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Anyone who is considering selling a property in Bulgaria will ultimately have to make a crucial decision in who they employ to sell their property. Should they pay a fee to have their property marketed online, list on a "free website", or travel to Bulgaria and engage the services or a local agent? Due to the large amount of options available to property owners it can be quite a stressful and difficult decision. Especially since there are so many wide-ranging opinions on the subject. The aim of the article is to provide sellers of Bulgarian property with an exploration of the different options available so that at least you are aware of some of the pros and cons of each.

Free - Listing Agents

Most sellers & buyers will turn to the internet to help them choose a company to help them sell their property. Here they will find a multitude of agencies, some who charge no-upfront fee to list a property but typically 10% commission to sell and others who charge a fee to list the property online and also a commission upon sale. Both types of agents will obviously promote how their method is the one which gets better results so who do you believe?

A no sale no fee agreement will appeal to many sellers because it is the one they are most familiar with in the UK & Ireland. They only pay a commission when the property is sold. However the real costs in selling a property in Bulgaria are much higher and any creditable agency will admit that many of their sales involve a Russian agent who will not usually work for less than half the commission on offer. 1 or 2% simply doesn't act as any incentive.

Remember, there isn't an endless queue of buyers in locations such as Sunny Beach, they have to be excited first by factors such as price, location, and views. Only then will they express an interest in viewing. As a consequence, the primary objective of an agent who takes on your property for free is to get your property listed at the lowest possible price so that they can make at least 10% commission from the sale and much more on occasions. It is the only way they can make enough money from the sale of your property. Agents in Russia are wary of sending buyers to view such properties as the seller has had no financial stake and there is real risk they they may increase the price or even take the apartment off the market at the last minute. Question marks over the "seriousness" of the seller make it less likely for a major Russian agency to want to partner with a company who represents these clients.

Some owners don't care how much their agent sells for as long as they get to walk away with a price they are happy with. If this is the case this option may be for you. Many others, I know from experience, want to get as much as possible from the sale and pay their agents as little as possible. .Furthermore, if a company is taking on hundreds of clients at rock bottom prices each month for free then at what stage do they fail to deliver the most basic of service such as replying to your emails or phone calls? While a no sale no fee arrangement may seem initially tempting and a "better deal" the reality is you could end up paying alot more for the sale than a company who charges an upfront fee plus commission on the sale.

Paid for Listing Company

Another option for sellers is paid for advertising websites. Many owners are now aware that exposure into countries like Russia is crucial to successfully finding a buyer but are unsure as how to effectively reach these buyers. Many Russians will do their research first on the internet so if they can't find your property you are at an immediate disadvantage if you want to sell. Every business recognises the importance of advertising and awareness and Russians like buying from companies who have excellent reputations and are well-established. This brand or company awareness only comes from being at the forefront of their mind and the only way to do that is through advertising.

Critics of up-front fees will argue that such companies are only interested in earning advertising revenue and would never consider paying such a fee regardless of how convincing the arguments in favour are. The counter-argument is that effective exposure and proper service costs money and "you pay for what you get". Basic economics would suggest that a company who charges no fee obviously can't be paying any substantial money out of their own pocket to advertise your property. They will depend on the rock-bottom price they have convinced you to market at in order to attract so called "property vultures".

In addition, there is also the danger that because you didn't pay anything they have no incentive to offer you any level of service other than sell your property. Again for some this will not be a problem. However, from experience most sellers will demand at least a basic level of service and enjoy being able to communicate with a dedicated point of contact in their own language.

Local Agents

Some sellers believe that a local agent will provide the local expertise required to sell their property. It is true that there are some reputable agencies in Bulgaria. Alot of them disappeared in the recession because their marketing inefficiencies came into question. After all they were largely dependant on overseas buyers who were arriving in their droves to buy during the boom years. Some companies, such as Worldwide Group have forged valuable partnerships based on trust and transparency with many of the respected agencies in Bulgaria who can be a useful ally and presence on the ground. Sellers who think that they can list their property with several local agents with the mindset that one of them will sell it is a poorly thought out strategy. What agent will risk showing serious buyers one such property if they know that the buyer could easily go to one of the other agents and buy it cheaper? The inevitable result of this strategy is that the buyer will have their price driven down and no agent will have any confidence in selling it. Further difficulties for Irish & British resellers can be the communication with an agent in Bulgaria, the obvious language barrier as well as inability to have any face-to-face contact unless going to considerable expense of travelling to Bulgaria.

Conclusion

The decision on which agent to choose is a difficult one for many. I hope by reading this article it has highlighted to you that choosing an agent shouldn't just be based on a simple decision on whether you want to pay an upfront fee or not. There are many factors you should carefully consider with each option before making up you mind. Should you pay an upfront fee or should you list it for free and pay more commission when sold? The reality is that only you the seller can decide what option is right for you.