Buyer’s agents are paid by and work exclusively for buyers. They search for properties on behalf of their clients, but unlike search & find companies they do not receive any commission from estate agents and so are not limited by commission sharing agreements. They are also free to search properties from private sellers, which is a big advantage in a country like Spain, where many Spaniards, especially in rural areas, avoid selling through estate agents. This means that buyer’s agents have access to a wider selection of properties than anyone else.
Buyer’s agents will charge their clients a successful search fee, typically around 2.5% of the value of the property that the client buys. They will also charge an upfront fee to ensure that clients are serious and to contribute to the costs of unsuccessful searches. The transparency of their fees is a big advantage to clients, as in all other cases the buyer never knows how much of the cost is being paid in fees.
Some people are tempted to see the fee that buyer’s agents charge as an extra cost. However in reality a buyer’s agent is more likely to drive down the overall cost of the purchase whilst significantly increasing the buyer’s chances of finding the property best suited to them. Buyer’s agents don’t have to fight for a hidden commission built into the sales price, which frees them to help clients negotiate the lowest price possible for the property. They can also give genuinely unbiased advice to their clients, and are likely to have more knowledge of the local property market than anyone else.
Unlike most search & find companies buyer’s agents will visit all potential properties on behalf of their clients, taking notes and photos for the clients to review. This saves the client considerable time and money whilst ensuring that a comprehensive search is carried out that includes a physical inspection of all potential properties. Clients can visit a shortlist of properties in the knowledge that all other possibilities have been inspected and rejected.
Buyer’s agents will also help their clients through the entire purchase process and beyond. They often help with or even conduct negotiations on the client’s behalf, and their experience of the property market is a great asset in this process. They can arrange and manage all the practical matters of the conveyancing process and can be trusted to recommend good lawyers. All told they offer a valuable solution that can minimises the costs, risks and headaches of buying in Spain. Unfortunately there are very few genuine buyer’s agents operating in Spain. Contact details of good buyer’s agents can be found at the website.
