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Are our realtors incompetent? (lemmy.blahaj.zone)

submitted 1 week ago by timberwolf1021@lemmy.blahaj.zone to c/personalfinance@lemmy.ml

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Hey, maybe y'all can give some unbiased advice. My wife co-owns a €1.4 million villa in Spain with her grandma. The property has been on the market for 2 years. I'm inclined to believe that the realtors are incompetent and that something is being done wrong. Am I crazy, or is something wrong here?

There's an older lady who's a family friend who currently manages the property and deals with the realtors on my wife's behalf. She's lovely, but not an expert in this, by any means. We are told by her that an appraisal late last year upheld the €1.4 million valuation, but to be fair, neither of us have seen that appraisal.

The property is currently listed by several realtors in the area – namely, Villa Iberia, Inmo Palafrugell, La Clau Brava, Espigul, and Cala Maset. My understanding is whoever manages to sell the house, gets the commission.

The house is in the Platja d'Aro region and is ~350 m2 in size, with 4 bedrooms and a large outdoor pool, a short drive away from the beach.

Is the price way off, or is something else wrong? Surely 2 years is too long for selling this! Thanks in advance to anyone who takes the time to give some advice.

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[–] sugar_in_your_tea@sh.itjust.works 2 points 1 week ago

I don't know the area, but real estate is pretty common across the world, so some questions you'd need go ask are:

what does demand look like? Are similar places selling, or is it a slow market?
is this purely a tourist destination or is it an area with lots of jobs nearby?
how are the pictures in the listing? Does it attract showings, or are people skipping over it?
if it's currently a rental, does it rent well or are there a lot of empty periods (i.e. how attractive is the property)?

It could be that the price is off, marketing is poor, or the market is just slow. Figure that out and you can hopefully fix the problem.