If you’ve been following recent trends in Costa del Sol property, you’ll be well aware that the market is hot. Both sales and prices have risen sharply over the last nine months and there’s currently no sign of a slowdown in either. The biggest increases have been at the higher end of the market, particularly new build.
This scenario tends to create an imbalance between demand and supply, and there’s no doubt that Costa del Sol is a seller’s market. But that doesn’t mean that anything sells and indeed, some properties sit on real estate listings for months.
So, if you own a luxury property, don’t assume that you’ll sell it quickly or easily. Unless you’ve done your homework. In this article, we offer five steps to sell your luxury home on the Costa del Sol successfully.
Your first step to success – the price
Along with location, price is the essential factor in a buying decision. Few homebuyers have limitless budgets and even at the top end of the market, only the right price will sell a property. So, it makes sense to list your luxury home at a fair market price.
To find out the right price, ask an estate agent with experience and expertise in the area to give you an idea of what you can expect to get for your home. Their opinion will be based on a number of factors including location, size, quality and state of repair of the property and its amenities. They will also take the price of comparable homes into account.
Ask the estate agent to justify the estimated price for you and if in doubt, ask for a second opinion. But remember, all homeowners like to believe their house is worth more than market value but the property is only worth what someone will pay for it.
Your next step to success – the property itself
Unlike cookie-cut apartments, a luxury home on the Costa del Sol doesn’t have a broad buyer market. The higher the price, the fewer prospective buyers will be interested in your property.
You, therefore, need to make sure your home stands out and makes the perfect first impression. Of course, it goes without saying that presentation is everything from kerb appeal outside the property to every last detail inside.
Home staging works well and there are several companies whose professional staging touches make the difference between a property that says nothing and one that screams wow factor. They will help you to:
- Create the best atmosphere in each space, indoor and out. This staging helps potential buyers to imagine themselves and their families living in your home.
- Offer advice on decluttering – too many personal belongings can quickly put a buyer off because they can’t imagine their things in the space.
- Provide furniture and accessories to add interest or variety to a tired or unused part of your home.
Your next step to success – the agent and the marketing
Now that your luxury home on the Costa del Sol has the right price and the right look, it’s time to find the buyer. Your choice of agent is the key to success at this stage. While there are plenty of agents on the Costa del Sol and many advertise themselves as ‘specialists in luxury homes’, the reality is somewhat different. Few good agents have genuine experience at the top end of the market because it’s niche and has a limited supply of properties.
Choose an agent with a proven track record, both in your home’s location and on the Costa del Sol in general.
You also want to ensure your agent has the right marketing tools. First of all, make sure the agent also has access to a captive audience, aka your buyer. For example, do they run promotion campaigns among high-end prospective clients? Does their website rank well for luxury properties on the Costa del Sol?
And finally, there are the marketing materials themselves. Professional videos and photos are must-haves for all luxury home listings. 3D walkthroughs also help convey the essence of a home. And a downloadable pdf brochure highlighting all the features of your home is also an excellent way to sell your home.
Your next step to success – the negotiations
If you’ve chosen the right agent, potential buyers should now be viewing your property online and preferably in person. If the price is right, you will start to receive offers. These will be realistic and worth thinking about if your agent is good (i.e. they have advised the would-be buyer on a fair offer).
It’s your turn to take your agent’s advice now to find out whether a low offer can be raised or if you should sit tight and wait for a higher one. Consider each offer carefully and always balance it with your need to sell.
And be patient. You’re selling a sought-after commodity, but one with a limited market. We guarantee that there will be potential buyers – the luxury market on the Costa del Sol is currently at its busiest for years – but don’t expect to sell your home overnight.
Your final step to success – get in touch
At Realista, we’ve been helping owners sell luxury homes on the Costa del Sol for almost 30 years and as a result, our market knowledge is second to none. We’d be only too happy to help you set a price for your own, market it to the right sort of client and then sell it. So get in touch and let’s get your home listed and sold!