Property sale process in Cyprus
- Always promote the property to the best of your ability and resources.
- Take appropriate (and professional-looking) photographs. This is something that has until now been somewhat undervalued in Cyprus. Remember, a photo tells a story, and a great photo sells it. Potential buyers are always attracted to the photos. PrimeStar Estates will organise photography of the property.
- Ensure signage is clear and well attached to your property.
- Engage in local marketing, such as local newspapers and shop windows.
- Your property should appear on the agent's database and website, as well as third party websites for greater coverage. Social media is also increasingly becoming an advertising medium.
- Mass media newspapers. Make the add look and sound appealing.
- Specialised real estate publications, are particularly important for exclusive and luxury estates.
- Flyers and other promotional material.
- Word-of-mouth. A key selling tool in such a small community-orientated market such as Cyprus.
- Distribution via international affiliates in key source markets.
- Open house - underused in Cyprus but possibly an up-and-coming approach. Open houses are also a powerful way to get many potential buyers looking at your property and getting a real-live feel.
Understanding the real estate selling process and how to sell a house/flat
Selling your property in Cyprus. Working with a real estate agent in Cyprus is not just about advertising and marketing your property. All good real estate agents should assist you from start to finish, helping you understand the entire selling process, such as legalities and taxes, appraisal, preparation, valuations, marketing and promotions, selling distribution channels, property inspections, offer and negotiations, settlements, and follow-ups. PrimeStar Estates administer the entire selling process with upmost care and personalised service.
Firstly, it is important to point out that when selling property in Cyprus there are certain regulations and legislation that must be followed, protecting both buyer and seller. PrimeStar Estates will go through all these legalities with you and help you understand exactly what's involved when selling real estate. To read more about legalities and taxation involved, visit the real estate tools page.
Have a detailed discussion with PrimeStar Estates so they can clearly understand your exact requirements and of course your specific property, i.e. its key features and benefits. This way, when conducting the initial inspection the agent already has a detailed background. Feel free to be very open and direct, because sometimes even the little things make a world of different. As the property owner, you should know the property inside-out, and know exactly what a buyer might be most interested in knowing. Upon visiting the property, your representative may also find some extra detail about the property that are well worth highlighting in selling and marketing material.
The property itself should already be well prepared even during the initial inspection and appraisal with the real estate agent. Of course the agent will also make recommendations after the viewing, but starting off on a good note will do absolutely no harm. Ask PrimeStar Estates what you might be able to do to increase the appeal and value of the property. Depending on your budget, they may be able to suggest something as simple as a coat of paint or minor repairs to more in-depth work which may increase the saleability and value of your property. Remember, the more appealing the initial impression of your property, the more likely you are to attract the right buyers - the right product sells. See below extra tips on preparing your property for sale.
Marketing and promoting your property in Cyprus
When selling your property, no doubt you want it sold as quickly as possible and for the best possible price. To increase your chances of achieving this you need to attract attention of real qualified potential buyers, whilst presenting your property in the best possible way.
Marketing real estate should always be unique. Although there are certain standard procedures in each market (i.e. localised for Cyprus), each property is also different, so then each should acquire unique and specific marketing and promotions. Beyond this, marketing psychology and technology is forever evolving. Understanding these new marketing channels is also vital.
PrimeStar Estates is certainly in the best position to put together a marketing plan for your property, including advertising, promotions, and selling distribution channels in Cyprus, as well as abroad.
Property inspections whilst selling your house or apartment in Cyprus
Property inspections are of course absolutely essential. For most buyers, purchasing property is one of the biggest decisions, so they would want to conduct thoroughly, multiple inspections. So be prepared to have prospective buyers come to your property and look through it very carefully and at all fine detail.
A buyer should always be comfortable to explore the property and get a true sense of how it feels. They should leave with no or at least very little hesitations and concerns. As such, it might be best to leave the property during this inspection thereby offering full freedom and flexibility. PrimeStar Estates will then be in a better position to guide them through the inspection and qualify their exact needs and demands; vital for negotiations later.
Remember, in Cyprus sellers are usually very attached and have a tendency to try to be involved in the selling process as much as possible. This could work against you. Just try to think what a buyer would prefer and then do you best to accommodate this - freedom, flexibility and comfort to explore without having the seller over-the-top.
Property sale offer & negotiation
Essentially, any offer will be presented either by the buyer or their representative who will remain involved in the process until it is complete. Acting as your representative, PrimeStar Estates will advise on the offer and any possible negotiations, as well as guide you with how to accept the offer and all subsequent legal proceedings.
It is not unusual to have an offer heavily negotiated, moving between buyer and seller many times before it is accepted. This is common practice in Cyprus, as it is in many cultures such as throughout the Middle East, Africa, Russia and CIS. A good real estate agent should know a buyer's price limitations and expectations, as well as each property's boundaries. They should then be in a better position to negotiate accordingly.
Remember, just because there is always a chance of negotiation does not mean you should unrealistically inflate the advertised selling price of your property. A realistic market value attracts more potential buyers, and a property's true value can never be under-cut.
Sale of Property
PrimeStar Estates check and assist with the purchaser's finance, sale of property, building inspections and other conditions where necessary.
Once the offer presented either by the buyer or their representative has been accepted by the seller, a contract of sale will be prepared by PrimeStar Estates and a meeting will be arranged for the signing of the contract and the payment of the deposit. PrimeStar Estates commission is also paid on the date of signing the contract. The purchaser is advised to deposit the contract of sale to the Land Registry within six months from the signing of the agreement/contract for Specific Performance purposes.
Upon payment of all taxes and fees in relation to the sale (for further information visit real estate tools), transfer of legal ownership is completed at the Land Registry. The seller has the obligation to release the property from any restrictive covenants and easements in order for the transfer to complete.
The room that sells. Did you know?
"The kitchen is usually the part of the house that can make or break a sale. Generally, it is the most expensive part of any house or apartment. If you're selling your house, make sure the kitchen is in tip-top condition and sparkles."
Tips to sell your house or flat. Make your property more appealing to potential buyers
What should you do when preparing to sell your property...?
Following some easy and basic steps can help present your property in a much better perspective, realising its full potential and better attracting potential buyers, in photos and especially during an inspection visit. If you require any further assistance contact PrimeStar Estates for a full consultation on how to improve your chances on selling property in Cyprus.
1. Spectacular first impression: the instance a potential buyer sees your property they are judging it. First impressions always last, so try to make a good one. Entrance should be ultra clean and clear of clutter so there is easy flow into the property and eyes do not wonder to negativities. Make sure the property looks and smells fresh. A fresh coat of paint never ever goes astray and in fact is highly recommended. Invest in a new mat, and even other new basic interior décor. They will come up much better than any old, run-down and torn items.
2. Keep rooms neutral: basically this means de-personalise your property. Get rid of your belongings, such as photos, little ornaments, covers, etc. Buyers don't want to feel like they're invading your personal space but rather visualise themselves and their belongings in this space. Use a box or laundry basket to quickly throw your day-to-day personal items in and then put it out of sight during inspections. It allows you to still live in your home whilst being ready and well prepared for random inspections. By the same token, interior should also be neutral. When selling property it is always best to maintain neutral colours (white) for instance and no extravagant art or decorations.
3. Excite all senses: Remember that during inspections buyers have 5 senses. Make sure they all receive a positive response:
- Sight: everything is clean and visually appealing
- Smell: ensure there are no bad odours, but rather neutral and fresh smells - this also means do not overdo it with deodorants and perfumes
- Hearing: limit noise pollution as best possible, or emphasise that it is quiet
- Feel: make sure the property looks enticing to touch
- Taste: keep interior neutral thereby avoiding any chance of bad taste
4. Natural light makes things more clear: enhance natural light as much as you can, both for inspections and photos. Uncover windows and ensure they are crystal clear; the last thing you want is to have all this natural light to only enhance dirty windows. Overall, this creates a modern look, brings the outside in, assists with making rooms feel lighter, airier and larger and less dark, dull and dated, as well as allowing buyers to clearly see the property in its natural form. It's also a good idea to turn on lights and where possible try to create a lighting mood. Light should never be underestimated. In fact, light is what allows us to see colours and objects.
5. Re-arrange furniture to maximise space: Make sure furniture defines the space and don't confuse buyers with incorrect furnishings in rooms. Furnish each room to showcase its true function and potential, but again try to keep it as neutral as possible to allow buyers to use their own imagination. If your property clearly has excess furniture, think about storing it away temporarily, as this will help reduce clutter and create more space. Also try to get rid of old, worn-out or simply non-tasteful furniture. Furniture placement can also make or break a sale of a property. Never place furniture across the entrance or walk ways within rooms or obstruct any common ground. There should be a nice flow from one room to another during the inspection. Avoid placing furniture in front of windows as this blocks light and makes rooms appear smaller.
6. Cleanliness; tidy and simple: the entire property should look and smell clean. Kitchens and bathrooms in particular need to be clean and very tidy. It might sound obvious, but make sure all beds are made with fresh new linen, and that shoes and clothes are stored away, and even stored away nicely as many potential buyers would like to look at wardrobe space. Consider having your property cleaned professionally. A good idea is to first clean it yourself, and then have it done professionally. Having it done twice, by a professional and the person that knows the property best (you) is only a plus. Personal items in all rooms need to be away. Indeed, the less clutter and clear, the more spacious every room will feel. Keep in mind that your pets might also not help close a sale, and can often portray a dirty image - not all people love animals in their home.
Special tip: luxury can never go wrong and will always win a sale. Whilst keeping your properly, clean, tidy, simple and neutral, try to reveal an element of elegance, like an upscale hotel. This will make a buyer truly feel like moving in immediately. For instance in the bathrooms, add fancy towels and bathroom products, and in all rooms focus on finishings and stimulating all the senses.
Sell your property
List your property with PrimeStar Estates today and boost your chances of selling. No cost, No obligation. Our real estate team will explain the process and guide you through it to make it easy and successful.List property