If you’re looking to sell property in Bulgaria, you couldn’t have picked a better time as home prices have recovered substantially since the recent 2008 global real estate crisis. In fact 2009 was a horrible year for prospective home sellers in Bulgaria as prices dropped by as much as 30% below the high of 2007. Housing prices regained some of the strength in 2014, and this 2015 has seen the momentum being maintained.
If your Bulgarian property for sale is located in the capital Sofia or in Plovdiv, you should consider yourself lucky because these cities have witnessed the highest rise in real estate prices in the country. Equally, you would be enthused to know that 10% of the buyers in the Bulgarian housing market are foreign buyers, most of them from Russia and China.
With the phenomenal growth of the Russian and Chinese economies, we have seen a tremendous rise in demand from millionaires and billionaires from these countries for a European second home or a vacation home. Most Russian and Chinese home buyers are attracted by the Black Sea coast in Bulgaria, by the cities of Varna, Burgas and also by ski resorts such as Pamporovo and Borovets.
Let’s talk about some of the tricks of the trade involved in selling your Bulgarian property for sale successfully.
# Be Smart about the Price
If you’re looking to sell property in Bulgaria as quickly as possible and for a decent price, well, don’t make the mistake of overpricing your Bulgarian property for sale. While the Bulgarian housing market has indeed recovered from its lows, it is still to reach the highs witnessed in 2007, and foreign buyers are much more discerning about the price. If you set the price too high, it is likely to remain unsold. The key is to find out about the average prices in your area for a comparable property and set the price at just 5 to 10% above average, provided it’s in a good condition.
# Hire Agents Who market into Russia China and the UK
The best way to get rid of your Bulgarian property for sale is to hire Estate agents marketing overseas. At the moment Russians love buying in Bulgaria as well as a few Chinese and UK buyers these are the countries you need to market into.
# Create a Terrific First Impression
The first impression is often the last impression one gets to make when looking to sell property in Bulgaria. Work hard on renovating your property, hire electricians, plumbers and painters to do the necessary repair work. Hire a gardener and have the garden freshly potted. Get rid of the clutter, and pay special attention to the kitchen and the bathroom. Home buyers are very particular about a neat and tidy kitchen and clean bathrooms.
# Marketing is the Key
Hire a professional photographer to take quality photographs of your property to present it in the best light possible. Have all the documentations fully ready – such as copies of the sale deed, housing surveys, floor plans, electric compliance reports and so on.
Also have copies of taxes and utility bills paid made and kept ready. It is also a great idea to have a nice printed copy made of a list of the nearest schools, hospitals, bus stops, retail stores and so on. Now have a complete package made with the photographs and all the documentation, and hand them over to your real estate agents and to prospective home buyers who come visiting. Have a neat looking flyer made as well and get them distributed in clubs catering to the expat community.
Ensure that the descriptions and the captions to the photographs are in as many languages as possible – English, Bulgarian, and possibly Russian and Chinese. Your Bulgarian property for sale should come across as something really special.
# Always Be Ready and Willing to Show People Around
Most overseas buyers will have very busy schedules and so may want to see your property to really odd hours. Be prepared for this, and make yourself available to them, at any time of their choice. Always smile, be polite, helpful and informative, without coming across as being too desperate and salesman-like. Don’t behave as though you are in a real hurry to get rid of the property, but do have your reasons prepared well in advance as to why you have put your Bulgarian property for sale.
# Hire a Professional Solicitor
Once the property has been sold, hire a reputable solicitor, preferably one who speaks English to take care of the contracts and agreements and to ensure that the documentation is perfectly in order.