Do you, like many others, dream of a place to call home on the Costa del Sol in Spain? Perhaps you already own a property in Marbella that you're considering selling to buy a new place in the sun?
Whether you're on the verge of turning your sunny dreams of Spain into reality, or longing for new adventures, it's important to be on top of what's involved in your upcoming real estate transaction. In this article, we'll discuss the role of real estate agents in Marbella.
In most regions of Spain, there's no requirement of any formal education or licensing to work as a real estate agent. In Marbella and the rest of Costa del Sol, that is also the case, which unfortunately has given the real estate profession an oftentimes undeserved bad reputation in the area.
And even if there are some less knowledgeable actors in the market, there are also a lot of real estate agents and real estate agencies in Marbella who are professional, well-informed, and reliable.
Whether you're searching for a property to buy in Marbella or are facing a property sale, choosing the right real estate agent is of paramount importance to ensure that you're in good hands for your real estate affair.
In a lot of countries, real estate agents bear a significant legal responsibility in property transactions. In Spain, the legal responsibility of the real estate agent is not as extensive, which means that in addition to the real estate agent, you should always engage a lawyer when buying or selling a property, both as a buyer and a seller.
The role of the real estate agent includes responsibilities such as marketing, viewings, finding a buyer or seller for the property, collaboration with other agents, and other essential administration tasks related to the marketing, sale or purchase of a property.
The lawyer on the other hand offers legal assistance for everything related to the property, purchase contracts, and other related matters.
In Spain, it's common for real estate agents to work as either a Buyer's Agent or a Seller's Agent/Listing Agent (some may also work as both).
Buyer's agents and seller's agents usually collaborate, and they share the commission once the property transaction is completed. It's important to note that it's the seller who pays the commission to the seller's agent, who then ensures that the buyer's agent receives their share of the commission.
Buyers who engage a buyer's agent typically do not pay any commission.
An important aspect for many people when choosing a real estate agent is the commission the agent charges for brokering the property. In Marbella, agent commissions are often slightly higher than what we might be used to in other countries, where a typical commission ranges from 4-6%.
The type of property, location, and market conditions can influence the commission, and it's always a good idea to inquire about what justifies the commission and to negotiate the commission.
Also, remember that a higher commission isn't necessarily worse for you as a seller – you often get what you pay for, and if the agent has valid reasons for a higher commission than the competitors, it may be well justified.
The minute you start searching for properties or look up real estate agents in Marbella, you realise that it's very common to see that they communicate that they have access to "all properties on Costa del Sol." Some agents use this as an argument for you to choose them as your agent, but in reality, all agents usually have access to all properties.
When you, or your buyer's agent, find an interesting property, your buyer's agent gets the opportunity to show the property to you as a prospective buyer. If you find a property on your own, you can get in contact directly with the seller's agent to get a viewing, and proceed from there.
If you need help finding a reliable real estate agent in Marbella, you can easily create a free account on heimo - a new community-based housing platform. You can list your property or your housing needs, and create free service requests to get matched with recommended real estate agents, lawyers and other housing professionals in Marbella and the rest of the Costa del Sol.
Feel free to reach out to [email protected] if you need help finding a reliable real estate agent, or if you have any questions about buying or selling properties in Marbella.
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