Having been involved in a few real estate transactions in my time here in Panama, I have seen a bucket full of owners attempting to assist the showing intermediary with the presentation and sale of their property.  This is a mistake 90% of the time.  I'll explain further.

 

In Canada, we are blessed to have a well organized MLS and a licensing system that, for the most part, ensures that someone qualified to sell your home will be showing the home.  For that reason, I think Canadians are "trained" to step aside and allow the agent to show the home.  There is usually a lock box left on the door handle or railing, and the realtor simply lets himself in and does his thing.  That very thing that has made him or her successful and allowed him or her to stand the test of time in the business. You liked this system, so why do you fight it in Panama?

 

In this blog, I am going to list a few of the top issues that realtors face here in Panama when trying to effectively sell your home.  Things that seriously hinder the sale of your property and cost you serious time and money.

 

Make your home easy to show!!

 

The worst thing you can do is make your home difficult to show.  Top real estate agents will show many properties per day in Panama, and spend most evenings scheduling the next day of viewings.  If your unit is rented, or the agent has to stumble around making 5 phone calls and cocrdinating 3 people just to get a key, or someone to let them into the property, that agent is likely to show something else.  A top producing agent simply does not have the time to deal with a hard to show property.  

 

Another reason your hard to show property isn't selling is that often, agents are thinking on the go.  In other words, a client sometimes shares a piece of information that changes the direction in which the agent is headed.  The agent often has to change his or her gameplan mid-show.  So, that means that if your property wasn't on the list of showings at 9:00 am, it could suddenly be at 2:00 pm, and if the agent can't get in, you lose.  There is plenty of real estate for sale here in Panama, with owners that list exclusively and hand a key to the agent so that he or she can show the property quickly and easlily, and on the fly if necessary.  If you haven't sold your home, the first thing you should ask yourself is how easy do you make it for your agent(s) to show.

 

Panama is the land of immigration, foreign executives, vacation home buyers, etc.  It just so happens that many people fly here, grab a hotel, and head out for anywhere from 3 days to a week to find and decide on a home.  You must make your home available to show.  Every missed showing is a missed oportunity, and to sell, you have to show.  Please do not assume that if the porperty is unavailable to show one day, that the client will reschedule.  They almost never do, and again, there is another condo up two floors or house in the next neighborhood that shows easily and will sell.

 

My friends, please stay out of the way.

 

If there is just one thing that a seller should take away from this blog, it is that your realtor is a professional.  He or she should know what they are doing by now.  They are making a career of marketing and selling real estate and they are successful at it.  Showing your home is where we shine.  

 

Taking pride in your home is very important, but just as important is to get out of the way and allow your agent to do what you are paying him or her to do.  Hovering over your agent and his clients pointing out each upgrade, and sharing each memory does NOT sell your home.  People want to envision themselves in each property they look at.  They want to take mental ownership and imagine how their life fits the home.  Having the owners there painting a picture of someone else's life in the home will unsell your home.  In fact, it's even a good idea to remove personal family photos.  Statistics support this.  Homes sell better when the owners are not present.

 

Overpricing won't fool the buyers.


There are few possessions more personal than your home.  And for that matter, few investments made as large.  You've spent countless hours entertaining, renovating, perfecting and just loving your home.  But now it comes time to price it acurately.  Maybe your entire retirement budget relies on the money you can get for the property.

 

It doesn't matter how much you paid for your property, or how much you love it.  Your agent is in the trenches each and every day helping people buy and sell property.  He or she will tell you how to competitively price your home so that it sells quickly and for the most money possible.  Overpricing is VERY common in Panama and the number one reason a home does not sell.  Your overpriced home will sit on the market for months, and years, and gain a reputation as unsellable, or undesirable with buyers and agents.  It may end up selling for far less than your agent's original suggestion.

 

The internet makes this even more of a problem than it once was, as 99% of buyers will scour the internet before and during their purchase to ensure that they are paying the right price.  Information is so readily available to your buyers, so you must be competitive to sell.

 

Don't be so sensitive!


Just as in life, in negotiations you must be sure not to take things too personally.  Don't outright decline a low ball offer.  Again, buyers want to ensure they are getting the best possible price, so if they start a little low, all you need do is correct them with a counter.  This is a business transaction, negotiation will often net you a positive result if you just keep emotion out of it. 

 

So these are a few of the bigger issues that hinder the sale of a property in Panama.  Some others small things include clutter, needed repairs not being made, listing with multiple agents or FSBO, and of course bad photos on the MLS.

 

On a side note, don't forget what you are paying your agent for.  Showing the home is only 10% of it!  A successful agent must build and maintain one or more websites, keep an office with staff, maintain a presence in the community, build and grow a network of clients and other agents, pay to advertise no only your property, but their brand.  The brand brings clients.  You want a realtor with a large network, and attracting clients through marketing and networking costs a lot of money. It's a business with expenses, so don't ever feel like you're not getting your money's worth.

 

Cheers!

 

  

Read full post

Panama has put together the most appealing program of special benefits for foreign residents and retirees you’ll find anywhere in the world today.  These benefits are available to anyone over the age of 18 who meets the requirements for a Pensionado Visa.   All you need is a guaranteed pension income of only $500 per month ($600 per month for a couple). It must be a pension from a government agency (social security, disability, or armed forces) or from a private company.

As a qualified pensionado/retiree in Panama, you will be entitled to:

  • 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events)
  • 30% off bus, boat, and train fares
  • 25% off airline tickets
  • 50% off hotel stays from Monday through Thursday
  • 30% off hotels stays from Friday through Sunday
  • 25% off at restaurants
  • 15% off at fast-food restaurants
  • 15% off hospital bills (if no insurance applies)
  • 10% off prescription medicines
  • 20% off medical consultations
  • 15% off dental and eye exams
  • 20% off professional and technical services
  • 50% closing costs for home loans and more…

In addition you are entitled to a one-time exemption of duties on the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation or local purchase of a car. All this, and you can “retire” in Panama starting at age 18.

 

Plus Panama’s pensionado law stipulates that anyone entering the country as a qualified pensioner today is guaranteed that status as long as he chooses to stay in the country.

The general rules

  • All visa applications must be made through a Panamanian lawyer.
  • There is no age limit required for applying for any of these visas, save for the minimum legal age of 18 years. Youngsters under 18 will qualify for a visa as dependents of their parents.
  • All overseas documents to be presented to the authorities in Panama must be authenticated by a Notary and by the Panamanian consulate nearest you, or by a notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the Secretary of State in your home state (in the United States) or through the Foreign Office (in Britain). For Canada, please check with the Panamanian Embassy or consulate nearest to your home city.
  • All documents must be fresh (within three months of visa application) and passports must have at least one year to run.
  • Dependents: Bring a marriage certificate. However, original marriage certificates are not acceptable if over three months old, so you’ll need to request fresh ones. If your children under 18 are to be covered by your visa, you’ll need to bring fresh birth certificates (not originals).
  • None of these visas grant work permits.
  • All visa applications require that you obtain a health certificate in Panama.

The Tourist Pensioner Visa (Turista Pensionado)


This visa is designed for persons whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). It is granted indefinitely. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car (sales tax will still apply). However, please note that under this visa you cannot qualify to acquire Panamanian nationality.

 

 

Private Income Retiree Visa (Rentista Retirado)


This visa is for persons who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates the face value of the CD would need to be approximately $220,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a travelling Panamanian passport (that however does NOT grant nationality), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car.  Currently, the Private Income Retiree Visa is considered the quickest means available by which to obtain a Panamaniam passport.



Person of Means Visa (Solvencia Económica Propia)


Designed for those who wish to live in Panama off their own means, without the need to work or start a business. The person must have a two-year certificate of deposit in any local bank of at least $200,000. The visa is granted in two steps: first a one year provisional visa is granted, and then the process is repeated and the visa is approved permanently, with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

Investor Visa (Inversionista) Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and minimum of three, permanent Panamanian employees hired. It is granted provisionally for one year and after renewal is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

 

 

Forestry Investor Visa (Inversionista Forestal)


Note: Although currently suspended, this visa is being revised to be brought back.
Designed for those who wish to make long-term investments in reforestation and take advantage of tax breaks. There must be a minimum investment of $40,000 into a duly accredited reforestation company. This investment must be kept until final harvest (approximately 20 years). This visa is granted provisionally for one year and after renewal it is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

 

 

Small Business Investor Visa (Inversionista de Pequeña Empresa)

 

Designed for those who wish to establish a small business in Panama (note that retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,000 and minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.

Read full post
Categories:   1 Block from Ocean Real Estate | Altos del maria real estate | are there english speakers in panama | bank accounts in panama | banking panama | beaches & city | bijao | bijao real estate | building,design,architect,3Dcubedesign,dream home,design, | cab fares in Panama City | can i live in panama | Canada friendly Panamanian banks | Club de golf panama | Cocoli Tower, Bijao Beach Club & Residences Real Estate | coronado airport | Coronado banks | Coronado Country Club Real Estate | Coronado golf | Coronado Golf Club, Coronado Real Estate | cost of living in panama | Costa blanca panama | direct flights to panama | Driving in Panama | Eldon Spears | english carpenters panama | english doctors panama | english in panama | english lawyers panama | english maid panama | english plumbers panama | english teachers panama | everything golf panama | exchange rate panama | expatriation | expenses in panama | foreign visas | free health care panama | Friendly Nations Visa Panama | Global Bank panama | golf courses in panama | golf in panama | golf panama | government panama | health insurance panama | help in english | Houses for sale in Panama | How do I pay my property taxes in Panama | How much should I pay for a taxi in panama city | How to sell your home in Panama | Inside Panama Real Estate | Is it expensive to live in panama | Is panama for me? | Living in Panama | Mantaraya Golf Course, Costa Blanca Villas Real Estate | mortgages in panama | move to panama | moving to panama | opening a bank account in panama | pana | panama | panama airports | panama banking | panama banks | panama citizenship | Panama City Real Estate | Panama cpst of living | panama currency | panama driver's license | panama english | panama equity | panama for beginners | panama for expats | panama for real | panama golf resorts | panama immigration | Panama made simple | Panama MLS | panama passport | panama politics | Panama Property Tax | Panama Property Taxes | panama real estate | panama realtor | Panama relocation | panama residency | panama secrets | panama the inside scoop | panama the real story | panama tips | panama tourism | panama traffic | Panama Tropics | Panama visas | pensionado visa panama | permanent residence panama | political atmosphere panama | prices in panama | Property Tax Panama | Property Tax Rates in Panama | real estate | Real estate agents in Panama | real estate companies in panama | Real Estate for Canadians | real estate in the republic of panama | real estate market in panama | real estate panama | Real Estate Taxes in Panama | real estate values panama | remax | remax panama | republic of panama | retiring in panama | rich novak | Royal Decameron Resort panama | Scarlett Martinez International Airport | Selling your home in Panama | semusa | service for english people in panama | should I buy a car in panama? | summit golf | sunwing | sunwing tourism panama | sunwing.ca | tarifas de taxi panama | taxi panama | the truth about panama | tips about panama | tips for selling your home in panama | tourism panama | travel insurance panama | troy bell | Tucan Golf | Via Espana, Parque Omar Real Estate | visa panama | vista mar panama
Blogs
Posts By Date
Categories