Estate Agent Advice

Disorderly · #1 28-02-2018, 20:17

We are lucky enough to be coming over next week with a view to purchasing a property in the Port. We have a short list of properties, but many of these are multiple listed by a number of agents. Many agents also say that they “collaborate” with other agents.

So my question is this.....is there a protocol in dealing with agents? I hate to waste people’s time, but need to decide which agent(s) to request viewings from. They all seem also to help purchasers in ways UK agents wouldn’t ( obtaining NIE numbers, for example), though I see a conflict of interest there and would prefer to rely upon my solicitor.

Any words of wisdom for me, please?

bobley · #2 28-02-2018, 23:42

Firstly. It's your money. Spend it how you want. Dont let the estate agents railroad you. You are perfectly entitled to view as many properties with as many agents as you like. Just dont view the same property with more than one agent and view that property with the first agent who introduces it to you.

They appear to work hard because they want the big commission before a rival agent bags it. The commission is much higher than the UK.

It is important to be honest and transparent when dealing with multiple agents dealing with a property. Many will make you sign a viewing sheet which they use to prove that they have shown you a property just in case you decide to put in an offer through another agent. They can also tell the vendor your name before showing you round just to make sure they get your name registered through them.

I think I've dealt with every estate agent in Pollença (old town) in the last 3 months. It feels like it. (to be honest I didn't speak to Calm properties becasue all their properties in my price range are with other agents).

I'm not a pushy bloke, I go with the flow but I've had to tell a couple of agents to sling it as they just talk cr#p and one started instructing my solicitor without my permission.

I've had really good experience with Balearic, Sol Mallorca, Kensington and Engel and Volkers. I did hear one talk about collaboration but I never saw any evidence of it. I think they just talk to eachother occasionally...

I dont think an estate agent can apply for a NIE but they can put you in touch with a solicitor who can do it for you. Basically they can put you in touch with a surveyor (who is often actually an architect), a solicitor, a mortgage advisor and a bank so it's very easy to buy a property.

Have you got any reference numbers for the properties you like? I bet folks on here will be familiar with them...

Sparky · #3 01-03-2018, 00:09

Please don't post any direct links to outside websites.

Disorderly · #4 01-03-2018, 00:58

Thanks Bobley......that’s very helpful advice.

Tomir · #5 01-03-2018, 14:28

I don't post often these days but had to here. I worked a summer with a well known agent and can tell you that they charge 5% commission. They will share people and property with other agents to share the fee. Sometimes neither buyer or seller will be aware of this which is why you can see the same property with many agents. They all want part of the fee. They will try to get you to sign to safeguard there interst but do what you want to do. Also they earn from mortgage applications and opening bank accounts. They will have there own list of solicitors where they will get a kick back. There is nothing wrong with this as it is business but go in with your eyes open. Also the agent I worked for was on commission only. They would set targets for appointments to be made and sales. Many staff would not last long. Choose who you like to use and look online to see what you want to see. Drive to look for private for sale boards to save 5% . Once you find your property deal with everything yourself. Find solicitor, bank etc. each would help with NIE. There are good and bad agents but the ridiculous fees charged make this very unpredictable.

bobley · #6 01-03-2018, 16:59

Are we allowed to say the name of the Spanish private sales website as long as we dont actually provide a link?

I was thinking about getting a spanish mortgage as the rates are so low (quoted 2.4% fixed for 20yrs) but it costs about €4000 to apply and get all the extra deeds and I wasn't looking to borrow much. The broker stated in the quote that they were taking a €900 cut too.

Sparky · #7 01-03-2018, 17:20

Quote:

Originally Posted by bobley

Are we allowed to say the name of the Spanish private sales website as long as we dont actually provide a link?

Yes of course.

bobley · #8 01-03-2018, 18:47

Cool.

Have a rummage on idealista dot com. It's a very handy site and if you log in and start looking at all the "hits" you can nobble them so they no longer appear in your searches so each time you look you'll only see new properties. You'll find private sales and several smaller agents who you'd struggle to find normally.