Both sides of the coin in real estate

December 11, 2017

 

Realty and the process of acquiring a property for a client are not unlike a coin. There are two distinct sides: the broker and the client. Both have their own needs, thoughts, wishes and motives. The process will be all the more enjoyable and mutually beneficial if we better understand one another.

First, the broker. In order to make a sale in real estate, a broker must do the following:

Interview the client

Establish what the client needs and wants. You should get as many details as possible in the initial interview. This will save both time and money in the long run.

Define the budget

It’s not worth it to show high-quality properties if the client doesn’t have the ability to actually purchase them. It also doesn’t make any sense to waste a client’s time showing them cheap properties that ultimately will not satisfy them. Defining a budget in the beginning will help you find a suitable property for the client.

Study the inventory

Taking time to study the inventory so you know what’s out there will make it much easier when it comes to finding something that fits the needs and wishes of the client.

Use your resources

If you cannot find what the client needs within your inventory of properties, feel free to go to a trustworthy and respectable colleague. After all, the only thing that matters is a happy client.

Preparation

Make sure you prepare the property before presenting it to the client. It goes without saying that the first impression is fundamental. After all, you’ll never get a second chance to make a better impression with your client.

If you think you’ve found the perfect property for the client, help them see why this is. Help them close the deal, otherwise you will regret it. Pablo Franceschi/The Tico Times

The perfect property

If you think you’ve found the perfect property for the client, help them see why this is. Help them close the deal, otherwise you will regret it.

Now, on the other side of the coin, we have the client who needs to be aware of the following:

The broker

You need to be working with the best broker who fits your needs. The broker needs to have an abundance of knowledge and experience. That way when you’re ready to acquire the property, you will be confident and have greatly reduced the risk of turning your dream into a nightmare.

Verification

Before showing the property, the broker should have verified that the property doesn’t have any back taxes, and that it is properly registered with the Registro Nacional (National Registry) on the Propiedad (Property) list for sale.

Plan regulador

The broker must talk to you about the plan regulador (zoning plan) for the area. This is essential information for you as a buyer. This way you have the guarantee that you’re actually buying something that you want. For example, is the area zoned for commercial or residential properties? How many floors can you construct or add? These are important questions.

Market study

Your broker should also facilitate the market study of the area where you wish to buy. Do not be timid. Ask, study and analyze. One of the key questions you can ask is, “Why is this property for sale?” That’s how you’ll know if there is some kind of problem with the property and be more aware of what you’re facing.

Facilitation

Demand that your broker facilitate all of the pertinent information regarding the property you’re acquiring. You should know everything about your investment.

Ronald Reyes/The Tico Times

Services

Verify that the property is up to code with current law. Make sure that your property is a solid investment and has all the necessary infrastructure for your needs, such as roads, water, electricity, Internet, telephone and anything else you can think of. Other services that you should keep in mind include medical facilities, schools, supermarkets, legal needs and banks. Find out where these services are before you sign on the dotted line.

Above all, you need to trust your broker. During this process, he or she will be a key person in your life. If you have a professional broker, they will be by your side from the beginning to the end of the acquisition of your new property, leaving you with all the information you will need for the future.

Lucrecia Cordero has been a real estate professional for over 25 years after working as a journalist and public relations adviser prior to becoming a broker. She also currently serves as president of the Chamber of Realtors of Costa Rica in Guanacaste.

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