What is the difference between a Property Finder and an Estate Agent?
An Estate Agent is a business or company that lists properties to sell, taking a commission from the owners at the point of sale for the process of facilitating the sale through advertising and finding the buyer. We are all familiar with their role. There are various professional bodies who oversee and regulate the industry, in the UK that is the NAEA (National Association of Estate Agents).
So what is a Property Finder?
An estate agent works FOR the vendor (seller) so their job is to sell the house. The interests of the buyer are therefore secondary by definition. A Property Finder is someone working for the buyer, not a business interested in selling what is on their books (because they don’t actually list anything and are not answerable to a vendor), but in FINDING the right property at the right price in the right location for the client – the buyer.
As Property Finders based in the UK for Spanish property we are regulated by the AIPP, Association of International Property Finders, which in turn in the UK is also part of NAEA, so you get all the protection of NAEA plus additional protections from the AIPP.
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What do we do?
By working with the buyer we, as Property Finders, establish the criteria. In some cases the budget and criteria will not match the chosen location, so by working with the client a Property Finder can establish which points cannot be compromised and in which areas there may be an alternative or a compromise to bring the right property in on budget. We establish together a list of priorities, absolute must haves, definite don’t likes and desirable extras.
Every buyer has a different list of priorities so every client receives personal attention. We look in a wide area but actually know all the areas where we search. For instance, a client buying a holiday home or holiday rental investment is not particularly effected by how sort after the local primary school will be, but a family relocating will need to know school options.
A property finder is not limited to one list of properties so can assess the suitability of properties listed by a range of reputable agents as well as other sources, giving a far wider choice. The client also benefits from working closely with one person rather than constantly having to tell different agents what they want and trying to remember to whom they gave what information, especially as the criteria may evolve over time as certain considerations come to the fore.
Generally a Property Finder will also arrange viewings. In Spain it is common for vendors to use multiple agencies so if you view with four agencies you may actually be taken to see the same property several times, but if it wasn’t right the first time it won’t be right on subsequent visits either, so a complete waste of your time. When you are searching for a property in another country time is in limited supply and needs to be used wisely. You will want to view only the most suitable properties, not the ones the estate agent needs to sell regardless. ‘Viewing trips’ to see new developments can be frustrating times for buyers as they are shown what is being built regardless of whether it fits their criteria! A property finder is not interested in wasting your time or leaving you frustrated by seeing properties that would never be of consideration and don’t match your ‘wish list’.
A property Finder won’t pressure you into buying the wrong property. Our reputation relies on matching the client to the right property and making the process of buying that property as smooth as possible. In that respect we have built up good relationships with various reputable estate agents and other local professionals.
So why can’t you look for a house by yourself?
You can. But if you live in the UK and want to buy in Spain do you have enough detailed first-hand knowledge of the area, the time to check out thousands of possibilities and the patience to deal with 20 estate agents all claiming they have the best properties for you? Or would you rather let someone take you through the process of buying, checking you are aware of the actual costs involved, (buying in Spain is very different and more costly than buying in the UK), have someone talk through your requirements and priorities, asking questions about your needs and how they may change over the next few years, so that when you visit everyone has clear understanding of your preferences on styles, locations, surroundings, size, age, distance to the beach, amenities, airport etc.? Many clients find we ask questions about subjects they have not yet considered that may (and often do) influence the final choice of property.
What will it cost you?
We work for clients with all budgets and therefore will not exclude those on limited budgets. In our case we do not charge our clients anything for our service because we receive a payment from the estate agent for finding the buyer for a property they have listed. Remember for you that simply means that if we don’t find the right property for you it hasn’t cost you anything. When we do find the right property you will pay no more for that property than you would have done anyway, so it still hasn’t cost you anything but will have saved you time, frustration and probably the cost of several extra visits. Plus as we negotiate hard for a good price on the right property you may actually get it for less than you would have done if you hadn’t used our service. Plus you have a Property Finder working in the background to check on the progress of your purchase, act as a sounding board at all stages, someone who has personally been through the buying process themselves and has helped many others too – a person who is not compromised in their service to you by needing to act in the interests of a vendor. Plus, once you have purchased the property we are still around to help with questions and helping with finding professionals like electricians, plumbers, keyholders and with holiday rentals if you need such services.
REMEMBER: An Estate Agent works for the vendor. A Property Finder works only for the buyer. So who will hold YOUR interests higher?