Tips For Property Sellers In Central America
It can be tough to sell property in Central America, especially if you are trying to do so from abroad. The key is to understand that the local real estate markets do not work in the same way as they do in the US or Canada for example.
One of the most important differences is a lack of a Multiple Listing Service. So if you list your property with one agent, no-one else will know it’s for sale (unless you have a very enterprising real estate agent of course). In Nicaragua, Costa Rica, Belize and Panama for example there is no central database of properties that all agents can access to find all real estate available on the market. Most sellers get round this issue by listing their property with more than one real estate agent, giving each of them an “open listing.” For more on this check out the information on the Nicaragua real estate market over at realestatreview.com
If you are selling your property from out of the country it’s vital that there is someone local available who can receive property viewings. Make sure you give the contact details to all the real estate agents you are working with. Ideally you should visit the property in person with each agent before you leave the country, but if this is not possible provide clear location details. Giving out GPS co-ordinates is also a good idea if the property is more remote.
If you feel that not enough marketing effort is being given to your property, don’t hesitate to put in some of the leg work for yourself. By all means take some good photos and write up a killer property description and send this around to all local real estate “actors”. Then follow up on a regular basis with them.
It’s important to ensure that your property is featured prominently on all high traffic websites that deal with real estate in your local market. So hassle the real estate agents until you have been sent a link to your property listing.
Here’s more on managing your risk when buying or selling international real estate.