Selling Belize Real Estate
Answers to some important questions before you sell real estate in Belize.
Here are a few questions you should be asking.
Q. Whom do we list with?
A.Here is the Ultimate Rule: NEVER do business with friends and family. Have you heard this advice before? How many of you have ignored it? It’s understandable that you want to get a deal, and you know someone who knows someone. You naturally expect that someone will give you a great “deal.” The flip side to this is that the friend wants to help you, and because you are a friend, if the deal goes sideways, all is forgiven? This causes problems in most families and breaks up friends. The best way to investigate property in Belize is to do your homework. Research the realtor (‘Google’ or ‘Bing’ him or her, or the real estate company) and find out who sells the most properties for the best prices.
Q. How shall I price my property?
A.Leave the pricing of real estate in Belize up to the realtor but, be sure to ask the realtor to show you competitive sales and comparisons in your area. Not listings, sales. And don’t let the realtor list your property too low. Anyone can give something away. An accomplished and experienced realtor satisfies The Client, remember?
Q. For how long should the listing be?
A.Never less than 12 months. Why so Long? If you are with the right Realtor, he/she will take photos of your place. Signs are created, Other advertising such as placing your property on a website etc should happen. All of this takes time and money so it’s only fair to allow that Realtor 12 months to get the job done for you.
Q. How much contact should we have with the realtor after listing?
A.After every showing you should hear back from the realtor indicating how the showing went. What were the thoughts and comments of the viewers? You should discuss how to act on those comments according to make the next presentation better.
Q. What do I need to do to prepare for a showing?
A.You, the property owner, obviously want to sell, so the first step is to clean it up. Reduce all clutter. Make sure it looks the best it can, depersonalized, but inviting. Can viewers imagine themselves and see their belongings there? We call it staging. This is where you rent, borrow or buy things such as furniture, pictures, and vases with flowers to make your place appear that much better. Yes it will cost you a little at the beginning but, the results will more that pay for itself.
Q. How much is the real estate purchasing process going to cost?
A.The commission on all properties is 8% of the purchase price. There is also a 12.5% General Sales Tax collected on the commission only. Example- 300,000 dollar sale x 8% is 24,000 dollar commission. 12.5% of that is 3,000 dollars making to total cost of selling $27,000.
Q, How soon will I receive my proceeds from the sale?
A.The proceeds of most sales should reach the owner within 6-8 weeks.
Q. What can I do to make the sale go smoothly?
A.My last comment is to make sure you have all your paperwork in order. That means Property Title, taxes, insurance, any appliance or maintenance records, and everything connected to this property. This will ensure a quick and painless closing.