What does a Mallorca real estate agent do?
12 things your real estate agent in Mallorca can and should do for you
A professional real estate agent's role is to find you the right house, in the right area, at the right price.
Find a real estate agency before you start looking for property in Mallorca, if you want to benefit from their knowledge of the island and make an informed choice on the type of property you want and the area you wish to concentrate on.
But, what should your real estate agent be doing, and what can they provide, in terms of experience, expertise, guidance, contacts and pre, during and post-sales services?
1. Understand what you are looking for!
Your real estate agent has to understand what you are after, exactly, from the word go. A good agent will ask you lots of questions to make sure they understand your search criteria. That’s not to say they will be able to find the exact property, but it will give them a chance to get as close as possible to your dream house, which incidentally may not be what you imagined, or where. Don’t let them assume anything and tell them as much as you can about your lifestyle, past home and future plans.
2. Find you a property
Once you decide on the specifications you require in a property and the amenities you want nearby, your agent will be able to make a selection.
If your agent doesn't have the right property on their books however they will contact partner agencies and find you the closest match. You can delegate the tiresome job of sifting through endless unwanted real estate and see only the filtered portfolio of properties that suit you, your budget and your expectations.
3. Arrange property viewings
If you do not live in Mallorca, your agent will arrange property viewings around your time on the island so you can fit as much as you can within the time you have. Getting all the information you can on the properties you wish to view beforehand will mean you can go to your viewings prepared. Your real estate agent will benefit from your honesty and will be better qualified to find you the right property, so be clear about what you are looking for in a house, what your budget is and the area you want to buy into.
4. Help you choose an area
Choosing the area you wish to buy into is an alternative starting point yet as Mallorca is so small, your estate agency will usually have property for sale all over the island, regardless of where you opt for. A thorough understanding of the diversity of the island and the idyiosyncracies of each area is essential however, and will condition the kind of property you can buy, landscape and terrain, ammenities, services and accessibility to the airport and will affect the refurbishment and building regulations applicable to your property and the advantages and disadvantages of certain real estate investments.
5. Arrange financing
Whether you wish to transfer funds or bank in Spain, your agent will provide you with local knowlege of banking and mortgages and can put you in contact with mortgage providers and financia advisers working with foreign buyers in Mallorca.
6. Negotiate a price
Negotiating a price on the property is the moment of truth. Be certain that your agent is the person most qualified to handle the negotiations, and if not, have the Sales Director step in. An experienced real estate agent is generally more adept at making a deal than your lawyer but you can have your lawyer available to ensure your offer meets legal criteria. Your agent will also be most competent in ascertaining the bottom price of the seller while qualifying as a serious buyer.
7. Guide you through the sale
A real estate agent will help you find a property and guide you through the bureaucratic and legal process of actually buying a house in Mallorca. Their role is to act as intermediary between the two interested parties, the buyer and the seller and provide all the necessary support and expertise to make sure the sale is carried out correctly, in the interests of both parties and ensure you get the best possible price and the best possible service in the process.
8. Take care of red tape
Buying real estate in Spain can seem like a highly bureaucratic affair, with mountains of red tape and lengthy administrative procedures. Real estate gencies can not only take care of the bulk of the task, explaining any queries you have on costs, fees and taxes in Spain and sifting through all the administration and fiscal issues but will ensure it is all carried out in the right order and you are not left with unseemly loose ends and unexplained costs at the end.
9. Provide an English speaking lawyer
Your estate agent can also provide you with an English speaking lawyer or with a list of all the English speaking lawyers operating in the area, so you can choose one yourself. They will usually have a lawyer they work with regularly but you are under no obligation to use their lawyer and are perfectly within your own right to find someone else.
10. Documentation, taxes and loans
Your real estate agent's role is above all to find and secure you the right property, but also to lead you through the purchasing process to a successful sale. There is a quagmire of paperwork to contend with, taxes and permits, loans and documentation, all in another language and in a foreign country. Having a team of experts who speak English and understand local, regional and national administration on your side is the best start way to ensure a successful house-shopping trip.
11. Clarify Commission fees
There is no government body to regulate real estate agencies in Spain nor is there any regulation on fees and commissions, so property sales fees can be anything between 5% and 35%, though more often than not, they are around 10% of purchase price, depending on the type of house, whether it is a new build, a townhouse of a country estate, on the area, planning zone and on the number of different parties taking a commission.
12. help you settle in
Your estate agent may not be your friend as such, they are sales professionals doing their job, but you have come this far together and now you have a English speaking local expert at hand, who knows the property in Mallorca and the intricacies of your personal situation, to help and advise. Post sales service is essential in the property buying process and will ensure you can tie up all the loose ends and make sure everything is done correctly.