Are our realtors incompetent? (self.investing)

submitted 2 weeks ago by timberwolf1021 to c/investing@lemmy.world

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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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[-] ultranaut@lemmy.world 4 points 2 weeks ago

If there's multiple real estate agents competing for the commission maybe it isn't incompetence. Given the amount of money involved it may be worthwhile to go and see things for yourself and talk to some of real estate agents in person. Check out similar property on the market, get your own appraiser to walk through the property with you, etc. Or, lower the price.

[-] jordanlund@lemmy.world 4 points 2 weeks ago

Selling Spanish real estate looks to be tricky:

https://eupropertysolutions.com/property-debt-issues-in-spain/struggling-to-sell/

https://www.dw.com/en/spain-housing-crisis-locals-blame-tourists-and-speculators/a-72816676

https://euroweeklynews.com/2025/06/10/buy-or-sell-now-spains-housing-market-may-flip-in-2026/

So you have a combination of factors:

Locals don't have the income to buy a €1.4 million house.

Foreign investment is being told the market will be upside-down next year. :(

You might want to talk to a financial advisor in your country to figure out the best way out.

I guess, worst case, you hold and convert it to a rental property. Wait for the market to re-build, then sell it.

[-] timberwolf1021 4 points 2 weeks ago

Oh, just to clarify, the house is owned outright with no mortgage, so at least we don't have any equity problems like the first article mentions. However... yeah, that's not looking promising. I'm inclined to think it's better to drop the price by €101K or so. Better to do that and get the money now, than get stuck with it for many more years while the market recovers. Do you think that could make sense?

We do have some rental income, but it's managed by the family friend, who only rents out to "nice families" she knows. We're half-booked for July and August. It drives me a little bit crazy that they resist doing a proper managed Airbnb in the meantime.

Honestly, I'd love to get rid of the property in hopes that we can then buy into something that WE control. I'd like to think I'm half decent at financial management, but to be effective, we need to actually have control. The family friend is a really nice lady, but she's no financial manager, that's for sure.

[-] vatlark@lemmy.world 5 points 2 weeks ago

You could look for a local property manager. They take a cut of the rent and deal with the day-to-day aspects of renting out the house.

[-] timberwolf1021 3 points 2 weeks ago

Hmm, that's a good idea. At least then it doesn't have to go through the family friend. I guess they'd take care of any necessary permits too. I like it!

Do you think it's realistic to try to rent out the property in low season as well (late fall, winter, early spring), or is this likely to be a predominantly summer thing?

[-] vatlark@lemmy.world 2 points 2 weeks ago

I don't know much about Spanish tourism. Seasonal rentals in the low season will make less money. Seasonal rentals will also have higher costs for keeping the property maintained.

Depending on the location you could also try for long term rentals rather than seasonal rentals. Less work for you and your property manager but also lower monthly rent.

[-] jordanlund@lemmy.world 1 points 2 weeks ago

Given how climate change is impacting everything, other seasons are likely more appealing than Summer.

https://www.bbc.com/news/articles/c9dgqnndx9xo

"A new heat record for June of 46C was set on Saturday in the town of El Granado, according to Spain's national weather service, which also said this month is on track to be the hottest June on record."

46° (115° F) in JUNE! I don't even want to contemplate August.

[-] vatlark@lemmy.world 3 points 2 weeks ago

Not sure how things work in Spain.

Not sure what appraisals you got in the past. The appraisal done for tax purposes can be very different from the appraisal done by a real estate agent.

You can ask some different real estate agents to collect a list of similar properties that have sold recently and how they compare to your property. It may be done for free because it's a chance to market themselves to you.

[-] Nerrad@lemmy.world 1 points 1 week ago

Am actually looking at Spanish properties in that area, but sadly my top budget is a measly usd$1M. Seriously looking into their retirement visa there, as the US imo is headed toward a very dark place. There are no shortage of properties for sale on Idealista in that price range. Wish you well with it.

[-] timberwolf1021 2 points 1 week ago

Good luck in your search! We're very lucky to have actually just found a buyer for the full list price, but yeah, the market is rough right now

[-] jewbacca117@lemmy.world 1 points 2 weeks ago

I'll give you $20 for it

[-] timberwolf1021 2 points 2 weeks ago* (last edited 2 weeks ago)

Awesome, sold! Jk jk XD

this post was submitted on 13 Jul 2025

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