The last thing you want is to be engaged with an agent and not have good communications.
Each village has real estate agencies. Most of the agencies have offices close to one another. Many are franchises with international reach through a digital presence. All have the ability to sell or they wouldn’t have set up a business in your village. I’m sure you have a neighbor who thinks he/she can help you sell your home. Because Mallorca has no licensing requirements for sales agents, anyone can sell your home by connecting you to a friend and be paid a commission. Make sure that whoever you pay the 5% commission to is going to work hard on your behalf.
Before you commit to someone representing you officially, think about a few qualifiers. Remember: No good or bad, right or wrong answers here. Just questions to ask and answer so that you know with whom you will work and set your expectations of success accordingly.
- Does the person have experience in real estate sales?
- How large is her network of qualified buyers?
- Will he or she be able to manage your marketing, showing schedule and sorting out title issues for your transaction?
- Is he or she affiliated with an agency?
- If yes, does that agency have international media connections, affiliations or is this a small island brokerage?
Once you have narrowed your selections, talk to your prospective agents.
- Ask for references from previous clients. The agent, most likely, will only give you a list of satisfied clients. Still, this is useful homework in getting to know how open and communicative he or she is. The last thing you want is to be engaged with an agent and not have good communications.
- Find out how many sales the agent completed in the past few years, at what price points and the variation from the asking price to the sales price on the sales.
- Obtain the name of the attorney, accountant and notary he or she likes to use.
Once you select your agent and sign a listing agreement, you’ll be asked for proper documentation on your property so that you meet agency requirements for the listing agreement. Make sure to get a communication plan from your agent so that you can have regular updates and a commitment from the agent on how often he will contact you. If your property is shown, the agent needs to provide you with an overview of the showing and what works and doesn’t work for the client so that you can judge price, marketability and expectations of sale.
The agent is paid to service your listing properly and keep you informed on all matters.
Remember this is a business relationship, not necessarily a friendship. Your friend at your local bar might be a great pal but to sell your property, you need a skilled agent who knows the ins and outs of real estate on the island. If you would like recommendations, we can offer suggestions. Affordable Mallorca does not take a commission on real estate sales but we do work with qualified agents who advertise properties on our website. For more information, please contact us at [email protected]
By Memphis Holland
1 August, 2019