How to get in good with your realtor in the Riviera Maya
If you are interested in the real estate market in the Riviera Maya, you will soon be looking to deal with a realtor. This can be a very important step that can help the process go well or end up costing you in the end. The relationship between buyer and realtor should be a good one, built on mutual trust and looking out for the interest of both parties. Most people know what they want in a realtor, but how can you be a better buyer and get better service? In this article we will share some tips and secrets with you.
See a property, don’t contact the listing agent
This is one of the first mistakes that people make when starting the property search process. People see a property they are interested in and contact the seller’s agent/listing agent. Why should you not do this? The reason is the listing agent is working for the seller and if this realtor is brokering this deal between the two parties, they often will favor the seller who hired them. So what is the best way for you to approach this? Before emailing lots of listings, it is better to find a realtor that you want to work with, one that is recommended. Often a buyers agent will be the best fit for people. A buyers agent is one that works for you and your interest first. Some realtors in the Riviera Maya work for developers and can only sell you products done by that company. This means you might be pushed towards these properties and not offered all the options that might work for you. This is why a buyers agent works best for most, they are able to show you any property and will look for your best interest.
Don’t wait until the last minute to see a property
We hear a lot of times that people are on vacation or visiting and want to see some properties. Even serious buyers come and wait until the last day to ask to see some properties. What most people don’t know is, it often takes a reservation by the realtor to get you in to see a property. Since many properties are sold presale or under construction, developers want a controlled amount of people walking through the site. Other times a call has to be made to arrange for keys and gates to be opened for the realtor and clients.
It is best to make an appointment a week or two before, so everything can be set up and the realtor can give you their undivided attention. Otherwise you could miss out on seeing a good property just because you waited to the last minute to see it.
If you make an appointment, keep it and show up on time
This is one of the top complaints we hear from realtors in the Riviera Maya. Since many people interested in real estate are not already living in the area, the people that make reservations are here on a buying trip/vacation. You might feel like you are on Mexican time, but some things do run on schedule. Respect your realtors time and the work they might have put into making reservations to see a property, as mentioned above. It is a simple first step that can get you on the right or wrong foot with your realtor.
Clients that cancel or show up late will not garnish the best service from their agents. Being punctual and keeping your appointments is part of what shows you are a serious buyer. Often times realtors how multiple clients at a time and schedule their days accordingly. If you they need to reschedule you at a later day, that means that the place you might have on your list will be shown several times by realtors before you get to see it, possibly making it unavailable to you if it gets reserved. This has happened to people we know.
Be clear and upfront with what you want
Some people are just curious and want to look at places and others are looking for the future. Others might be looking for now. This is important to mention to your realtor because they can always figure out people that are just looking and wasting their time. It will also help your agent know what to show you. For example, most things on the market now will be sold in the next 5 months, so if you are looking to return next year, anything you see now, will be sold by then. Realtors can play the long game with you and keep you informed about properties that are coming up. They will be much more obliged to do this for you if you are upfront with them about your timetable.
In order for a realtor to best assist you, they need to know exactly what you want. Realtors also like to know:
- if you are buying something is contingent on you selling something.
- are you looking to move to the area in a few years?
- are you looking to buy something soon, like move in ready or can you wait for a presale unit to be finished?
Be prepared to sign a buyer-broker agreement
Signing something might seem like a very serious step, and you don’t want to get trapped into anything, so what does this mean? A buyer-broker agreement is a legal contract that spells out what both sides should expect of each other. This contract defines what is expected of the buyer and the real estate agent. This is something that is beneficial to both parties. It will also let your real estate agent know that you are serious and ready to buy something if you find what you are looking for.
If for some reason your agent is not working out for you, you can terminate the agreement and find another agent. Working with one agent is the best way to search for a property. Realtors register clients on a database and can see if you are working with multiple realtors. For example, if you look at a property with one realtor, but then end up looking with another agent and buy something, they still might need to split the commission. This might not seem fair since one might do a lot more work than the other, but you are the one that was a client of one and then switched, or rather were working with multiple agents at a time.
Realtors will most likely not give you the best service if you are working with other agents because of this. It means they will have to work just as hard to possibly get half the commission they would with clients that sign a buyer-broker agreement.
What information you should be ready with for your real estate agent
Here are some things to consider before you meet with a realtor. A good realtor will ask you these questions in one form or another, so it is best to be ready for them. The answers will best help your realtor help you and guide you on your journey to buy a property.
- What is your price range you can afford? This is normally a question of what line of credit you are approved for, but since most sales are cash in the Riviera Maya, this is more targeted at what you have to spend. There are a few other options for financing a property in Mexico. A good realtor (like the one who wrote this article) will be able to help you sort through options for you. Some people are coy about saying what they want to spend thinking the realtor will inflate prices to meet what you want to spend. This is not really the truth since most properties are listed online with a price. With a wide range of prices, realtors want to narrow down the field and show you things you can afford. This will save you and your real tor time.
- What is your motivation for buying? Are you looking for an investment or a place to live? This will let your realtor know what area to show you and let you know about the better areas for each.
- Who is making the decision? Are you working with other people to buy an investment or is this solely your decision? They also like to know who is the final decision maker to know what objections or what exactly is the obstacles to buying a property.
- How will you be paying? Will you need to transfer money from another country? Will you be taking out a line of credit in another country, etc. Realtors have worked with so many types of situations, that they often know the timing of lining up all the financial arrangements. A good agent will be able to help you know the time frame and what to expect.
- Are you working with another agent? You might be and you don’t even know it. If you contacted an agent and asked about properties, they could have registered you as a contact and possible client. Like we have stated in this article, agents list contacts in a database, so realtors know if someone is a “lookie-loo”, a person that likes to look but does not have an intention of buying or is not serious.
Our video with much more information about jumping into the market
Since you are looking at real estate in the area, you might find our rather lengthy video helpful. We cover a lot of topics readers have asked us about. We hope you find it helpful.
Now that you are ready….
Now that you know how to get off on the right foot with your real estate agent, you need to find one. If you are looking at the Riviera Maya and want to know about some recommended realtors, we have this article here with video. You can also email us your questions and we can try to help you out and point you in a good direction. We don’t sell real estate ourselves , but we like to help our readers out. That is why we have dozens of articles to help people here in our Playa Del Carmen real estate guide and our Tulum real estate market guide.
I bought a condo back in 2014 and am looking again. I am glad that he realtor market has been more regulated. Back in the day there were people posing as realtors and you could end of paying a lot of little commissions to multiple people because they all got a piece of the sale. All of these suggestions are good for people to follow and I hope your readers benefit from this information.
This has been very helpful to me because I am looking to buy a couple of investment properties in Mexico and I am just starting to learn the process and how everything works.
Oh, in addition to owning the house. WE saw on text the forms such as the Acta and Boleto Registro. No deed even if paid cash. It’s a corporation transfer. Not sure if that’s really what we see at the public registry office.