Avoid Buying a Lemon: Use a SPN Property Finder
Most lemons are easy on the eye. They appear bright, shiny and enticing but biting into them usually leaves a bitter taste in your mouth. Looks can be deceiving.
Using a Property Finder, who works for you, not the seller, will help you avoid buying a lemon.
Do not get confused. Yes, there are many properties advertised for sale on this website. However, these are merely a selection of what some of our collaborating agents have on their books. We are not selling these properties.
Remember, at the Spanish Property Network:
- We are Property Finders.
- We are not estate agents.
- We do not sell properties.
- We help you purchase properties.
- We know how to spot a lemon!
So, what is a Property Finder?
A Property Finder represents a buyer in a property transaction. The term is typically more common in the United Kingdom. In the United States the situation is referred to as buyer brokerage, and in Australia it is known as Buyer Advocacy.
Property Finders specialise in sourcing and negotiating the purchase of property on behalf of the buyer. A good Property Finder develops an in-depth understanding of a client’s requirements and then helps find a property which best matches those requirements.
An estate agent sells the properties he/she has on his/her books. A property find takes instructions from a prospective purchaser and goes out to track down suitable properties that may/may not be on the market. He/she offers a bespoke service. Via @Thisisspain
What does a Property Finder do?
- manage and lead the property search process, speaking to agents, private sellers and searching property portals (some of which are not public).
- filter out unsuitable properties so you only view those that match your criteria. This will save you a huge amount of time.
- have good working relationships with a network of selected estate agents. Estate agents like property finders because, as fellow professionals in property, neither has any interest in wasting the others time (for them it’s a job not a hobby).
- have quicker access to new properties agents are taking on and access to “off market” properties.
- have “Inside knowledge.” They know the area. They know the potential pitfalls. They can help you avoid buying a lemon.
- have negotiating tactics and skills. They will handle all conversations on your behalf and advise on which approach is best. They are unemotional (unlike you) and experienced at negotiating, so they won’t fall for the “there are lots of interested buyers” trick.
- get your offer taken more seriously, in a competitive property market
So, how much does a Property Finder Service cost?
Most Property Finders charge an upfront ‘retainer’ of a few hundred to a few thousand euros. This is to ensure you are a serious buyer and not a time-waster, the upfront payment guarantees the services, attention and hard work the property finder invests in your property search.
The Property Finder only really cover their expenses by taking this fee, so they will be committed to finding you a home as the “finders fee” they receive is their real wage. That means they won’t waste your time, they will be working hard to get you a new home quickly.
Once you buy a property through a Property Finder, some of them will charge between 1% and 3% of the property value. This follows the Estate Agent model of charging a percentage of sale price. However, in some areas of Spain, the sales agent shares a commission with the property finder who “should” then charge less for their property finding services.
I would expect a property finder to work for me, and an agent to work for the seller – the difference in how they work to meet my needs (as a buyer) *should* be self-evident then. BUT all depends on the financial model – am I paying the Finder? Because if not, then surely they are effectively an independent estate agent. Via @Casslar
IMPORTANT: Before enlisting the help of a Property Finder, ensure you understand how their fee structure works. Request everything in writing and request receipts for any monies paid.
As we have mentioned, in Spain, both Property Finder fees for property purchase and and estate agent fees for sales tend to vary by region.
Due to the fact that we, at the Spanish Property Network, offer a Property Finder service in most parts of Spain and the islands, CONTACT US and let us know which area you are looking at and we will send you information specific to that area.