Selling

If you’re thinking of selling and have pretty much made up your mind but haven’t taken the final step, don’t waste any more of your time postponing it. Get listed, and get sold. We’re here to help.

At Belair Property we are always on the lookout for new properties to add to our ever-growing database. We offer free valuations and assure any prospective vendor, that our experienced real estate team will make sure you price your property correctly. We know that agents sometimes throw about figures that clients are delighted to hear but which don’t accurately reflect the realities of the property or the market. This isn’t our style.

When we enter into a relationship with a client we consider that a contract of trust has been made and we honour that trust by being honest with you from day one. How do we ensure this? We make sure that our Property Consultants are not incentivised or encouraged to bend facts. The unfortunately common practice of overvaluing property just results in many vendors spending up to a year or more trying to sell a property, only to reduce the price to a more realistic figure after having wasted valuable time and opportunities to sell. We promise you that when you work with us, you will get nothing but an honest market value for your property, although it is then up to you to decide at what price you want to place the property on the market.

When you entrust us to market your property, besides benefiting from our expert advice, you will also be availing yourself of all our marketing tools to help get the message across to potential buyers.

Our marketing strategies together with our existing client database are a fast and effective way to get your message across. Our professional and dedicated team of property consultants will guarantee an excellent service with frequent feedback on property listings and viewings.

We make sure that both purchasers and vendors are well represented by offering mutual advice which benefits all parties.

Feel free to register online, or contact us if you’d like to discuss this further.

First impressions count in everything but even more so in property… In our experience when buyers are matched with the right property, the property pretty much sells itself and buyers often experience that ‘eureka feeling’ the moment they walk through the door. We like to think of it as love at first sight, with our company playing the role of matchmaker, finding the best match and letting the rest of the process take its course naturally.

When presenting your home to prospective buyers we would suggest that you take some time to step outside your own front door and approach your own home as if you were doing so for the first time… Be critical. Look for the things you have learnt to live with. The front entrance is especially important when making that first impression because it really is the face of your home, and faces can be very telling. This includes the common areas in the case of an apartment block. If one is serious about selling, touching up common areas, even without the financial contribution of the other property owners should not be an issue. At the end of the day, it will pay off.

Internally the property should be neat and tidy, all paintwork should be clean and free from cracks, stains and chips should be touched up, whilst, colours should be kept light and neutral. In addition to the obvious, there are a number of simple but highly effective sensory tools you can use to create a pleasant ambiance. Creating an exciting and saleable interior can be accomplished at a surprisingly low cost.

Studies have shown people react positively to properties shown under bright light. Even during the day leave the curtains wide open, remember you are used to how bright your property is but your potential client is not. At night switch on all lights and, replace any fluorescent tubes to avoid making the place look dull.

Classical music playing softly in the background can create a tranquil atmosphere of serenity – otherwise go for peace and quiet. Avoid loud noises, barking dogs, children and the TV blaring away.

Smell has more impact than one might think. It can work either for or against you. It is therefore very important to make sure that the property, especially the kitchen and bathroom, is thoroughly cleaned. Lemon oil or fine polish on your furniture can certainly add a pleasant aroma. Placing flowers throughout the house enhances the aura. For a delicious, homely feel, you might consider placing a dish of vanilla in a warm oven to create the aroma of freshly baked cakes or bread. Freshly brewed coffee has the same effect. For those of us who are in a constant race against time, a ready to bake cake can do the trick.

In our experience, a few small cosmetic improvements can have an enormous impact on the way buyers react to your property. This does not necessarily mean that you will get more money, but a little effort can make all the difference in attracting buyers – particularly in a very competitive market, or if you need to sell quickly. After all, if you saw two identical properties but one, as opposed to the other, was neat, clean and peaceful – which one would you choose? The choice is obvious.

Small things do make a difference in evoking the right `feeling`. A good tip for sellers is to make sure to get the 3 S`s right – sight, sound and smell. This is what creates a lifestyle that sells.

Remember, potential buyers will form an opinion about your home in the first 30 seconds – so it’s important to ensure that it’s a favourable one. A house that is neglected feels unloved and uncared for and prospective buyers will be put off – the result of which could be the loss of time, money and opportunity.

When viewing a property, the home buyer imagines what it would be like to live there. If strong personal statements dominate a home, buyers are less likely to be able to visualise themselves living there

There are many ways your personality shines through:

• Unusual art or furnishings
• Unusual wall colours
• Strong odours from tobacco, pets or cooking
• Sounds of loud music or television
• Barking dogs or noisy children
• Powerful political or religious statements
• An excessive number of personal photographs

A buyer can be put off by any of the above because your identity is so strongly represented that they feel the house could never feel like THEIR home. You can dramatically increase your property’s market potential by paying attention to detail. You are selling a lifestyle as well as a home.

When showing your home to a prospective buyer, avoid having too many people present. Friends and family may be very well meaning but in this case less is definitely more! Be polite, but don’t try to entertain your buyers. They want to inspect your home – not pay a social call.

Also, never apologize for the appearance of your home. After all, it is your home! And, if you are asked why you are selling, don’t hesitate to be honest about it unless it is too personal.

Promoting your home is fun. Don’t hesitate to give it a try.

When selling a property in Malta the tax to be paid depends on two factors:

a) Whether the property qualifies as your sole or main residence:
When selling one’s sole or main residence that has been owned for a period of more than three years, no tax on Capital Gains is paid on the transfer of that property, as long as the sale is made within twelve months of the owner vacating the property.

b) Whether the property is an investment property
In the event that the property being transferred is an investment property and the above does not apply, than the tax to be paid is as follows:

As from the 1st January 2015, the final tax when selling a property will be reduced from 12% to 8% of the transfer value subject to the following exceptions:

• Transfers of immovable property acquired prior to 2004 will be subject to a final withholding tax of 10% of the sales value (down from 12%);
• Transfers of immovable property by non-property traders within the first five years of acquisition will be subject to a final withholding tax of 5% of the Sales Value;

Certain exemptions are available under the current tax system and these include exemptions:

• transfer of property between spouses following a separation or divorce;
• · transfers of property between group companies.

In all cases where non-Maltese persons sell their property in Malta, the Notary public appointed by the parties to draw up the deed of sale is also required to notify the Commissioner of Inland Revenue in advance informing him that the property is to be sold and to establish whether or not any outstanding taxes are due by the non-resident. The Commissioner may impose conditions on the transfer to the extent that the tax that may be due on the sale of property or any other tax that may be due is paid and held at the point of property sale.

There is no restriction on the transfer of proceeds from the sale of the property outside of Malta, subject to the payment of any outstanding tax. No VAT is due on the transfer of property. There are no net worth, real estate tax or any local taxes in Malta

No death tax or duty is payable in Malta. However duty on documents and transfers is payable by the heirs of the deceased or the purchaser on real estate situated in Malta and upon purchase of shares in Malta companies. Certain exemptions do apply to shareholders having majority of their business interests outside of Malta. Save certain exemptions, duty is generally at a rate of 5% in the case of real estate and 2% in the case of shares.

NEW IMMOVABLE PROPERTY FISCAL MEASURES – JUNE 2020 ( COVID-19 INCENTIVES)

 

The government announced temporary fiscal incentives for both property buyers and sellers, as part of a COVID-19 economic recovery package. This is effective as of 9^th June 2020 until 1^st April 2021:

All final deeds signed during this period, whereby 8% or 10% final withholding tax was previously applicable, are now being reduced to 5% on the first €400,000 in value. (Legal notice 241/2020)

These new measures apply to transfers of immovable property made on or after the 9^th June 2020, but before 1^st April 2021. These transfers will qualify for the reduced rates if the notice of the final deed of transfer is given to the Commissioner of Inland revenue by the 30^th April 2021.

When you decide to sell your property under an OPEN AGENCY, the standard commission rate is of 5% + VAT, which is payable upon signing of the final deed. If your property is ultimately sold privately or by any other agent, we are not due any commission.

If on the other hand you decide to sell your property with us as your SOLE AGENT, the standard commission rate is of 3.5% + VAT, which is payable upon signing of the final deed. A sole agency is usually engaged for a stipulated period of time and you as the vendor cannot list this property with any other agents during this period of sole agency and nor can you try to sell the property directly. The commission is also payable if the property is sold by a third party, during this period.

Both the Open and Sole Agency agreements also include the following clause, which applies in cases where the buyer does not appear for the final deed and the Seller / Vendor retains the deposit paid upon the preliminary agreement :-

“Should the sale fall through after having signed a preliminary agreement of sale with a purchaser who has been introduced by your firm and the sale is terminated through no fault of my own, I agree to pay your firm ten percent of the sum representing the deposit or part payment in my favour, plus VAT at the appropriate rate, representing fees for services rendered.”

Why don’t you consider listing your Property Exclusively with Belair Property?

An exclusive listing brings with it accountability. You become our #1 priority. We’re able to better understand your goals and to focus on your property by laying out a suitable strategy to market your property.  Rather than being in the queue for a sale, you are the queue! This makes it easier to push through a sale and get you the movement you need.

A property listed exclusively, has a better chance of being sold faster when compared to those listed with several agencies. 

Listing your property for sale exclusively with Belair Property, will automatically mean that a Sales agent is assigned to you and will advise and guide you in everything you need. This is something that will not happen if you were to list your property through several agencies. Keep in mind that the process of selling a property is often long and complicated, so the agent’s help is absolutely critical to make the right decisions in order to help you get the maximum price in the fastest possible manner.           ( Download Exclusive package in .pdf )

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An exclusive listing allows you to have one professional agency to put in maximum effort to sell and promote your property rather than have a few agencies doing the bare minimum. It incentivises experienced Sales Associates to devote a significant percentage of their working week to focus on selling your property. It is important that the sales associate feels that his hard work has a high chance of being rewarded. Whilst it’s important for sales associates to build a strong working relationship with their clients, it is equally important for the client to build a strong relationship with his or her agent. This is best achieved by signing up for an Exclusive Listing.

Most agents have many listings, so the aim of the seller should be to become the agent’s ‘number one’ listing as this will significantly enhance the chance of a sale. It is only realistic to achieve this with an exclusive listing. Simply put, exclusive listings take preference over non-exclusive listings.

In short, selling exclusively through a reputable real estate agency has many more advantages than disadvantages. So, if you are thinking of selling your property quickly, then you should seriously consider Belair Property’s Exclusive property listing. We welcome discussing this with you in more detail.