Choosing an Estate Agent in Tenerife
Estate agency is a much maligned occupation everywhere in the world, and Tenerife is no exception. In the past, membership of one of Spain's two professional real estate associations (API and GIPE) was a legal requirement for anyone selling property in Spain. This ensured that anyone legally selling Spanish property had the training and qualifications to do so. However in the year 2000 the Spanish government deregulated the industry and that means that anyone with a mobile phone can call themselves an Inmobiliaria and start selling properties. During the greed ravaged property boom, hundreds of such ‘estate agents’ sprung up, lured by easy money. In their wake, they left a reputation for malpractice, owners with incomplete transfers and taxes unpaid as well as buyers whose deposits had disappeared. Though there are fewer estate agents practising now, a quieter market may mean that some are walking a financial tightrope. In times when survival is an issue, unscrupulous practices can re-emerge. The importance of avoiding incompetent and unscrupulous agents can hardly be overstated. Some of the biggest risks that buyers run are a result of the competence and attitude of the estate agent. Fortunately there are professional, proficient and ethical agents in the market, but the challenge is to know how to find them.
Some common sense will stand you in good stead. Obviously you should ensure that any one you deal with actually has an office, and has been established for some time. Meet them at their office if you can, and this in itself will often be revealing. Recommendation is, of course, one of the best ways to find a reliable estate agent, but again take heed. A recommendation is only as good as the person making it. If you value and trust their opinions, respect their experience and if they have had a personal experience with the agent, rather than relying on hearsay, it may be worthwhile taking their advice. If it is someone you hardly know and all you have shared is a couple of Flaming Sambucas, then they may not qualify as a reliable source.
Think you have found a good Estate Agent? Ask yourself these questions…
• Have they been established for a substantial period of time?
The average length of time for an estate agent to stay open in Tenerife has been guesstimated at just under five years. The better established an agent is, the less likely they will disappear half way through your transaction. A well established estate agent should be able to offer a real depth of experience and knowledge about the local property market and be realistic about what the market has to offer.
• What REAL protection do they offer?
The only real insurance … is insurance. An indemnity insurance will protect you against misrepresentation, which is particularly important when you are buying a property from plans and cannot see what you are buying. It will also protect your deposit if the agent goes bust. Not many agents in Tenerife are able to qualify for Professional Indemnity Insurance, but choosing one that does will ensure that your money is secure. Also check if the estate agent also has an API or GIPE number, showing membership of Spain’s professional real estate associations.
• Can they find the property that you want?
Sometimes it can be a communication problem that will stand between you and the right property. An estate agent may have many hundreds of properties on their books, but if they don’t understand what you need, then they won’t show you the right one. The right estate agent will make an effort to understand your needs and requirements from the outset and show you suitable properties within your budget. They should be unambiguous about what is included with a property (and what is not) and provide you with clear and useful property particulars. Basically the ideal estate agent should be honest, erring on the side of caution, on matters such as rental potential, expected capital gains and the real costs of purchasing property. It might seem like a tall order, but there is no reason why you should lower your expectations.
• What about afterwards?
After sales service is an important issue, and it is better to work with an estate agent with a specialist contracting department to save yourself some money. Needless to say, such a department does not replace a lawyer.
David and Joan Silvers from Sheffield are typical of many expats, having fallen in love with Tenerife over the course of many holidays. “Over 10 years ago, we bought an apartment in Torviscas, which was the perfect escape,” said Joan, “and used to come over as often as we could.” They bought that first home through Tenerife Property Shop, a well established estate agent on the island, but that certainly wasn’t their last dealings with the company.
“They kept in contact with us, their after sales service was really good,” said David, “and we received their regular newsletters, which made interesting reading… especially when we were in the UK and the rain was pelting down outside.”
The couple’s ambitions were greater than just the occasional snatched holiday in Tenerife. They wanted to move over permanently.
“As the time approached, we knew we were going to need a bigger home if we were to move over. Of course, choosing an estate agent was easy. We knew that the service had been excellent from Tenerife Property Shop, they had won lots of awards, but we had first hand experience,” said Joan, continuing the story. “They sold our apartment for us, and then we started hunting for a home in earnest.”
“Yes,” interrupted David, “but we have worked hard for our money. Security was important to us, and nobody else was able to offer protection like Professional Indemnity Insurance. That means a lot, especially nowadays when estate agents pop up and then just as suddenly disappear. The Title Insurance gave us real peace of mind after we bought, too.”
“And, of course, they had lots of properties to choose from,” said Joan. As probably the largest English speaking Estate Agency in the south, Tenerife Property Shop have an extremely wide range of homes on offer.
The couple decided to buy their new home before they moved over. “That way, everything would be ready for us to begin our new life,” said Joan.
 Tenerife Property ShopTelephone: 922 714 700Address: You can also visit Tenerife Property Shop's offices opposite the yacht harbour at 117, Puerto Colon in Playa de las Américas; in Golf del Sur at the entrance to the San Blas commercial centre, or in Amarilla Golf, beside the Pebble Beach reception. Visit Website or Send an Email |
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