9 steps to selling your property privately in the Canary Islands

Step 1: Get your property looking good

A little bit of effort can go a long way when it comes to selling your private property as quickly as possible or for the best price. Remember that a buyer’s first impression of your property is decisive, so you should get your property looking as good as possible before you invite potential buyers in for a viewing.

Look around your house for those minor repairs that you have been putting off and get them done. You may be used to little issues like a sticking window, stained walls or a blocked drain, but these things will stand out to people viewing your property for the first time and affect the perceived value of your home.

Before any inspection visits, tidy up your property and open the windows and curtains to let in as much natural light as possible and ventilate the house. The bathroom and kitchen are two particularly important spots to keep clean. Also make sure that any pets stay out of the way during the visit. If you have a garden, give it that little bit of extra attention while you sell your property to add even more appeal to your home.

With the essential things taken care of, there’s more you can do to make sure your property for sale makes the best impression possible – and you don’t have to spend much money to do so. Here are some simple ideas:

• Give a fresh coat of paint where necessary.
• Buy some indoor plants – ideally flowering ones – to liven up your living spaces.
• Fill those empty walls with some nicely framed prints.
• Get a throw-over to cover up that old sofa.
• Change lighting fixtures or light bulbs that don’t provide sufficient light.
• Buy a new doormat.

Step 2: Find out how much your property is worth

The price you set for your property will of course directly impact how fast it sells. There is no magic formula for determining a realistic asking price, and it will depend on a number of factors, including the condition of your property, the real estate market situation, and how much of a hurry you are in to sell.

If you are also listing your property for sale with real estate agents besides selling it privately, they should be able to give you a good idea of how much you can realistically ask for your home. However, beware of some estate agents who may initially suggest too high a price just to get you to sign up with them, only to revise it down later, or worse, put a low price on your property to sell it quickly so they can move on to the next one. Get a couple of opinions from reputable estate agents and compare.

You can also look at similar properties for sale in your neighbourhood and compare then with your own to get a good idea of what your property is worth. If you are still in doubt, consider getting a professional valuation of your property.

Step 3: Take a few good photos of your property (optional but very highly recommended)

The photos you use to showcase your property are perhaps the most important part of your online ads when you advertise your private property for sale with us, totally free of charge. Take lots of photos and choose the very best to display. Make sure you have adequate light - open windows and turn on interior lighting for effect. Clear up the clutter and remove any furniture or objects that are in the way.

Ask a photographically-inclined friend for help or advice on the best angles to shoot to give a good impression of space. You can even consider hiring a professional to do the job. Good photography doesn’t have to cost that much and will make a huge difference to the amount of enquiries you receive from your online property ads. Above all make sure that your photos show off the best aspects of your property and do it justice. We’ve seen ads for villas claiming splendid views where all the photos looked like they could have been taken in an apartment.

Step 4: Get the word out there

Giving your house as much exposure as possible is the key to a fast, successful sale. By all means, use a real estate agent, put classified ads in the local papers and even a ‘for sale’ sign on the property itself, but don’t underestimate the potential of the Internet and web sites like buyprivateproperty.com when it comes to advertising your property for sale. There’s no better way to showcase your private property to thousands of potential buyers from all over Europe and the world!

All you have to do is write up a property description, mentioning all the important features and selling points of your property, register with us for free and fill in a form to place your property on our website, together with up to XX photos (optional but very highly recommended) and the selling price of course. Our property advertising service is absolutely free of charge for private individuals selling their own property.

Step 5: Respond to enquiries and fix viewing appointments

When you respond to an enquiry, your job is to give the buyer enough information for them to determine if they are really interested in your property and to encourage them to fix a viewing appointment.

It is a good idea to prepare a detailed description of your property in point form and keep it handy so that you don’t miss out on any details, especially if you are replying over the phone. Also include some information about the general area, such as nearby shops, parks, entertainment venues and other amenities in case your prospective buyers are not familiar with the area.

It goes without saying that basic courtesy will go a long, long way when you are selling your property privately. Try and be as accommodating as possible when scheduling viewing appointments or responding to enquiries. Remember that it is in your interest to make it as easy as possible for people to do business with you.

Step 6: Show your home to potential buyers

When you sell property privately, you will be the one to show buyers around of course. This is not as daunting as it may seem. In fact, nobody is better qualified to bring out the very best in your property than you are! A real estate agent has typically spent no more than 15 minutes in your property – you have probably lived there for years. Even if this is your first time selling a property, after your first appointment or two you’ll know the routine like a pro.

By all means be friendly to prospective buyers, but don’t crowd them. Give them their space, step aside and make yourself inconspicuous while they look around or even discuss. Have copies of your paid up bills and other documents such as the statute of the Property Owners’ Association (if applicable) at hand to show your buyers if they ask. It is also a good idea to print out and photocopy a property fact sheet for interested people to take home and examine at leisure.

Step 7: Clinching the deal

Sooner or later you will get an offer from someone who wants to purchase your property. If they are prepared to pay your asking price, then you’re in luck, but many buyers will try and negotiate a somewhat lower price.

How much lower you are prepared to go will depend among other things on the amount of interest and kind of offers you have been receiving and on how realistically you have priced your property. It is a good idea to have a realistic minimum price in mind below which you will not go, and to be prepared to walk away if the buyers keep insisting on an offer below that. Naturally, you can revise your minimum price based on the response you get.

It is common that buyers will try to offer a price that is around 5% lower than what you are asking. If they offer much lower, then you have either miscalculated your asking price or the buyers are trying their luck. If the offer is too low, politely explain that you have had slightly higher offers that you had to turn down and see what reaction you get. Otherwise if the offer sounds more reasonable, say you will consider it (or discuss it with someone) and get back to the buyer later or the next day.

Unless you get your asking price, resist the temptation to accept an offer on the spot or you’ll leave the buyer feeling they could have bargained harder, which could make them revise their offer.

Step 8: Sign the Promise of Purchase and Sale agreement

Once you have reached a mutually acceptable agreement, you will sign a Promise of Purchase and Sale contract with the buyer before a notary. This agreement will formally fix the agreed sales price of the property for a stipulated time period while the buyer organises their finances and while you make arrangements to remove your belongings from the property.

As the seller, you will be given a deposit of typically 10% of the purchase price at this point, which you will keep if the buyer decides to back out of the deal according to the stipulated conditions. The agreement also binds you to sell at the established price and you will be typically obliged to pay back twice the deposit to the buyer if you change your mind and back out. Of course, it goes without saying that you should have your lawyer review this contract before you sign it.

Step 9: Conclude the sale

When the time comes, you will agree upon a date with the buyer to go before a notary to conclude the sale. The transaction involves signing the Title Deed to transfer the property, cancelling any mortgage you may have on the property, handing over the keys and receiving the money due to you.

After the sale is complete you will have to visit the utilities companies to transfer the contracts into the buyer’s name.

If you are considering selling your property privately, read our Legal Q & A on buying property privately in the Canary Islands to find out more about the legal aspect of this process.