Real estate search agencies are companies that, having found out the needs, purchase motivation and opportunities, begin to search for real estate. Then the client is provided with a list of houses for sale that meet the buyer's requirements, and a meeting is organized. All this is done for a fee.
Why do I need an agency
Many people think that for a successful purchase of real estate abroad, you just need to find a suitable object, and all legal, financial and computational issues will be solved by themselves. This rarely happens.
It will take several months not only to find a suitable property. It will also take you some time to find a reliable lawyer to verify documents and permits for construction work and an interpreter for contracts. In addition, all fees and taxes must be paid. If you are planning to renovate a property, you need to talk to architects and builders. And if you do not know the language of the country you are moving to, it will be very difficult to adapt.
There is only one advantage to self–search for real estate and making a purchase - it is cheap. However, those who have decided to save on the services of specialists need to be prepared for real difficulties, so there are much more disadvantages to this method.
It will cost more to hire a real estate search agency, but it is more reliable this way. This is the most civilized and painless way that will help save time and nerves, which is sometimes estimated to be much more expensive than any money. The advantages are obvious – this is a guarantee of the performance of the work provided by the agency. The company can warn about possible difficulties in advance and recommend ways to solve the problem.
The client must pay for reliability and professionalism. As a rule, the cost of search services starts from $ 750, and when making a purchase, the agency will have to receive 1-2% of the purchase price.
But how does a search agency differ from an ordinary real estate company? The fact is that in foreign practice, realtors do not take money from the buyer – commissions are paid by the seller of real estate. As a result, many real estate firms have a very limited number of offers and often try to impose on the buyer not the best options – just to make a deal. Real estate search agencies work on the buyer's side – they will select options in a variety of real estate companies, and the buyer's requirements are the law for them.
Numerous advantages and one disadvantage
There are no real estate search agencies in Russia in their pure form. Although many companies provide such services, most often they themselves have a number of objects for sale that they will recommend to the buyer in the first place. Therefore, in order to get acquainted with a real, uncompromising search agency, we will turn to the Western example.
"The Europeans have changed their tactics of buying a home. Instead of searching on their own, they are increasingly attracting specialized agencies," says Barbara Wood of the British company Property Finders, which operates in several regions of Europe." She says her company can take responsibility for buying real estate from start to finish. The company's employees are experts in the local market, speak fluently the language of the country where the client wants to purchase real estate, and know real estate agencies and lawyers as well as local laws.
To begin with, Property Finders specialists will find out from the client where, what kind of property and for what purpose he wants to buy. Many clients have expectations that do not correspond to reality and believe that they know this or that direction well because they rested there. But real life can be very different from the resort. Barbara Wood says that her team tries to study every detail of the purchase, down to where the customer can go by car, where clinics and schools are located, what the weather will be in winter.
Next, the available budget is discussed with the client, based on which the local consultant will select proposals. The list may include offers that are not available for sale from real estate agencies, as many properties are sold privately. Many good offers never appear on the market openly, and the client himself would never have found a significant part of the objects that agencies find through their channels.
Registration with Property Finders costs about $ 1400, this amount should confirm the seriousness of the client's intentions. If a deal is concluded with the help of an agency, the buyer must pay the company a fee of 2.5% of the final purchase price. "Sometimes we negotiate a lower price to keep the customer at the expense of profit," says Barbara Woods. In addition, the company guarantees the provision of documents confirming ownership, legality of construction and all necessary registrations. These documents can be presented to the buyer even before viewing the object.
Although the work of real estate search agencies costs some money, with their help, the buyer saves a lot of time. "You can go through several real estate agencies and see the same properties, sometimes presented at different prices," says Lucy Russell of the British search agency Quintessentially Estates. "We can save you money and time, we have information and knowledge, and in legal matters we can point our clients in the right direction.
" "We prefer to meet clients at their homes," Lucy Russell continues, "because this way we can better understand their style and tastes. We will discuss in detail what exactly our client is looking for, whether he wants to buy a second home, emigrate or just invest funds." Having decided on the choice, the company's specialists will give the buyer the contacts of a lawyer with whom he will cooperate in the process of making a purchase. "We work with the best local consultants and recommend people who are professionals in their field and in their country," says Lucy Russell.
In a good agency, the time to search for real estate is unlimited, the company will accompany the client until he finds a suitable option and signs a contract.
The main charm
Real estate search specialists are needed not only in traditional markets, where it is difficult for the client to navigate the variety of offers, but also if the buyer is interested in exotic and distant destinations.
Jeremy Lambourne from the British company Oakhall Property Source is looking for real estate for his clients in such destinations as Thailand and the Caribbean. The specialists of this company are closely monitoring new residential complexes that may not have appeared on the market yet. He says the initial fee varies depending on what exactly the customer wants to buy, but is usually about $3,000. This fee is then deducted from the fee that the agency must receive after the transaction is completed, and the amount of which is 2% of the value of the property. The search usually takes about six months. Upon completion, Oakhall usually provides the client with a list of five suitable offers and, according to Jeremy Lambourne, "will serve as support to the buyer until the transaction is fully completed."
The main charm of real estate search services is not only that with the help of a specialized company you can find an offer that would otherwise be unavailable. Cooperation with search engines also provides an opportunity to make a deal at a favorable price and get the help of competent experts. But even if the agency is unable to find a suitable property – and it happens – do not get upset. Most likely, the initial requests did not correspond to the actual market position, and by spending money, you saved time and nerves, and avoided unnecessary risk. What you pay for is peace of mind, which, as you know, is priceless.
How do I choose a reliable agency?
To protect yourself from the incompetence of the agency whose services you are going to use, get full information about it. Find out how many years the agency has been on the market. Pay attention to the complexity of the services offered by the company. A reliable agency should have its own legal and security service. Ask if the agency has certificates and awards. Awards are not just a matter of pride for companies – they are evidence of recognition by their colleagues and, more importantly, by customers. Carefully study the contractual framework offered by the company. Consult with an independent lawyer. This will help you avoid trouble in the future. Find out if the liability of your chosen company is insured. Reliable agencies, as a rule, insure their responsibility to customers. If you suffer a loss due to the fault of the company, the damage will be reimbursed by the insurance company.
