Owners: sell or rent?

Owners: sell or rent?

You have a property that you’re not going to use and want to make a profit. Doubting between renting or selling it?

You have a property that you’re not going to use and want to make a profit. Doubting between renting or selling it?

Tips for selling

You want to sell your apartment quickly and at the best price, but you don’t know where to start out as there are so many agencies…

Tips for renting

You want to make money out of your property and you’ve decided to rent it out, but you don’t know how to look for good tenants.

Take the advice of the professionals at BZ GESTIÓ and make a decision once you’ve got all the information: we’re sure you’ll get it right! Our vast experience and useful methods will make renting or selling your property a quick and easy experience for you.

At BZ GESTIÓ you’ll have a personalised advice session, protected by a confidentiality agreement, during which we’ll study your needs as an owner and take the necessary actions to decide on the best option.

A property shouldn’t be closed up: you have to make money out of it as there are always outgoings. So, we’ll work out whether you should spruce it up and sell because you need a lump sum, or we’ll check the state of repair of the property to see if it’s better to rent it out.

How to sell

Before putting your property up for sale, we’ll advise you on:

Make sure you have the correct documents and all in order

To avoid future problems, prepare the necessary documents for the sale:

  • Request a regular copy at the Land Registry to make sure that everything is correct and that there are no encumbrances on the property.
  • Energy certificate and habitability certificate.

There are then two very important factors to consider:

  • The price or value of the property.
  • The advertising and promotion of the property.

In fact, these two factors are related: knowing the real market value of the property and budgeting the investment needed to prepare and advertise the property are essential for making a successful sale.

How to value the property

The only way to find out the market value of your property is to have real information about the latest sales in the area. Because if you only rely only on property websites or apps, you’ll find out the ‘for sale’ price at the time, fair enough, but not the ‘sold’ price, which is the actual value that interests you.

As an owner, it’s normal for there to be sentimental or emotional value, but unfortunately you can’t take this into account when valuing the property. You have to be objective! And neither can you think about factors such as what you owe on a mortgage, what you need to buy another home, etc.

The value has to be the real one:

  • If you price it too high, you’ll overvalue the property and make other cheaper ones look more attractive. You won’t get the viewings you need to find a buyer.
  • If you put it below the market value, you’ll end up losing money.

How to budget investment into advertising and promotion

This is an investment that will definitely lead to a sale, but you’ll need to:

Prepare the property for its sale

When you buy something second-hand, you want it to be clean and in good condition, so that it looks like you’re the first owner. It’s exactly the same for a property: you have to make it look good and generate that ‘as-new’ feeling.

An American technique known as home staging covers all the aspects needed to prepare a home before selling it: emptying it of personal belongings; cleaning it well; giving it a lick of paint; and even renting cardboard furniture for the future buyer to see what the spaces would look like. Think about it and decide what you want to do.

Visual promotion is also very useful: make a professional photo gallery and/or film a virtual 360-degree video of the property, along with the room layout. This means that potential buyers will have already seen it and filtered it before asking to see the property, saving you time and guaranteeing quality viewings.

How to budget investment into advertising and promotion

Advertise the property

Ensure the maximum possible reach by using various advertising, social media and communication channels, besides property websites (both nationally and internationally).

You also need to do some local advertising in the neighbourhood, as the potential buyer might be closer than you think.

How to rent

If you want to rent out a flat, here are some of our tips:

One of the first decisions is for how long you want to rent out the flat because there are three types of rental:tres tipos de alquiler:

  1. Long-term rental: 5-year contract.
    This means a minimum obligation of six months, after which the tenant can leave (with one month’s notice).
    And if as the owner you need the property for your own use, you can make the tenant vacate by notifying them two months in advance.
  2. Seasonal rental: contract between one and eleven months.
    This implies that the property is furnished and fully equipped (appliances, tableware, bed linen, etc.).
  3. Tourist rental: this requires a licence and compliance with certain requirements (tourist tax, 24-hour telephone contact, tenants’ details submitted to the police, etc.).

There are then two very important factors to consider about the property:

  • The monthly rental price
  • The advertising and promotion required

In fact, these two factors are related. The monthly rental price of the property depends on its fixtures & fitting and its appearance; i.e. that everything works as it should (appliances, doors, switches, hot water, heating or air conditioning, etc), that it is painted and clean, and that the furniture is in a good condition (appropriate and modern), etc. In short, everything to make the potential buyer feel as though it’s as-new.

And then you need to create effective advertising campaigns so that people get to hear about the property.

The home staging technique is ideal for preparing the property: you give it an added value and you make it look its best, meaning that you can rent it out quickly and at the best price.

For example, it’s better to have modern furniture and new appliances (at least the washing machine and fridge).

With BZ GESTIÓ you can even pay for this home staging in instalments.

It’s highly advisable to use an agency to make the right choice of tenants, draw up the contract, decide on its duration, choose the right deposit, include all legal issues and obligations of the parties (tenant and owner), close the rental process and renew the contract, etc.

And, finally, you need to take into account everyday issues during the rental period: keeping the apartment in a good state of repair, solving any incidents, etc.

BZ GESTIÓ is who you need! You’ll save yourself work, time and headaches.

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