SELLING YOUR PROPERTY IN PRAGUE
HOW TO SELL
If you have decided to sell your property or are considering doing so, it is a good idea to get advice, after all it is not something that you do every day. Most agencies will give you advice and valuations of your property without charge. If you are happy with the response and approach of a particular agency, you should use them, as this is also the approach that they should be using for potential purchasers.
Please be aware that a market valuation is the estimated maximum price that a purchaser will be prepared to pay for a particular property under today´s market conditions. It does not
and can not reflect what the property might be worth in the future.
WHY USE AN AGENCY?
Yes, if you use an agency, you will be expected to pay a brokerage fee, what for? If you are working with a broker and an agency that is experienced and professional, they will propably save you far more money than the brokerage fee. From being able to give a proper market valuation of the property to advising when to accept a suitable offer, and then handling the subsequent negotiation and contractual processes, the broker will be protecting your interests to ensure a positive outcome. Selling a property can be an emotional and stressful time, this is where the advice of an experienced broker is invaluable and will keep you on the tright path to prevent you making potentially very costly decisions.
There are three basic types of agency agreements. Always remember, that it is your property and you are the client of the agency, we are working for you, not for the purchaser. Exclusive – This where you give the sole rights of sale to an agency, and if the agency performs and sells the property the fee will be due. At Home exclusive agreements also commit to sharing fees with any third party who introduces a purchaser to ensure that you as the client are not limited. An exlcusivity agreement should also commit the agency to a higher level of service and marketing activity. Co Exclusive – This is where you give the marketing rights to two or maximum three agencies, all with the same conditions. This can introduce some competition and speed up the sales procedure if the agencies are reputable, however, there is the risk of confusion and unfair practices which can damage the sales process. Open agency – This is where you give the marketing to a wide range of agencies, this is not advisable as the information that will be sourced by potential purchasers will often be misleading, out of date and sometimes just wrong. It will also increase the amount of work that you will have to do and increase the risk of false negotiations.
Golden rule: trust
You must be prepared to trust in your agency, of course all agreements should have a time limit and a notice clause if the agency is not performing, but listen to the agency feedback,
they are professionals.
HOW LONG DOES THE MARKETING TAKE?
If the property is priced properly and the market is stable, a three month window for the marketing period is standard. If the property has not attracted a potential purchaser within that period, then there is something wrong, usually the price but it can also be due to bad presentation. Normally a good broker will be able to judge the market reaction to the property within the initial 30 days and be able to advise you properly on any steps that might need to be taken. If the property sells very quickly, it does not necessarily mean that it is priced too low. A high proportion of active purchasers will be checking every day in their target locality (usually close to where they live) and will act very quickly on a suitable property.
To prevent conflict of interest, At Home does not have an in-house lawyer, our brokerage fees do include payment for standard legal services with an external, independent law firm.
However, the client is you, not At Home. Of course, you are welcome to use the services of you own legal adviser.
Neither At Home not At Home brokers hold deposits or any other monies connected with a property sale. All monies will be held at either a notary´s account or a lawyer´s account,
always on the basis of a written contract and always with the required level of insurance.
We always advise clients to be as flexible as possible when agreeing the conditions of a sale.