Once you have made the decision to sell your home, the next important step is to find the agent who will guide you throughout the process from pricing, staging, marketing, closing and more.
Having purchased in México, you have already been through a portion of the real estate process, but it is imperative for you to select the best person who will get you the best price the market will bear at the time of selling.
Working with a trusted real estate partner makes a world of difference. Below I outline some points to consider when looking at selling property in México.
1.- When selling your home, it is best to view the process more as a business opportunity and remove emotions from the equation. You will always have the endless memories of your time owning the property but now is the time for you to focus on getting the best offers.
2.- You should take your agent through your property highlighting all the features, history and selling points of your home. This is time for your agent to get a real sense of the home, point out pros and cons and have a frank conversation about how others could perceive your house or condo. Remember this honest chat is meant to level set the goals and expectations of the sale.
3.- Your agent should then conduct a thorough competitive market analysis to arrive at an initial price strategy to discuss with you. This will involve looking at the most recent sales in your area and current listings that have similar attributes to yours. This is a real snap shot of the market at that moment. Buyers often have an emotional selling price in mind based on their feeling or history, however, this may not be based on reality. The competitive market analysis provides concrete data to support settling on the right price. You may, at this time, decide that now is not the moment to list your place – that is perfectly fine.
4.- Once you have agreed to pricing, your agent will draft a listing agreement for a period of six to 12 months where it will outline the pricing, commission structure and marketing strategy for the sale of your house or condo.
5.- Commissions are paid by the seller and an integral part of a successful sale. Commissions in the Bay of Banderas typically is 8% split between the buyers and seller agents. Commissions cover many expenses towards the marketing of a property and serve as a major incentive to get buyers through the doors.
6.- The final thing to take into account is capital gains. There are many ways to mitigate your tax burden that you should have in order before listing your property:
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- Have some form of residency in México, either temporary or permanent
- Obtain an RFC number with SAT, México’s treasury department
- Ensure that your RFC number is tied to a utility. If selling you property with a spouse you should each individually have your RFC number on separate utility bills – for example one on Telmex and another with CFE
- Have a comprehensive folder for all facturas of any improvement you have done to the property
Bahia Partners has individuals that have a proven record track record of providing our clients with extraordinary customer service that helps clients navigate not only all of the above but also helps in getting everything you need to set up your new Mexican dream home.
To meet the Bahia Partners team click here.