Estate Agents in Lanzarote
Lanzarote Estate Agent overview
Estate agents and especially overseas estate agents often get a bad rap. This is firstly due to the fact that bad news spreads much faster than good news and therefore the less than one per cent of total purchases that have a problem get reported much faster then the ninety nine per cent that go just fine. Secondly any news, especially bad news, gets exagerrated in the tellling, a bit like chinese whispers.
Over the last 5 years the amount of Estate Agents in Europe have more than doubled due to the fact that Europe was enjoying an economic boom and people could afford a second property plus see the investment benefits of owning one.
The property market in Lanzarote has been established for more than thirty years. For an estate agent to survive in Lanzarote they need to be professional and reputable. The best form of advertising is word of mouth and the days of the quick buck are long gone. Plus reputable Canary Island property magazines and websites would not allow a known unprofessional estate agency to advertise.
The Estate agents in Lanzarote are hard working professionals looking to earn an honest living. The standard commission an estate earns on a property sale is normally five per cent. On a sale of a 100,000 euro house an estate agent would therefore earn 5,000 euros. If you look at a single sale and the work involved this seems like good money but many people to not take into account the bigger picture. If that same agency only makes one sale a month then that business with rental costs, staff costs, taxes to pay etc could only just be breaking even or running at a loss. The majority of clients that walk through the door will not buy a property. The vast majority of the time is taken up with such clients.
Lanzarote, the rest of the Canary Islands and Spain speak a different language and have a different purchasing system to that in the UK. The Estate Agent in Lanzarote has to assist their clients every step of the way from the very first steps of opening a bank account through the paperwork and finally the visit to the notary to complete the purchase.