How to sell your property in Lanzarote
When considering selling your property in Lanzarote, it’s crucial to partner with a reputable and reliable agency in the area. At Lanzarote Agents, we offer a complimentary valuation service, providing an assessment based on the current market conditions at the time of valuation.
Determining the optimal price for your property involves considering a fair market value that ensures a timely sale while also establishing the lowest acceptable amount for negotiation purposes. This approach typically facilitates a smoother sales process and ensures that your interests are protected throughout.
It goes without saying that preparing your property thoroughly is essential before proceeding to the next steps. While it doesn’t necessarily require a significant investment, presenting your property in the best possible light is key. A clean and well-maintained property allows potential buyers to envision themselves living there, maximizing your chances of achieving your desired sales price.
Once your property is ready and you’ve determined the appropriate selling price through thorough research, it’s time to carefully select the agents you’ll work with. Choosing experienced and knowledgeable professionals ensures that your property receives the attention it deserves in the market. We’re here to assist you every step of the way in achieving a successful sale.
Estate agents
When it comes to real estate agents in Lanzarote, the landscape differs from that of many other countries. It’s customary for agents to charge a relatively high commission, and exclusive terms are rarely sought after. Typically, property owners list their properties with multiple agents, hoping that one of them will successfully find a buyer. Despite the island’s small size, you’ll notice that most agents specialize in specific areas – while they may have properties across the island, their primary focus tends to be on a particular town. Therefore, it’s worthwhile to invest some time in determining which agents are best suited for your area.
In Playa Blanca, Lanzarote Agents stands out as the preferred agency for several compelling reasons:
Experience
We are one of the most experienced estate agencies selling high-end properties! We sell many properties in the area to a high price.
We speak your language
We are multilingual and will attend you in your mother tongue, whether this is English, Spanish, German, French and Italian.
Wide reach
Your property will have presence in the internet in all the mayor national and international property portals but also a space in our window in the main street in Playa Blanca.
Clients waiting
We are established agents and we have a massive data base of potential clients for your house – many of the houses will be sold before going on the public market since we already have a list of clients lined up looking for this type or property or area due to many years of collecting valuable and qualified leads and efficient customer relationship management.
Advertising power
We advertise in all the mayor property portals of Europe: Right Move, Think Spain, A place in the Sun, Kyero, Idealista, Zoopla, Pisos, etc. This allows us to help you sell your property in Lanzarote by displaying it to a large number of potential buyers.
If you have a price in mind to at which you would like to market your property and the agents considers it to be too high, this is usually because they know the market and its future developments, the demand and the requirements of current potential buyers. Our intention is to be able to sell a property in the timeframe you set but if the price is too high and the market will not perceive your property as attractive due to the fact that the price is not corresponding to the reality of the market, it can be stuck on the market for a long time. The agent will insist that your price is too high for the market, they are probably right.
Some agencies may give you a very high valuation to have your house on their books, but time will prove that they will not sell it as they weren’t realistic when they valued the house.
Once you’ve selected the ones you want to work with, get the property in the best condition possible and ready for the photo session. Lanzarote agents has an expert team of photographers that will make your property stand out in its best light and give a realistic perception of the property.
Offers
If an offer comes in below your asking price, but above your lowest price, you should consider accepting it, but always look for something in return, so everybody wins. You can negotiate on fixtures and fittings, or perhaps on the time to completion, but always get some kind of concession back for reducing the price. If the offer is below your lowest price, reject it firmly and immediately, but go back with a price you will accept.
Contracts
Until the contract “Contrato de Arras” is signed, any sale is purely notional. So push to get this first stage done as fast as possible – its easy for the buyer to pull out until they have paid 10% and the contract is signed. Employ your own lawyer or your agent to act for you and oversee this process. Don’t worry, Lanzarote Agents is known to be very efficient!
Most contracts will include a clause that you will receive the full 10% deposit if the buyer pulls out, but often you will be required to pay double that amount if you then change your mind. So don’t sign the contract until you are sure you want to sell and are in a position to complete on the date agreed.
Taxes
Plusvalia Municipal
The seller will normally be liable for the Plusvalia tax, which is a tax on the increase in land value since they bought the property.
Capital Gains Tax
The seller will also have to pay capital gains tax on any profit made on the property during the time of ownership. Mitigation is allowed for lawyer’s fees, land registry and notary fees etc.
Tax Retention
For non- residents, their lawyer will be required to retain 3% of the selling price until the seller completes a tax return and their tax liability is calculated. If the tax liability is lower than the amount retained, the difference will be refunded.
Completion
Completion here takes place at the notary and your lawyer will arrange everything for you, paying off your existing mortgage if applicable, and giving you a draft for the difference. At the notary, you’ll be expected to provide receipts showing all your bills and community fees are paid up to date, and you will hand the keys over to the new owners, so make sure the property is empty and ready for them on the big day.
After completion, your lawyer will make sure the property has been registered to the new owners in the land registry, and that the bills are transferred out of your name.
