You have been dreaming of acquiring a property in another country for years, do you? You talk to your family and friends, you constantly inform yourself, you subscribe to buying platforms and receive frequent notifications, you imagine opening the door of your new property… But, it’s hard for you to take the final step, because, deep down, you feel insecure.
All that illusion that you had little by little is disappearing. And that image that you had created in your mind of your investment property in the fades away, simply because the market and the local bureaucracy (and fear) have stopped your feet. But it does not have to be like that.
Are you looking for real estate? This is what you need.
You need knowledge
You cannot launch yourself into a real estate investment market without understanding the trends, risks, prices and processes: it would be like jumping into the void without a parachute.
That you dominate the real estate market in your country and are you convinced that the process has to be the same when buying abroad? Big mistake, There are many factors that shape the market of a country and do that,what works there, does not work in another country.
So, above all, do not assume that your knowledge of your local market will open the doors of a totally unknown market. The risks that you know how to minimize when buying property at home, will multiply exponentially when buying property abroad.
You need connections
Entering the international real estate market is like attending a dinner where you do not know any guests. You feel lost, you do not know who to go to, who to trust, who will be nice, and who will use you …
You need someone you trust to introduce you to the people you can be compatible with. You need someone who understands the game and it’s rules; someone who knows the players; let him know how they are going to play.Someone who protects you from those who approach you with bad intentions during the whole game.
In short, to buy real estate you need a trusted broker. Do not try it on your own, try it with the help of a professional specialized in buying real estate.
What can a reale estate broker do for you?
It will offer you valuable information in real time about the current state of the market and the properties that interest you.
It will help you to interact more effectively with the other party, knowing their cultural and even linguistic idiosyncrasies, to select the property of your characteristics, identifying strengths and potential risks,both of the property and the location and to manage the sale process, and / or rent, advising and accompanying in the process of search and transfer of the property.
It will save you time, money, and, above all, many problems.It will accompany you throughout the process, transforming a potentially difficult experience into a simple and successful transaction. The problem, you will be thinking, comes when choosing the broker ideal.
It will act as an interface between you and the buyer or tenant, avoiding having to receive calls from interested buyers or tenants, or the inspection organization, among others.
How do you choose a person you trust? What characteristics should a real estate broker have in a country that you do not know? How are differences between the professional and the profiteer?
It cannot be said that each province, each city, even each neighborhood, are different.
A broker with knowledge of the local real estate market understands the dynamics of buying, selling and renting each geographical area.
When buying, the agent with local knowledge immediately identifies the type of property you are looking for, and knows how to negotiate to get you a fair price never higher than the market value.
At the time of selling, that knowledge allows you to identify the true monetary value of your property, preventing your property from selling below its real price or remaining in the market too long for selling it at a price well above of the value of similar properties in that area.
Extensive professional experience
How long have you spent selling properties? How many years have you managed the rental of properties for owner residing abroad?
Ask him this type of questions and hire only those professionals who have a considerable time working with foreign investors. Only they will be able to understand the complexities of buying and selling for foreign investors.
Some brokers focus their work on exclusive properties and /or a certain price range. Make sure that the professional you hire has experience with the type of property that you are interested in buying, selling or renting.
Ask him what marketing strategy he would implement to publicize your property. This will give you an idea of their skills,knowledge and experience in the sector.
In addition, the agent with more professional experience,can also guide you regarding other services related to the sale of a property such as financing, property inspection, housing insurance, etc.
Recommendations and evaluations
The recommendations of other clients and the evaluations of their work are one of the best ways to demonstrate the professionalism and experience of a real estate agent.
Do not feel bad asking for comments or recommendations from previous clients, or the sale price of the property and the time you spent in the market before being sold.
All this will give you an idea of the type of professional and sales process and rental management you can expect.
The work of a real estate agent is rewarded with commissions of various types. That is, your broker in Medellin will only charge, or only charge, when selling or renting a property.
That is the reality of the transaction, and it should be very clear from the first moment, for that reason, it is so important that you obtain a breakdown of the fees and commissions that you can expect when hiring.
As in any other profession, the reputation of a real estate agent precedes it.
If you hear rumors that that person does not do his duty or is not transparent, or is not who he says he is, do not trust him.
And, above all, choose an agent with whom you connect, who listens to you and knows how to turn your vision into a successful business for you. The process of buying and selling a house in a foreign country has it’s difficulties.
Difficulties that you can minimize with an agent that listens to you, understands you, and takes the time to answer all your questions and to explain each step.