Selling property without estate agent /good Gestoria

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07 Oct 2021 10:24 by cloudnine Star rating. 9 posts Send private message

Hi,

I am preparing to sell my property without the use of an estate agent. If a buyer is found and has their own estate agent, is it common for the seller to pay their fees or does the buyer normally cover this?

I am planning on finding a Gestoria to assist with completion of tax information post sale. Does anyone have a recommendation for a Gestoria they have used in the past (Andalucia)?

Also, I'd appreciate comments from anyone who has sold their property themselves and any advice that they may have.

THANK YOU!!!





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07 Oct 2021 11:33 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1105 posts Send private message

Kavanagh´s avatar

Hello cloudnine 

If you are selling your property yourself you would normally pay yourself the selling fees, usually between 2% to 5%. This may be taxable, you could check with your Gestoria when you find one. 

Good luck



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There is enough in the world for everyone, but not enough for the greedy!



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07 Oct 2021 11:56 by cloudnine Star rating. 9 posts Send private message

Thanks Kavanagh!





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07 Oct 2021 13:47 by baz1946 Star rating. 2230 posts Send private message

If you as the sole owner and seller sold your house, why would you pay the buyers estate agent for something he had no hand in selling? If your buyer did happen to have an estate agent because they were looking for a house to buy, and your house was not advertised with them or any estate agents, why would you pay anyone?



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07 Oct 2021 15:02 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1105 posts Send private message

Kavanagh´s avatar

Baz, you are absolutely correct, but cloundnine is asking the same question.

As you know in Spain anything goes, even a brass-necked, so-called, estate agent turning up at your door saying he has got a buyer and wants paying upfront 5%. Last week he was an inmate at HM Belmarsh this week he is a professional estate agent. 



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07 Oct 2021 16:15 by baz1946 Star rating. 2230 posts Send private message

Correct Kavanagh, had similar in the UK, was selling one house and the agent (Well known one) had it for about 3 months, never sent a looker round once, I cancelled it, apart from giving me his wife, dog and two kids he tried everything to get me to stay, then he phones me back two days later to say he had a promising buyer if I called in and put the house back on with him he could send the buyer round, told him send the buyer round, when he buys, I will pay you, OH no it don't work like that, F of he got told...They do understand that.



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07 Oct 2021 19:13 by acer Star rating. 1435 posts Send private message

Cloudnine,

I sold a flat a couple of years ago, just before Covid w/o an agent.  I had intended to but they wanted 5% which I told them was unacceptable - they came down to 4% which was still too much.  But the property lent itself to an easy sale - the best feature being a large balcony overlooking the sea.

I paid €50 for a plastic banner - "Se Vende with my telephone number" the lenth of the balcony - it had a reasonable position for "passing trade" and had a good stream of phone calls to ask the price.  I didn't bother with any property particulars, just a list of the furniture etc that was to remain. 

Of course I had some daft calls - lots told me it was "too expensive" without even viewing!  But it sold for the full asking price within a month, after about 12 calls received.

The purchaser agreed that we both use the local solicitor I knew and we shared his costs and that of the notary.  Personally I wouldn't use a gestor for a conveyance.



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08 Oct 2021 08:32 by cloudnine Star rating. 9 posts Send private message

Thanks for your input Acer (and baz).





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08 Oct 2021 12:28 by windtalker Star rating. 1787 posts Send private message

If it was as easy as putting a sign up that you can buy from the local Chinese corner shop wouldn't we be all doing it...I recently sold a villa on Camposol I used a local estate agents with a 3% selling fee .. don't trying kid yourself that it's a estate agent getting money for nothing ..my villa had 85 personal viewings  accompanied by the agent's and over 400 online inquiries that the agent had to reply to....I was kept informed by getting feedback on all the viewings it took almost 1 year to find a buyer ...which apparently is a short time ..I know of people that have been trying to sell for many years apparently this is the normal in Spain due to the many thousands that are up for sale good luck anyway.

 


This message was last edited by windtalker on 08/10/2021.



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08 Oct 2021 13:59 by acer Star rating. 1435 posts Send private message

Windtaker, perhaps my post may have sounded a bit smug, but the truth is that I like to think I've learnt from past mistakes.  

I don't know Camposol that well, but like most, I do know that there is a perpetual glut of property for sale there, so prices are depressed and the agent probably earns their 3%

Many years ago I owned a small place on a golf course in northern Spain.  Our time in Spain was limited and we only identified one local estate agent in the area.  They kept on sending me emails to the UK telling me how bad the market was, but they were doing their best blah blah. 

Then out of the blue they had a cash buyer with a silly offer.   We had decided we wanted to move and we were told it was the market rate.  So we reluctantly accepted and arranged a POA to complete the conveyance.  Subsequently we discovered that the local market was bouyant and the buyer was in fact a partner of estate agent - we had been rooked and sold for far too cheaply.  The cheeky S O Bs even charged commission on the sale, which our solicitor paid regardless and without consultation.

I used to hear an expression that Brits in Spain were "treated like cows by the locals" - being "so easy to milk".  It certainly was in my case.  I believe the problem is that we expect all professionals to be honest, but if you do so and are too trusting you will likely regret it.

Some properties don't need an estate agent to sell.  Estate agents in Spain rarely bother to produce proper selling particulars or spend big money on advertising and usually don't deserve 5%.

 



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08 Oct 2021 14:12 by baz1946 Star rating. 2230 posts Send private message

To sell a property is Spain, or anywhere for that matter the same rules apply all the time....Location...Location...location,



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09 Oct 2021 18:37 by Roberto Star rating in Torremolinos. 4541 posts Send private message

Roberto´s avatar

"If a buyer is found and has their own estate agent..."

It's fairly uncommon (although not unheard of) for anyone to employ an estate agent to search for property. What will happen of course is that as soon as you put up your "se vende" sign, loads of agents will ring up wanting to list it. Some will pretend to be potential buyers, ask the price, and then when (if) they bring a buyer, will demand their commission on the sale. So you will need to ask callers if they are private buyers or agents; if they are agents, make it clear that the price you quote is the price you expect to receive, and that if they want to add commission on top (that any buyer will effectively pay), that is up to them. Of course, if they slap 10% on, and get someone willing to pay it, you will have to accept that, and be content with getting what you orignally asked for.

Be prepared for a lot of timewasters. Good luck!



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"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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09 Oct 2021 18:46 by Roberto Star rating in Torremolinos. 4541 posts Send private message

Roberto´s avatar

Acer: "The purchaser agreed that we both use the local solicitor I knew and we shared his costs and that of the notary.  Personally I wouldn't use a gestor for a conveyance."

Just a quick note on this: as the seller, you will have very little (if any) need for a solicitor, and the buyer usually pays the notary fees. Using a gestor purely for your tax matters makes perfect sense, especially if you are not going to be in Spain to deal with the paperwork yourself. 



_______________________

 

"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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10 Oct 2021 09:59 by cloudnine Star rating. 9 posts Send private message

Thanks everyone for your comments. I am lucky that the property is a penthouse with fantastic views. It also gets a lot of passing traffic. I am going to advertise it on some of the well-known websites (idealista, fotocasa, etc) and also put a banner up with my number for passing traffic. If I am lucky enough to find a buyer then I'll play it by ear regarding whether I need assistance with the paperwork. It sounds like it may not be necessary though. 





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10 Oct 2021 20:13 by Jimbofinn Star rating in Chiclana De La Front.... 213 posts Send private message

Jimbofinn´s avatar

I had my property on the market with an agent.  She introduced a lady to the property who showed interest thus obtaning my details.  Nothing more was heard of for several weeks.  I then received mail and lo and behold it was the lady that had expressed interest.  She wanted to meet in person to discuss purchasing it band did offer somewhat below the asking price.  She was obviously trying to circumnavigate the agents fee for puchasing (2%) and get a cut price deal into the bargain..  She obviously tried to take me for a mug thinking that I would agree - needless to state she was given short shrift.



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Regards



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11 Oct 2021 20:32 by acer Star rating. 1435 posts Send private message

Roberto,

Thanks for yours.  My thinking is that if things go wrong there is a better chance of successfully suing a solicitor - it also happens that the guy I use I know well.  I've used a few solicitors in Spain, most have been a joke, this guy is a professional, so why should I use anyone else 

I made a profit on the sale so I had a potential CGT liability but he assisted in having this removed - the full amount was paid to me including the retension which was paid to me in 3 months, without me even reminding.  I'm all for a simple life smiley.



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11 Oct 2021 22:04 by windtalker Star rating. 1787 posts Send private message

Jimbofinn..I have bought a few properties in Spain via estate agents..I have never paid a agent for purchasing a property .. only the estate agents client that is selling the property is eligible for any costs... without a buyer you don't have a sale so why would a estate agent risk losing a buyer by trying to charge them 2% finders fee .





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12 Oct 2021 14:22 by Jimbofinn Star rating in Chiclana De La Front.... 213 posts Send private message

Jimbofinn´s avatar

Widtalker.I have bought a few properties in Spain via estate agents..I have never paid a agent for purchasing a property .. only the estate agents client that is selling the property is eligible for any costs... without a buyer you don't have a sale so why would a estate agent risk losing a buyer by trying to charge them 2% finders fee

Wether you have bought a few properties in Spain or not. I am simply relating here that this happend to me. The fact is that there are some estate agents that charge both seller and purchaser a fee.  I can only assume that they believe that by splitting the fee between the two parties hasten the buying/selling process.  I suppose it is up to the individuals concerned as to use an agent that does this.



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Regards



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12 Oct 2021 18:54 by acer Star rating. 1435 posts Send private message

I've often wondered if this is all part of "treating us like cows" routine, milking us as much as possible - taking a few extra percent from us, but still charging the vendor the amount originally agreed. 

But I've developed a total distrust of all the alleged "professionals" in the property sector in Spain, so who knows...sometimes I miss the Law Society, regulation, FCA, FOS etc...



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Don't argue with an idiot, he will drag you down to his level and beat you with experience.



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12 Oct 2021 19:26 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1105 posts Send private message

Kavanagh´s avatar

Hello my good friend acer 

Is it only the property sector in Spain you totally distrust? Is there any sector you do trust? Is the justice system, banking industry, or any regulatory authority in Spain fit for purpose?



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There is enough in the world for everyone, but not enough for the greedy!



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