The number of real estate agencies in Mallorca is higher than in almost any other region in Europe. Reason enough to exercise caution when choosing an estate agent
.It is said to have happened that real estate purchases have already been made on the flight from Germany to Mallorca. Quite by chance, of course. A previously unknown seat neighbor told us about a house that an acquaintance was selling on the island. And just a few days later, the purchase contract was signed.
Of course, real estate agent life on Mallorca is much more serious. And that's a good thing. Nevertheless, the number of real estate agencies and agents on the island is probably higher than in any other comparable region. Reason enough to exercise caution when making your choice.
What distinguishes a reputable estate agent?„A reputable estate agent knows the market and the region, is very easy to contact and responds promptly to enquiries“, says Volker Schug from the agency INM Immobilien in Palma.
„He advises the buyer of all the advantages and disadvantages of a property so that he can make a safe decision“, says Wolfgang Pegels from „Inmobiliaria Pegels & Partner“ in Cala d‘Or. And: „A reputable estate agent is also a good advisor after the sale and helps the customer to find their way around the island“, continues Wolfgang Pegels.
For Lutz Minkner from „Minkner & Partner“ in Santa Ponsa, three things are particularly important: „expertise, expertise, expertise, and not just when it comes to the actual property issues, but also to the legal and tax issues“, says Minkner. „If an estate agent does not know the basics of public building law, if he cannot read a Spanish Escritura, how can he judge whether the property for sale is legal?“.
Frank Steinhoff from the real estate agency „de Haas & Partner“ in Artà, on the other hand, recommends relying on the experience of the real estate agent when choosing the right one. „What do the customer recommendations look like? Do they respond quickly to inquiries? Do they have their own office? As a real estate buyer, you should always ask yourself these questions first. A good network of the estate agent with architects, lawyers and construction companies should also be a selection criterion, says Frank Steinhoff
. „A reputable estate agent starts with the actual task of acquiring a property“, says Matthias Schober from the real estate agency „Schober & Partner“ in Cala Millor. „He tries to bring buyers and sellers together at a fair market price. This means that it is also necessary to ask the seller for an exaggerated price based on the location and condition of the property.
What to consider when choosing an estate agent
„You should always make sure that there is a good basis of trust,“ says Michaela Unruh from the real estate company ImmobilienArta in Artà.
It is essential for this that the estate agent openly describes all the advantages and disadvantages of the property, keeps the customer up to date on all developments at all times and is there to support them in all matters. For Volker Schug from INM Immobilien in Palma, sympathy is the decisive factor. „The chemistry has to be right on both sides. This is how buyers and sellers come to a successful conclusion in the end. Lutz Minkner, on the other hand, warns against black sheep in the industry. „Hands off cell phone brokers without an office, without a tax number and without liability insurance. The same applies to neighbors and gardeners who have a bargain tip“, says Minkner „Choose only brokers with many years of experience in Mallorca's real estate market with a professional network of lawyers, tax advisors, banks and notaries. You can also find out a lot about the reputation of the estate agent from these advisors," explains Lutz Minkner.
Frank Steinhoff from „de Haas & Partner“ advises potential buyers to ask various questions before choosing a broker „How long has the broker been on the market? Does he specialize in the desired region and also have an office there? Does he ask me specifically about my search criteria and requirements for the desired property? Can he provide all the preliminary information I require, such as additional costs and floor plans? „Customer reviews on the Internet are usually not a reliable indication of whether a real estate agent is trustworthy, as reviews can often be manipulated“, says Matthias Schober from „Schober & Partner“. For him, the length of time an estate agent has been on the market is more of a good sign, i.e. how long they have been there.
In the end, a personal meeting helps to decide whether the broker is the right one,
says Matthias Schober.
Wolfgang Pegels also considers the way in which a broker presents their offer to be a good selection criterion. For the seller, the decisive factor is probably how the estate agent advertises his property. So not only on his website and possibly in the shop window. An estate agent should use internet portals, print media and social networks to present the property to a wider circle of interested parties. Ideally, the estate agent should already have a large circle of prospective buyers, says Pegels. For the buyer, on the other hand, it is important that the estate agent can answer all questions, knows the properties and thus makes the customer's decision more secure. „The estate agent should be able to recommend a lawyer and notary to the customer. The prospective buyer can already recognize many of these things in the first conversation“.
What to pay particular attention to during the purchase process
„If you are buying in a country where you do not know the customs of the real estate market and do not speak the language, you need to look for reliable partners. In addition to professional estate agents, these include lawyers, tax consultants, architects and banks. In all these service sectors, there is highly competent and German-speaking advice on Mallorca,
says Lutz Minkner.
For Michaela Unruh from ImmobilienArta, the competent provision of all the necessary documents is particularly important.
„We always recommend that customers consult a neutral lawyer, even if many customers want to avoid this. The money invested in this pays off“, says Volker Schug from INM Immoblien. Very important: „The deposit should never go into the estate agent's or owner's account, but into a notary account“, says Schug.
Why do you need an expert? In addition to the estate agent and the lawyer, a third person should always be consulted during the purchase: The expert. As a general rule, it is advisable to consult a surveyor or expert if you are a layperson, says Oliver Girharz from the engineering and construction project management company Matrol Servicios y Peritajes S.L in Llucmajor. When buying a new building, there is a legal guarantee that it is free of damage and defects, but after the purchase the burden of proof lies with the buyer. The situation is even more difficult with old buildings: Here, "bought as seen" often applies, and this means that damage or defects can hardly be claimed from the seller. This is precisely why it is important to have every property inspected carefully before buying, regardless of its age. According to Oliver Girharz, the surveyor is also useful when selling a property. Minor repair or conversion work in particular is often outsourced directly to a craftsman or building contractor, who then often suggests and carries out the appropriate measures at their own discretion. „From experience, we can say that many unfortunately do not always act in the interests of the client, i.e. you as the homeowner“, says Girharz. There are no fixed rates for the surveyor's fee in Mallorca, it is freely negotiable. When preparing an expert opinion, fees should be charged by the hour. German experts use the JVEG), which sets fees for experts," explains Oliver Girharz. The average hourly rate is between 80 and 120 euros, depending on the scope and specialization. Andreas John
