Tips for selling your home in the Algarve - Portugal

Regardless of selling in a buyer’s or seller’s market, selling your home can be quite difficult and stressful. Few situations are more emotionally draining than struggling to sell your home after you put it on the market. Especially when you can’t wait to move on.  

If you want to sell your home in a reasonable time frame and with confidence, you’ll need to know all of your options so you can make an informed decision that best aligns with your current circumstances and goals. What can you do to attract buyers to sell your home in a timely manner?

Yellow Homes – Land & House Algarve compiled a list of useful tips. From developing a strong online presence to making your home move-in ready, these tips can help shorten the time between listing and selling your home. We also offer alternatives in case your property just won’t sell.

List your house with a real estate agent who has a proven track record

Finding the right real estate agent is the first step and one that should not be taken lightly.
To navigate a process involving property documentation and back-and-forth communications between agent, homeowner and prospective buyer, it is advisable to have a professional assisting you. A licensed and reputable real estate agent has the resources to properly list your house. Beyond that, their experience can potentially save you thousands of euros and time. The right agent will understand your needs and then tailor the services to your end goal in any market. Creating a strong online presence is a crucial component of the whole marketing strategy.  The job of an agent is also to guide the vendor through necessary house preparation and small repairs, to price the house correctly, propose and execute a marketing strategy to promote the listing, going over the property documentation with you making sure all is accurate and updated in order for a seamless transaction when agreement has been reached with the prospective buyer. In addition they will qualify the buyer before a potential viewing to ensure that the property is within budget and fulfils their needs and expectations. This avoids timewasting and frustrating viewings. During a viewing make yourself scarce. After all you are paying the agent, let them do their job. They know what to say and how to say it.

Engage a law firm  

Selling or buying a home will probably be one of the largest and most significant events you will make in your life. It involves property laws which can be unique to the area which can raise special issues/problems not present in other transactions. An experienced real estate lawyer is trained to deal with these issues. Without an expert to keep track of all the intricacies of the transaction, you cannot necessarily count on the sale to go quickly or smoothly.

Be realistic with your listing price

Nothing kills a real estate deal faster than an over-priced property. An experienced agent will have good knowledge of the local market and will research the prices of listed and recently sold homes in and around your neighbourhood before putting your house on the market. This is not to say that you shouldn’t participate in the price decision but just don’t let your ego get into the way. Having a realistic asking price is critical to sell a home quickly and doesn’t necessarily mean lowest price. Homebuyers are smart and better informed than ever. They know when a property is overpriced and simply ignore it. Don’t let your listing go stale! Communication with your listing agent is crucial. Ask the agent for advice and remember the suggestions made when listing the property. Simply lowering the asking price is not always needed.

Prepare the house for viewings

A good preparation is everything! You don’t get a second chance to make a good first impression. This means it is vital that your property is presented in the best way possible. Make sure everything is in good working order. A prospective buyer can loose interest quickly when for instance an electric gate or lights switches are not working and may start wondering what else is wrong with the property. Make sure this will not happen to you.

Inside

Preparing your home for viewers, or “staging” as it’s called, is important and it is the key to creating a pleasant environment. It will not only ensure your property is sold faster but can potentially add thousands of euros to its value. Declutter and ask your agent to advise you on this. You need to strike a balance between a homely and welcoming environment versus an unwelcome sterile property. This can be an art and some agents are better at it then others! You want to create an ambiance where your buyer is able to imagine your property as their home, not yours. Needless to say that if you are serious about selling any maintenance issues need to be resolved before listing.

The exterior and landscaping

When buyers first see your home, they are apprehensive and are looking for potential issues. Any that doesn’t match what they saw online. The first thing they will look at is the house and the outside area. That’s why the roof should to be in good condition. The entrance gate should open properly and the front door and garage doors should be freshened up.  If windows have peeling paint or the brick is cracked or damaged, buyers will start to get the impression the home needs work. The more they see, the more work they imagine could be there. Again, the first impression is so important. After looking at the house, the buyers will look at the garden. Your garden should complement your property. Buyers are looking at the whole picture and evaluating it all. The garden should be as tidy as possible. Dead leaves are best removed, the grass cut and if needed, power wash your driveway and sidewalk before a viewing. If there are weeds everywhere, the buyers will only be thinking about the work. If the house has a nice pool please make sure that the water level is right and the water clean.

Keep the pets away

Pets are family. But they’re your family. You may be accustomed to or not be aware of the scent which can put buyers off.  If in doubt, ask a good friend for their honest opinion. Be aware that some buyers are allergic to animals. When they see a cat or dog they are already on their way out.

Let the Light In and light the fire

Most buyers want to see that a home has plenty of natural light. Remove heavy draperies and open up the shutters or blinds. Maybe hide an unattractive view with window coverings that still allow in light. Need some extra light? Add lamps in any dark areas. On a dark day, switch on as many lights as possible.

If it’s a cold evening or a chilly day, light your fire. Consider burning some pinecones for a delicious smell. This will make your home feel warm and inviting. If you don’t have a fire on then at least ensure the fireplace is clean.

Obvious conversions

If there are any obvious conversions or extensions such as a pool or turning the garage into extra rooms or opening up the loft, why not take advantage and capitalize? Many buyers are not interested in going through this process themselves. They just want something suitable that is ready to move in. Of course any alterations and extensions should be subject to planning permission.

If you don’t have enough spare cash for alterations then consider getting planning permission. This can add value to your property.

Urgent sale: Sell for less than market value.

Making a steep price reduction can be a solution when nothing else seems to be working. Your property instantaneously becomes the best buy in the area.

If this doesn’t work consider to sell for less than replacement value. It’s an option that should only be used under extreme circumstances if you need to reliquify quickly. Speak with your agent and/or change your real estate agent in case they lost interest.

Final Thoughts

Your goal as a vendor is for your property to appeal to as many potential buyers as possible. This time it really isn’t personal. It may not easy but it’s business and it’s time to depersonalize.  Yellow Homes – Land and Houses Algarve has been successful at selling properties in the Algarve for more than 20 years (actually almost 25 years). We have a wealth of experience to assist you and can guide you every step of the way.

At the moment we are experiencing a seller?s market in most of the areas in Portugal. It is indeed a fabulous time to sell and we hope that you have enjoyed our suggestions on what you can do when you have decided to sell your property. This can be a property that for some is a second home and for others a home filled with memories. Just keep in mind that timing and preparation is everything in real estate sales. 

With more property sales than property listings we are more eager than ever to list quality properties or plots particularly around the areas of Loule, Almancil, Boliqueime, Vilamoura, Carvoeiro and Tavira. If you are considering selling your property and would like to speak with a member of our team then please call us now on 289 301 294 to make an appointment. We look forward to hearing from you soon.

In any event best of luck getting your home sold!

Stefan Humpenöder
Managing Director