What are the main steps in selling a property in Nicaragua?
1. Educate yourself on how the real estate market works in Nicaragua
First thing you should know is this: The real estate market in Nicaragua does not operate under a Multiple Listing Service (MLS). This has three main implications for sellers:
- In the absence of a MLS, real estate agents act more like buyers agents than listing agents.
- Keeping your listing open will get you more exposure by more agents.
- It makes sense to list your property in as many places as possible.
2. Understand the ‘journey’ your buyer is taking
San Juan del Sur gets a lot of out-of-market buyers – people looking for a second or retirement place in Nicaragua. These people need context. They need to get a good look at life in the area and they need to be educated about the real estate buying process before they will feel comfortable putting an offer on a property.
These are the leads you want to interact with. This is the type of traffic you want to your listings. It’s the qualified buyers, the transaction-ready buyers – the people who have the information they need in order to do business with you.
3. Write a property listing that converts
Your property listing is an important part of marketing your property. Get it right and you’ll turn prospects into buyers.
Naturally, buyers want to know what’s in it for them. So a good listing will tell them how owing the property will make their life better.
A good listing has 5 essential elements:
- A compelling headline that hooks your buyer.
- A set of benefits of ownership that move your buyer towards their desired outcome.
- Photos that paint a picture of the world your buyer wants to live in.
- Scannable content to keep your buyer from clicking away.
- A price that entices.
Nobody knows your property as well as you. So a good starting point is to think back to why you decided on Nicaragua, and why you chose the property that you did. Jot down a few bullet points and you’ll be well on your way to creating a property listing that will draw your buyer closer.
4. Get your property in front of targeted buyers
The #1 secret to selling your property is to get it in front of as many transaction ready buyers as possible.
Of course things like price, presentation and location are important, but unless you are getting exposure for your property to the right kind of buyers you won’t make the sale.
With over 90% of buyers beginning their home search on the Internet, the first showing of your property will practically always be a virtual one. This means that if you’re selling property in Nicaragua that will appeal to international buyers, you’ve got to get your web strategy right because your buyer will come from the Internet, almost exclusively.
(For more on your steps to Internet domination, sign up for the Free Sellers Report and E-course.)
5. Work with buyers and offers
Mindset is important when it comes to working with buyers. Don’t go into the negotiation hell bent on winning. It’s not about winning or losing. A successful deal occurs when both you and your buyer get what you want.
Even if the first offer is low, don’t be affronted. This is what buyers think they are “supposed to do”. Keep communications open no matter what. You never know who the buyer may be and what offer they are prepared to finally make.
Don’t be frustrated if you receive a long list of questions. Questions are a good sign, often even a buying sign. If one of the questions is, “What’s the next step?” The next step is always for the buyer to put their offer in writing.
6. Be prepared at the closing
Many deals in Nicaragua fall during the due diligence process as a result of technicalities, legal and otherwise. While these are often fixable, the time delay can mean a lost sale.
The solution is to be prepared. Preparedness not only serves your buyer, who does not want to wait for you to get organized, preparation also serves you.
Step 1: Be ready with a contract – Your job isn’t done when you accept an offer from a buyer. There needs to be a deposit and a signed Sales Contract. The contract sets out the responsibilities for both parties, the details of the deposit, conditions of sale, and terms of the transfer.
Step 2: Make sure your property is ready for sale – Any liens, encumbrances, liabilities, boundary issues, annotations that the buyer’s lawyer finds during their due diligence property can easily kill the deal.
7. Take control of the process
We’ve outlined the 7 essential steps for getting your Nicaragua property sold. We go into much more detail in this Free Report and E-course, but if there is one takeaway it’s this:
Sellers who sell their properties quickly take control of the process for themselves. They take control of how their property is being presented and they take control of where their property is being presented.
In other words successful sellers follow a roadmap; a set of steps for every sale they make in a foreign country.