The Selling Process
The selling process in Mexico is very doable for most. Yes. You can sell your property completely on your own. Many people have done it, right? There are just too many things that could go wrong. We recommend you hire a real estate professional that is a member of AMPI, the body that governs most real estate agencies nowadays in Mexico. It is important to mention that there is no law in Mexico that prevents you from selling your property entirely on your own.
Here is what you need to look forward to:
Determine the fair market value for your property– Do you know how this is done? The quick answer is simple. You can ask for any price you want. If someone pays you that amount then you have started a new trend. The thing is that buyers, like sellers, are smart. They want to pay the least amount possible! The best buyer will want to pay at least a fair market value for your property. To get a fair market value for your property you need to do a CMA (Comparative Market Analisis).
The way this is done is by using data that is collected with time on alike properties that have been sold in your area. You can look online yourself to ask how much your neighbor sold his property for or ask him/her directly. A real estate agent has this data readily available and can generate a report within minutes.
Prepare the property for sale – Selling anything is not easy. You know yourself from trying to sell anything on Facebook or eBay. You have to prepare the property before anyone shows up to look at it. Nobody will show up to look at it if it does not have good photos uploaded somewhere. But, before we get to the photos let’s fix the things that you know need fixing. Remember you are dealing with smart buyers and a smart buyer will ask the questions you don´t want to be asked.
A smart buyer will want to know why a sealing looks wet in one corner and dry in the other corner. Once you have prepared the property you will need to take professional photos. Sure you can do this yourself with your smartphone, some agents do this themselves. A good real estate professional already has a professional team ready to come along and take the most amazing shots of your property for people to want to come to see in person.
Plan a marketing strategy – Do you plan on printing a bunch of flyers and passing them around? Or maybe pay for a Facebook advertisement? Planning a marketing strategy is the most important step to follow and it is your weak point. You do not have the reach that a successful company has. We are talking about thousands and thousands of buyers versus your few. We are talking about a global reach versus your network of friends.
Negotiate the potential sale – Now that you got someone interested in your property it is important to close the deal. As Alec Balwin said, “coffee´s for closers only”. You do not want to let this one go because there might not come another one in a long time. Once again, you are dealing with smart buyers, keep in mind. The odds are that the interested buyer is way ahead of you. He/she already knows how much the property, like yours, sells for. He/she already knows that you are not paying a commission and so your price can be lower.
A real estate professional deals with these smart buyers constantly so, a buyer will get serious when dealing with a professional. A real estate professional will get you a promise agreement in writing with all the steps that will follow.
Handle the closing – Now that you have settled on a selling number with a buyer you need to make sure all goes well. A smart buyer will want to know how you are doing this. Yes. You. How will you handle the money transaction? Who does this? A smart buyer is not going to give you his/her money to hold on to till the transfer at closing. A real estate professional has contact with all notaries and the procedures in place to make sure all goes well. A real estate professional has a dedicated real estate lawyer at this service ready to step in and help make sure this goes smoothly.
Selling your property yourself is complicated but, if you can make it happen you can save thousands of dollars. Hire a real estate professional and relax.
