If you understand that you need professional help to sell your property in Cyprus there are several choices for you to make:
Why go for sole agency and not multi-agency? A sole agency (one agent) will concentrate all their efforts on selling your property and will really ‘earn their keep’. Plus you know who is responsible. Multi-agents may have many conflicts and end in you paying double fees!
A professional agent will always ask you to sign a marketing agreement so you fully understand the terms of selling. The commission may vary but should be around 5% plus VAT. Always remember you are the client of the agent and you should be their priority. It is the agent’s role to unite you with a prospective buyer, rather like a dating agency and then get you to the final marriage, at the Land Registry of course!
A professional agent will be experienced in valuation of property, however, if you wish you may also seek an independent valuation from a professional valuer at an additional cost. You must remember though that there may be a difference in the sums quoted due to a difference in market price and the price established via land prices and data from the Land Registry.
A professional agent will have an extensive marketing plan to showcase your property to its best advantage.
We all love a bargain and it is the norm nowadays for us to expect a discount, so your property will not be marketed at the minimum price you expect to obtain. Obviously there will be discussions regarding the price when you sign up with your agent and this ‘discount’ will be factored into the price equation.
Your agent will or should request a list of documents from you such as title deeds, copies of utility bills, etc. This is part of their due diligence procedure and confirms their professionalism.
You will be asked who your legal representative is or you may be recommended a lawyer who is well known to the agent and is suitable and able to work closely with the agent to reach the ‘wedding stage’ of the proceedings. Perhaps we should call it the ‘Get me to the Church on Time’ syndrome! Your lawyer, armed with your Power of Attorney, will be able to do everything necessary for you as the amount of Cyprus bureaucracy involved in a sale is incredible.