Valencian Estate Agents

THE role of the Estate Agent is a very important one in Spain, especially in areas where there are large numbers of tourists, some of whom are looking to purchase a second home or to settle in Spain.

For many years, especially in the boom or bust times, it was very easy to set up as an estate agent and there is little doubt that whilst the majority have always been decent and above board, there have been more than a few ‘bad apples’.

Now the Valencian Community has decided that it’s time to ensure that those wishing to enter the profession are not only qualified to do so, but also are regulated in the same way that they are in much of Europe and the USA. A new law which came in to effect in July of this year ensures that agents will have to demonstrate that they have a proper knowledge of the profession and take responsibility for their actions.

There will be a register of recognised estate agents operating in the region which will ensure that any ‘cowboys’ will be weeded out.

This law will therefore lead to an improvement in service guarantees and quality of service which will result in better protection for future home buyers.

Agents will have to have a physical location in Valencia even if they only trade online, they will have to undertake recognised training and pass exams in order to be able to display their right to practise in the real estate profession.

To be able to offer their services in this area, any company will need to be able to demonstrate that it has insurances and other guarantees in place to cover its liability for any damage caused by its actions and there is deadline for registration at the end of August 2023.

This can only be a positive move to protect the public and should be welcomed not only by genuine real estate professionals but should also be considered a requirement throughout the nation.