How to sell your property in Bulgaria fast and to a good price Within 6 Easy Steps. STEP 1 Put Your Property for Sale in spring

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1 STEP 1 Put Your Property for Sale in spring STEP 2 Sign a Sales Agreement with One Broker Only STEP 3 Price Your Apartment Reasonably STEP 4 Sell with Power of Attorney STEP 5 Prepare Your Property for Sale STEP 6 - Consult with Your Broker within the Sales- Period Preface Welcome to the only e- book on the market, giving you a detailed recipe on how to sell your property in Bulgaria though 6 easy steps- fast and at a good price. I decided to write this e-book, because I believe it would be much in demand amongst those looking to sell their holiday home in Bulgaria. In the past few winter months, after reading a good night story to my two little girls at 2 and 4, I sat in my kitchen with my computer my spent a few hours creating this electronic guide. My working late hours was not exactly well received by my lovely wife Nevena, although I am sure she understood well my desire to share my 8 years of experience on what does and what does not work at all in Bulgaria when it comes to selling property. In any event I believe that my wife s understanding was well regained with the help of a pair of gold earring she got from me for Christmas. You would, most certainly ask: Well, Robert, what is your background, making you an expert in this field? Well you see... Copyright - Robert Møller - Bulgarienview DK EOOD - 1

2 I have a solid background in banking and have at age of 24 jumped over in the real estate sphere and took alongside training as a chartered real estate agent within the bank s structure as a property valuer. 8 years ago I jumped on the new train, and started selling holiday apartments in Bulgaria to Danes. During one of my visits to Bulgaria, one of Cupid's arrows struck me right in the heart: I met my current wife, Nevena, and six years ago fate took me to the Black Sea where I still live together with my family. The housing market in Bulgaria has drastically changed over the past few years. Prices have fallen; it was the West Europeans who invested in Bulgaria before, while now it is mainly Russians purchasing property in Bulgaria. Using my knowledge I have cooked a set menu of 6 easy steps, and dare promise you that using my recipe, you are well on track selling your holiday apartment, within the otherwise difficult housing market in Bulgaria. Robert Møller Copyright - Robert Møller - Bulgarienview DK EOOD - 2

3 STEP 1 Put Your Property for Sale in spring Most of the holiday apartments on the Black Sea Coast are sold in the summer - that is, from the month of May through September. (Most Russian families spend their holidays in Bulgaria between June and August). If you decide to sell your property, I would recommend you to be ready to offer your home, at the market in the spring, when buyers start actively showing up in Bulgaria. This forthcoming summer season, 23 flights from Moscow per week are expected to arrive to the International airport of Bourgas solely. Let aside other big cities as St. Petersburg, Yekaterinburg, etc. STEP 2 Sign a Sales Agreement with One Broker Only Get more real estate agents to assess your property It's always a good idea to have several agencies to assess your home in Bulgaria, so you get an idea of the price. When you are in the process of selecting real estate companies, I recommend that you examine things as: Local Knowledge Marketing References Local knowledge Work with a real estate company that has their business in Bulgaria, and preferably in the local area, where your property is located. Does the real- estate agent offer resale- properties or do they concentrate mainly on offering property from the developers? Copyright - Robert Møller - Bulgarienview DK EOOD - 3

4 Does the company have a visible business location on a main street, or is their office located in a residential building? Inspect the real- estate agent s website and find out if they have homes for sale in the same complex, where your home is located. Ask if the company knows your complex and whether they have sold apartments there. Marketing It's a good idea to ask to what activities will the agent initiate, to find a buyer for your home in particular. If they are expecting customers to pay him a visit in the office and are waiting for them there, you should probably go somewhere else. Since the majority of customers who are currently looking for apartments on the Black Sea in Bulgaria, come from Russia and the Russian-speaking countries, it would be a good idea to investigate, how the broker finds their customers: Does the company have an office/ a representative in Russia Does the company have business partners in Russia Does the company advertise in newspapers and home- magazines in Russia Does the company advertise in portals and search engines like Yandex or Rambler as well as google.ru References Once you have studied the real estate agent and have assured yourself that they have the necessary local knowledge and good sales-channels targeted to the Russian market, it's a good idea to check upon previous sellers, if have been satisfied with the broker's service. Copyright - Robert Møller - Bulgarienview DK EOOD - 4

5 You can do this by looking to see if the realtor's website has some opinions from customers who have sold through the company, or better yet, you could request that they send contact information of reference people you can contact by phone or mail. Here are some ideas for questions you can ask a reference person: Why did you choose exactly XX realtor to sell your home? How long was XX realtor been selling your home? What is your opinion about realtor XX s sales- work? What is your opinion about realtor XX s legal services? Would you recommend realtor XX to others? Choose one realtor only I would recommend you to only offer your property for sale with one realtor. Thus you will have the opportunity to expect the property agent to be responsible and serious in their efforts to find a buyer for your home. Should there be other companies involved in selling your home, none of them would be interested in spending several thousand pounds on marketing and advertising in paper and electronic media, because they would think that the property might be sold by any of the other companies of tomorrow. STEP 3 Price Your Apartment Reasonably Once you have received the property- agents evaluations, you will discover that there may be significant differences in their ratings. This is obviously related to the fact that there is no objective criteria to measure the price of a particular property. As is often the case, the broker who sets the highest price of your property is not necessarily the one you would chose to put your property on the market with. Copyright - Robert Møller - Bulgarienview DK EOOD - 5

6 The buyers within the current market are concentrated predominantly on the price. Therefore, the proper pricing is not about keeping the price, it's about being a step ahead of the price. Instead reducing the price in small, insignificant portions, you must set the price slightly lower than the price of other analogical homes in the area or in the same complex. So it is namely your house, buyers would like to view first. This makes your home a reference home, as buyers automatically compare it with all the other options. Most certainly, if your apartment is better than the other analogical properties, your apartment is the one to be sold! As a seller, it is up to your concrete judgment to assign the sale of your property to the real estate, you have confidence in, at your own discretion, and who you think would make the most effective efforts to sell your property. STEP 4 - Sell with a Power of Attorney As previously mentioned, it is almost exclusively Russians and people from the Russian-speaking republics, who currently buy property in Bulgaria. These buyers are rather skeptical when it comes to buying a "resale" apartment. The reason is the enormous amount of fraud- cases on the domestic property market in Russia, where a many have been deceived. There are examples of buyers who bought a house in Russia, paid the full price and got the deeds and the keys in their hands, and then found out that there is another buyer who absolutely contemporary has got the deeds and the keys to the same apartment! The buyers from all Soviet republics, which form the majority of the buyers now, are very cautious when they come to Bulgaria to buy a holiday home. Copyright - Robert Møller - Bulgarienview DK EOOD - 6

7 The fraud cases in Russia come as a reason for several of our customers to not view resale properties at all when they come to Bulgaria, but only take in consideration offers in new developments, being sold by the investor. Most of the buyers though are convinced in the legal perfection of the deal, when we can display the deeds of the property, along with a power of attorney referring to the sale of the particular property, giving us permission to sell it. The power of attorney, if not signed in Bulgaria needs to be signed in front of a notary public, and then apostilled in Foreign office, thus bearing all necessary stamps and seals. In order to avoid confusion and mistrust about who owns the property and who is authorized to sell, and who will sign the preliminary contract here and now it is a good idea that you provide your agent with a power of attorney. Furthermore, most of the buyers are in Bulgaria for a very limited time and need to fly home with a signed contract, which is required by the banks in Russia, to wire the payment. STEP 5 Prepare Your Property for Sale The ideal sale for most people who have put their property on the market is a quick one at a good price. You can increase your chances of achieving this by making your home as welcoming and inviting as possible. First impressions count. Try to consider how your property looks like, if you see it with new eyes. How will a new- comer take the first encounter with your apartment? Is it full of light or dark? Is it a bit crowded with furniture or is it spacious? A potential buyer will have all their senses open when they first visit your home. Do everything you can to make your property attractive. If light bulb is out, change it. All should look functioning. Copyright - Robert Møller - Bulgarienview DK EOOD - 7

8 Light is important for many buyers; a bit of extra light makes your apartment welcome the visitor in a friendly fashion. A well lit apartment often looks bigger. Clean and tidy up Make sure your home looks clean and tidy. This refers with particular importance to the kitchens and bathrooms. A potential buyer will remember the scene of an unmade bade or untidy kitchen. If you have guests occupying the sofa- bed in the living room, make sure that it is folded to its daily use position, and all linen is put in the cupboard. Your home will appear to be larger and more inviting if it is cleaned- up. People will remember the neatness as a big plus; a clean home implies less trouble when taken over and prepared for its new owners. This gives the notion that the property has been well- maintained and taken care of. Too much furniture and appliances can confuse the buyers about the size of the apartment, which otherwise might be quite satisfactory. Tidy the closets and the cupboards, so you would be comfortable in showing the many places where the new owners could store their belongings. Even if out of season, move the balcony furniture and the sun- beds outside, not to take precious space in the rooms. Air your property- the scent of freshness will also be remembered by the potential buyer. Example from the real world We once had a property for sale in Sunny Beach, the owner, knowing we would arrive with a potential buyer at certain time, left the property with his family for a short walk, knowing well that too many people in the apartment would make it seem smaller; furthermore, the kettle was always left steaming, the Copyright - Robert Møller - Bulgarienview DK EOOD - 8

9 apartment filled with the aroma of fresh- brewed coffee. The apartment was sold after the fourth viewing. Make your home neutral When you need to sell, it's about to get as many potential buyers as possible to feel at home in your property see the possibilities in arranging it into a place of their own. Your property must at the same time appeal to young families with babies and children, singles and young couples as well as to older couples without children. But since it is not possible to design a home to suit all types of buyers; you may instead seek to get your home to seem as neutral as possible. You can, for example get the walls painted in a neutral light color that hardly bothers anyone, and which will also make the rooms appear larger and brighter. If you have lots of furniture and belongings of different type, you might consider selling them or storing them at another place. With less furniture and stuff and with a plain, neutral décor, buyers will be better able to imagine living in your property than if the walls for example, are burgundy and the rooms filled with personal memories and pieces of different furniture, amongst which a bicycle for example. Example from the real world We once had an apartment for sale in St. Vlas which belonged to a customer from England. Since we had shown the flat a few times, we found out that customers liked the location, but they thought the apartment seemed very small. The owner had purchased a standard furniture package when buying the property, however the furniture did not fit into the space of the apartment. Copyright - Robert Møller - Bulgarienview DK EOOD - 9

10 Having consulted with the owner, a part of the furniture was removed, and 2 weeks later, the apartment was sold. Maintenance It is important that the property looks well kept. If the windows are painted and maintained, and woodwork and floors are nice, it sends a signal to the buyer that the home is well taken care of. If the apartment has many small flaws, it may deter those buyers who have neither the time, nor the money or the energy to do the repairs, however Insignificant they may be. Therefore, it is worthwhile to spend some money and paint or repair minor problems. STEP 6 - Consult with Your Broker within the Sales- Period It could be quite challenging to be located in the U.K. and monitor how the viewings and hence selling your apartment in Bulgaria is progressing. A good tip would be that you periodically contact the estate agent and ask about how it goes with the sale. Ask about how many and how often there have been viewings; find out about the customer s reaction. Ask your realtor about the market situation has changed since you offered your property for sale. When you hold the "hot line" with your real estate agent, they will not forget you and your property, and there would be a bigger chance that they will make an extra effort to sell the property and get your calls off their back. Copyright - Robert Møller - Bulgarienview DK EOOD

11 Get an evaluation for free! If you are considering selling your apartment in Bulgaria and would like an informal assessment click on the link below or contact me at telephone: Click here for free evaluation Copyright - Robert Møller - Bulgarienview DK EOOD

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