If ever you’ve been looking for a property for sale in Tenerife on the internet, you’re almost sure to have come across this problem in the past.
There you are searching away…all the websites look the same…most of the properties you’re interested look very similar or even duplicated with different agents but the same photos but, after plenty of searching, you come across the property that you’ve been dreaming of buying for years.
It’s perfect in every way, the amount of bedrooms, the view, the pool and the area…all perfect and then there it is…the price, “wow” you think…”that’s just over our price limit but maybe, just maybe we can afford it”.
You save the page on your internet browser and keep on looking, “There’s bound to be something else out there that will fit my criteria just as well…but hopefully a bit cheaper” you think, so you carry on with your search.
Then you see it, the same property but €10.000 cheaper…”???”, well that’s it then, you can get it for just the amount of money you’ve set aside for it, “Perfect” you think and you can’t wait for the next day to come around so that you can call the agent.
You settle down to read the local property newspaper – Tenerife Property Guide – and surprisingly you see the same dream property for sale, with yet another agency…and…at even less money, another €5.000 saving…you just can’t believe your luck.
The next morning you’re chomping at the bit and can’t wait until 9am…the clock strikes 9 and you’re on the phone to the agency with the least expensive price, they tell you they’ll call the seller and will come back to you with a date and time for your appointment to view it.
Fantastic…you can’t wait…but wait you do…
Finally, they call you back only to tell you that the property has been sold…” What???” …”but you’re advertising it in this month’s paper” you say, hoping that they’re mistaken…“How can it be sold?” you ask.
So, what’s happened? How has this come about?
Very often what happens is that a seller puts their property on the market and often want the agency to price the property at the price the vendor wants and hence, they price the property over the market price.
Here in Tenerife, an agency will often take on a property for sale at any price, just happy in the knowledge to have a property for sale on their books.
After six months of it being for sale with the first lot of agents at the higher price and having had no viewings or interest whatsoever, the seller thinks that the agents aren’t doing their job very well at all, so they search for other agents…
This time the seller decides to reduce the price and send out photos and information via email to several other agents.
Those agents add the property to their websites and wait to see what happens.
After another 3 months of waiting, there’s been nothing but crickets…even though the property has been reduced in price, there’s still very little interest.
The seller has had a couple of viewings but no concrete offers, so the downbeat seller decides to put it with another couple of agencies and one of the more switched on agents tells the seller what the true market price really should be, the seller takes the advice and the property is priced accordingly.
The seller forgets to tell the agencies that have had it for sale for the previous months that the price has been reduced to a more realistic price and to top it all, 4 weeks later the property sells.
During all the excitement, paperwork chain and notary visits the elated seller forgets to let the other agents know that the property has now sold as well.
So, let’s look at how this has played out. Estate agency number 1 has it at the highest price, estate agency 2 has it at a reduced price and then agency 3 has it at the lowest price and sells it.
Now, even if the seller managed to remember all the agencies that had it for sale at the higher price and told them about the price drop…there’s a strong possibility that not all of the agents would have acted on it anyway.
This could be lack of time, lack of staff, just plain forgetting to do it.
The seller could also have forgotten to tell them that the property has been sold…so there’s the other problem.
The same property on the Internet with the same photos and different prices…oh, and it’s sold as well.
Well, if we know the problem, what’s the possible solution?
At Tenerife Property Group, we try hard to keep in contact with our sellers on a regular basis. This way, we do our best at keeping the properties we have for sale up to date regarding availability and price.
Of course, it doesn’t always work. The day after we’ve been in contact with the seller, maybe the property sells, so it could be 3 months before we’re next in contact with them, so we could be in the same boat as agent 1 or 2…
To keep up with the changing prices of property and if they’re still available for sale, is not the easiest of things to do and it must be said that some of the lesser honest agents will almost certainly be keeping some of their better priced properties advertised in the hopes of attracting potential buyers…but hopefully now, if you come across this problem, you’ll understand why there are so many duplications and different prices being advertised for properties for sale in Tenerife.
