Selling in a Soft Market

We all know that selling a home in Tenerife right now is not easy.  Although buyers exist, they have the luxury of choice and know that they hold most of the aces.  Even so, you can make sure that your property stands the best possible chance by sticking to a few simple guidelines.

The keys are the key  – It’s a buyer’s market, so you need to make your property available for buyers to view whenever they need to.  Giving a key to Tenerife Property Shop is ideal.  Buyers won’t wait around: they’ll just go and view something else and sales advisors won’t try to motivate a client about a property they are unsure that they can access.  So rule 1 of selling a property must be to make it easy to access!

The big drop  – Inching the price down doesn’t work. Make a statement to attract new people and create competition. Buyers must believe that if they wait months, the house might not be there.  Properties that are being bought in Tenerife at the moment have all had recent substantial drops in price, some as much as 30%. 

Don’t go too low – The big drop should be carefully calculated. Remember that buyers are still going to want to negotiate, so you need to factor this in.  It’s all relative – If you’re buying and selling in the same marketplace, what matters is the price difference.

Accept there are no miracles – If the property is on a second-rate street or there are things wrong with it, undercutting the price won’t be enough in the current market.

Kerb appeal – Given that there are many properties on the market, outstanding condition can set one apart from the other. Time spent on a coat of paint and thorough clean is not time wasted.

Don’t look a gift horse… – An estate agent had an offer of €200,000 for a property on the market for €250,000, the vendor said no and in the end the apartment was repossessed.

Stand out from the crowd… Marketing is rapidly changing and you need to stay ahead of the changes.  One example is maps… people on the web love to see where a property is, and Tenerife Property Shop are one of the few companies in Tenerife to use Google’s mapping to do this.  Another way is to improve the presentation to attract more visitors to your property by offering a virtual tour.