2022 was a great year for the overseas property market – despite Brexit. Yes, Brexit has had an impact in the sense it made the British Pound much cheaper in comparison to the Euro. At the time this article was written, 1 Pound would fetch you 1.15 Euros.
So, if you’re from the UK and are looking to sell your overseas property in Spain or Portugal, you will get a much greater value out of it than before because of the pound-euro exchange rate. This means it’s as good a time as any to sell your overseas property.
Tips to Sell Your Property Abroad Quickly.
Step #1: Hire the right agent – The agent can make all the difference as to whether the property gets sold or remains unsold, and if it gets sold, at what price. You are advised to go with a UK estate agent who specializes in overseas properties and benefit from their agent network. Your agent would know all about presenting the property in the right way, marketing it online on Chinese, Russian and Arab portals, where you are likely to find cash buyers and would handle all the calls coming in from overseas leads.
Step #2: Set the right price – Don’t set a price that’s higher than what other properties in the neighborhood are selling for. Your best chance of selling your overseas property is to market it to wealthy individuals from emerging economies such as China, Malaysia, Indonesia, Brazil, Singapore, and Russia. You can expect these investors to be very smart and to do their research. They know all about the best prices in your neighborhood, and if they feel they are being taken for a ride by you, they will just look elsewhere. So talk to your agent and set a reasonable price.
Step #3: Hire a professional photographer – Pictures make all the difference, especially those that are taken professionally. Hire a professional photographer who would capture the best features of your property and make it look really appealing to interested buyers. Just be sure to have conducted repair work on the property, such as painting and gardening jobs. Carry out kitchen and bathroom renovations as well, don’t hesitate to spend good money on this. It can pay off handsomely later.
Step #4: Online marketing – You can trust your agent to help you out with online marketing of the property. Your agent would have a number of websites on which they would promote your property. They would participate in online forums; advertise the property on popular Russian, Chinese and Arab property portals, and on the social media. For example, if you are trying to attract cash rich Chinese buyers, then you must market the property on WeChat, which is the #1 Chinese social network (not Facebook!).
Step #5: Description of Property – The property must be described accurately, but in a way that showcases its best features. It should be presented in a way that is guaranteed to grab attention, even in an overcrowded marketplace for overseas properties. The trick is to sell the lifestyle rather than the property itself. Property is nothing more than a commodity; it is the lifestyle in a foreign country that attracts wealthy individuals from emerging nations to buy property there.
Step #6: Get your paperwork in order – One of the worst mistakes you can make is to do each of the steps mentioned above right, and do everything perfectly, and have a buyer lining up, but forget to have the documentation in order. Do you have all the relevant legal documents related to the property with you? If not, the deal can collapse just like that, and all the money invested by you in marketing the property will have been wasted. So make sure you have all the necessary documents with you. Hire a local lawyer to help you with this if you are not sure.
If you need to sell your overseas property online contact the experts today.