fbpx
9_.jpg
news-article news-article news-article news-article news-article news-article news-article news-article

How to sell a property in Montenegro?

26th November 2019

How to sell a property in Montenegro? What is involved in getting the property sold quickly and at desired price? The sale process certainly is not an easy one and can often be confusing for the owner or the seller of the property. The following steps can help and to make the property sale a much easier and less stresful experience.

YOU DECIDED TO SELL YOUR PROPERTY

You have to be specific with what you want to get from this sale. So, you want to sell your property. Unless you are the sole owner of the property, you will need to obtain all necessary approvals for the sale.

ESTABLISH THE MARKET VALUE OF THE PROPERTY

You may have an idea how much money you want for your property, but the market value of the real estate may not be in accordance with your wishes. To find out what the market value of your property is, you can contact a real estate agent who, based on their knowledge of the market, will give you an estimate. The other option is to hire a real estate appraiser who generally charges for their services. The most important thing is that the assessment is given by an experienced and neutral individual.

For APARTMENTS AND HOUSES / VILLAS, we generally consider the following:

PROPERTY LOCATION

Is your property located in the city center, close to all amenities, is it close to the sea or the main road? Does your property have sea, city or mountain views. Is the neighbouring property right next to you and blocking your view? On which floor is the property located? In our previous experience, higher floors have greater value.

PROPERTY LAYOUT AND FUNCTIONALITY

If the apartment or house has a nice layout, regardless of square meterage, it could be more attractive to a buyer. We have had situations where a nicely laid out one-bedroom apartment is more attractive to sell than a two-bedroom apartment with a poor layout, at the same or even lower price. The size of apartments does matter too, smaller apartments and hosues are more likely to be sold quickly than the larger ones.

FEATURES AND FACILITIES

Features and facilities such as video surveillance, an intercom, reception pools, spa, kids facilities in the building / project can contribute to a quick sale at a higher achieved price than buildings that do not own any of the above . Maintenance agreement has an an impact on the quick purchase decision especially with international buyers .

PROPERTY ORIENTATION

It is important that your apartment or house is oriented so it has plenty of sunlight. Such properties are warmer, dry and generally more attractive.

APPEARANCE OF THE PROPERTY

It is very important that you prepare the property for sale viewings. When the buyer (client) reaches the level of interest and requests to view your property, make sure that it is at its best. It is advisable to keep the apartment or house clean, fresh and bright. The smell of cinnamon or lavender in the rooms creates a great effect, as well as any other items that create a wellcoming and relaxing atmosphere.

FURNITURE

The new furniture of a modern design in most cases will make a good impression, but if that is not what you have, try to keep your apartment clean. Make sure all the devices and appliances are working correctly. Make sure there are no sqeaking doors or floors Pay special attention to the bathrooms and toilets as well as the kitchen. Insulation, heating and cooling system. The good shape of these things should be a priority when you decide to put your property on the market.

Most of the above items also apply to retail property for sale.

Regarding the LAND FOR SALE, the following needs to be considered:

SHAPE

When selling the land, the shape of it can be crucial for anyone making a decision to buy. It is obvious that land of regular shape will sooner be sold than triangular or polygonal land. If you have a large area of ​​land, make sure to divide it into plots of a regular shape, as much as possible, before advertising it for sale.

CONSTRUCTION COEFFICIENT

It is obvious that a site with a greater potential for construction is of greater value. If you have a possibility to increase it, please do before selling. If not, please make sure that all this information is available to potential buyers.

INFRASTRUCTURE

Ideally there must be a road next to the property, the good one if possible, electricity and water. If this is not the case, make sure you provide information on how far is the first substation, water source and asphalt road. Estimating the cost of bringing infrastructure to the land can greatly increase the chances of a quick sale.

In any case, one of the most important factors when any real estate is released to the market is to keep the paperwork in order, and that there are no liens and restrictions on the property. All of this contributes to faster, easier and better sales where both sides of the process are satisfied.

CREATE A SALES & MARKETING PLAN

In collaboration with one or more selected agents it is important to agree on the marketing channels. In case you are opting for more agents, keep in mind how they will treat your property. What is important is to be clear and precise when it comes to the sales price.

The recommendation when advertising and working with agents is to opt for one and arrange an exclusive sales agreement. Although it may seem at first that you restrict yourself in this way, you do not. Exclusive property has a special treatment from the agent. The agent presents such real estate to others with special care. and this would include other agents as well, making them a single point contact for a network of intermediaries

PROVIDE MARKETING MATERIAL

Whether you do it yourself or you agree that the agent provides it is a matter of agreement. It is extremely important that you have a well-presented property.

Photos: When it comes to real estate photos, the first thing to keep in mind is to keep the property neat. The apartment or house is cleaned, trimmed with as little clutter as possible, to be able to show a clear picture and idea of ​​the property qualities. Land should be cleared, view from the plot shown, etc.

Another, but no less important thing is to organize a photo shoot on a sunny day and at precise times the property looks best at in terms of natural light etc… Photos must be of high resolution.

It is advisable that you have video of a property as well including drone footage. Don’t be afraid to pay professionals for video and photography. It is an investment that should return quickly

It is very important that you provide all necessary information to the agent.
When the material is ready, put your property on the market.

Don’t be shy about giving information. Say all that was key to the preparation of the property. List all the key things that are specific to your property. It would not harm to add your personal opinion, especially if you have lived in that apartment or house. For example, in a few words you can describe the environment, the neighborhood or something else that can contribute to finding a potential buyer.

OFFERS WILL BE ARRIVING

When you have completely done everything from the list above, you should be getting interest from potential buyers. You choose whether to participate in the presentation and sale process or to leave everything to the agent.

Be prepared to hear something you may not like. There will certainly be an offer that will absolutely not suit you. In most cases, it is most difficult to get the prospective buyers to visit the property. With a good presentation, all the features listed and the right price you will have more chance of arranging a viewing of your property.

If you do not live in the same city where your property is located, provide your agent with a key. Make sure you respect the agreed viewing time. If you have tenants living in the property, it is advisable to ask them to leave the property for half an hour while the viewing is in process..

Let the future owner feel comfortable. It is not advisable to stand over his head and talk about things he never asked. Let the client feel the real estate, experience it and imagine himself living in it / using it.

Answer each of his questions regardless of the effect they may have on his decision. It is very important to be honest.

SCHEDULING NOTARY AND SIGNING CONTRACTS

When the buyer decides to purchase, it is up to you to secure and schedule an appointment with a notary. Of course, all this can be handled by an agent you already have an agreement with. Be precise when arranging the time of signing with all concerned.The signing procedure should not last more than 1 hour, followed by payment of the purchase price in the agreed timeline and key exchange.

It may seem complicated, but we are sure that if you handle the sales process in the right way and take care of all the above points, you will very quickly reach your goals and be very happy with the result.

Good luck!

About IM Property Group

IM Property Group is  Property Adviser and an Investment Specialist operating in Montenegro.

LEARN MORE

Contact Us

IM Group Limited

Ulica XVI Zgrada CFSSI
Rozino
85310 Budva

Montenegro





I wish to receive future offers and news from the IM Property Group.