Are you looking to buy a property, whether to live or as a rental investment; you don´t have time to search, you live abroad, or simply you prefer dealing with a professional who guarantees your interests?
You can choose to get the help of a local expert in the sector: A “Property Hunter” or “Real Estate Personal Shopper“; a growing profession in Spain.
In this article, we explain you how a Property Hunter works and what are the benefits of his services.
This profession, imported from the United States where it is known as “The Buyer’s Agent or Buyer’s Representative“, has already been very successful in France as “Chasseur Immobilier” and in the UK as “Property Hunter“; where a large part of the real estate transactions is finalized by such advisors.
In Spain, this is a new service that exists only since five years, and it was born with the same objective to defend the interests of the Real Estate buyer yet unprotected.
A Property Hunter is a Real Estate consultant who works exclusively on behalf of Real Estate buyers, advising them throughout the entire purchasing process and defending exclusively their interests; unlike a more conventional Real Estate agent who manages properties for sale and therefore defends the interests of his client the seller.
His job is to interpret your requirements to propose you only the properties that best meet your needs. He will also manage all administrative and legal requirements, check the technical aspects of the property and negotiate on your behalf to get the best possible price. His objective is to make the search, selection and acquisition process of your property easier, avoiding possible surprises.
THE BENEFITS OF WORKING WITH A REAL ESTATE PROPERTY HUNTER:
1. SAVE YOU TIME
Thanks to his tailored search service, the Property Hunter pre-selects the properties that best meet your needs, and visits them beforehand in order to save you the maximum amount of time.
He saves you 70% of the visits made with a conventional real estate agency, avoiding unnecessary visits to properties that do not meet your expectations.
2. ACCESS TO THE ENTIRE MARKET
Unlike a traditional real estate agency, he/she is not limited by a portfolio of properties. He prospects the entire market and search throughout all available channels to present you only the assets that best meet your demand. Thanks to his network of collaborators, he also has access to “off-market” properties that are not yet published.
Therefore, he has no interest in selling you a specific property, but finding the one that really suits your needs.
3. SAVE YOU MONEY
Expert in the real estate sector, he negotiates on your behalf to obtain the best conditions and the best selling price possible. Thanks to his knowledge of the real estate market and the area in which he operates, he can save you between 5% and 15 % of the selling price announced by the seller.
4. SECURE PURCHASE
The Property Hunter not only finds the property that best suits your needs, but advises you throughout the entire purchasing process until the signing of the notarial deed, while defending exclusively your interests. He manages all administrative and legal requirements, checks all the documentation related to the purchase and advises you on the legal documents before signing them to ensure a secure purchase.
HOW DOES THE PROPERTY HUNTER WORK?
- He organizes an initial meeting to identify your needs in order evaluate the criteria of the property you wish to acquire: type of assets, location, budget
- He will send you then his contract with the detail of his mission and the financial fees for his services.
- He selects and pre-visits the assets that best fit your criteria and prepares a full report after each visit
- He organizes at your convenience the visits of the assets that you like the most
- He inspects the surroundings of the property: schools and shops in the neighbourhood, access to public transport, green areas, ongoing municipal projects.
- He verifies all the documentation related to the property to avoid any possible surprises: “nota simple”, property registry, certificate of occupancy, energy performance certificate, co-ownership certificate
- He also checks that the property has no debts or unpaid receipts and examines the latest receipts of the IBI (Spanish Property Tax), electricity, gas, water, telephone and internet
- Once you decide on the property you want to acquire, he will negotiate the price and terms directly with the owner or the real estate agency
- He also checks all contracts related to the purchase before you sign them: “the sales agreement or private contract” (contrato de arras) and “the notarial purchase deed ” (la minuta de escritura)
- He can also recommend you different service providers before and after the purchase: bank, tax advisor, notary, interior designer, insurer
THE PROPERTY HUNTER FEES:
The Property Hunter charges between 2% and 5% of the final purchase price, and only if the mission is completed, i.e. when he finds the property that meets your needs and the purchase is finalized. When signing the contract, you will have to pay an initial down payment to cover the initial costs which will then be deducted from the final fees when the transaction is finalized. That’s another big advantage of working with a property hunter: he will get the big part of his commission, only if his mission is fully completed!
THERE ARE VERY DIFFERENT TYPE OF CLIENTS:
Foreign investor with economic capacity:
This customer type looks to buy a property in Spain, often without knowing the language, sometimes neither the city nor the region. This investor type seeks to acquire an asset with an attractive yield.
Customer living in Spain looking for a property as a principal residence or rental investment:
This type of client can be national or foreign resident in Spain, and simply does not have the time to search, do the property visits and go back and forth to the agencies. He prefers working with a local professional who does all the work for him.
Company looking to expand its business:
Many companies looking to expand their business in other cities are using the services of a Property Hunter. They prefer hiring a Real Estate Personal Shopper who knows well the city and who manages all the necessary requirements for them.
For all these reasons, it is highly recommended to hire a Property Hunter with an extensive knowledge of the market, to assist you throughout the entire purchasing process of your property and to avoid any possible surprises while defending your interests.