Are you considering buying real estate in Tulum or Playa del Carmen, Mexico? Before making any decisions, it’s important to ask your real estate agent the right questions to ensure you find a trustworthy professional with your best interests in mind. In this video, we’ll discuss the 10 essential questions you should ask your Mexico realtor to protect your investment, avoid potential scams and pitfalls, and maximize your return. We’ll also cover some common red flags to watch out for when working with real estate agents in Mexico. Don’t let a bad realtor ruin your investment – watch this video and arm yourself with the knowledge you need to make a smart decision.
If you can’t watch the video, here is a quick transcript:
1. Do you have a real estate license in the state of Quintana Roo?
Believe it or not more than half of the brokers in the state of Quintana Roo are not licensed, even though it’s required by law. Some are in the process but some don’t event plan on doing it, we have been trying to push professionalism in the Real Estate industry for several years now. The license costs time and money.
2. Are you part of a Real Estate association?
There are several associations in the area I am part of AMPI which is the national association of realtors of Mexico, it also has a connection with the NAR.
3. Do you speak fluent Spanish, is Spanish your native language?
I recommend working with agents that are fully bilingual and bicultural so they know the expectations that an American or Canadian buyer might have. Its important that your agent speaks Spanish because even though the agreement might be translated in English the English version is just a courtesy, the Spanish version always prevails, and once you get your deed and title everything is in Spanish. (If he/she doesn’t speak Spanish make sure you have a lawyer that does and you trust him) Some say they do speak Spanish but once you hear them speaking to the waiter you can tell they are lying.
4. Who do you represent the buyer or the seller?
Are you a buyers agent? It’s important to have an agent that can offer an unbiased opinion, someone that you trust will represent you and your interests alone.
5. How long have you been a realtor in Quintana Roo & how long have you been living here?
I would suggest at least 2 years in the area.
6. How many properties have you sold in Tulum or PDC or Cancun?
When we look at hiring new agents we ask this question and we have noticed that if they have sold 10 properties they usually have encountered most of the situations that they need to be able to know how to solve them.
8. Have you developed or built something in the area?
Working with someone that has developed something is always a plus because developers know what are the areas where we lower our costs, land costs, and building costs, and we can calculate a profit, when negotiating a deal you are speaking the same language with the developer to get you the best price and terms in the property of your dreams.
9. Do you usually sell PDC, Cancun or Tulum?
Some are very experienced in one area but might not know other areas very well.
10. Do you have contacts for: Inspector, Real Estate Lawyers, Notaries, property Managers, CPA´s, etc?
Make sure the agent will be able to connect you with the best team that can work for you and protect your investments.
Extra tips:
1. Set the correct expectations from Day 1
2. Choose an agent with a long term vision and a win win mindset
3. Be conscious of his/her response times
4. Active listening skills
5. A realtor has to have knowledge of: Negotiation, Sales, Marketing, Zoning, Customer Service, Real Estate Law, Real Estate tax, building, permits, architecture, etc.