Buying a property abroad is a big decision, often made after months of research and contemplation. And in a country where the customer doesn’t speak the language reservations and concerns can be amplified, sometimes even preventing them from reaching the point of purchase. By finding a way to support your prospective international buyers through this property minefield, you’ll find there are less obstacles in the way of you making the sale.
Next time you market a new property, think about the things that might be a concern for an international buyer and may prevent them from making the purchase.. And then work out how you can reassure them.
To get you started, we’ve highlighted five common concerns international buyers have about purchasing their dream property in Spain.
#1: Hidden costs
For many international buyers this will be the first property that they have purchased abroad. Understandably, there will be an element of uncertainty and perhaps a lack of knowledge and understanding of the costs involved in a foreign property purchase.
What you can do to help: Surprise them – by being completely transparent and sharing your knowledge about the costs involved! Address the subject of taxes and other levies and help them understand what to expect and where they can go for further information. When considering the budget and property for a prospective buyer, ensure that you’re taking into account the additional taxes and levies that will need to be paid.
#2: The legal stuff
A large transaction like a house purchase necessitates good legal advice. But when buying internationally, knowing how to find a trusted lawyer to deliver the right advice can be troubling.
What you can do to help: Do the research for them. Find reputable legal contacts you can refer to, and be proactive in helping prospective buyers make sure they have everything in order. And your newfound legal contacts might even refer business your way too.
#3: The stability of developers
When considering the purchase of a new build that is under construction, you may find that buyers are concerned about the developer’s trustworthiness, or their risk of bankruptcy. They may need some reassurance before they are willing to hand over a deposit against a part built home.
What you can do to help: Talk to your prospective buyer about these concerns. Make sure you only choose to work with established, reputable developers and you will be able to genuinely put your buyer’s mind at rest. You could also refer to other properties in the area that the developer has completed previously.
#4: Leaving a holiday property empty
If your prospective buyer is purchasing a property as a holiday home, or one that they plan to live in for only part of the year, you can expect them to have concerns about what happens to the property while they are away.
What you can do to help: Talk to your buyers about low crime rates in the area, the friendliness of the locals,other expats and the sense of community. And don’t miss the opportunity to up-sell your ongoing property management services.
#5: Finding their dream property
Ultimately, a buyer’s main wish is to find their dream home. So it’s quite likely that at some point during the search they’ll worry that this won’t happen, and that they’ll have to compromise or settle for something less than perfect.
What you can do to help: Listen to exactly what your prospective buyer wants, and ask pertinent questions to help understand their priorities. Then only show them properties that you genuinely think fit their requirements and personality. Don’t be tempted to offer up properties that have been on your books for a long time just to get rid of them or you risk losing their trust. Building a good relationship with your buyers will ensure you can help manage their expectations and get the best possible result for everyone.
By pre-empting your customers’ concerns and helping to address them at the earliest opportunity, you will be offering the best possible customer service that will ultimately convert to an increase in sales.