There are many options for luxury real estate buyers in Costa Rica. As you begin to search for the right property, it’s also very important to consider a broker with the local knowledge, experience, integrity, inventory, and network to make your luxury buying experience rewarding.
Here are 10 important considerations for choosing a Costa Rica luxury real estate professional:
- Local Real Estate Market Knowledge. Measuring the local market knowledge of a real estate broker in Costa Rica can be accomplished by asking some simple but telling question.
An experienced and savvy broker has his/her thumb on the pulse and can quickly provide some quantifiable numbers when asked about inventory, number of sales in the last 90 days, average days on the market for luxury properties, and the list to sales price ratio. If a broker is unable to answer basic questions like these, beware.
- Bi-Lingual Broker. An experienced luxury real estate broker is familiar with the customs, laws, and can communicate with native professionals and homeowners. A seasoned Costa Rica luxury real estate broker should be able to communicate for you with Spanish speaking home-owners.
There are many wealthy Costa Ricans with luxury properties on the market and if your broker does not speak Spanish, they are limiting the amount of properties available to show their customers.
If they don’t speak good English, then be very careful, since you will require a broker who can communicate well with you and help you accomplish your goals for finding the right luxury property.
- Working Knowledge of the Luxury Tax Implications. A qualified luxury real estate broker in Costa Rica will be aware of the tax implications for luxury homes in Costa Rica. They should be able to provide you with accurate estimates of the luxury tax imposed on a property you are considering.
- Familiar with Materials, Furnishings, and Construction Methods. One of the most important aspects of purchasing a luxury home is the expectation of high-quality construction, materials, and finishes.
Luxury homes in Costa Rica offer many styles and character with fine woods, stones, and other materials. A qualified luxury home broker should be able to point out some of these differences in quality and workmanship to highlight value, or potential areas of concern.
- Luxury Designations and Affiliations. Take a look at the qualifications of a real estate broker and seek out designations like “Who’s Who in Luxury Real Estate”, Association Memberships, Certifications, and Recognitions.
Many of these affiliations, designations, or certifications come with important requirements for attainment ensuring an extra level of knowledge and experience that can greatly benefit a buyer during the process.
- Customer References. This is an obvious one, but many buyers do not take the time to check or are too shy to ask for references. A successful luxury real estate broker will always have references to provide and the customers are eager to recommend a great broker.
Costa Rica luxury buyers are often surprised by the level of professionalism or very disappointed. References are another great way to do your homework before choosing the right luxury property broker in Costa Rica.
- Personal Appearance and Presentation. A professional broker who is experienced and savvy luxury property specialist understands the importance of first impressions and a professional appearance.
A high-end customer wants a broker who will make a good impression and present a professional image to any sellers, brokers, or professionals involved in the transaction.
- Negotiation Skills. How good are the negotiation skills? Finding this out can be difficult without speaking with references. You can also ask the agent to provide an average closing price vs. asking price on properties in which he/she negotiated on behalf of the buyer.
- Dual or Single Agency. It is crucial to ask a luxury broker who they are representing. It may sound crazy, but many brokers are “dual agents”, meaning they are representing the seller and buyer in the same transaction.
The ramifications are obvious, but this is common practice in Costa Rica which has very little (if any) legislation in place protecting buyers and sellers from unscrupulous real estate brokers. An honest agent will disclose this “dual agency” relationship without you asking.
- Timely Communication. In many cases, you can find out how professional a broker is just by sending an email. The email can contain a few questions related to the Costa Rica luxury real estate market giving you two key insights right away: A. How quickly to they respond to your email. B. How much local market knowledge.
Daveed Hollander is a recognized luxury real estate specialist with more than a decade of experience in the local market. He is fluent in English and Spanish and is recognized by several local and international organizations as an expert in Costa Rica luxury real estate.
We encourage you to reach out to Daveed if you’re considering a luxury property in Costa Rica and after many years of working with him, we can proudly recommend him to our luxury buyers.
10 Tips for Choosing a Realtor For Luxury Real Estate in Costa Rica.
Article/Property ID Number 4114
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