Setting the Record Straight…Real Estate Misconceptions in Panama
This blog was inspired by the many emails & comments I have recently received from a variety of my clients…all beginning with something like this:
“We understand that, due to the lack of a MLS, you are not able to show us all available properties.”
Every professionals duty is to educate their clients, therefore as a Real Estate Advisor living and working in Panama, I would like the opportunity to do the same.
First and foremost, let me begin with a personal touch…I love my job. I find it extremely rewarding assisting my clients in either experiencing Panama for a tropical getaway or relocating permanently. Many become friends complete with weekly happy hours, dinner parties and poolside BBQ’s. How lucky am I to be a part of helping someone find their home, the place where love, laughter and memories are made.
However, as with everything in life…there are 2 sides to the story, pros and cons, positives and negatives. Being a Real Estate Advisor is demanding, time consuming and hard work. We are commission-based, therefore do not always receive compensation for our hard efforts and time devoted. That rings true to any Real Estate Advisor…anywhere. Here in Panama…it’s even harder….client loyalty is low and there are 2 very common misconceptions:
- There is no MLS. There is an MLS and we are members of it. The Panamanian Association of Real Estate Brokers and Developers (ACOBIR), is a nonprofit organization that brings together the most prestigious Real Estate Brokerage and Developer Companies. They brought the MLS to Panama four years ago and are working hard to promote it with the vision it will become a standard in the Real Estate Industry throughout the country. In addition, to legislate proposals for the establishment of incentives, cooperate in the enactment of laws for traditional benefits for the sector, and participate in various national and collective issues.
2. We are not able to show all available properties. YES WE ARE and WE DO. My job is to place my client in either a rental or a sale property which meets their needs. That means a thorough search of the area consisting of ALL It is not a matter of who has it, it is a matter of is it a good fit? It is quite common that one Agent has the Buyer while the other has the Seller.
What is the value in working with only one agent you ask? Why have only 1 when you can have 10?
If you find an agent you are comfortable with and trust, it is in your best interest to work exclusively with them. If they know they have your loyalty, they will go above and beyond because they are sure they will ultimately be compensated for their time and energy. This is a very small country, and an even smaller expat community in the Coronado area. As professionals and locals we know these areas up and down and are familiar with what’s available through our company, other companies and local developers. It is valuable to reap from our expertise. When working with a handful of agents, it is up to you to perform the searches and coordinate the showings and if they are aware you are working with several, why are they going to go the extra mile to provide you with their knowledge and lots of their time?
I certainly hope this helps clear things up! In a nutshell, I hope I EDUCATED to provide KNOWLEDGE and in turn LOYALTY!