Double click to change this paragraph text. This is not a Lorem Ipsum text, but we still want to keep it long, blah-blah-blah, is it long yet? Oh it's enough, double click to edit :)
Double click to change this paragraph text. This is not a Lorem Ipsum text, but we still want to keep it long, blah-blah-blah, is it long yet? Oh it's enough, double click to edit :)
CHRIS CACHIA
THE REAL ESTATE SPECIALIST
I have been involved in the property business in Malta for over 25 years. My main focus today is to assist clients in selecting the right property, whether it’s their second home, buy-to-let investment, or a substantial investment in some of the major lifestyle development projects. Each and every client will always receive the same care and attention that is synonymous with me.
"I have a passion for helping people.
This is what I do best."
PERFORM A “WALK-THROUGH” OF YOUR PROPERTY.
Look at it from the perspective of both the prospective buyer and the architect. Take notes on all items that need to be repaired or replaced. Things to consider include:
Outside:
- Does it need a new coat of paint?
- If a property enjoys a terrace, yard, or garden, is the landscaping attractive and well-kept?
- If it is an apartment, you can’t do much about the building and common areas, but is the front door (and balcony, if there is one) appealing?
- Are the windows and doors attractive and in good condition?
- Is the roof in a good condition?
- If the house enjoys a pool, is the water clear and equipment working smoothly. Is the barbecue area well maintained?
Inside:
- Are the interior paints and finishes in good condition (recently updated), or do they need to be freshened up? This is one area with the best ratio of least expensive to most desired. For a minimal investment, you could possibly make or break a sale by having your home look well-kept and inviting.
- Are the appliances in good working order?
- Are the plumbing and electrical systems in good condition? Are they fully functional?
- Are fitted carpets or other floor coverings clean and in good condition? Like the paint, are they attractive and well-kept? Floor coverings are worth paying for so that your home makes a good impression.
- Are the bathrooms in good condition?
- Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won’t think you’re hiding something?
KNOW YOUR NEIGHBORHOOD.
Most prospective buyers will want to know about the local shops, parks, road access, parking, public transportation, churches etc. Be prepared so you can knowledgeably answer their questions.
ESTABLISH A MARKETING BUDGET.
How much are you willing to spend to sell your house?
- Agency fees if you use an agent to sell.
- Advertising costs, signs, other fees if you plan to sell by owner.
- Capital Gains (if applicable).
- Energy Performance Certificate of your property required on the contract.
- Any planning authority compliance certificates that may be required prior to selling
- Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs.
INVESTIGATE THE REAL ESTATE SECTIONS OF THE LOCAL NEWSPAPERS AND OTHER PUBLICATIONS.
What will get you the most “bang for your buck?” Is it advertising in the classified of a local newspaper, a box advert or better a flier that you distribute around in your neighbourhood and other places?
DON'T FORGET THE INTERNET.
Social media is a very strong medium for property advertising. You can place a few photos and a short description and place an advert on your Facebook page or/and Instagram account. For a few euros daily you can boost this ad. But established estate agents will have their own social media pages established and will have a few thousand followers each. Once they advertise your property this will reach their pre-existing followers. Also, as you have probably noticed from the website, most agents are part of a larger local or international agency that has hundreds of properties being marketing locally and internationally. This website is accessed by hundreds of agents within this same agency so actually listing with an agent immediately gives you access to many other selling agents who together have hundreds of clients each. Do not underestimate the strength of the network an established agent holds.
ESTABLISH A MARKETING PLAN.
Now that you know what advertising will cost, create a plan on how to best (within your budget) reach prospective buyers. Since many people do relocate from other parts of Malta, be sure to include Internet advertising in your plan.
WRITE THE TEXT AND/OR DESIGN YOUR AD.
At the very least, you will need a well-written few sentences that will run as a classified ad, a box ad, or a photo box ad. In addition, you might decide to run a larger, custom-designed ad in the paper and/or to use as flyers to hand out at open houses (or anywhere else you might meet prospective buyers). Don’t skimp on this. A professional, well-crafted ad can attract buyers while a poorly designed and executed one can turn buyers off to your property.
PURCHASE AND INSTALL A "FOR SALE" SIGN.
This should be well-designed, attractive, and weatherproof. The sign must be placed where it can clearly be seen from the street. If you are working with an agent, he or she will most likely provide the sign to you.
PREPARE A FACT SHEET.
Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.
PURCHASE "OPEN HOUSE" SIGNS.
In addition to one for the front garden or facade, you’ll want to place several in conspicuous locations around the neighborhood, such as main streets with arrows leading to your house. For these, directional arrows will point prospective buyers to your house even if they don’t know the area. Make sure that you take these signs down as soon as the open house is over. You don’t want people showing up on your doorstep at all hours of the day and night.
KEEP A LIST OF PROSPECTIVE BUYERS.
As people come through during open houses, or as they call from reading your ads or seeing the sign out front, keep a list with their names and phone numbers. Concentrate your attention on those who seem serious about your property, as opposed to those who are just checking out the neighborhood or whiling away a Sunday afternoon. Make sure that you make follow-up telephone calls to all those who seem seriously interested in your property.
ONCE YOU HAVE AN OFFER, IT'S TIME TO NEGOTIATE.
Leave your emotions behind when you enter negotiations. You never want to get angry or give away the fact that you’re overly eager.
NEGOTIATE THE FINAL TERMS OF THE SALE.
Buyer(s) need to come to an agreement (in writing) regarding the following:
- Price
- Financing terms (normally subject to bank loan approval for 8 to 10 weeks)
- Date of contract
- Any other conditions that could change the agreement once signed.
- "Standard" conditions include:
- An inspection of an architect (if not done before signing)
- Title of the property is in order
- "Non-standard" conditions could be:
- planning authority permits any changes the buyers want to make on the property especially if the property needs work or is unconverted
- sellers achieving a compliance certificate from the planning authority
- notary to be used
WRITE DOWN WHAT YOU AGREED.
Once all the above is agreed to, it is recommended that everything is done in writing. This can easily be done through an email to the buyers who will confirm acceptance. This can easily then be forwarded to the appointed notary to draft the "promise of sale".
FINAL WALK-THROUGH.
Once the time to sign the final contract is closed and all conditions in the «promise of sale» have been fulfilled, schedule a final walk-through before you complete settlement in order to determine that the property being conveyed meets the expectations of all parties involved.
FIND AND MAKE ARRANGEMENTS FOR THE HOME YOU WILL BE MOVING TO.
Unless you have already built or bought a new residence, you’ll need to be the “buyer” for a new property while simultaneously being the “seller” for your current one. If possible, schedule both transactions to complete back-to-back, or else close your purchase shortly before closing your sale. You normally need to move out before signing the final contract.
