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Q. What is the property market like at the moment in Andalucia and the Costa del Sol?
A. The property market in all of Spain, Europe and currently most of the world is very difficult, and times are tough. As professional estate agents we need to continue to offer our full services to vendors and purchasers alike, and to work on developing and improving these services for when normal times return. Properties are still selling, and we are very optimistic for the future, and expect 2009 to show continuing signs of the market recovering.
Q. I’ve heard that lots of estate agents are closing down on the Costa del Sol.
A. That’s true, and many names, large and small, have disappeared off the map. The object now is for surviving estate agents to consolidate, and to postpone expansion plans for the time being. We operate in and around Tolox, Alozaina and Guaro mostly, but also cover the areas of Yunquera, Casarabonela, Monda and Coin. We’ve got lots of other plans for the future, but little by little.
Q. What commission do you charge?
A. A standard 5% commission + IVA, right across the board. We have a minimum of €6,000 + IVA which applies to properties of €120,000 or less. It usually takes a lot more work in selling a cheaper property, than a more expensive one, so everybody has a minimum.
Q. Is your commission expensive?
A. Not at all. It’s quite a standard commission for many agents, although there are many companies that charge much more. We don’t.
Q. Does that mean your commission is negotiable?
A. No. everybody pays the same. What is important, is that you know you will never pay more. We can’t be fairer than that.
Q. Are there any other charges?
A. No. Nothing. Nada!
Q. Does that mean No Sale-No Fee.
A. Yes. Absolutely No Sale-No Fee
Q. Have house prices fallen on the Costa del Sol and Andalucia?
A. They have yes, and if you paid an over-inflated price for your house a few years ago, you will have no chance of selling it for that now! That’s the case with anything you pay too much for. Many properties have now been reduced, some quite substantially, and it’s those that are selling. If you continue to ask an above market price for your property, it’s very unlikely to sell
Q. Does that mean the property market is in decline in Spain?
A. It has been. I feel we are at the bottom of the slump now, and things should only get better. Any purchasers that are about, won’t pay ridiculous prices for properties any more, and that’s why, for estate agents and developers to be successful, we have to offer value for money, and realistically priced properties.
Q. Will you try and sell my property for more than other estate agents are advertising it for?
A. No certainly not. If you have other estate agents trying to sell your property, we insist that we all have a “level playing field” in other words exactly the same price. We will not be part of any transaction that is not 100% straight and honest. We are continually removing properties from our listings where we find the vendors advertising with us, for higher prices than they are elsewhere, and we’ll remove any property, anytime we discover the same thing happening. It’s quite a compliment to us when a vendor thinks that we can sell their property for a higher price than others can. We do consider ourselves good, but not that bloody good.
Please report any properties to us that you see advertised at a different price elsewhere. We only want good business, and will not have anyone misled. Integrity always.
Q. How long will it take to sell my property?
A. As you can imagine, in the current market conditions, it’s impossible to say, but what we do know is that we will try very hard to sell your property as quickly as possible. There are certain factors that will definitely help;
1. Ask a realistic Price.
2. Keep your property in good order and state of repair.
3. Keep your property clean and tidy and be prepared for a viewing, at anytime.
4. Complete any outstanding jobs.
5. Be prepared to negotiate a.
6. Make sure your paper work is complete and up to date.
Q. Do you only sell legally built properties.
A. The short answer is yes. When we are instructed to sell a property, we ask the vendors many questions, including that of legality. If we have any doubts we just don’t list the property. That doesn’t mean we occasionally don’t get misled ourselves by an unscrupulous vendor, but the safeguards are there. As soon as you decide you want to buy a property, your lawyer will check that all the paperwork is legal and correct, and that there are no nasty surprises. As long as you use a good English-speaking lawyer, you will never have a problem. Your Lawyer will not let you buy a property that they are not 100% happy with themselves.
Q. Do I need to use a lawyer?
A. Of course you do. You wouldn’t buy a property in your home country without a lawyer, would you.
Q. Can you do the legal work for me?
A. No. That would create a conflict of interests. We are Real Estate Agents not Lawyers, but we can provide you with a list of professional Lawyers that we have dealt with in the past and that previous clients have been happy with.
Q. I’ve been approached by a couple of locals, in a bar in the village, and they want to sell me a property, and they say I can avoid paying the estate agents commission. Would you recommend this?
A. No we wouldn’t. It just isn’t safe to buy from men (or women) in bars, anywhere.
1), would you buy a property from someone in a pub, in your home country. No you wouldn’t, because there are just too many risks. Buying a home is the most important financial transaction you will ever make, and you cannot take any chances.
2), the purchaser does not pay the commission. The commission is always paid by the vendor, and has been agreed in advance.
3), we are Professional Estate Agents, that research the ownership, and legality of every property we sell. We take great care that when selling a property, everything is done correctly and legally. We have an excellent reputation to uphold. You can’t say that of Jose, or Miguel, or even Tom, Dick or Mary, in the bar or cafeteria. They don’t give a damn about you, they just want to relieve you, of your money. You have been warned!
4), it is now also highly illegal for anyone, to offer property for sale, without complying with the Andalucian law D218/2005. Only bona fide estate agents as we are, can comply with the extensive and far reaching requirements of that act. The maximum fine for noncompliance is €400,000, which should keep the bandits in the hills, but be very careful.
We always welcome your questions, so please keep them coming and we will answer them all honestly, and professionally.
Thanks for your time. Buenos Días
Paul Sanderson
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