Selling a property in a buyer’s market  

By Brett Hawkins [email protected]

Brett Hawkins is the Managing Director of GMT 24:7, the first Home Emergency Response Service in the Algarve, delivering a rapid response to any household emergency, 24:7.

With the economy the way it is today, and property becoming more and more difficult to sell, there are plenty of things to consider when putting your property up for sale and deciding what improvements are worth doing and which ones are not.

Some say the key to selling your property fastest is the pricing and this is probably close to the truth in most cases.

Of course, if you price your property low enough, you will undoubtedly find someone who will buy it, and usually fairly soon.

With property these days, you have to be careful not to get too greedy. Be realistic and focus on the true value of your property and what you may reasonably get for it.

Work closely with a reputable estate agent to decide what you should initially price your property at. Of course, ideally you will want to set the price so that you at least come out on top when you sell, and make enough money to cover the expense you put i to preparing it for sale.

This is why you have to be careful and consider from the outset when you are spending your hard earned cash on giving your property the best possible chance of selling. Consider first, not last, what you will get for your property if you make certain improvements, and then go from there.

If it looks like you may come out badly, it might be worth considering cutting back on your list of improvements and revise it into a more modest one. Many people make the mistake of pricing their property for what they believe it is worth, without taking anything else into consideration.

Obviously, one of the major rules of property is location. This is not just a cliché that agents use, but a harsh reality.

You may have a property that, for its specification and size, should be worth €250,000, but if it is in a questionable neighbourhood or close to a problematic or doubtful area, you may have to resign yourself to the fact that you will never get more than €180,000, no matter what grand improvements you had in mind.

It’s really not worth throwing good money after bad; cut your losses.  

It helps to do your homework as well. Research other comparable properties in the local area.

If you really want to go in depth, you might even go undercover and request viewings of similar properties. When you have compiled a list of comparable properties, try to undercut the competition.

If comparable properties are an average of €200,000, price yours at €195,000. Just this simple rule of psychology will do wonders for the number of viewings your property gets, ultimately increasing your chances of selling.  

If you are selling your property and require some home improvements, contact a recognised expert, who will listen to your needs and offer specialist advice on the project in hand.

With more than 15 years experience in the Algarve and offering free in-home consultations, GMT 24:7 provide a full range of general building services for all areas of the home, from redecoration, to a complete refurbishment. All workmanship is guaranteed.

For more information, contact Brett Hawkins, tel +351 282 098 600, email [email protected] or visit www.gmt247.eu.