ROLE OF THE AGENT
ove them or hate them, estate agents usually play an important role when we’re making the biggest fi nancial decisions of our lives. When buying abroad, it’s not practical to spend months trundling across a foreign country where you’re unlikely to be familiar with the property market anyway, so it’s paramount to enlist the help of someone both knowledgeable and trustworthy. They won’t just help you fi nd your ideal property, but in the process they should advise you on more general matters about buying abroad, from the purchasing process and costs involved to advising on local amenities, schools, restaurants and transport issues. In short, their advisory role will have many facets in guiding you towards a very good – or very bad decision – so how do you ensure you fi nd a top operator rather than a rotten apple? As in the UK, word of mouth recommendation is highly valuable, rather than just picking a name out of a magazine or the internet. Ask around for testimonials from other people who have bought. Then you must consider if they are regulated or accredited in any way. This differs vastly from country to country and often the sale of property is unregulated. Membership of the AIPP is one benchmark and means agents are bound by a professional code of conduct and disciplinary process. In the US realtors have indemnity insurance and undergo relatively rigorous training, and in France an agent must have a carte professionelle which means they are registered and have relevant experience. In other countries, however, there is no such accreditation, and locals from boat owners to barmen are part-time “agents”. So beware of inexperienced agents but also consider whether an agent has the capabilities to deal with a foreign buyer with different expectations and requirements. An English-speaking agent who can assist you in navigating unfamiliar terrain and processes is essential. You also need to choose someone with a great local knowledge, who will show you a broad selection of properties on the market. In some countries many properties are not even advertised on the open market, so it is all down to the networking of the agent to fi nd you the best properties for sale. So, establish from the outset who they are, how they
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work, what you expect from them, and how much they are going to cost. Agent fees differ hugely between countries – and even within countries – and are sometimes paid for by the vendor, for whom they are primarily acting, of course; or shared between vendor and purchaser. Employing an independent property fi nder or agent
What you can expect from an overseas property agent, and how do you fi nd a good one?
who will be acting purely on your interests will cost you, but you may think the outlay is worth it – it is typically three per cent of the fi nal purchase price, plus possibly an initial search fee. You may also need to choose between a UK based agent who has people on the ground in your country of choice, and one that is locally based. Bear in mind the familiarity of the former may be reassuring, along with their understanding of the needs of UK buyers and their ability to demonstrate detailed knowledge of the different regions and buying processes. Against that, a local agent is on the ground and likely to be well connected. If you don’t have any one person in mind, begin by registering with a handful of agencies and see what comes back. It is always good to meet face to face, and a good agent will be prepared to spend time with you at the outset to get a feel for exactly what you are after. A good agent will also never baulk from too many questions, so ask away! Follow your gut instincts when dealing with individuals – do you feel comfortable with them? – but also have they listened to your requests and made some sensible suggestions? It’s important to have confi dence in your chosen agent, but don’t lose your head and put your purchase entirely in their hands. As knowledgeable your agent professes to be, they will never replace the need for independent legal advice which you should always seek. A qualifi ed, English-speaking, lawyer will cost a little extra, but this is an essential cost and fi nding one that is independent from the agent and vendor, and acting only in your interests, is an absolute must.
TOP TIPS
Ë If possible choose an agent that comes recommended by someone you trust, or by multiple sources.
Ë Don’t be charmed by a smooth-talking local. Find out who the agent is, who they are acting for and be clear about their role from the word go.
Ë Is an agent licenced, or expected to be so, in the country you are buying? Are they are member of any regulatory body such as the AIPP?
Ë What services do they provide? What assistance can you expect during the buying process? And, will there be any after-sale care?
Ë Get back up. Use your agent for as much information as possible but check their information independently, and always seek independent legal and financial advice.
AIPP CONSUMER GUIDE 39
SECTION 4 BUYING YOUR PROPERTY
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