YOUR PROPERTY? - Real Estate in Guana Cay

SELLING
YOUR PROPERTY?
GUIDEFORANYONEWANTING
TOSELLPROPERTYINABACO
2
REAL ESTATE
Seller’s
GUIDE
THISGUIDEWILLPROVIDEYOU
WITHTIPSANDPOINTERSON
HOWTOGETTHROUGHTHE
SALESPROCESSSMOOTHLY
ANDSELLINGYOURPROPERTY
ATABETTERPRICETHANYOU
EXPECTED!
3
Selling Your Property
Howtogetthemostmoneyfromyoursale
AslicensedmembersofThe
BahamasRealEstateAssociation
(BREA),BahamasMultipleListing
Service(MLS),National
AssociationofRealtors(NAR)and
theAbacoChamberof
Commerce,welookforward
toservingyou.
In2015wecelebrate our42ndyearofserviceintheAbacoReal
Estatemarket.Duringthistimewehavehelpedhundredsof
clientssell theirhomesandpropertiesinAbaco.Manyofthese
clientsreturnagainandagaintobuyorsell theirproperties,and
quiteafewhavebecomeourfriends.
Oursmallteamofestateagentsprovidein-depthlocalknowledge
abouttheAbacosandweareenthusiasticallydedicatingour
talent,energyandcreativitytogiveyou,theclient the
personalizedservice youdeserve.
OurGoalIsToGiveYouASuperiorExperience
WhileSellingYourPropertyAsFastAsWeCan
The Selling Process
Part
1
4
§
§
$
Choosing
An Agent
Set
AskingPrice
Presentation
Listing
Agreement
MLS
Itisimportantto
chooseanagent
thatyoufeel
comfortablewith
andcan
communicate
effectivelywith.
Weprovideyouwith
infoonthecurrent
realestatemarketin
Abacotomakeit
easierforyoutoprice
yourproperty.
Ourdetailed
marketingplanwill
outlineeverythingwe
willdotopromote
yourproperty.
Afterthelisting
agreementissigned,we
willimmediatelystart
implementingour
marketingschedule.
Wepresentyour
propertytoallrealtors
intheBahamasviaMLS
(MultipleListing
Service).
The Selling Process
Part
2
5
Preparing
For Sale
Showing
TheProperty
Getting an
Offer
Sales
Contract
Closing
Wewillprovideyou
withalistofthings
youcandoorhave
done,inorderto
makeyourproperty
asattractiveas
possible.
Oursalesagentswill
showyourpropertyto
potentialbuyers.If
othersalesagents
havepotentialbuyers,
wewilltrytobethere
andhelpshowingthe
property.
Whenwereceivean
offer,weimmediately
informyou.Thenwe
discusstheprosand
consoftheofferwith
you,beforeyou
choosehowto
respondtotheoffer.
Onceanofferis
accepted,ourlawyer
willdrawupaformal
salescontract.Wewill
coordinatealleffortsto
maketheprocessas
seamlessaspossible.
Onceallofthe
conditionsofthe
contractaremetand
thetitleisclear,the
transactioncanclose
andyouwillreceive
yourfunds.
Our Marketing
OfYourProperty
Photos&Video
Wetakephotosandmakea
HDvideoofyourhome.We
alsomakeaerial videosand
photoswithourdrone.
Internet
Welistyourpropertyonour
website
AbacoBahamas.com andon
theMLS,onFacebook,
Google+andYouTube.
NewspaperAd
Weadvertiseinthe
biweeklynewspaper
TheAbaconian
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7
SignOnYourProperty
Weplace a“ForSale”sign
For
onornearyourproperty,
Sale
specialsignwithphotosof
andsometimeswemakea
yourhome.
InGreatGuanaCay
ForGuanaCayProperties
wehaveourownnotice
boardintheHarbour,where
weputlaminatedpostersof
homesandlots.Wealso
haveaspecial websitefor
GuanaCay.
RealEstateGuanaCay.com
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What can YOU do? Part 1
Tosellfasterandgetabetterprice?
SellaHome,notaHouse
AccordingtotheNationalAssociationof
Realtors(NAR),theaveragestaging
investmentisbetween1and3%ofthe
home'saskingprice,whichgeneratesa
returnof8to10%.That'saprettygood
investment.
Thehouseorpropertyyouwouldliketo
sellmustbesomeoneelse’sdream
cometrue.Doesitlooklikeadream
cometruetoyou?Isitinaconditionyou
wouldliketofinditifyouwerethe
buyer?
It’simportanttomakesureyour
propertylooksitsbestfromthemoment
itgoesontothemarket.
Homestagingisoneofthemost
importantfactorsinsellingahome.
Stagingahomeeffectivelycanresultin
yourhomesellinginamuchshorter
amountoftimeandforahigherprice.
Youcanfixmanyissues.Havethe
necessaryrepairsdone.Replaceyourold,
corrodedfaucetswithnewones.Ordera
pestcontrolifyouknowyouneedone.
T
Improvewhatisfeasibleandpossible.
Doingthiswillmaketheentireprocessof
sellingyourhousemuchmoreprofitable
foryouintheend.
Mostbuyersformanopinionabouta
homewithinthefirst7-10secondsof
arriving.Additionally,Over90%ofhome
searchesbeginonline.Makingsureyour
homeiseffectivelystagedbeforephotos
aretakenforyourlistingwillsignificantly
increaseyourchancesofselling.
Itcanbedifficulttoseeyourownhome
withfresheyes.Wewillgiveyouhonest
adviceaboutwhatyouneedtodotoget
yourhomeinsalesreadycondition.
“Stagingispreparing a
homeforsalesothe
buyercanmentally
movein.”
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What can YOU do? Part 2
Maintenance
Deepcleanthroughoutthewhole
house.Givespecialfocuson
kitchenandbathrooms.Attendto
anyunfinishedhome
improvementsprojects.
Depersonalization&
Removingclutter
Removeallfamilyphotosand
personalitemsoutofsight.This
helpsbuyerspicturethemselvesin
yourhome,insteadofbeing
distractedbyyourstuff.
Furniture Placement
Highlightattractivefeaturesof
yourhome,suchasacozy
screenedinporch.Keeponlya
minimalamountoffurnitureto
maketheroomslooklarger.
Suggestanddefinethefunctionof
eachlivingarea.
EmotionalCues
Decoratethespaceinawaythat
seemsattractiveandcozyto
potentialbuyers,sotheyhaveno
problempicturingtheirnewlifein
youroldhome.Artfuldetailssuch
asbeautifullylaiddinnertables
withfreshflowers,andflowers
throughout,canhelpbuyers
connectwiththehouse.
Stagedhomesspenthalfthetime
onthemarketthannon-staged
homesandsoldformorethan6%
abovetheaskingprice.
Morereasonsto
stageyourhouse:
You’llmakemoremoney.You’llsell
faster.TheNationalassociationof
Realtors(NAR)surveyfoundthat
thelongerhomesstayonthe
market,thefurthertheirprice
drops.
Youwillmakeyourmoneyback.
TheNARsurveyalsofoundthe
averagestaginginvestmentis
between1and3percentofthe
home’saskingprice.Which
generatesahome-stagingreturnof
investmentupto10percent.
Youronlinephotoswillstandout
andmakethebuyerwanttotakea
tour.SomeNARsurveyfoundthat
90percentofpotentialbuyers
searchonlinefirst.
Property Presentation Checklist
Thisiswhatyoushouldconsiderdoingbeforeyoupresentyourhousefor
sale.
Declutter and depersonalize
Clean ceiling fans
Dust and wipe walls and
baseboards
Remove soiled and
worn rugs and carpets
Clean window treatments
No personal items in Bathroom
Replace damaged blinds
Replace lightbulbs and
outdated lighting fixtures
10
Checklist continued…
Replace faucets and
shower heads with spots
Clean all windows
Touch up paint on walls, or
paint the entire room
Consider hiring a
home stager
Remove exess books and
toys
Tidy closets
Change drip pans on stove
Remove excess furniture
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The Cost of Selling Property
ThisisaguideforPropertyTaxesandPropertyConveyances
Pleasecheckwithyourlawyerforthelatestfees.TheGovernmentStampTaxisgenerally
sharedequallybetweenbuyerandseller – unlessotherwiseagreed.
Note:Lawsaresubjecttochangewithoutnotice.
Tax&VAT
Tax&VAT
Transactions
under$100,000
7,5%VAT(no
StampTax)on
realestate
transactions
under$100,000
Transactions
over$100,000
RealEstate
Commission
LegalFees
VAT
10%onreal
Undeveloped
2%ofsales
AValueAdded
estate
land:10%.
price.
Taxof7,5%is
transactions
over$100,000.
Developed
Includes2,5%
property(homes,
StampTax+
condos):6%.
7,5%VAT
appliedonall
realestate
services.
Appraisals,Legalfees,
Commission,Insurance,
Surveyingfees.
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13
How much do the seller get?
Thelistingpriceisthe“GrossPrice”.WhatistheNETpricetothe
seller?
WehavetocomplywithBREA- BahamasRealEstateAssociation
directivesforgrossprice.
Thisishowwecalculatethetaxesandfees:
1.
Thesellers1/2VAT(3.75%)ontheamountofthesale.
2.
1/2StampTax (1.25%)ifthesalesprice isover$100,000.
2.
RealEstateCommission(either10%forvacantlandor6%for
ahouseoracondo).
3.
Theseller’sLegalFees(2%)andVAT7.5%onboth
Commission(10%or6%)&LegalFees(2%).
Wewilltell you,thesellerwhatyouwill NETafterallthesefees
aredeductedpriortoyouagreeingtothelistprice.Thiswayyou
knowexactlywhatyouwillreceive afterasalecloses.
Example:
Listingprice(grossprice)for
ahomeis$350,000
Fees&Taxesare:
½VATontotal=3.75%=$13,125
½Stamptax1.25%=$4,375
RealEstateCommission6%=$21,000
Legalfees=2%=$7,000
VATonlegalfees&commission
(7.5%of$21,000+$7,000)=$2,100
Totalfees&taxes:$40,600
Inthiscasefeesandtaxesare11,6%
Nettotheowner:$309,400
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Listing Your Property
Part 1
Hereareyourlistingoptions:
ExclusiveListing – Youagreetolistyourproperty
withusforaspecifiedperiodoftime,andagreeto
payustheagreedcommission regardlessofwho
actuallysellstheproperty.
Theadvantageof thistypeofarrangementisthe
addedexposureof yourhomeonMLS.(Multiple
ListingService).Allrealtorscansellyourhome, and
thecommission willbesplitbetweenthelisting
agentandtheactualsellingagent.Alllistingson
theBahamasMLSarealsosyndicatedto
Realtor.com International.
Withasigned exclusivelistingcontractathand,we
cangoaheadandspendmoneyonmarketing your
property topotentialbuyersandotherrealestate
agents,whomight bringtheirowncustomers.
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Listing Your Property
Part 2
OpenListing - Withanopen listingyouagreetolist
yourproperty witharealestateoffice,butmay
alsoagreetolistwithother realestateoffices
and/orsellthehomeyourself.Therealestate
officethatsellstheproperty receivestheagreed
salescommission.OpenListingscannotbelisted
ontheBahamasMLS,andwillonlyappearonthe
websitesoftherealestatecompanieswithwhichit
islisted.
WhatisTheBahamasMLS(Multiple Listing
Service)?
TheBahamasMLSisadatabaseofmorethan500
licensedrealestateagentssetupbycooperating
brokersthroughout TheBahamas.Agentsshare
information onproperties theyhavelisted.All
salesagentscandisplaypropertiesfrom theMLS
ontotheirownwebsite– regardlessofwhothe
exclusivelistingagentis.
Contact Info
Ourmainofficeislocatedinthe"PercyArcher"
buildingonQueenElizabethDrive,300yards
eastoftheonetrafficlight inMarshHarbour.
ContactRealEstateBrokerBill Thompsonat
cell: 242- 4775712
Email: billt@abacobahamas.com
oranyofourother licensedagents.
Ourmainofficecontact is
Elaine Thompson at
Tel:242-367-2719or242-3672358.
Fax:242-367-2359oremail:
elaine@abacobahamas.com
FromtheUSAandCanadaplease
call:321-215-7250.
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