This is one of those long established professions which is not accompanied by the best reputation in many countries around the world. Sadly, Tenerife is definitely not an exception when it comes to this image that is tarnished. It also doesn’t help that this industry is completely unregulated in Spain.
While there may be professional organisations like the API and GIPE, many agents are unregulated and not members of these professional organisations.
While this is not to say that these agents are unprofessional and will fail to do a great job, it does mean that you should be more careful when you choose an agent which might not be the case in the UK or in European countries where the industry is tightly regulated.
The size of the estate agency does not always equate to good quality because sometimes, the larger ones can also be the worst offenders so it’s important that you do your research thoroughly.
When many of the “fly-by-night” Tenerife agencies and agents were forced to shut down during the previous recession of 2008, a recent upturn within the property markets has enticed a large number of these individuals back into the profession.
Some of the locals joke that just about anyone can stumble off the streets and become an agent when or if an opportunity to make commissions comes about.
This situation is compounded due to so many more buyers on the market that have the cash, but not enough desirable properties for sale.
For this reason, when a property becomes available for sale through a Tenerife agent, it’s very common that other agents will already have suitable buyers, and the 2nd agent will then expect or request a 50% “commission share” for this introduction.
While this has the potential to run smoothly if done correctly, in a lot of cases, it can also increase the level of uncertainty into a transaction that is already complicated.
Making sure you can trust the first contact estate agent is very important in this scenario.
Before you start working with any of the estate agents in Tenerife, here are a few questions to assist you in deciding which is the best one for you and how professional and trustworthy the agency is:
1. Does The Agent Have A Landline Phone Number And Physical Office?
Many of the Tenerife estate agents don’t even work out of an office. Most work from home or even from their cars, where they only use their mobile phones. While some agents may be able to provide a service that is acceptable, the risks to the clients become obvious.
When or if an issue arises, these agents are usually a lot harder to track down, compared to the professionals that work from an office that is accessible to anyone.
2. How Long Has The Estate Agent Been Established?
How long the Tenerife estate agent has been in business is usually one of the best indicators when it comes to assessing their integrity and professionalism.
An agent that has been around for a number of years that works out of an office that is accessible to the public, is usually a far safer option than someone that you met at the beach or even worse, in a local bar who only provided you with their mobile number.
3. Does The Estate Agent Have Their Own Website?
This question may not be one of the more obvious ones to ask, yet this has become more and more important when it comes to the world we live in today. Many estate agents are now in agreement that more than 80% of enquiries now come from the Internet, in comparison to under 20% through walk-in business.
A website that is professional along with an above average standing in Google search results and contains all the necessary contact information you would expect from an established business is a clear indication that the estate agent is a proper business.
It also shows that the agent is committed and invested in his or her profession because running a good quality estate agent site takes time and money to create and maintain.
4. Does The Agent Have A Business Listing On Google?
Google Business Listing need to be validated before being approved to be made public which adds another layer of confidence in your search to find a good agent.
To be validated, a physical address and proper contact details need to be provided so in this way, some of the work is already done for you.
Google is very strict with their listings and make it difficult for anyone to game it.
5. Are There Any Reviews For The Agent?
If the agent has a good history of positive reviews then it signals that the business is established and depending on the types of reviews given, that it can be trusted.
Bear in mind that reviews can sometimes be manipulated but there are signs to look for to decide if they are legitimate and natural, or fake.
Are the reviews all perfect? Do they all occur in a short space of time? Are they given by people not associated with the location? Do they read naturally or do they read like a sales pitch?
There are also reviews to look out for on Facebook, Yelp, Trustpilot, and many other platforms but the same rules apply.
Don’t forget that word of mouth plays an important role too when coming from friends and family who have had a good experience with a Tenerife estate agent they used and recommended them.
Last Words
Finally, when you give instruction to your estate agent, make sure you stand by what you want and let them know your exact requirements.
Many of the estate agents have great skills when it comes to convincing their clients to consider properties that do not match up to their preferred location or criteria or to increase their original budget.
The better agents will provide you with a realistic and honest appraisal when it comes to your expectations, along with what Tenerife properties are currently available within your budget. They also won’t try to convince you into buying homes that you cannot afford.
Happy estate agent hunting and wish you every success!
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