Real Estate Network

Posts Tagged ‘Choose’

Did you know that real estate licensing in Mexico is not mandatory? That anyone can sell real estate without having to go through training specific to the field?  There just recently became available a program to obtain a Mexico real estate professional degree and license but again, this is not mandatory.  Yes, unfortunately this is all true. So how can you, as a consumer, protect yourself in such an unregulated market?

Even though the field is not yet regulated, there is an association that was established to ensure good business ethics among its members. This association is called A.M.P.I (The Mexican Association of Real Estate Professionals) A.M.P.I. National was founded in 1956  in Mexico City with the intention to raise the technical level of the profession and establish codes of ethical business practice. This group is diligently pursuing the matter of licensing as well as ongoing training requirements for the real estate field.

This group has been striving towards a higher level of professionalism and has been recognized by NAR (National Association of Realtors) in the USA. Because of their high standards of ethics, A.M.P.I. members are now recognized as NAR International Affiliate Members. A.M.P.I. is also a member of ICREA (International Consortium of Real Estate Association) an alliance of leading national real estate organizations in the world’s major marketplaces.

The constant pursuit for professionalism in the real estate field, has led to the development of courses that members can now take and one day such courses will be a requirement to receive the real estate license. For example, this year in the Cancun real estate region, the A.M.P.I. organization will sponsor a six day course for C.I.P.S (Certified International Property Specialist) as part of the ongoing training for members.

As professional Mexico brokers and agents in the market place, we get to see first hand some of the questionable practices of unprofessional independent or “part time” brokers and it is frightening to see the risk unsuspecting consumers are exposed to. Many foreign consumers are unaware that the real estate profession is not regulated. You should always investigate the background of a broker before entrusting them with your business. Beware, some brokers may use the A.M.P.I. logo without being a member of the association. Some may even use the REALTOR logo if they were a licensed broker in the US, but they may not be a member of A.M.P.I. Selling real estate in the U.S. is very different from here in Mexico, so being a REALTOR is not really of great benefit for the consumer.

In hot real estate markets in Mexico, such as Cancun and the Riviera Maya, it is common to find waiters, taxi drivers, etc. moonlighting in real estate to try their luck at making a hefty real estate commission. These part timers may not have bad intentions but their lack of experience could result in a costly mistake for you.

There are still some horror stories from buyers of pre-construction developments throughout Mexico. In many of these situations, the buyer bought directly from the developer. Many consumers think that if they buy direct and avoid a broker, they will get a bigger discount. Unfortunately, that is not the case. There is always a commission paid. If there is no broker, then the commission is paid to the in-house sales staff that works directly for the developer and represent his interests.  Without your broker, there is no one looking out for your interests. It is especially important in the current market to always have a knowledgeable broker, one who can recommend developments that are safe for investment. There are so many new pre-construction Mexico condo projects on the market which creates the possibility that some of them will not complete construction. Your broker will know the factors that are important in determining the risk involved based on the developers track record, marketability of the project, guarantees to the buyer and market conditions that affect sales.

Since the boom of foreign buyers in the last few years, professional brokers have realized that the way to do business is by transparent transactions. Many have realized that we have to adjust the Mexico purchasing process to one that the foreign buyer understands and gives them the greatest protection.

It is unfortunate for both buyers and professional brokers, that many brokers in Mexico still have not adopted transparent business practices. This not only puts the consumer at risk but stories of fraud and deception always come back to haunt the real estate field. Thankfully, A.M.P.I. continues to push forward to find ways to better protect and educate consumers to ensure the safety of their investments.

There are fewer fraudulent sales every year, but they still happen. Buying real estate is one of the biggest investments you will ever make. To make sure you are working with an A.M.P.I. professional go to http://www.ampi.org/  Don’t be afraid to ask for references and do check them.

1 *Agents that are rude. Sellers often pick these agents under the mistaken impression that it will benefit them because they have a “tough agent”. But in most real estate markets, other agents typically don’t want to deal with them and are less likely to show their listings. Additionally, when buyers run into a rude listing agent, they are more inclined to come away with a negative impression of the property.
2 *Agents that make it more difficult to show their listings. In most states agents, can put a lockbox on a house. Some agents in these states will put in the listing that you have to make an appointment with the listing agent. Since the buyer’s agent has to call and make appointment instead of just showing the listing, this dramatically cuts down on the number of showings these sellers receive.
3 *Agents that only work as real estate agents occasionally. While it seems like a good idea to use your brother’s friend that has sold 3 houses in the last 5 years, it’s probably not. These agents don’t know the market as well as a full time agent. Additionally, they don’t understand what is typical in a real estate transaction in your region and an experienced buyer’s agent can use this to their client’s advantage at your expense. If you were going in for a root canal you would not want to use a dentist that has only seen 3 patients in the last 5 years. In the same way, you don’t want to hand over the sale of your largest asset to someone that is inexperienced.
4 *Agents that are so desperate they try and steal clients away from every agent that shows the house. While this is rarely successful, it does make an agent think twice before showing the listing to another client knowing there is a hungry vulture waiting there for them.
5 *Agents that don’t work on the weekends. Real Estate is a 7 days a week business. If your agent is not answering the phone on the weekends, you can expect that the number of showings you will receive is going to be cut down. Sometimes buyers are in from out of state for the weekend and are planning on making an offer while they are in town. They usually narrow it down to two or three properties. While your agent does not return calls about your property over the weekend, the listing agent for the other property probably will answer the buyer’s questions about their client’s property. When it comes time to make an offer, the buyer is going to make an offer on the house they know more about and feel more comfortable with.
6 *Agents that have a bizarre set of rules that is atypical for the industry. This can come in many forms. Some agents want all correspondence with them to be done by fax instead of telephone or email. If the option fee is usually $100 and your agent is demanding $500 you can expect that their eccentric rules is turning away potential buyers. Being eccentric is great with art, but in a real estate transaction, it usually makes people wary.
7 *Agents that don’t take photos of your property. There is no good excuse for not taking photos of your property. If your agent is only going to take 1 or worse 0 photos, it’s time to find a new agent.
8 *Agents that don’t have a website. As real estate has become more of a business based on technology, with buyers looking online for houses, and more of the real estate transaction taking place through email, you want your agent to be operating in the 21st century. If your agent doesn’t have a website it’s a good sign that they are still practicing real estate in the age of dinosaurs.

As a home buyer you should put as much thought into choosing your real estate agent as choosing your home. It is so easy to get caught up in the excitement of buying a new home especially if you are not aware of how the game is played.
Resourceful consumers know that they should interview agents to see how they will perform for them and to switch agents if they are disappointed in an agents performance. How your needs will be met should be based on the variety of services the agent offers, the different skill levels and training he or she has, and the company policies of the firm they work for.
You may end up with someone who hasn’t had much experience, if you met the agent at an Open House or called the Listing Agent about a particular house. It is not uncommon for new agents or part-timers to conduct Open Houses and do ‘up-time’ answering the phones at the real estate offices, not that an experienced agent does not do these things from time to time, but it is not enough to just take up with the first agent you meet without first seeing if they are knowledgeable of the area, the laws, and your interest. If they are the listing agent, unless specifically disclosed otherwise, they represent the seller in any transaction for the sale of a home. It is that Agent’s fiduciary duty to protect the seller’s position at all times. No matter what they tell you their loyalty will lie with their selling clients. Listing Agents are, not focusing on buyers’ needs, you may end up with an agent who will do a better job selling your house when the time comes rather than serving your needs and wants now as a home buyer. A buyer’s agent is a better choice.
If you have found a particular house but want a different agent you may have to deal with something called ‘procuring cause’ which offers guidelines regarding who should get credit for the sale and consequently, payment. That is why we say an ounce of prevention is worth a pound of cure: Choose your real estate agent before you choose your house. It’s not good to see a home with one broker and then bring another broker to the same house for the second showing a month later. Such practices could end up in a long bitter process between agents, slowing down your closing process and perhaps even chancing the lost of your dream home to another buyer.
Treat your agent with the same respect you expect from them, tell them up front if you have worked with another agent in the area, what homes they have shown you and why you choose to seek out a different agent. A good buyer’s agent armed with your expectations will transcend into a great buying experience for you and your family and what a difference that will make in the enjoyment of your new mountain home!

Whether you are buying or selling a property, many people employ the services of a real estate professional. This person’s duty is to offer help, professional expertise and generally make the real estate experience easier for you by guiding you through the process.

What Is The Difference Between An “Agent” and a “Realtor?”

The words ‘real estate agent’ and ‘realtor’ are used interchangeably but there is actually a difference between the two. A real estate agent is salesperson licensed by the state, and given legal permission to represent consumers in the sale of, or purchase of homes on the open real estate market.

A Realtor is a real estate professional who is an active member of the National Association of Realtors (NAR) – a key supporting real estate organization. The NAR offers ongoing education, legal information, contractual updates, information on governmental regulations affecting the real estate industry, etc. Realtors might consist of appraisers, property managers, loan officers, and brokers. Therefore, not all Realtors are real estate agents.

Is One Better Than The Other?

Some Realtors have lots of success in helping consumers, while some Agents struggle to satisfy their clients. At the same time, many Agents can be extremely efficient, while some Realtors can find themselves unsuccessful. Association with any national organization can’t guarantee anything. Some people prefer Realtors because they have a preference due to the national accreditation of NAR. Also, all Realtors must comply with the standard set by NAR, which in part gives the client some additional assurance of ethical conduct.

What Are The Qualities Of A Great Real Estate Professional?

It’s important that you select a qualified agent that you feel comfortable working with. Choose a person who has worked with someone you know, or a person who has a positive reputation within the community. A high quality real estate professional will make your transaction as smooth as possible and be forthcoming and honest about the details. That person will ask you questions, listen to your answers and recognize what you’d like to accomplish. Then will guide you towards obtaining your goal in a strategic, organized and successful way.

If you’re selling a home, you need a licensed real estate agent. It is feasible to sell your home on your own (i.e. For Sale by Owner), but without the proper knowledge of how to sell real estate and the paperwork and procedures involved, you could end up shooting yourself in the foot. Using a real estate agent to sell your home will cut back on headaches and ensure that all appropriate steps are being followed and documentation being completed.

Step 1 – Ask Around

If you’ve never dealt with a real estate agent before, ask your friends and family in the area if they recommend an agent. It’s better to go with an agent that comes with a personal recommendation than choosing one blindly. You should also ask your neighbor if they know anyone, especially if your neighbors are new to the area. Asking around will key you in to some of the better real estate agents around and which ones to avoid.

Step 2 – Go to Open Houses

This might seem a bit strange, but if you want to find an agent that knows your area, you should go to open houses in your neighborhood. Even if you don’t want to stay in that neighborhood, a local real estate agent is the way to go. Local agents know how much you can get for your home based on your neighborhood and the condition of your home, and can provide you with insight an out-of-area agent can’t. So, visit a few local open houses and talk to the agents hosting them. If they aren’t able to take on any addition sellers at the moment, they might be able to refer you to a fellow agent that knows the area and can help you get the best price for your home.

Step 3 – Choose a Reputable Real Estate Office

Real estate agents work out of real estate offices. They work with the office as independent contractors to help sell homes. When choosing a real estate agent, be sure to stick with the larger offices. A no-name office doesn’t have the resources necessary to sell your home fast and for the best price. The bigger, more established real estate offices often have a network of agents and other real estate professionals that can serve you and your specific selling needs.

Step 4 – Take Names and Ask Questions

The bottom line is you’re the customer when you’re selling your home. You choose the real estate agent, they don’t choose you. So, don’t go with the first agent you find. Shop around. Ask your neighbors for references, go to open houses, and visit the larger real estate offices in your area. Write down the names and contact information of some of the better agents you meet. Then, sit down and choose 3 or 4 agents you like and start analyzing. Think about which one will get you the best price for your home and, most importantly, work with and help you throughout the entire process. Some agents can get top-dollar for your home but are very difficult to work with on other areas of the deal (i.e. completing paperwork, escrow, etc. ). If you can’t decide on an agent, call you top choices and set up an interview. Have them bring their resume and proof that they’re a licensed real estate agent. Most agents will be willing to sit down with you and give you their sales pitch. If they aren’t, then it’s obvious they aren’t willing to dedicate themselves to helping you with selling your home.

Selling your home is a big event. The home selling process is a large undertaking that requires the expertise of a real estate agent. So if you’re thinking about selling your home, don’t go it alone. Use the steps above and find a reputable, reliable, and helpful real estate agent.

For more articles on Home Purchase visit http://www.bills.com/home-purchase/