Are you looking to buy or sell your property in Tenerife? It is very likely that you will need the help of Tenerife estate agents. Yes, there is no law that requires you to hire a property agent, but it’s highly recommended that you consider getting help, which will enable you to navigate the bureaucracy and the extra publicity that comes with the investment. The agent ensures that the transaction goes through as quickly as possible and that you get the best possible deal. The thing is though, there are so many real estate agents in Tenerife – all offering varying services – which makes choosing the right one such a tricky task. In this article, we will take a look at how you can choose the right property agent for your property purchase and/or sale.
Finding the right agency
Find a reputable agent – get recommendations, ask around, or look for testimonials. Basically, do your research well to ensure that you get the right one. As you may know, buying and selling properties in Tenerife is not cheap or easy, which means that finding the right person will, in the end, help you save a lot of money. Remember, you don’t have to use one agent, you can use several to ensure that you get the best deal.
You have to proceed with caution though! Real estate agents can be very persuasive. You might find some who are forcing you into a purchase or sale deal that’s way over budget, or one that you are not comfortable with. So, when hiring, don’t fall for the first agent you come across, because of their ‘amazing’ offer. Ask what their plan is to help you get the best deal. Maybe ask where they advertise their properties, as it will help you figure out if their plan is something you can work with.
Check the agent’s credentials – in Tenerife, and Spain in general, there are no formal qualifications for estate agents, but you should check the credentials of the agent you are about to hire so as to ensure that they are registered and have a fiscal number. Also, on the agent’s website, read the “About Us” section to have a better understanding of the company’s credentials.
Get the right valuation – in your search, make sure that you shortlist at least four agencies. Then, you will need to ask each one to make a valuation of the property – if you are selling – and let them explain how they arrived at the figure. Even though you may be looking for the best price, you should know that the highest valuation doesn’t always mean the best deal – that is unless it is justified with the market’s facts and figures. Always consider the average valuations unless it is proved there’s a huge discrepancy between them, in which case, you may want to search for further clarifications and valuation from other real estate agents. Essentially, the real estate agent must have knowledge of the local property market in Tenerife. So, when taking you through the valuation process, look out for the facts on the market that will justify the figures. Hire the agency whose valuation reflects the market figures.
Little or no commission – the commission charged by the agents should also help you in making a more informed decision. Just ensure that the chosen agent is fully transparent on the fee they will charge you to either sell or buy property in Tenerife. The price ranges somewhere between 3% and 8%. Again, going for the cheapest price doesn’t always translate into a better deal. So, you have to think of the quality of service you are to receive from the agent. Will the services offered match the price charged? This is what should be on your mind when selecting the right Tenerife estate agent.
What to look for in a good real estate agent
- The agent must pay attention to you, by answering the phone whenever you call, reply to your emails, send you any information whenever you need it, and can facilitate you to view the property whenever you want. Basically, the agent should be able to do this and many more at your convenience.
- They should be fully licensed to operate.
- The agent must be on the internet – given that buying and selling of property in Tenerife mostly happens online, it’s better to look for an agent with a website and a social media presence. This means that they would be able to reach prospective buyers for your house or a good portfolio of properties for sale for you to choose from.
- There are consummate professionals – you have to look for other signs of professionalism and quality. Can they help you on the legal aspect or obtain a mortgage? Look for testimonials to get a realistic picture of how good each agent candidate is.
Should you hire one or multiple real estate agents?
You are free to hire as many or as few estate agents to buy or sell your property as you would like. There are a few things you need to note though:
Single-agent – with a single agent, the possibility of paying less commission and more dedication to your investment is pretty high, especially if the agent has specialised in a property-type or a niche market. However, there is always a chance that the agent might not perform as expected, and that means your investment will slow down since a single agency only gives you little spread. So, it is recommended that you sign a contract that expires not later than six months, which will give you the opportunity to find an alternative, if the real estate agent doesn’t meet the agreed timelines, and is not meeting your needs as expected.
Multiple agents – if you hire multiple real estate agents, of course, you benefit from wider-spread marketing for your investment, which gives you the opportunity to reach more prospective buyers. However, multiple agents mean higher commission and there is also a chance your property might go unnoticed in the long lists of homes in the Tenerife market. If you are selling, and have decided to list with multiple agents, better make sure that the selling prices are the same.
Remember that your decision can make or break your entire investment. So, you really have to do your research well to avoid any surprises.