Well, you’re not done. Selling a vacation home or a property located in what is traditionally a vacation destination is different and often more difficult when compared to a year-round residence area. It’s a different type of property and that means you’ll be dealing with a different type of buyer. There’s also the fact that there is a more limited window of time where sales are most likely to take place during the year… a “high-season’ for real estate sales. The fact that you’re most likely a considerable distance away from the property and not able to be present during most of the process also comes with challenges. Lot’s to consider.
So, what can you do to give yourself a better chance of getting a fair sales price and terms? Tips for selling your Cabo San Lucas house, condo or other real estate.
Finding the Right Agent/Broker
1) Analyze the reason(s) you’re selling and don’t give your emotions the reins when it comes to making the call.
2) Interview brokers and agents until you find a few that make you feel comfortable. Just make sure that you’re not simply going with the one that gives you the highest recommended sales price. If you do, your property will most likely sit on the market unsold for a long time.
3) Once you’ve narrowed it done to 2 or 3, ask them to revisit their valuations and create a final pitch with comps, market analysis and recommended sales price.
4) Don’t make the mistake of negotiating the sales commission down to below current market levels. Sure, you might get the listing agent to say yes to a lower total commission but remember that there’s a great chance that your selling agent will not be the one bringing you the buyers. As such, why would a buyers’ agent show a property that pays them less commission then one just down the street? Pay current commission rates and you’ll get better results.
Now that you have 2-3 finalists and they’ve given you their best presentations, make your choice and follow their lead in setting their marketing plan into motion. You’ll be signing an exclusive listing agreement for a pre-defined period of time so don’t lock yourself into a contract that calls for a listing period that is simply too long. At minimum, look for a 6 month agreement but understand that getting a fair price in a vacation destination can take much longer. One year exclusive listing agreements are pretty much the norm. Don’t expect an agent to take on the responsibility and expense of marketing your property without that exclusivity. FYI, 6 month listings are the minimum allowed by the Baja California Sur MLS.
High-Season is the Best Selling Season
Here in Los Cabos the high-season runs from October through May. In early October hurricanes are still possible, but it’s also when a bevy of big-dollar, highly publicized sports fishing tournaments take place. Along with the boats come wallets and purses. Many who own here in Los Cabos bought because they were here for the tourneys and many who fish these events have the capital to make spur of the moment purchases. All in all, a good time to be on the market.
While high-season is traditionally the best time to sell, here in Los Cabos we’re fortunate to have near year-round great weather. Sure, it get’s hot and a bit muggy July-September but trust us when we say that there’s still a good amount of buyers coming through, regardless of the heat. We’re just that kind of place that attracts visitors, and potential buyers, all year long. So if you simply wish to sell, or need to for financial reasons, it can be done with the help of the right brokerage and agent.
Be Ready With Valid Information
Most folks that consider buying here are already aware that being a coastal environment, maintenance and repair costs tend to be higher. They’ll also be aware of the potential for strong tropical storms or hurricanes. We mention this because should you have important information about your property that works towards quieting concerns around those climatic factors, share them. Have records and receipts of improvements made? Show them. Have extras like hurricane shutters/screens? Let them know. Have historical records that show your property fairs much better than most when harsh storms pass through? Share that information.
To Stage or Not To Stage? That’s a Great Question
No doubt you’ve seen television shows like Property Brothers, Love It Or List It and the like. How many times does the home sell because of staging? Quite often. Is your place in need of staging? Often that answer is as simple as having unbiased eyes walk your place. Don’t be offended if the result of that walk-through is a big YES THIS PLACE NEEDS STAGING!! Equally, if your place is decorated in neutral colors and furnishings, you may be good to go as is.
Think Like A Buyer
Purchasing vacation property is most often an emotional purchase. It may be a fond remembrance of family vacations at the beach. It may be the fact that you are the first in your family tree to be able to provide such a luxury to your kids. What was it that drove you to buy? Remember how it felt? Well, those same emotions can be held by your potential buyer. If your agent/broker can get a sense of why a particular person is attracted to your property, they can use that in the negotiation of an offer. If that attraction is your property’s location on a beach… offer to include beach toys like kayaks, paddle boards or an ATV in the sale. Look for ways to bring those same positive emotions out in potential buyers and that often starts with clear communication with your agent.
If you have questions about selling your Los Cabos property, we encourage you to fill out our FREE SELLER EVALUATION form on this page. We’ll be happy to provide you with a preliminary analysis including listing price and net profit and answer any questions you may have.
