Property Estate Agents not helping with the sale of properties in Spain.
Would somebody explain why property agents charge so much in commission for doing almost nothing in promoting sales?
I returned yesterday after a short break to my home in Spain. (Yes I am happy still with my last 10 years as a non resident property owner) no intention in selling.
I was talking with one of my neighbours who has had his property on the market for the last Two and a half years with no takers. Dropping his asking price more than once.
The 3 Agents who have the property on there books, all would require a payment of €25.000 in commission if they found a prospective purchaser.
I asked my neighbour what they had done for him. He said nothing really apart for a picture in the window of their agency or in the odd property magazine.
Unlike UK your property is valued in Spain you set the asking price and the agent adds his bit thus sometimes the asking price becomes unrealistic.
My neighbour is only now asking €20.000 over what he paid 8 years ago.
Properties have sold albeit 5 years ago for €150.000 over the purchase price.
Me thinks that it is time for agents to do their bit and earn their commissions.
JB