Meet some agents.
People buy from people they like.
So, make sure you choose a good one.
What Are The Steps?
The first step begins with choosing the perfect agent for you. It's important to be sure the agent you choose knows your area well and is experienced at selling your chosen type of property. An agent might be great at selling at a certain price range or location but completely ill-prepared to sell at other levels. Do some research, look at their marketing material, the photography, the brochures and their website and ask them about their track record.
Did they show up on time, looking bright eyed and bushy tailed? If they value your property and the value comes back unbelievably high, – maybe it is. But with a lack of property on the market, desperate agents are overvaluing to make sure they get the listing. Beware! In an attempt to puff up your ego with a fat listing price, they do you no service. Whatever the value is, ask them how they have arrived at that value.
One thing is clear, all of our vendors have different motivations and priorities when putting their property on the market. We cannot possibly provide a great service if we don’t know what our client’s expectations are. Know what your priorities are and make sure your agent takes the time and interest to find them out too. A good agent will tailor-make their approach to marketing and selling your property.
In a recent survey, sellers had the following priorities when it came to selling their property, in this order:
At QP, we do not do rentals or property management or construction. We focus all of our efforts on property sales and have sold over EUR 1.4bn worth of property within the local area.
We have been selling property in the Algarve since 1998. We have been the local Savills associates since the beginning and have specialised in the luxury end of the property market. By choosing us, you are putting your property in the hands of local experts and on to the global market.
We are incredibly grateful for the trust our clients bestow on us and our results are testament to the care and attention we provide to all who choose to work with us.
Sole Agency or Multi-Listing?
It’s entirely up to you. If you find a good agent and instruct them on an exclusive basis, then they should take full responsibility for finding you a buyer. They may offer you some benefits and take extra good care of you as a client. Some properties are cheapened if buyers see them on all the agents’ websites. Multi-listing your property is not uncommon in Portugal.
What If Your Property Is Not Completely Licensed?
Be straight with your agent. Tell them if you built the house slightly differently from what was approved or if you changed it over the years without planning permission. There is nothing more soul destroying for you and the agent if an agreed sale is lost in the eleventh hour because the buyer finds out that a property is not licensed as viewed.
If an agent knows from the start, then it will be easier to advise you how this can be managed and resolved, and prepare any buyer before it becomes an issue.
The Dreaded Fees
Agents’ fees vary throughout the world. In central Europe they are around 6% and both buyer and seller pay fees. In the USA fees are 6 to 7%, UK fees are around 1-2%. In Portugal, they vary a great deal and can be anywhere between 3 to 10%. Again, if the fees are extremely high or low, beware. Take a look at the level of marketing the agent provides and make sure you are getting what you are paying for. A usual percentage in the Algarve is 4 or 5% plus 23% VAT, and these are paid by the seller. 50% of the fees are usually paid when the contracts are exchanged (CPCV) and if you receive a non-refundable deposit, the remaining 50% are paid upon completion. All money should be paid via your lawyer.
To put your property on the market, your agent is required to have copies of the following documents from you. Most of these can be obtained from your local lawyer.
- Up to date tax booklet - Caderneta Predial
- Up to date land registration certificate – Registo Predial/
- Habitation license – Alvará de Utilização
- Copies of last deed - Escritura
- Passport/ID of beneficial owner
- Approved plans the local by town council
- Fiscal/VAT number of beneficial owner
- Certificate of incorporation (if property is held in a company)