Owning holiday home in Bulgaria is a privilege and something to be proud of. However, you may want to move on and you will need to know How to Sell Property in Bulgaria.
We have set out a few tips below which we hope you will find helpful.
- Finding the Agent
Finding the right Agent is not always as easy as it sounds. You will find a large number of agencies online, but how will you know which one to go with?
Should you go with the one that gives you the highest valuation?
This can be tricky, because we all want the highest price for our properties but we must remain realistic.
Is a higher valuation too good to be true or is the lower valuation just a lazy Agent trying to get you to agree to a very low price?
We would advise you to always ask the agent to provide examples of the properties that they have compared your property with.
This will give you an indication of the types of properties that your property is being compared to.
It is very important that they are comparing your property with similar properties which are currently for sale or that have been recently sold.
Accurate comparisons are vital when establishing the current market value of your property.
If you are unhappy with the valuation but accept that it does reflect the market, then we would advise that you reconsider placing it for sale.
Properties which are placed for sale at too high a price will not attract enough interest and most agents will not push Buyers towards it.
You should always remember that the majority of Agents make a sizable part of their income from sales commissions.
For this reason, they are unlikely to push Buyers towards properties which are not competitivley priced.
3. Marketing Fees
We would not recommend that you pay any Marketing Fees to an Agent in advance of selling your property.
In fact, we do not believe that a Marketing Fee should be charged at all.
Professional Agencies should all have accounts with various large websites such as Rightmove and A Place in the Sun.
These accounts are a set monthly fee for a specific number of properties, and these fees are a cost of running the Agencies business.
Therefore, there is no need for you to pay for advertising your property. This cost should be within the Agents fee when they sell the property.
Correct marketing by your Agent is a key part of How to Sell Property in Bulgaria
4. Agency Sales Fees
The average Agency Sales Fees charges for a holiday home sale in Bulgaria is 10% of the price achieved.
This can vary slightly between agents but this is reasonable guide.
There are Agents who will offer to sell without charging you fee. They will charge the Buyer instead.
While this can sound attractive, in essence it is unlikely to give you any additional money in your pocket at the end of a sale.
The main reason for this is that the Buyer will factor the sales fee into their offer and offer less for the property.
In conclusion, if you choose the right Agent they will provide you with an Accurate Valuation.
You will not need to pay Marketing Fees and you allow for should up to 10% for Sales Fee regardless of whether it is paid by you or the Buyer.
Should you wish to discuss your property in Bulgaria further please contact us and we will be happy to help.