What to expect from a real estate agent

Purchasing immovable property is a decision that one usually takes once or twice in a lifetime, and unless the right steps are taken, clients can fall into a number of pitfalls.

To avoid making mistakes, it is recommended that right from the outset prospective buyers should seek the advice of professional estate agents, who can guide them and ensure that their rights are respected.

The role of a real estate agency is to act as a go-between, identifying the buyers, sellers and tenants (in the case of letting) and helping them to establish a final selling price on property or land which is suitable to both parties.

This often involves lengthy discussions and mediation to ensure that both parties are satisfied that what they are buying or selling is good value for money.

The buyer

Property consultants have a very important role to play when individuals, especially first-time buyers, are investing in property.

They can, in the first instance, guide buyers and assist them to obtain the property they desire. By going to a real estate agency, first-time buyers can start to get a `feel` of the market, obtain information about the properties that are up for sale, and establish a budget, which is affordable.

If in need of a loan, property consultants are today in a position to give preliminary advice on how a first-time buyer can raise funds to purchase a property and then introduce them to personnel from the major banks on the island.

Once the budget, the area, type of property, the space required for the family etc, are established, the property consultant can proceed to showing the property which is in line with these specifications to his or her customers.

Here, property consultants will be responsible to make the necessary appointments with their customers, as well as the vendors on each property.

Following the viewing, consultants will also be expected to give feedback to both buyers and sellers. This is a very delicate situation and a professional property consultant has to be as independent as possible.

Once the desired property has been chosen, the next stage is to reach an agreement on the price. This is a crucial stage, which might make or break the sale.

Although sometimes this can be a straightforward sale, there are situations where the negotiations can take a very long time.

At this stage the property consultant`s advice and negotiating skills are extremely beneficial and can help to make a property sale an uncomplicated and straightforward matter.

Once the price has been established, it is up to the property consultant to advise the clients on the type of commitment they will be undertaking.

To ensure that the rights of his/her clients are respected, the consultant is also in duty bound to explain the conditions under which a property is being bought.

These include areas such as ground-rent and the difference between perpetual and temporary ground-rent, the meaning of a konvenju (promise of sale) and the responsibilities entailed by such an agreement, structural changes and how the advice of an architect is essential and the steps one should follow after the konvenju.

The seller

When it comes to selling property, the real estate agents also have a very important role to play. It is always wise to seek both the advice of an estate agency, as well as to put the property on their books.

First and foremost a property consultant can help you establish the market value of the property you are going to sell. It is useless to establish a price which does not reflect market conditions.

Secondly, through their detailed database estate agents can help to introduce you to the right customer. Furthermore, you will have the advantage of having your property listed on all their marketing drives, be it newspaper advertising, magazines and Websites.

All this exposure is incorporated in the estate agent`s service fees, which are success-based, so no additional costs are incurred by the seller.

Apart from selling your property, real estate agents can also advise you on how to make your property more appealing.

Very often some minor alterations can help to make all the difference.

Refurbishment such as a whitewash or a paint job on the façade, repairing broken window panes, or changing light fittings can help make your property look brighter and more pleasing to the eye.

These and many other useful tips are part and parcel of the service provided by real estate agents to prospective sellers.

Andrew Gatt is operations director at Dhalia Real Estate Services. For more information visit www.dhalia. com