The real estate market in Romania is currently booming and the home offerings are rich in all Romanian big cities. Especially new houses and apartments are selling like crazy, but still, if you want to reach potential buyers and sell your house for the best price possible, it is recommendable to use the right sale skills and communication channels.
But where can you find them? Real estate developers promote new home offers on their own websites, in dedicated showrooms, or at real estate fairs. But how will you be selling your house? The best way to promote your home sale offer could be to reach out to local real estate agencies.
Why sell your house through a real estate agency?
If you’re an expat selling a house in Romania, and don’t have much experience with the local real estate market, asking for help from local real estate agencies may be the best solution for you. And even if you do have some experience with the house selling market in Romania, collaboration with a good agency may help you a lot, and may save you significant time.
An agency may help you with a different perspective of the market
Why? Although you may have some knowledge about the Romanian real estate market, your perspective may be significantly different than an agency’s perspective. And the real estate agency’s experience with the local market may prove to be much better positioned for selling your house. That’s mainly because the agency “feels” the local market’s pulse much better. It harbors solid experience, both in terms of the type of buyers potentially interested in the specific type of house you sell, and in terms of aligning to the similar offers that are out on sale.
Also, an experienced real estate agent knows best what the market share of the type of houses similar to yours is, and also the competition in the same segment. An agent would be better positioned to assess if the money you want for your house is well aligned, or below the market, which could allow for an upward price adjustment you may never get in other circumstances.
A real estate agent uses the right elements in negotiating the final price
A real estate agent would also know how to conveniently promote all the features of your house that can contribute to its selling price (e.g., total surface, number of rooms, balconies, type of flooring, furniture, area, etc.) and use them wisely in negotiating the final price with the buyer.
Another benefit is that an agency may already have an existing portfolio of clients that may be interested in what you sell. It is the so-called target audience (those interested in buying a house or apartment in the same segment where you sell) that an experienced agency would already have waiting for a buying opportunity . Even more than that, if the agency has a solid presence in the online environment (using traffic data from its own websites or third-party websites), it can have access to valuable estimates on buyers interests. It can use the data to make assessments on the existing chances of sale success.
Agencies are good connectors
If you aim to sell a newly built house or apartment at the best price and as soon as possible, the potential buyers in turn have a wide range of offers to choose from. A professional real estate agency stands exactly at the point where interests of both parties (sellers and buyers) meet. And is best positioned to serve the interests of both. You, as the party selling a house, will find buyers sooner, while those interested in buying a new home will receive offers tailored to their needs.
This connection between potential sellers and buyers is all the more useful in those cities where there’s a boom in residential building – cities such as Bucharest, Cluj, Iași, Constanța, Timișoara, Arard, Brașov – where the number of apartments for sale is high and the real estate market is effervescent.
Market analysis and valuation
Expertise in local market conditions: Agencies have in-depth knowledge of local real estate trends, including prices, demand, and the types of properties that are selling. This allows them to accurately value your property based on current market conditions.
Custom valuation reports: They can provide detailed valuation reports, helping you set a competitive and realistic asking price for your house.
Marketing and listing services
Professional listings: Agencies can create professional and compelling listings for your property, including high-quality photos and detailed descriptions that highlight your home’s best features.
Access to multiple listing services (MLS): They can list your property on multiple real estate platforms, significantly increasing its visibility to potential buyers.
Targeted marketing strategies: Real estate agencies develop targeted marketing strategies, including digital marketing, open houses, and networking with potential buyers, to reach a wider audience.
How to select a real estate agency?
A real estate agency is the place where the sellers meet with the buyers. Interaction between the two parties is managed the real estate agents with strong expertise. Their work is helpful for both parties, as it increases the credibility of the sellers and generates trust from the potential customers.
Given the above, it isn’t surprising why house sellers, and big real estate developers as well, always seek to work with large and established real estate agencies, having a background that proves strong experience and professionalism.
Essential elements we recommend seeking at a real estate agency:
In the same time, the seller as well as the buyer must find in the real estate agency an honest partner, independent of any favoring or biases. The agent must be objectively able to see and understand, professionally, all the details related to the price-quality ratio for the house on sale.
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Previous results on similar transactions and the size of the current portfolio of buyers are also elements to be taken into account. And last but not least, an active, efficient and consistent presence of the agency in the online environment is an additional argument, which deserves to weigh heavily in your decision to work with it.
How much do Romanian real estate agencies charge?
Although not the defining factor, the commission perceived by the agency is also an important element. You should know that, in Romania, the commission charged by real estate agents can significantly differ, from one city to another. In some cities commissions (no matter if you want to buy or sell) can be around 1.5% or 2% of the sale price, while in Bucharest the agencies can charge around 2% to 4%.
Of course, commissions can be negotiated, but if you want to negotiate, we recommend doing so right from the start of the discussions. This will allow for a smooth transaction if the agent finds a buyer for you.
Also, take time to review the contract with the agency and look out for any hidden commissions that the agency may perceive in certain instances (e.g. in case you sell the house through another agency, in case you decide to quit the sale, etc.)
You should look also for the following elements at an agency:
Ability to personalize promotion of your sale and adapt it to your objectives, as well as the ability to take over and solve all, or at least part of, the Romanian specific bureaucracy related to the documents and procedures imposed by the real estate, property or taxation laws.
On the other side, try avoiding agencies which do not pay attention to details of your house, which promise unrealistic benefits and which do not really involve in mediating your transaction.
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