Be smart when choosing a real estate agent in Costa Rica.
When choosing a real estate agent in the US or Canada, we typically will work with an agent that we know or that our friends or family have recommended. How about when you are buying in a market that is unfamiliar to you? You have gone to Google and Bing and have searched Jaco Properties and bam, up comes pages and pages of real estate companies. How do you know which ones will best represent you? How do you even know the websites are located in Costa Rica? The real answer is you don't. It is up to you to do some quick due diligence. Below is a list of steps you should take to best ensure you are working with an Agent that deserves your business and will best represent you. You will need to pick up the phone, start making calls and asking questions. You can use email, but email doesn't give you a voice and a personality. It is best to start with telephone conversations and use email as a tool for follow up. 1. Make sure the agent lives in the market you are investigating
Oceanside Realty is located in Jaco/Hermosa Costa Rica. How can you respect and believe in someone who lives outside of the region they are selling? If you are buying in Los Angeles, Miami or California would you work with an agent who lives in New York? Absolutely not! We often see realtors/ in Florida trying to suplement their income in their slow economies by selling property they know little about in Costa Rica. I would never sell property in Miami.
2. Work with an agent that owns real estate in the market
And ask to see where they live. We own property in Jaco/Hermosa, Costa Rica including the homes in which we live. We have put our money where our mouth is! Has your agent? One tell tale sign of someone trying to make a quick buck is the real estate agent who doesn't own any real estate where he or she is selling. If they trust the market, they will own. If they don't own property here, they either are not successful real estate agents or they don't have confidence in the market. I have never been good at selling something I didn't believe it, which is why I purchased in this market prior to selling real estate. "Fly by night" agents often move in and out of communities looking to score a quick buck (with no accountability) before moving on to another region. I wouldn't buy a Ford from someone who drove a Toyota, nor would I purchase a car from someone who didn't own one? 3. Work with an agent who has a "Brick & Mortar" office (for real estate) in the area
Oceanside Realty has a GREAT REPUTATION. Our namesake is golden. We put our reputation on the line with every transaction and with every client we work with. Our office is located on Main Street, in the center of Jaco where it has been since 2005. If the agent doesn't have an office or works out of their home, they are most likely transient, don't work full time in real estate, don't have a "brand" and reputation to lose and are certainly not worth putting your investment or retirement dollars at risk. If they are not willing to risk investment dollars in a physical space, don't risk your investment dollars with them. 4. Work with only full time real estate agents
There is no license to sell real estate in Costa Rica. Be Careful who you do business with. I hear many stories about people who have bought property through a taxi driver, a restaurant waiter or someone they met in a bar - only to find out later they overpaid or worse yet never received title to the property. You wouldn't buy a home from a taxi driver back home or from someone you met in a bar, why would you do it here??? You almost never, ever get a deal on property by buying from someone's family. EVERY ONE HAS A FRIEND, COUSIN OR BROTHER THAT HAS A GREAT DEAL ON THEIR FAMILY PROPERTY - WINK. WINK. Most of the time when you think you are buying direct in Costa Rica, you overpay. Even worse, you don't really know about the property. You take someone's word because they are nice. Don't do it. You will regret it and I will have to read your editorial about how you were taken advantage of in the Tico Times Newspaper. If the property you hear about is a great deal, go to a full time, experienced agent that you have prequalified, with the details. If you still want to proceed with buying it, let the agent assist with the deal and make sure your notary performs the closing - not the sellers. You will be glad you did!
5. Work with only an experienced agent
How many years experience in selling and investing in real estate does your agent have in Costa Rica? How long have they worked in the local Costa Rican market? How did they learn about real estate in Costa Rica? How long have they lived in Costa Rica? International real estate experience is certainly helpful and some of the same basic principles apply, but the real estate laws are very different in Costa Rica than they are in most international markets (Costa Rica follows Spanish law which is very different than US or Canadian Laws). Local knowledge is essential to a successful real estate transaction in Costa Rica. Work with someone who has experience in buying and selling numerous properties in a specific area, someone who knows the local real estate values (these values are constantly changing) and someone who knows and understand the local real estate laws. Also, don't be fooled into thinking someone is qualified simply because they belong to an organization like NAR (National Association of Realtors - a U.S. organization), is licensed in Florida or another U.S. or Canadian state or even is affiliated with a real estate organization in Costa Rica. The first two accreditations have nothing to do with selling real estate in Costa Rica and have no involvement with anything to do with Costa Rica and then even some of the Costa Rican associations have very little usefulness other than collecting a fee and giving a certificate. 6. Work with an agent that communicates well
Can you communicate with your agent? Do you understand them? Do they think like you? Do they listen to you? If you tell them you want "x" - do they show you "y." Are they accessible? Are they willing to have a conversation with you over the telephone prior to your trip to Costa Rica? We find this extremely helpful in learning the clients interests. We have found that our happiest clients are the ones that allow us to communicate with them and tell us what they are looking for. Email is a tool, but it is really the telephone and face to face where the true communication happens. Sometimes cross cultures can be difficult, even when you both speak English. We have a diverse group of agents that will not only speak your language, but that will also work to understand your true wants and needs. 7. Work with the agent - not the franchise
I am going to proceed delicately with this one. Franchises are individually owned and managed. Each franchise office is different from another. Don't assume that just because you recognize the franchise name of a big real estate brand, that you will be getting a professional who is working on your behalf, who is experienced, who owns real estate in their market and who is going to protect your investment. There are good agents and bad agents with each of these franchises (and bad franchises). Many of the big name franchises play a numbers game. They hire whoever wants to work for them in the hopes that each agent sells a property and the broker makes money. The more agents, the more money the franchise brings in. They put the big name franchise out there to lure in unsuspecting foreigners who are attracted to a name. Some of the best agents and companies are not associated with a big name franchise. Don't be afraid to check references and testimonials of the "non-franchises" and work with them (like Oceanside Realty). 8. Work with someone you like
If you don't like an agent, dont work with them. If you suspect they are not telling you the truth, don't work with them. Buying real estate in Costa Rica or any foreign country requires more involvement than buying a property in the U.S. The real estate agent's work doesn't end at the sale, it really only begins at the closing table. A good Costa Rica Real Estate Agent must help you open a bank account, get telephone service, assist with transferring your electricity account into your name, show you how to pay your bills, assist you with online bill paying and help you find everything you need to be happy including a social network. These tasks require much more than a phone call and often takes hours and repeat visits to accomplish. Knowing what to bring, where to go and who to talk to will save much time and aggrevation. Getting a good start in Costa Rica is essential to being a happy Costa Rica property owner. A reputable Costa Rica Real Estate Agent like Oceanside Realty, will offer to assist with everything! We have made more friends than we can count through our real estate company. They start out as clients and evolve into long lasting friendships. 9. Check referrals
Most Costa Rica Real Estate Agents will have referrals posted on their websites and the good agents will have numerous referrals. How do you know they are real if you don't check them out? Ask the agent for a list of referral sources that you can call. When you do call them, be prepared to ask some good questions that will be relevent to your Costa Rican real estate search. 10. Make sure your Costa Rica Real Estate Agent is a member of TierraMax Costa Rica MLS. Agents that want to provide their clients with the best and transparent information about Costa Rica Real Estate are members of the Costa Rica multiple listing service. This service is new and provides detailed information about properties throughout Costa Rica plus sales data. Also, members are required to undergo vigorous testing and educational requirments including continuing education similar to US and international real estate standards. To make sure your Costa Rica Real Estate Agent is educated and up to date with the latest technologies, they must be a TierraMax MLS user.
Contact an Agent from Oceanside Realty today to learn about real estate in Costa Rica!
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