5 minute read
REPRESENTING THE BUYERS’ SIDE
REPRESENTING THE BUYERS’ SIDE WITH ALVARO ORTIZ
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One of the first things that people should do when they want to buy a property is looking for their preferred real estate agent . Well, at least that’s how we expect it to be . But the reality is that, while sellers are more prone to look for professional help, that is not always the case when it comes to buyers purchasing real estate in Costa Rica . In fact, many who are looking to purchase a new home prefer to take matters into their hands; a decision mostly driven by misconceptions . This is without a doubt one of the most common challenges that our agents face in their day-to-day endeavors . The 2Costa Rica Real Estate team interviewed Alvaro Ortiz, a real estate agent specializing in Escazú to obtain some insight into this trend and its possible consequences . One of the most common misconceptions that have lead clients to stray away from getting proper representation is the wrongful belief that they will have to incur in additional costs .
“Some buyers that lack experience in real
estate transactions still believe that they have to pay commissions, I am sure that this unfortunate misconception has made buyers go straight to sellers. Buyers that
negotiate directly do not have enough
market condition expertise to get the best value possible” Alvaro warns.
Considering that buyers oftentimes do not have access to the tools that real estate agents and brokers have, purchasing without proper representation can make things difficult when it comes to negotiating a price or choosing the right property . At the end of the day, the structuring of a negotiation process without a real estate advisor will complicate matters; and the possible negative consequences can reach further .
“The lack of representation in a purchase process might end up causing buyers to pay more than market conditions, not finding enough comparables for buyers to choose from, and also buyers may end up interested in properties that are noted or have liabilities that require registry studies and so forth.”
A large percentage of the time, the buying process starts by getting online and looking for properties . This process is very likely to become emotional and exciting, which is why Alvaro warns that although it might be natural, it just isn’t the best way to start a transaction of such importance as the purchase of a property .
“The ideal initial step that a buyer needs to do is to look for a professional real estate advisor who will look for properties understanding the purchase criteria of the buyer.”
According to Alvaro, the basic steps that need to be followed include identifying the properties, structuring an offer, due diligence support, and guidance through the closing stages . Real estate professionals will not only guide the buyer from start to finish, but they also will provide support even after the closing happens . Alvaro also highlights that a committed real estate professional will go the extra mile for their clients, beyond just guidance and market insight .
“Professional real estate agents focus on providing transparency, integrity, confidence, and everyday availability in order to put the client’s interests before anything else; even before our financial success.”
These policies lie at the heart of 2Costa Rica Real Estate’s success and permeate our relationships with colleagues, attorneys, and everybody else related to our business . For Alvaro, buyers should expect a long list of responsibilities from their agent, including honest feedback and integrity .
“Our company is characterized by providing full disclosure of the processes we follow with buyers. Real estate agents at 2Costa Rica Real estate are trained to disclose all kinds of issues regarding the process, regardless if it’s positive or negative.”
Buyers or sellers appreciate transparency; even when it means hearing things they do not want to hear . At the end of the day, Alvaro elaborates and says that this honesty with our customers creates a ripple effect, and many of them end up reaching out to us from referrals from family, friends, business partners, or acquaintances that have had good experiences with us .
“Creating these positive experiences is what our company is all about. That speaks a lot of how we work at 2Costa Rica Real Estate!”
The value that real estate professionals add to buyers’ transactions is undeniable . Financial gains, negotiation skills, and transparency are among the top reasons why getting proper representation is fundamental . For us, buyers and sellers are equally important and require the same attention based on integrity, transparency, and honesty . So next time you want to purchase real estate, be sure to be properly represented by a professional real estate agent .
