If you’re looking for a real estate agent in Panama who, through their professionalism, can help you sell or access the best market opportunities, this article is for you:
Let’s start by highlighting how in 2007, the real estate market in Panama was saturated with real estate agents, and choosing a good agent was easy. However, since 2012, the dynamics have changed significantly: The abundance of agents decreased.
But even today, it is recommended to use a real estate agent when making a purchase in the Panamanian market. The recommendation is based on the complexity of the market.
Remember that qualified agents not only offer experience but can also tailor their services to the specific needs and goals of each client.
Undoubtedly, the situation from 2012 onwards led to a higher level of professionalism in the industry, with agents understanding the importance of their fiduciary role.
Important: By the way, if you’re looking for a good real estate agent in Panama, don’t hesitate to contact us.
What to Consider When Choosing a Real Estate Agent in Panama?
In your choice, it’s essential to address certain crucial aspects that will impact the success of your projects and ideas:
- Get to know the agent’s past sales and recent clients. Inquire about properties previously sold in their portfolio, and if possible, reach out to former clients for references.
- Verify their relationships with other agencies. Remember that collaboration in the real estate industry can be beneficial. So, make sure your agent has good relationships with other agencies.
- Ask about their client portfolio because a good agent or agency should have a broad one. Inquire about this to understand their ability to connect with potential buyers.
- If you’re looking to sell, obtain a realistic estimate of the time it will take to sell your property. Inquire about the approach and strategies the agent will use to expedite the process.
- Inquire about the promotion of the property and the methods employed. Ensure you understand how the agent will market your property. Do they use digital media, traditional advertising, or exclusive contact networks?
- Lastly, choose a reputable company. Opt for a real estate agent with a good reputation or a recognized company in the market that offers greater reliability and support in the transaction.
Other important points to consider
- Real estate agents play a fundamental role in Panama’s real estate market. In order to provide effective service, they must be fully informed about current trends and developments in the market.
- On the other hand, effective communication and transparency are critical qualities in a real estate agent. They must maintain smooth communication with their clients, providing relevant information about the buying or selling process and any changes in the market.
- Keep in mind that transparency involves offering accurate and honest information about properties and market conditions.
- Regarding commissions, real estate agencies in Panama typically earn between 2% and 6% of the sale, depending on the type of property.
- It is common for sellers to bear the cost of the commission, but if multiple agents are involved in the transaction, the commission is divided among them. Furthermore, in some cases, both the buyer and the seller may be represented by the same real estate agency, which facilitates coordination and negotiation.
What makes a good Panamanian real estate agent
A good real estate agent in Panama must play an essential role by providing valuable information about the property and the market:
Their deep knowledge enables them to provide crucial details about the property’s history, including information on previous sales, the quality of management, the ratio of owners to tenants, and any construction issues such as leaks or pending assessments.
Furthermore, a qualified agent goes beyond by offering information about neighboring buildings and future development in the area. This includes identifying potential drawbacks, such as the construction of a nearby nightclub, as well as advantages, such as the planning of a nearby metro station.
One of the most valuable aspects an agent can bring is their expertise in negotiations. Real estate agents are familiar with common counteroffer strategies and can provide guidance on how to secure the best possible deal.
They can also provide information on taxes and the motivations of sellers to keep an operation within a Panamanian anonymous society.
An agent’s qualification is measured by the number of questions they can answer thoroughly and accurately. By asking many questions, buyers and sellers can ensure they are working with a reliable and qualified agent who will guide them through the complexity of the real estate market in Panama.
Ultimately, choosing a real estate agent in Panama is a smart investment in the safety and success of your real estate transaction.
Recommendations when buying a home
As we mentioned in the article Important: By the way, if you’re looking for a good real estate agent in Panama, don’t hesitate to 7 Important Aspects When Buying a Property in Panama, and to ensure you are well-informed, when purchasing property in Panama, it is essential to address specific questions about the location. This ensures that your investment perfectly suits your needs and desires:
You should inquire about the safety and services in the area. Find out if the location has a good reputation in terms of security by inquiring about the incidence of incidents and police presence.
Additionally, explore what services, such as schools, medicales centers, and transportation options, are available in the area.
Assessing the location in terms of future development is another key consideration. Ask about nearby construction projects and how they could impact your quality of life. A qualified agent can provide information about development plans and planned changes in the neighborhood.
As for legal aspects, ask any questions that come to mind. For example, verify if there are any inheritance issues or legal proceedings associated with the property.
There are several things to consider, and undoubtedly, finding a good real estate agent in Panama will help you understand them. By the way, at Uncover Panama, we can assist you in finding the best real estate opportunities. Contact us.