There’s nothing arbitrary about putting a value on a property, however the Ibiza market does present some peculiar elements to the process that requires a keen eye and lots of experience. The process undertaken by Villacontact to find the best price for a property takes into account several factors that agents in other markets rarely need to consider.
An initial visit to the property allows the agent to collect basic information, starting with the condition of the home. Age of the building, renovations, orientation, and plot size will all inform the valuation. On top of these elements, there’s the proximity of neighbours, zoning, the location of electricity pylons, flight path trajectories – all of which are standard across most markets. Ibiza presents other more nuanced features to take into account including access to well water and the legality of existing structures.
The history of construction in Ibiza is rather chequered. Just 50 years ago, very little documentation was required to buy and sell a property. The fiscal structures were either non-existent or not enforced and permissions for additions or renovation were rarely sought. The value of a property may be determined by a lack of paperwork. As the system has modernised, collating missing paperwork has become one of the most important roles of the real estate agent. Only a true expert is able to navigate the intricacies of officialdom.
Unlike other markets across Europe there is no central registry of sales prices so finding accurate comparable properties comes down to the expertise of the agency. Villacontact’s principal partners were all raised on the island and have an intimate knowledge of the value of each area. Their vast network of colleagues and clients deepens their understanding of how the market is functioning. It’s old fashion who-you-know sleuthing that sets them apart from their competitors.
Once the property has been viewed and the paperwork aligned Villacontact also considers the needs of the sellers. There are those who wish for a quick sale and others who don’t mind taking a bit longer to see where the market might take them. The personal situation of the individuals informs the sale price – a quick sale might require a competitive, less-negotiable valuation while someone with more time has the luxury of having a less aggressive approach.
Marketing also effects valuation, and sellers have different reasons for choosing different strategies. Some require the utmost privacy and marketing is done solely through the agencies’ networks while others choose a cross-platform international campaign. Villacontact determines which style works for the seller and proceeds accordingly. Each and every marketing campaign is completely bespoke.
Finally, each seller is provided with a checklist of fundamental tasks which may include some cosmetic sprucing up of the property such as a fresh paint job, minor repairs and de-cluttering before the Villacontact photographer comes in to take professional architectural images for use in the marketing campaign. While this is the final stage before finding a buyer, the valuation is constantly assessed as Villacontact receives feedback from individuals and the market as a whole.
While there are many components to evaluating a property, the key is consistency. The Villacontact team prides themselves on the long-lasting relationships with clients that span decades. Open and timely communication is the cornerstone for their business model, bringing clients into the process as little or as much as they desire – the comfort of the client is the most important factor when it comes to a Villacontact property.
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