If you’re looking to rent or buy property in Colombia, you need to find a real estate agent that’s an expert at what they do. The market in Colombia operates differently than real estate markets in other countries. The following things should be kept in mind to help you find a reliable real estate agent.
Understand That There Is No MLS in Colombia
You’ll find that there is no Multiple Listing Service (MLS) in Colombia. If you’re buying land in Colombia, not having an MLS can make it difficult to find all of the properties available in the cities. An MLS also makes it easier for you to learn the market prices or find comps. This makes finding a real estate agent essential to finding a property, but not every agent will be able to find the perfect property for you.
While there is no MLS, there are a few websites that real estate agencies use to list real estate that is for rent or sale. This resource will make it easier for you to understand the market and will let you know if a real estate agent is giving you accurate information.
Look in Areas Where Foreign Buyers Usually Look
There aren’t many foreign buyers looking to buy property in Colombia, especially residential property. It’s important to understand the areas where many foreign buyers are located. The largest number of foreign buyers are located in Medellin, Bogota, Cali and Cartagena. Buying in areas where there are more foreign buyers means that you’ll find real estate agents who are experienced with dealing with foreigners.
You Won’t Find Many Exclusive Listings in Colombia
The United States’ real estate market has exclusive listings with certain real estate agents. Colombia doesn’t really have that. This means that many real estate agents can represent one property. It also means that one real estate agent can represent multiple available properties. When you’re looking for a real estate agent for buying real estate in Colombia, be sure to ask them how many properties they’re representing. If they take on too much, then it’s possible that they’ll neglect your needs and wants. You can also ask them if they know how many people are representing a property you’re interested in. They may or may not know, but it could give you an idea of how many other people are interested in the real estate.
Regulations on Real Estate Agents Are Almost Nonexistent
Real estate agents in Colombia don’t have to get a license to represent properties. Any person in Colombia can create a real estate agency by simply selling their own house or a friend’s house. Plus, anyone can earn commission off a real estate agent including their relatives, friends, attorneys, and others. This can create misinformation and conflicts of interests when buying land in Colombia. It could mean that you’re dealing with an agent that doesn’t have much experience or aren’t very professional.
Working with Real Estate Agents in Colombia
When it comes down to it, if you’re planning on buying real estate in Colombia then you have to do your research. The market is completely different, and you don’t want to be taken advantage of. Real estate agents in Colombia are incentivized to sell at higher prices to get higher commissions. Be careful and choose who you work with wisely.
For reliable service, buy real estate in Colombia with FAR International. We are a reliable company, with expert agents who speak fluent English, and can find you a property that will meet your wants and needs.
Subscribe to our Newsletter
Get all the news from our website directly to your mail