It is not a secret that sometimes the estate agents are not your best friends when it comes to buying. Their interest will not exactly match yours and they might mislead you just trying to sell whatever they will earn commission from. This post will give you some guidelines how to chose with whom to work – at least to the best of my knowledge.
Things you should look for:
1. Office. Nowadays everybody has a website, even those who don’t have office but their office will tell you more than you can imagine. See in what area it is, how long the company has been there, how big it is, how many people are working in it and how many properties they can show you with a short notice (usually in the next day or two). Small office can be scary but a big one can be scary too so the truth as always is in the middle.
2. Land line phone numbers. Again nowadays everybody has a mobile phone but how many landlines your estate agent has? This is also good to check the company on the internet (google of course) as they might have changed their name, domain, etc.
3. Recommendations. Ask for recommendations from other clients and don’t be ashamed to check them. Very often estate agents present fake recommendations that are not true. Ask for contact details of the people/companies who have given such recommendations and speak with the directly.
4. Membership in organisations. This will give you another way to check the company. You can call the organisation directly and ask for the company or look for other companies-members of that organisation and try to get more information from them.
5. Contract. See if the estate agent will ask you to sign a contract for the services (usually all of them will) and how the payment of the commission (if there is such) is arranged in the contract. If you notice that the contract is with another company and the payment is to be made to someone else or you are offered to pay in cash “in order to save the VAT” then stay away. As with any contract it will be good to be checked also by a lawyer before you sign it so take your time and don’t rush to sign anything until you have second opinion.
6. Developer/Seller. This is very important one! Many developments in Bulgaria were advertised by estate agents who later one turn to be also their developers or owners which is the reason why there are so many disappointments at the moment. Strictly speaking this is pure conflict of interest but the problem is that you will not know it unless you check the developer/seller thoroughly. There is no easy way to do this and for sure you will need a lawyer but you will need one anyway and this is usually part of the conveyancing part so don’t ever think of missing this step. You have been warned.
7. Lucky seven. You will need luck. Usually the best deals are combination of many elements but for sure luck is always one of them. And remember what they say about real estates: location, location, location. And the best of luck. But don’t forget the other six.
Probably the moment now is not so good for such guide but it is better to read it later than never. The crisis will not last forever and the real estate market will soon develop again and when this time comes it will be good to read this information. Who knows?
