing you dont allow viewings whilst they are in the villa on holiday!

 

[eleanor]

Gosh - can you imagine that? Now that could be an idea for a comedy show! lol

 

[eleanor]

I'm still investigating selling the villa - not something I am happy to do or ever thought I would have to do but the 'D' word is such a big word with horrid consequences!!
Anyway - I am yet to find an agent I feel comfortable using. I have been unable to negotiate any fee less than 5% + IVA (hurts so much to even type it!!)
I have found an agent in the Port who target the Scandinavian market place. I was interested in this agency but when I received their terms they require half their 5% fee on a sale of intention with the other half at completion. They will not negotiate on this and state that it is fair to charge at those points as the work will have been done! I am very concerned that I may pay half their fee and then the buyer drops out. I wondered if anyone has had dealings with this system? - not sure if I can name them here but they advertise on this site under property agents. My instincts are telling me to be very careful.

 

[pollensa]

Hi Eleanor,

I understand how you feel but if anyone has any comments on particular agents please can you PM Eleanor privately. On the other hand if any one can comment on whether this is standard practice then do go ahead. What do they mean 'sale of intention' - is that when the 10% is paid? If so you would keep the 10% if they drop out.

I understood that the rate was 4% for sole agency & 5% otherwise. Have you looked at using 2 or 3 agents. I get the impression that many sellers do that.

 

[eleanor]

Hi Pollensa I didn't mention the agent as I guessed it wouldn't be the thing to do. I have made contact with every agent in the Port recently and the rate at the moment is 5%. There are a couple that are charging 6% but will negotiate down to 5%! all ex tax! I have been told that the days of sellers bringing the rates down have gone as it is a buyers market and the agents have to work much harder to conclude a sale!
The 'sale of intention' is I believe, when the deposit is paid. I understand this is non refundable but having read the small print it does seem that if there is a reason the sales falls through such as perhaps deadlines or something to do with the legal side from the seller then the deposit is refundable but fees would still be charged by this particular agent. It may well be a translation problem and should I decide to go ahead with them I certainly need to write my own terms of business! Just wondered if anyone else has had experience of this system.

 

[eleanor]

All this time on and I thought i would just let you know what is happening with the sale of my viila - NOTHING!!!! I am sorry to say that having been in touch with every agent in the Port who charge a minimum of 5% they are all without doubt - useless!
I have been promised the earth but have received nothing! I have arranged for agents to view but they have just not bothered to turn up, or treat with such contempt that who wants to deal with them anyway - I have sent details and had no response or answer from many - I have handed on a plate to some only to be told they have no agent available! I just can't believe the attitude. I heard today that Pedro Mesquida are the latest to 'go down'- well that is one less to waste my time!! WOnder why??
I am only selling due to my personal problems. My husband and I are now actually agreeing on something! = selling privately - and forgetting the useless agents in Pollensa - we will do it ourselves or failing that we will keep the villa and learn to run it as a business, together!! Any agents reading this - keep away - I am very angry with you all!

 

[Belladonna]

I can understand why, and really sorry that no leads helped you. Have you spoken to a solicitor about selling yourself? Many times you see handmade for sale signs outside villas, perhaps this is why.

 

[pollensa]

Many times you see handmade for sale signs outside villas, perhaps this is why.

They sell the signs in the DIY shops including the Plomer in Pollensa Town.

 

[eleanor]

Bella, I know you tried to help me and I am really grateful Thanks. I just can not believe the attitude of these agents - thy need a big wake up call! I have found a couple of websites dedicated to private sales in Balearics so will investigate those. I may also put an add in The Times one Sunday. The local Mallorcan usuals didn't work. I'm also thinking of perhaps a swap - apartment -villa-difference in money but not sure.
If I really do have to sell - (I am working on a way to keep it - just bought euro ticket lol) then I will do it myself. I think My husband would prefer to not sell too so there may be room for negotiation! I think the villa is one thing we do agree on.
I think we will, in the short term, rent out and then review at the end of the season. Life should be somewhat normal by then and it may be easier to make a decision. I did think of putting a sign up but our villa is in a residential area of Gommar and doesn't benefit from much passing 'trade'.
Actually, Bella - your suggestion of speaking to a solicitor maybe a good one. They know the market better then any agent and will tell the truth. The agents seem to tell you everything is awful if you are selling and if you are buying (like a friend of mine) get in quick the market is moving and prices increasing! ( lucky lucky man!!! lol)

 

[The Wob]

Eleanor, have you spoken to 'Bob" ?

 

[pollensa]

I am working on a way to keep it - just bought euro ticket lol

So the big question is .. did you win enough to keep it?..

(sorry couldn't resist when I saw there'd been a UK winner.)

 

[eleanor]

OMG - Just remembered - I haven't checked - will do it now. I just have this feeling............................that I haven't!!! Oh well - i spent every euro of that in my dreams lol

Wob - yes have spoken to Mr M he tried to sell me land to build a villa!!! - maybe he hitched into one of my dreams lol

 

[smg]

Sunday Times often do private ads - a friend of mine reckoned they were good value for his 'unique' Uk property - he will also do a 'update it yiourself' website for what i believe are reasonable fees, & he seems to have ways of getting to the top of google searches