Selling a property without a real estate agent

When it comes to selling a property, the question arises as to how best to proceed. The way you sell your property can affect the final price and the profit. Selling between private individuals has its advantages.

Why sell a property without a real estate agent?

The most notable advantages of selling property without an agent are:

Achieving a greater economic benefit from the sale.
You do not have to pay an estate agent’s commission. It is usually between 3% and 5% of the sale value.
Complete control over the sales process, as you manage it yourself.
You will be able to negotiate with buyers.
The process will be done at your pace, according to your needs and preferences.

Steps to selling a property without a real estate agent

If you decide to sell your property on your own, we recommend that you follow these steps to ensure that everything goes well:

Prepare the sale

Market research

Knowing the movements in the real estate market in your area will provide you with very useful information.

You will have some data such as prices and their evolution, the number of transactions and the best time to sell. You will also know how interested buyers are and how many buyers there are.

Property valuation

This is one of the most difficult and important steps in the entire process.

It is best to seek professional advice and compare several values in order to be clear about the right price.

However, if you want to save yourself the cost of the valuation, you can work out a fair price yourself using the information gathered in the previous step.

Collect all the documents

To sell a property, it is necessary to have many documents. Among them:

Nota simple. You can obtain this from the land registry.
Energy certificate. There are many companies that can offer you this service.
Floor plans. These are usually included in the purchase documents for the property.
Certificate of habitability. This document is only necessary in some communities.
Arras contract. It serves to document the purchase contract.
Statute of Community, if available.
IBI payment receipt.
Obligation for technical inspection of buildings (ITE). This document will only be required for some properties.
Identity card.
Purchase contract of the property.
Latest electricity and water bills.
Certificate of being up to date with community payments, if applicable.
Certificate of debt freedom.

Finding a buyer

Now let’s see how to find a buyer for your property.

Advertise your property

The advertisement you place on real estate portals is the letter of introduction for the property that potential buyers will see.

To make it as attractive as possible, follow these tips:

Prepare the property. Fix any damage, ensure good lighting, tidy up and remove personal items.
Take photos. Take good quality photos from the corners of the rooms.
Add floor plans and videos. This way, visitors to the advert can get an idea of the layout of the property. With multimedia content such as videos and virtual tours, the qualities of the property can be recognized even more clearly.
Pay attention to your text. To create the best advert, make sure you have a good headline and avoid spelling mistakes.

Manage calls

You must take care of answering calls and requests by yourself. Here are some recommendations for this:

Availability. You have to be prepared to receive calls and messages from potential buyers and real estate agents who will try to offer you their services.
Organization. Coordinate viewings with an agenda to avoid forgetting appointments or making mistakes.

Preparation for viewings

The viewing is the key. At this point, prospective buyers decide whether or not they are interested in buying the property and make a purchase offer.

To make viewings effective:

Offer the opportunity to view the property at weekends.
Be friendly to the buyers.
Show the best of the house at the beginning and at the end.
Think about what you want to say about the property.
Clarify any doubts and questions.
Ask the buyers what they think of the property.
Be honest and empathetic.

Negotiate

When selling property between private individuals, this point is crucial.

Buyers usually make an offer below the asking price. Up to 20% less than the price quoted on property portals.

This means that negotiation is important to evaluate the offers and try to reach an agreement that is beneficial to you.

Reservation and sale

Formulate the reservation

The buyer pays a sum of money as a deposit. It is usually between 1,000 and 3,000 euros and serves as a guarantee that the buyer has a genuine interest in buying the property.

Sign the deposit contract

The deposit contract is a private document that includes all the clauses of the conditions of the sale and serves to formalize the commitment to carry it out within the agreed period.

When signing the deposit contract, the buyer pays a higher amount than when making the reservation, usually 10% of the sale price.

Signing the deed of sale

The buyer will choose the date and notary to sign the deed of sale. As the seller, you only need to submit the following documents:

Identity card.
Original title deed.
Copy of all cheques or transfers issued to you by the buyer prior to signing.
Receipt of the last IBI payment.
Energy certificate.
Certificate of habitability, if required.
ITE certificate, if necessary.
Certificate of timely payment of community fees.
Deposit contract.
Latest electricity and water bills.
Certificate of outstanding debts or debt-free mortgage.

Selling a property without an agent can be more time-consuming and difficult for the owner, as they have to go through the whole process without advice and obtain all the necessary documentation. But it also has important advantages, such as a higher profit and control over the transaction.

Further information

This article is part of our service Real Estate Lawyer in Spain. Visit this section where you will find all the useful information on this topic, including a complete guide on How to buy a house in Spain.

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