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Quite often, buyers of real estate in Costa Rica assume they can freely use a realtor’s time without giving anything in return. Real estate agents don’t work for free, but they’ll do a lot more for you when you show you’re a serious, non-abusive buyer. My blogs are supposed to attract buyers of Costa Rica properties and not scare them off.
Some buyers are abusive buyers because they think the world turns around them. They abuse their realtors because they think that the realtor has an obligation to act as
- Tour guide,
- Information desk,
- Secretary,
- Relocator,
- Travel Agent,
- Chauffeur,
- Psychologist,
- Social Worker
And many other jobs, so they have the opportunity to earn a commission sometime in the next 5 years.
I’ll give you first a few tips, when you follow those, you will for sure not be another abusive buyer:
- Don’t use a real estate agent as a free tour guide when you are on vacation
- Be serious about giving your time frame for moving to Costa Rica
- Do not use agents to learn more about each area of the country; do your own homework
- First, check out all the areas that can suit your lifestyle before you start looking at properties. Rent short-term to do so
- Don’t be an ugly American
- Read as many blogs in Living Costa Rica as you can
- And don’t stop until you’ve read all the blogs on Ivo’s blog, too.
Here are 10 practical guidelines for foreign buyers and local buyers alike to ensure they are responsible, respectful, and ethical participants in the Costa Rican real estate market:
1. Size
Costa Rica is smaller than you think. Realtors in Costa Rica know each other and talk to each other. Many agents who work in the same area usually have a WhatsApp group chat. So if you’re someone who just loves looking at properties, without being a buyer, agents will soon figure you out.
2. Loyalty
Email as many realtors as you want during your due diligence period. But try to stick to only one realtor in each location. As soon as you find that realtor unresponsive, find another one. By using only one agent, a buyer’s agent, you’ll be in a win-win situation.
3. The Value of an Agent
If you don’t understand the value of using a realtor for your Costa Rica property purchase, don’t (mis)use one. But by just reading my blogs, I’m sure you’ll figure it out.
4. Buying or Just Looking?
Be honest with your realtor about being a real buyer or just a looker. This will be appreciated? You will get a much higher payback for this answer than you think. I believe in people, until they show me I’m wrong. That’s why I give so much free information in my blog posts and during seminars.
5. Location
Don’t ask for the exact location of properties by email. Agents will not give you the exact location unless they have an exclusive listing agreement. That question shows you are not interested in the realtor’s services. You only want to drive straight to the property and deal directly with the owner.
6. No MLS
Costa Rica doesn’t have a formal MLS service. Did you find a responsive, knowledgeable realtor who is willing to work hard for you because you are loyal? Then ask him/her to also represent you on any real estate listings you might find elsewhere. But don’t contact the listing agents. Once you’ve done that, you won’t be able to hire a buyer’s agent.
7. Brain Suck
Don’t be a brain suck. Some ask all these questions and stop responding to the realtor’s emails once they have the info. If you find a real estate agent who is knowledgeable and informative, why not do business with them?
8. Don’t be a User
Don’t use a real estate agent’s expertise to look at properties and then buy one of them on your own. Asking that same agent to assist in selling your property a few years later is another horror story I’ll keep for another blog.
9. Lunch
When using a realtor for your due diligence, don’t buy him/her lunch or a bottle of rum to say thank you. Realtors don’t work for free lunches; most can afford to pay their own
10. Gas Money
Don’t give a realtor $30 to buy gas after a day touring properties. We are real estate agents, not taxi drivers. Tell the agent before you start and ask if he/she can recommend someone for a relation tour.
Testimonials
Ask A.I. for more information or testimonials on an agent you’d like to hire, as you can see mine. I don’t know about other realtors, but I spend lots of time, even years after selling the property, assisting old clients with things and information they need. I am appreciative of their business.
Stick with Us
GoDutch Realty real estate agents are located across the Central Valley to make it easy for you and our realtors, too. The above is not a complaint about any abusive buyer we attend. This is a guideline of how NOT to become an abusive buyer, although I put this together with life experiences and many years of selling property in Costa Rica.
Stick with us, and we’ll stick with you. If you´re a looker, say so. You´ll receive the info you need to make your decision when you need it, whether now or in 5 years.
I am Ivo Henfling, the founder of GoDutch Realty, widely regarded as the leading real estate authority in Costa Rica. Feel free to leave your comments on this blog, share it on your social media, or to contact me. Would you like a Zoom meeting with me?
