Why sell your property with an agency

February 13, 2023

Why sell your property with an agency?

In 2022, the Austrian real estate market continued its 3-year upward price trend. According to the Austrian National Bank, house prices rose by 7% in 2020, 11.8% in 2021, and 10.4% in 2022. One of the driving forces behind the price increase is the strong demand to buy real estate.

The competition in the property market will also witness a spike in 2023. To sell your property as soon as possible at the highest price possible and avoid legal problems, unnecessary costs and other risks, it is recommended to take advantage of professional assistance. In this article, we will discuss the advantages of hiring a broker, the range of services available, and the differences between a self-employed property broker and a real estate agency.

The Difference Between an Agency and a Real Estate Broker

A self-employed broker and a real estate agency offer essentially the same services, including handling the sale, purchase or rental transactions. For sellers of residential or commercial property, they assess the market value of the property, launch a marketing campaign and interact with potential buyers on all matters. They can also handle the negotiations, arrange property viewings, draw up and notarize a sales contract, and help with other pertinent issues.

The main difference, and also the key advantage of a real estate agency is that they have a whole team of professionals, which majorly increases the speed, quality and efficiency of the cooperation and in many cases, the process. Whilst a real estate broker operates on his/her own, the agency has several agents, as well as professionals from different fields working on a single case. As a rule, professional marketing experts from respective departments are responsible for the advertising campaign, whereas juridical issues are handled by a qualified lawyer. In addition, a large real estate agency boasts an extensive client base, which may include even more potential buyers. As a result, you will be able to sell residential or commercial property through an agency more quickly than through a single real estate broker.

Top 5 Reasons to Use a Professional Agency

One of the main reasons why property owners don't want to use professional help is the broker's commission. In fact, when you try selling the property on your own, you may incur even greater financial losses than when you pay a real estate agent for their services. For instance, you may misjudge the real estate value and sell it at a lower price, or vice versa, set the price too high and then have to wait months for a buyer in vain. If you're not a marketing professional, you may spend a lot of money on listings without a subsequent response due to incompetent media platforms or misrepresentation of information.

NBD! A detailed review of the services offered by a respectable real estate agency to landlords can be found here.

We have selected five key advantages of hiring a professional agency.

Professional Property Valuation

The local market doesn't stand still, as property prices in Austria have increased by 12.3% and 13.1% in the first quarter and the second quarter of 2022 respectively. Meanwhile, the annual growth was just under 10.4%. Not only are prices changing, but also the supply/demand ratio.

NBD! You can read about the main trends within the Austrian real estate market for 2022-2023 in this article.

With such a fast pace, you will not be able to adequately determine the actual market value of a property on your own, unless you are a real estate expert. Of course, it is possible to use online appraisal tools, however they will only help you figure out an estimated value.

That's why you require assistance from an expert — an experienced broker who is well-guided in all the nuances of the real estate market and current trends, with the ability to identify the pros and cons of real estate. This type of specialist will help you set the highest possible price based on the current market situation.

Tailored Marketing Strategy

The agency's marketing specialists will accurately establish your target audience and, based on this analysis, develop a suitable promotion strategy, including the best communication channels, a lucrative and accurate property description, eye-catching advertisements, and more. If necessary, a professional photo and video shoot will be made as well, along with video clips and a 3D model of the property.

At the same time, you will be able to obtain reports on the effectiveness of the marketing strategy, including logs of the promotional material, feedback and more.

With its own client base and professional connections, the agency can find potential buyers rather fast.

Interaction with Potential Buyers and the Arrangement of Property Viewings

The estate agent will handle the communication with potential buyers, including arranging a visit of the property, during which the property will be presented in the best possible light, with a special focus on its advantages and features.

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Negotiating With a Buyer and Drawing Up a Contract

Using their specialist negotiation skills and knowledge of the local real estate market and the legislative system, the specialist will promote your interest and get the property for you on the best possible terms. On top of that, the agent will draft a contract, which will cover all important points. Not forgetting a background check on the potential buyers before closing the deal, which will help you find if the payment is guaranteed and whether or not the bank is prepared to lend the necessary amount.

Assistance with Legal Issues

Before you go ahead with the deal, there is a significant amount of paperwork involved, such as an extract from the land registry, a valuation report, etc. The qualified specialists at the agency will take care of all these issues, alongside any required legal advice, arranging an appointment with a notary to certify the contract, and much more. Moreover, the broker will inform you in detail about all the nuances of taxation, so you will be fully aware of all commissions and fees that come with the real estate transaction.

NBD! You can read more about property taxes in Austria, including capital gains tax on the sale of property, here.

A specialist will finalize all the stages of the transaction, including the ownership transfer after the transaction. You will then be able to contact the agency for any real estate-related matters, whether it is a new sale, purchase or lease of a residential or commercial property.

Why choose Luxury Immobilien GmbH?

Luxury Immobilien GmbH is a full-service real estate agency, and one of the market leaders in Austria, with an impeccable reputation and a personalized approach to each and every client. We provide a whole range of services for buying, selling and renting residential and commercial properties.

NBD! Luxury Immobilien GmbH is part of the international Metropolitan Group, which is headquartered in Dubai (the UAE). Therefore, we are focusing not only on Austrian real estate, but can also help you buy properties in Dubai and other emirates, as well as in London (the UK) and Tivat (Montenegro).

Our specialists will help you sell your property in the shortest possible time and on the most favourable conditions. The agency will hold a free preliminary expert consultation, which can be arranged in five languages: German, English, Spanish, Russian and Ukrainian. We will accompany you at all stages of the transaction, including providing full legal support, the collection of all required documents, assistance with the establishment of favourable sale terms, and drawing up an agreement. In general, the process will consist of the following steps:

1. Free inspection and independent expert assessment of the property's value. During the free of charge visit, our expert will assess the condition of the property and determine its market value, and arrange a professional video and photography session to create a presentation and/or a 3D tour.

2. Development of an exclusive marketing strategy. We will develop a tailor-made promotion concept for your property, generate multilingual advertisements and set up a separate multilingual website dedicated to your property. We will use not only Austrian media channels, but also popular related portals in 26 countries to attract potential clients. We use a variety of marketing tools, including targeted advertising on social media and search engines, including Google, Yandex, Instagram, YouTube, etc.

3. Property inspections and negotiations. During personal tours, we will show your property to interested buyers in the best possible light. At the same time, you don't have to spare your valuable time on the viewing, since our agent will provide you with a detailed report of the results of each visit.

4. Conclusion of the deal. The specialists at Luxury Immobilien GmbH will provide you with full legal support, handle the paperwork, draft the purchase and sales contract, and accompany you all the way through to the handover of the property.

We offer our clients two options of cooperation, which include a standard Gold package and an extended Platinum package. The latter includes 24-hour VIP service, development and implementation of an advertising campaign, creation of a 3D tour, etc. To find out more, please call us or send us an enquiry via the website, and the Luxury Immobilien GmbH specialists will get back to you as soon as possible.

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Anna Pilnikova
Real estate agent