Are you considering buying a home in Valencia? This market is not like anything I experienced as a 30 year real estate veteran in the USA!
As I have posted several times, most real estate agents in Valencia do not want to collaborate with other agents. They want to keep both sides of the commission, seller and buyer, so they can earn double on one transaction. More often than not, they have a relationship with the seller. They are marketing and advertising the seller's property. They are getting paid by the seller. How can an agent who has this kind of relationship with the seller truly represent your best interests? They can not. This is why I believe it is very important that you work with a buyer's representative who will look out for you!
The following is an example that just came to full fruition. I have been advising an expatriate for months. I explained to her how the market works here in Valencia. She was very loyal to me and always mentioned that she was working with me when speaking to other agents. Recently, she purchased an apartment as an investment where we represented her. Prior to her accepted offer, another agent sent her a video of an apartment that was being renovated in the same building she just purchased in (purely coincidental). She immediately told him that she was working with me (I have screenshots of that conversation that she sent him). He has never called her, never emailed her, never met her to this day. All he did was send her one video.
After she purchased the first investment property, we realized that the one in the video was in the same building. We called him to ask to see it after identifying ourselves. He immediately began screaming and yelling at us claiming that she was his client! After we hung up, her called her screaming and yelling at her (great customer service)! Obviously none of us wanted anything to do with him.
To make a long story short, we found the second apartment and knocked on the door. One of the workers let us inside. He was kind enough to call the owner of the apartment and let us speak to him. We explained everything that just happened to him. He goes on to say, that he had no exclusive listing agreement with the other agent who just yelled at us. He allowed us to tour the apartment, explained the terms of offer he was expecting and told us that he would collaborate with us. Later that evening, we made an offer.
What is the lesson here? There are several. First and foremost, always beware of working directly with the listing agent. You will not get fair, unbiased, impartial representation most of the time. Secondly, understand that as your buyer representative, we typically have access to off market properties that are not put into a real estate website like idealista which was the case with the first apartment my client purchased. And finally, never let another (seller's agent) bully or pressure you into working with them. As in the example above, we were able to preview the apartment and submit an offer without the unprofessional real estate agent who did not have permission or a relationship with the seller.
So, please be careful, transparent and selective with who you decide to work with in Valencia. As always, if I can be of any help to you with your move to Valencia, please keep me in mind!
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