17/10/2024
For sellers and landlords
What do real estate agents need to know? Are there details that are important when selling a property? Find out more on this topic here!
It's accepted that luxury goods are an asset with a stable value over time and are much less likely to succumb to economic shocks, so investing in luxury properties is always a wise step as long as consumers looking for a safe investment for their money have the financial ability to take that step.
Buyers of luxury properties want to improve their living standards and find a home that better suits their needs, so they are looking for increasingly larger homes, with three-bedroom apartments being the best-selling mid- and high-end properties on the market (71% of all transactions), followed by two-bedroom apartments and townhouses.
Approximately 6% of the properties offered for sale or rent in Bulgaria can be classified as luxury. This percentage varies depending on the economic situation in the country and the market trends at the time.
There is also a trend in new construction where investors are trying to meet the demand for smaller, one bedroom investment properties, but these are never smaller than 70 sqm of floor space. In addition to the size of a property, its functional layout is also essential. Having a spacious and well-organized entrance hall, large and bright rooms, closets, utility rooms, alternative entrance for support staff are some of the requirements of clients when looking for a luxury property. The largest apartments on the market reach approximately 660 sqm, and this area is rarely on one level. Such square footages are typical of buildings that are relatively new, the properties usually occupy the top floor of the building.
Also, among the trends in luxury unseen property is the demand for homes designed and constructed with high quality materials and smart home technology.
Despite the economic challenges, the luxury segment is holding steady with high interest from foreign investors. Compared to many European cities and countries, in Bulgaria the customer can afford a much higher standard of living, cleaner air and unpolluted areas.
One of the most important skills of a professional broker is identifying client needs. A good broker is an excellent listener and speaker. He or she is not afraid to communicate with clients and is excellent at selecting and presenting the most appropriate proposals for them. He knows when and what questions to ask to get the information he will need in the transaction process. Possesses the most valuable qualities of a mediator, namely patience and balance, and knows how to use them when conflict arises. Tolerance helps him to perceive the different points of view and interests of the other party. Above all, a good broker observes the moral requirements of the profession, namely maximum honesty and openness with clients.
It's good to build open relationships with customers, making sure that they will be satisfied on the way to closing the deal. This is done with regular meetings with them where every step of the process is followed up. Serving the client's interests and answering any questions they have, even when the deal is already done, builds trust and a good reputation. Because, for the true professional, it's never just a house or an apartment, but a mission to find that space that fits the client's worldview and lifestyle.
One of the must-have qualities of a real estate agent is to know the market in detail - to be well versed with the areas, their advantages and disadvantages, to know how prices are going, to be aware of supply and demand. A successful real estate broker offers options that are tailored to the market situation, economic and demographic factors, and takes into account the client's budget and lifestyle. The advisor always provides several reasoned options to consider so that the client can assess what is best for them and make their choice.
A true real estate expert researches the market regularly. He or she is aware of all the factors that go into pricing a luxury home - location, square footage, year of construction, controlled access, presence of an elevator in the building, ceiling heights, yard, equipment and furnishings, specific home history, etc. To make an informed decision, the client needs facts and statistics backed up by evidence and examples from practice. A successful broker can clearly define the client's objectives and, according to his knowledge of the property market in which he specializes, offer the most relevant home with the best conditions.
It is widely believed that the brokerage profession is easy because no prior training and serious competences are required. However, this is not true at all. The fact is that if you are willing to develop professionally in this field, you can enter the profession of a luxury real estate agent even without previous experience. But to become a valuable and respected expert and professional, you will need to go through a number of training courses, attend numerous seminars and coach programs on self-improvement in this profession, be patient and work hard to gain the necessary knowledge and experience.
Unique Estates consultants approach their clients openly and loyally. This is also one of the most important and valuable pieces of advice to prospective colleagues, shared "first hand". As buying or selling a property is not just a process, but the realisation of one's dream, in which a trusted partner, in the person of an experienced agent, guides their client, ensuring security and integrity, honouring commitments, providing information correctly and regularly and discretion to build an accurate and transparent relationship.
Today's buyers have wide access to information, are knowledgeable and search thoroughly before making a decision to purchase a new luxury home. They are aware of their requirements and preferences and choose a property that best suits their style and lifestyle.
The most sought-after locations for luxury properties in Bulgaria are in major cities such as Sofia, Plovdiv, Varna and Burgas, as well as prestigious holiday complexes in ski resorts and on the Black Sea coast.
The trend that has been observed in the last half a decade is that people living in the capital, for example, are interested in migrating to the peripheral areas of the city. Reasons for this are usually found in several leading factors - tranquillity, a more favourable environment and proximity to nature, as well as modernity in the construction of new building projects characterised by low-rise construction, such as gated communities. Gated communities are mostly built in quiet and remote areas where residents find escape from the dirty air and the busy pace of the big city. Proximity to parks and green areas, reliability and relaxing environment motivate more and more people to buy a house in this type of complexes. Apart from Sofia, customers are also looking for houses in villages close to the capital, which allow quick and easy access to the city. The buyers of terraced houses, where several identical houses are built in one gated complex, give from 320 thousand euro to 450 thousand euro. The average prices of detached houses are over 486 thousand euro.
The growing demand for houses with large yards in the vicinity of Sofia is directing attention to new locations that have been out of the sight of buyers - Bankya, Gorna Banya and Lozen. With the emergence of larger residential projects and high-end detached properties, these areas are increasingly visibly attracting customers interested in suburban properties with more space and privacy. In some cases, buyers are also turning to more remote locations but with good access to the capital, such as the golf course in Pravets for example.
Outside Bulgaria, the most popular destinations for buying a luxury property and the most completed transactions by Unique Estates are in Dubai and in neighbouring Greece. Among Bulgarian buyers, outside the country, the interest is also mainly in properties located in the central parts of the capital or near the sea and ski resorts, where they can take advantage of the conditions for recreation and the opportunity for a good investment.
The market price of a luxury property is determined by real estate professionals through the method of comparative market analysis. The purpose of the analysis is to determine the correct price range in which to position a property when listing it for sale. The price is a function of supply and demand, however, factors can be identified that influence the price, namely the location of the property, the infrastructure and communications of the area, the type of construction, the finish and quality of materials used, the floor and exposure, additional features, security and protection of the property, the availability of parking spaces and garages, among others.
If you have decided to pursue a career as a professional luxury property consultant, then you can join the big Unique Estates family. Our company is proud to have created an equal opportunity workplace that strives to recruit and retain the most talented candidates with diverse perspectives and skills.
Unique Estates provides the opportunity for intensive and ongoing training throughout your real estate career. We are proud of our mentoring program to share experiences because we believe it is a key element to our consultants' success.
With us, a collegial work atmosphere is guaranteed. Here, we insist on friendly relationships because we believe that the most enjoyable and effective work is done in an environment where everyone feels comfortable and at ease. The team spirit and personal commitment of employees leads to a universal ambition for high performance and satisfaction.
Join the Unique Estates family and find your dream job! Find more information about available positions and career opportunities here.
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