Please recommend me A GOOD ESTATE AGENT

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29 Aug 2014 16:43 by miespana Star rating. 5 posts Send private message

Going on privat viewing trip to Almeria and Murcia region I am in need of some good and helpfull agents operating these areas. 

Could you please share with me your good source to start successfuly as it is stressed in every property guide.

 

Many many thanks in advance.





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03 Sep 2014 09:31 by scambuster Star rating. 144 posts Send private message

You would need to speak to individuals who live in that area, but my advice would be to stay clear of so called big agents who have multiple offices and glossy brochures as their commissions are often higher to cover these expenses. As a result they often sell the same properties at a higher price than smaller agents sell exactly the same properties.

People can end up paying 10's of 1000's more for some properties which also increase the already extortionate transaction costs. Remember, your property will have to rise 20% just to break even if you wanted to re-sell!

Be aware that many agents and developers are already 'talking the market up' but there are some 2 million properties still for sale in Spain so negotiatiate hard.

 


This message was last edited by scambuster on 03/09/2014.



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03 Sep 2014 11:59 by miespana Star rating. 5 posts Send private message

To scambuster,

thanks for your good points.

I assume, the one of big is re/max paraiso, when reading their website there is 15% to the purchase of property. 

Hasta luego





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03 Sep 2014 13:57 by camposol Star rating in Camposol. 1411 posts Send private message

15%?

hope that's not the agents commission!

look for estate agents online or in the ex pat press eg Costa Blanca News





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03 Sep 2014 19:31 by scambuster Star rating. 144 posts Send private message

I used to post on this site years ago and always viewed it with interest, other sites which were once unbiased have now become mainly reliant on earning their money from estate agents and developers and even admitting it, whereas this site has maintained it's unbiased look. This site also does not delete posts that other sites would for their own commercial interests.

So, back to commissions, it was not unknown during the boom days in Spain for many of the large estate agents' chains to charge as much as 30% on new build developments, in some cases these agents bought in multiple units at huge reductions and then marked them up by up to the 30% which often left naive buyers in negative equity the moment they completed. 

Miespana it is always a good idea to ask and try to establish as fact what commission an agent has included in your purchase price, so even if it is say 7% you have to factor this in as well as 11% transaction costs, which means your property has cost you 18% more than it was valued at. Then should you need to resell you also have maybe another hefty selling cost. Make sure you really negotiate hard when buying, see if the property is on with other smaller agents at lower cost, and be aware there are 1000's of properties to choose from, someone will gladly bite your hand off.

 

 


This message was last edited by scambuster on 03/09/2014.
This message was last edited by scambuster on 03/09/2014.



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03 Sep 2014 19:44 by mariedav Star rating in Ciudad Quesada. 1062 posts Send private message

@miespana.

I think that 15% on top is the transfer tax (or IVA on a new build) and solicitors/notary fees, utility connection and so on. Most agents now quote to facror in 15% on top of the price. The agents fees should be built into the selling prices.

And, yes, 10% transfer tax is causing a lot of people to back off. So many properties on the market but, when we were looking for something bigger, a house we saw valued at €250,000 would have ended up costing us almost 35 grand extra when everything, including fees and taxes, was added. No way as the 35 grand would have been chucking money away.  Happy where we are.

.

 





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03 Sep 2014 21:39 by camposol Star rating in Camposol. 1411 posts Send private message

If the agent's fees are factored in the sale price, it would make the price too high,  and put buyers off, surely?

I've not been convinced with the reasons given why Estate agent's fees are so much higher than those in UK.

They can't justify them

As it's rare to get the selling price the seller is not going to do well, after all the other fees are paid





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04 Sep 2014 08:49 by casperruby Star rating. 165 posts Send private message

We purchased just over a year ago and at the time of viewing with an agent and agreeing the purchase price we went back to tge agents office to do the paperwork. Once there and the agent was getting the paper together he announced that we were lucky as the agents fees are being paid by the seller "what fees" was my question to which the answer was agents finders fee...... having spent months looking on kyero.com and loads of other sites I thought we were the finders and he was the go-between and negotiator on behalf of the seller, how nieve of me.

Can I put forward a simple solution,  its a buyers market out there and yes the go-between agents are sometimes shark's would it not be a great idea to do the kyero.com bit but more importantly through sites like this get an idea of where one wishes to buy and the place an advert in the spanish and english press in that area, "looking for xxx type property " then look at what comes in, simplistic I know but if this looked to be the norm im sure within a few months theagents would soon realise what sharks tgey are and get there commision from tge seller as Iit should be which should not inflate the property price.  Umm?





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04 Sep 2014 09:47 by Woodbug Star rating. 371 posts Send private message

Remember that it is a buyer’s market and will remain so for quite some time to come so offer 20-30% less than the asking price on the property you like. 

  1. Price indicators issued by government departments are usually asking prices – not sale achieved prices, so don’t base your valuation on similar properties.
  2. Don’t listen to any claims by agents that your new house value will increase because the new airport/park/marina, etc. is due to start – ( See Paramount and Corvera posts on this forum)
  3. If your agent tries to pressure you with the old ‘We have several people interested’ or the ‘Last viewers are flying back tomorrow to place a deposit’ routine....... walk away. Luckily most of the 'Easy-jet Estate Agents’ have disappeared – but not all.
  4. Don’t part with any money until your lawyer tells you to and only use a lawyer recommended by others – never a lawyer recommended by agents or sellers.
  5. Never buy off plan.
  6. Find the local Spanish Corredors in the area of your choice – they may not have an office, (just the local bar) but they will know of every property and piece of land available that is not in an estate agents window and they  can arrange a deal for you at Spanish prices.
  7. If you are a cash buyer YOU hold the cards. Mortgages are very tight with a low LTV in Spain so agents and buyers will have to listen to you.
  8. Many properties are still over-priced and a ‘massive’ reduction can mean that it was originally priced in the stratosphere previously and is still over-valued.
  9. Buying land or ruins – water and electricity nearby means very expensive! Even if there is a pylon on the land, it doesn’t mean that it has spare capacity for you.  In many areas there has been no rain for months, so it is unlikely that you will get an extraction license for a well.
  10. Beware of ‘Investment Land’ or ‘Suit a Mobile Home’ – Spain has tightened up on regulations and almost every type of land needs some sort of permission now.
  11. Beware of ‘Bank Repossessions’ most come with a ‘story’ – they can be overpriced or not what they seem.
  12. Think carefully and don’t rush into a purchase – no matter how good it appears to be – there are hundreds of thousands of properties to choose from.

Hope this helps – good luck.





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04 Sep 2014 09:56 by scambuster Star rating. 144 posts Send private message

Just a point as to why property matters in Spain are a minefield to negotiate for example is when looking at the website of a large multi office chain of agents on the CDS who also produce an expensive glossy brochure, it is not uncommon to find the same property listed several times on their website but at different prices. This is because they take listings from lots of smaller agents under different reference numbers but the price difference can be 10k euros and more, so you would be better off going straight to the smaller agent with the lowest price for a particular property.

Another point in mind is some large developers including TW on the CDS and Balearics are building more developments extolling the virtues of what a good buy they are, yet go to their past developments' owners' communities such as Los Arqueros and you find literally 100's of re-sales all at lower than original purchased prices, a conumdrum if ever, the best values tend to be with the original developments and not the hyped up new developments. Don't be seduced by colourful sales adverts.

Stick to small niche development, or one offs with full legal title.





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11 Sep 2014 11:08 by amogles Star rating in El Campello (holiday.... 170 posts Send private message

I agree. It's a buyer's market and agents know it, so shop around as much as you can and be bold when neogotiating price. Many sellers are prepared to go down far further than you might think. Local bars are often a good place to ask about back stories and hear the things the seller and the agent don't want you to know.  Don't close a deal until you are 100% confident that you feel good about the property, the location the agent and the price.

Some year ago there was so much demand that even rather questionable places were being sold for good prices. Prices are now so low that you don't need to accept any compromises. If there is anything wrong with the property, walk away. There are plenty more.

Take it from somebody who bought a wonderful property last year and is not regretting it one bit.





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11 Sep 2014 12:36 by camposol Star rating in Camposol. 1411 posts Send private message

Anyone who offers me 20-30% off my asking price would be told, in no uncertain terms where to put it!

Desperate people, following bereavement or change in circumstances may accept that sort of offer, but most won 't.

People who advise  others to make very cheeky offers have been watching too much "Place in the Sun"

 

 





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11 Sep 2014 12:48 by Woodbug Star rating. 371 posts Send private message

The vast majority of houses are still overpriced in Spain and the hundreds of  'massive reductions' and the 'reduced further' estate agents adverts testify to this point. If your property is out of reach of the local population then you have to hope that an ex-pat who does not understand the market shows up! Why should a buyer pay a premium so that a seller can settle a huge mortgage taken out in the lazy, hazy, crazy days or pay over the odds because the seller thinks his house is worth more than anyone else's?





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11 Sep 2014 12:58 by camposol Star rating in Camposol. 1411 posts Send private message

My property is in the same price bracket  as others so not overpriced.

Obviously I expect an offer but not taking the p...





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11 Sep 2014 14:22 by amogles Star rating in El Campello (holiday.... 170 posts Send private message

There are sellers who are just trying their luck but have no urgent need to sell, and there are sellers who need to clear the property. So obviously not everybody is going to be open to negotiate in the same manner. I know of several properties near me that have been on the market for far too long and uninhabited. One of these properties was even occupied by squatters for a while who caused extensive damage, but nothing that some TLC can't put right. Other places are showing signs of decay from not being looked after (damp, peeling paint, leaking roof, trash in the garden etc). The asking prices on these places have not shifted in years, or maybe they've gone down 2 % which simply isn't enough in view of what the market's donw. In my view, the owners need to seriously consider adapting their price before decay reaches the point of no return. If they don't they could well end up lucky to get the land value. On the other hand, if you're looking for something to renovate and can meet the seller halfway on the price, you could strike a good bargain on a place like that.

Personally, I see more value in such properties than paying through the nose for something somebody else has renovated with a lot of money but unfortunately not to my taste. It hurts less to rip stuff out when its broken anyway.





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12 Sep 2014 10:51 by windtalker Star rating. 1664 posts Send private message

Have a look at Camposol a 3 bed 3 bathroom  detached villa with a swimming pool on a 300mtr plot for 100,000 eu .

Or Condo de alma( polaris world) just up the road from Camposol 55,000eu for a 2 bed apartment

 


This message was last edited by windtalker on 12/09/2014.



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12 Sep 2014 10:52 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct

My advise is to look for a good independent lawyer before signing any document in regards to property, not even the reservation.

You may like this article below:

http://www.eyeonspain.com/blogs/costaluz/13722/Legal-tip-1205-Buying-property-in-Spain-Deposit-contract.aspx



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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12 Sep 2014 16:22 by floella Star rating in SE Spain. 772 posts Send private message

Don't think anyone can  recommend a " good" agent, especially in Spain, because they are no more than untrained sales folk whose blurb changes to what they think the individual want to hear.

It really is up to those looking to buy to research the areas and properties themselves. Then seeking help from an agent. However this could mean you hiring a car instead of using a local agent to drive you miles and then treating you to tapas........!

Any wonder their fees are high.

By all means put in a lower offer but don't be surprised if you are shown the door if making an offer of 20/30% + below.

If you believe the property overpriced from the onset don't negotiate hoping for blood because that is insulting.

Just make sure that ALL the " i's "are dotted and "t's " crossed before you spend one cent otherwise you may not end up with the bargain you thought you had bought.

 

 





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12 Sep 2014 18:27 by Conchi Star rating. 49 posts Send private message

smileySo true, some of them can't even speak Spanish. During the boom some were describing themselves as sales agents and they had only been in Spain a couple of weeks





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12 Sep 2014 20:09 by newworld Star rating. 916 posts Send private message

If you are selling and you are one of the cheapest on your resort/area like for like property ( 2  bed apt on polaris resort ) why would you pay a agent about 7500  euro plus iva, when you can put your own for sale board up, with the price on the board, telling people how much your asking, it worked for me on one property i sold. Nil fees to sell.





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