2nd December 2022
How to list (and sell) your property in Las Terrenas
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Intro
Selling a real estate property can be a complex process... It involves several people and factors that together, determine whether or not you will successfully sell your property.
Since being founded in 2000, our agency has sold hundreds of properties and acquired experience in all kinds of real estate deals in Las Terrenas's real estate market.
We are happy to share our expertise with you, through this article, but we also offer a "Free Home Evaluation" using our proprietary calculator, experience, and data to back up our price recommendation. Reach out to us for more information or to set up an appointment.
In this article we will tackle the following chapters:
Getting your documents and due diligence right
Before anything, you should make sure that you have all the necessary documents to sell your property. Why? Firstly, you need to be legally capable of selling your property.
Secondly, good real estate agencies will require them before listing your property on the market. Thirdly, you do not want to lose a serious buyer the day you cannot provide certain documents required for the purchase.
And finally, no one likes to be involved in a messy case and risk hurting his reputation, and plenty of cautionary tales go around town.
Depending on the stage of the transaction, where it is, and who owns it...
Early stages (listing it)
Your realtor will ask you for copies of the Titulo (ownership documentation), the Deslinde (property limits), and the ID document of the owner(s). If the property is owned by a company, then ask for the company's constitution documents.
Later stages (selling it)
At the moment you have accepted the terms of the offer, the attorney will require the following documents:
All the docs required by the real estate agency, not the copies but the originals.
The receipt showing the last property tax payment or a copy of the certificate stating that the property is exempt from property tax.
If the seller is a corporation, the buyer or the attorney should be provided with the additional following documents:
• Copy of the corporate documentation, including bylaws, up-to-date registration at the Mercantile Registry, and resolution authorizing the sale.
• Certification from the Internal Revenue Office showing the corporation is current with its tax obligations, specially Income Tax and Tax on Assets.
If the property is a house:
• Copy of the approved construction plans and permits
• Inventory of furniture, etc.
• Copies of the utility contracts and receipts showing that the seller is current.
• Copy of the approved construction plans and permits
• Inventory of furniture, etc.
• Copies of the utility contracts and receipts showing that the seller is current.
• Copy of the condominium declaration and regulations.
• Certification from the condominium administration showing the seller is current with his or her condo dues.
• Copies of the minutes of the last three condominium meetings.
In Las Terrenas, and the DR, agencies may decide to oversee the documentation required at the early stages. Sometimes it makes the process slower as some of the documents are not available. Yet, we advise having them ready as soon as you consider selling your property.
Ready to sell your property? You can start listing it online now.
2. Staging your condo or villa
Some sellers decide to sell their property in its current state, may it be excellent or pretty poor. In any case, the state of the property will influence the final price. Ultimately, it depends on the owner's availability, budget, and selling goals.
Selling a property that is in good working order is a good start when you are serious about selling. But more can be done to improve your chances.
It's time to set the scene and highlight the best features!
Every staging begins with a deep cleaning. That probably doesn't sound like much fun, but trust me a potential buyer will care if the property is dirty or not. You don't want to lose a potential sale because he or she is too picky about cleaning.
Cleaning includes: scrubbing the counters and door surfaces, carpet cleaning, and decluttering are all low-cost, easy chores that will have a significant impact on the first impression of your home.
Here is a nice checklist.
A quick tip: Doing the exterior or interior painting of your property is an affordable and effective way to make it more desirable.
Once your home is clean, you can start staging.
Keep your decor colors neutral and depersonalize the space. Yes, those family portraits are adorable, but remove them so buyers can envision their families enjoying the home.
Storage space and closets in particular are always important to home buyers, so make space by storing away out-of-season clothing and miscellaneous gear.
When in doubt, less is more.
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Add a decorative touch. A few green plants or a couple of pillows will bring life to any room.
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Remove the counters. Put your juicer and blender in the cabinet. The same is true for your restrooms. Put your items in a drawer to keep them out of sight.
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Increase the amount of lighting. Bright rooms make your property seem bigger. Allow the sunlight in by opening the curtains and raising the blinds. A well-placed lamp can make a big difference in areas with little natural light!
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Take it easy with the rugs. Rugs don't photograph well and can make your space appear smaller.
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Put a lid on your toilets. Keep it classy.
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Don’t forget to stage outside too. Tidy your front porch and place nice planters near your entryway. If you have a deck, pressure washes it and add plants to give the space some life.
Here is the full article.
Staging also gets your home ready for professional photos to be advertised online. Your agent should help coordinate the photo shoot, so that’s less pressure on you. Here are a few staging tips to get your home prepared for its glamour shot:
3. How to "stage" your land?
If you are trying to sell your piece of land, and there is no building but just raw land here are a few tips to help you sell it better.
Easy access and movement within the property.
It must be easy for your agent and future buyers to access and visit the land. In the best-case scenario, that means cutting grass and small trees. In others, that can mean having to do the access road and internal paths.
Pro tip: Vegetation grows fast in this part of the world, so make sure you have a caretaker who can come every 2 months or so.
Enhancing the property aesthetics.
We are not talking about adding flowers or taking off curtains to let more light in as in a condo or a villa.
But land brokers will tell you that if you have the cash, making the entrance of the property more appealing by adding a gate is a great plus to selling your land. A fence is also appreciated among buyers, and it also helps understand the limit.
Mapping.
One of the most important parts of marketing your property is that the buyer can easily understand your property limits, even before they go to view it, especially if it is large.
For that, you have the Deslinde (plot limitation). But it is usually not enough. We recommend overlaying that document with a google earth image to factor in some of the area's key points of reference such as the main road. This helps understand where is the land, and its neighbors.
Pro tip: For big parcels with hills, you can hire the service of an "Agrimensor" land surveyor to get the "curbas de nivel" of your property. It will give a potential buyer a good understanding of the land. Investors will even put architects to do the first quote and have an idea of the total cost as the price of the construction will vary based on the land.
4. Working with the right agent and agency
Selling a property, whether for the first time or not, is always an experience. So better make it a good one. For that, you must surround yourself with the right people, which means a professional agent working in an established agency.
Selecting the right agent can make or break your experience. That is why 8 out of 10 sellers choose to list with a real estate agent rather than sell on their own, according to this recent survey.
Finding interested buyers, guiding sellers through the selling process, and handling contract negotiations are all popular services that sellers say were very or extremely valuable from their agents.
However, while most sellers believe it is advantageous to use a real estate agent, that doesn't mean it is easy to find the right one.
Finding the right real estate agent is key to your success, especially in the DR and Las Terrenas,
Remember that there is no license required to work as a real estate agent in the Dominican Republic. This has created an open market where an important number of actors operate with little to no knowledge of real estate laws and practices.
They are no mandatory guidelines on processes to follow, or not, on clauses to include in documents, or on commission rates.
This is adding a heterogeneous aspect and makes it more difficult to navigate for sellers and buyers. The resulting risks create fear and uncertainty pushing the demand away from a potentially ideal investment.
Worry not! Hundreds of thousands of buyers have purchased in the DR, and enjoy their properties in the Caribbean. Yet, smart buyers (and sellers) will understand the reasons why choosing the right real estate expert is important in Las Terrenas.
So what's the best way to approach finding the perfect agent for you?
Start with a little online research to get familiar with the main agencies in the area and what they offer. Pay close attention to their marketing strategy—do they seem to invest resources in promoting themselves and their listings?
Check their social media accounts and reviews from previous clients. Then, see if you can get a referral or two from people who have successfully sold their properties—word of mouth is powerful in our small town, and personal recommendations always go a long way. According to Zillow's research, more than one in five sellers (22%) find their agent because of a referral from a friend, relative, neighbor, or colleague.
Once you have done your primary research, you can start meeting with agents. We recommend meeting with no less than 3 agents, asking the right questions, and comparing the answers. Here are some general examples of such questions, and you can add more specific ones to your case:
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How long have you been working in real estate?
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Do you primarily work with buyers or sellers?
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How many active clients do you have at a time?
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Are you equipped to handle my unique situation?
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How will you market my home?
Additional tip: It is also very important to clearly explain your communication preferences and your motivation to sell, as well as to discuss your selling strategy and the number of showings. The best agent-seller relationships are those with clearly defined expectations. Make sure that, in writing, you’ve agreed upon the commission structure, list price, and contract length (i.e., what happens if your home hasn’t sold after a certain amount of time).
Ready to sell your property? You can start listing it online now.
5. Setting the right price
Another important part of the process of selling your property is knowing exactly what it's worth and setting a fair price for good value.
There are several factors to consider when pricing that will directly affect how long your property will take to sell.
First and foremost, you need to consider your property's location, and in the context of the Las Terrenas market, that usually means the distance to the beach above all. The closer your property is to the beach, the more desired it will be by the potential customer and, therefore, priced higher. It is always a good idea to look into recent sales of similar properties in our area. This should give you a good idea of the price you should aim for.
After the location, it is important to factor in your property's condition. Newer or recently renovated properties will cost more than those that are older or with worn-out finishes inside and out. It is worth investing a little something into fixing up the most obvious mistakes but avoid remodeling too close to the sale date. Here you will find 8 critical factors that will influence your property's value.
It is also worth signing a pre-listing appraisal with your agent before listing. It differs from a buyer's appraisal, obtained after an offer is accepted. An appraisal is a professional analysis of a home's fair market value, completed by a licensed real estate appraiser. Remember our agency offers this service.
At Atlantique Sud, we take into consideration the current market conditions, do a comparative analysis using our database, an in-depth property appraisal as well as take into consideration your needs and conditions as a seller.
You can request your free property evaluation.
6. List it on the market
There’s no one-size-fits-all answer to how long it will take to sell your property. Houses in Las Terrenas sit on the market on average for 6-12 months. Keep in mind that that number just means half of the homes sold in 6 months or less and half in 12 months or more. Plus, the market is always changing. How long it takes to sell your property depends highly on working with the right people and doing everything in your power to make the sale easy and valuable.
If you want a few tips on how to sell your property fast, then listen up. It is always good to consider the seasons in the area. As you may know, there are 2 seasons in the Dominican Republic. The high season that starts in mid-November and ends in mid-April is when we get 70% of the tourists coming here for vacation to escape the gloomy cold of their home countries. There is much higher foot traffic, and therefore there is a higher chance of making a sale. The low season starts in mid-April after Easter and ends in November. There are much fewer visitors to the country during this time.
As mentioned above, location is a crucial factor in real estate sales. A good neighborhood, infrastructure facilities nearby, ocean views, and closeness to the beach are all factors that can help sell faster. The difference comes in your house's price point—the bigger and more expensive the house, the longer it may take to sell because the pool of buyers is smaller.
Remember to consider the time it takes to get your property ready to sell. If you decide to make some updates or repairs to your property before listing, your selling timeline will be longer. So, as we already said, it is good to fix up some things that you may feel are the most obvious to the buyer, but there is no need to go too far.
Last but not least, if your buyers are getting a mortgage, the closing date is dependent on their financing. Your closing could also be delayed by home inspection or appraisal issues. It is not very common to buy with a mortgage in Las Terrenas. However, it is good to keep that in mind so you can be ready for anything.
We hope that this article was informative. Also offer a "Free Property Evaluation" using our proprietary calculator, market expertise of the local real estate market, and data to back up our price recommendation.
Ready to sell your property? You can start listing it online now.
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