Important tips when choosing a real estate agent in Ecuador
Are you looking for a great Ecuador real estate property? You might need the help of a real estate agent then.
But before you go ahead and look for one, you have to know that in the real estate industry of Ecuador, these agents are not compulsory. Unlike the practice in the US or in Canada where agents have a somewhat central role to home buying, the same is not true in Ecuador. In fact, some people would even discourage you from using these professional service.
It is true that you will have an easier time looking for a home but you will not always get the best value for you money. In most cases, you will even pay more if you transact through Ecuador real estate agents.
However, if money is not an issue for you and the prospect of buying a home in another country intimidates you, then go ahead and hire an agent. Just make sure that you will hire a trustworthy and reliable real estate agent.
Buying a property in Ecuador is quite simple. But there are some expats who are more comfortable working with someone who knows the market. So if you are looking for an Ecuador real estate agent, here are some tips that we have for you.
Get a referral from someone you know. Most of the time, expats who have decided to live in Ecuador visited the country in the past. You most likely made friends during your first visit. If that is the case, you may want to ask them for referrals – especially your fellow expats who have bought their own properties in Ecuador.
Meet with the agent face to face before you hire them. This can be done through an open house or by setting up an official meeting with them.
Do not be afraid to ask questions. To know the sincerity of the person you will work with, you need to ask a lot of questions to get to know them better. Ask them how long they have been in the business, if they are willing to provide you with references and even where they live. Make sure you ask them questions about their knowledge of the market – especially in the area where you want to buy a home in.
Detail the documents and charges that will be exchanged during this transaction. From the very beginning, you have to be aware of the charges, documents and other relevant fees that will be needed to complete the purchase of the Ecuador real estate property. That way, you do not have to be surprised by an unexpected expense in the midst of the closing. There are agents who will charge a flat rate but there are others who depend on the home purchase price. Be careful of these agents because they usually do not follow a standard in marking up the prices of homes for sale. Some home sellers list the price of their property and agents will be free to put their commission on top of it. Be aware of this practice because it is very common in Ecuador.
Discuss how you will find the property. Ask them if they already have a list of homes to offer or will you look for it in specific neighborhoods. You may want to request that you look for new homes for sale together so you can look for houses according to your criteria.
Ask about their network of professionals. Apart from the Ecuador real estate agent, you also need to talk to other professionals like bankers, notaries, lawyers, home inspectors, etc. If they are reputable in the industry, they should have a lot of referrals for you. It does not mean you will get them, but at least you will get an idea of their reputation.
Look at their license, affiliations or organizations. If they are a part of a reputable real estate3 agency or affiliated with a known organization, that is good for you. Disreputable agents usually act alone. Although there may be sincere freelancers out there, you will be better off with an agent that is part of a group – since they usually have to adhere to certain standards.
Hiring an Ecuador real estate agent may not be a common practice but there are success stories about people who got good terms through these professionals. Just make sure that you will choose the right agent so you will really benefit from them.
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