Tips for Becoming a Real Estate Agent in Spain
If you’re thinking of becoming a real estate agent in Spain, there are a few things you should know. There are a couple of different types of real estate agent here, so it helps to know what you’re up against in terms of competition. It also helps to know what category you’ll fit into, and what you’ll need in order to be successful.
Another important consideration is how you will operate your real estate business here in Spain. As it’s a highly competitive market, you’ll need to make sure that the systems you have in place are good enough to keep you ahead of the game. For example, you’ll need strong CRM software, as well as a competent and enthusiastic team.
For now, let’s take a look at the real estate agents here in Spain:
Spanish real estate agents
These are the local estate agents run by local people. As they are from Spain, they have an advantage over foreigners joining the industry. Firstly, they will have had good training, more experience of the local markets, and they’ll be members of the necessary professional associations, such as the API and GIPE. This means a certain degree of professional indemnity.
They are also fluent in the local language and will find it easier to navigate legal documents on behalf of their clients. None of this means that they’ll be more professional or reliable than a foreign real estate agent in Spain, of course. It just means that there is some catching up to do, so you’ll need all the resources you can get in order to be up to speed when opening your business.
One thing string you may have to your bow that local estate agents might not is the English language. This is a great help if your agency will be on the Costa del Sol, where many internationals come to live from abroad.
Corredores may also be competition for you. These are Spanish brokers who are familiar with the market, the community, and property laws. They are in touch with the locals who want to buy and sell, so you could work with them to secure deals. The problem is that they don’t charge as much for their fees; 1% as opposed to the 30% or more commission charged by some foreign agents. In many cases they won’t be able to work with you anyway, unless you speak Spanish.
Foreign real estate agents
Estate agencies run by foreigners are very common here in Spain, and especially in popular expat areas like the Costa del Sol. On the plus side, that means there is a market for your skills and you’ve got as much chance at success as any other foreign realtor. On the down side, it means there is a lot of competition so you’ll need to work harder to be successful. If you like a challenge, that’s great – hard won rewards are more exciting! As we mentioned, there are resources available to you that guarantee you a head start on the competition.
As a foreign (English speaking) estate agent in Spain, you already have a lot of customers waiting for your services, as most of them will be from Europe and other Western countries. If you’re British, the Brits that come here will probably be more keen to take on your services than they would a local estate agent.
There are also agencies operating from within the UK, and selling in Spain. Some people will go for that, but most will prefer to actually be here to view several properties and speak to someone who knows the areas well.
Reasons to become a foreign estate agent in Spain
Thanks to deregulation here in Spain, it’s quite simple to start out as real estate agent here. You don’t need to be qualified, although (obviously) the more you learn about the industry, market, and customer service, the more successful you’ll be.
It also won’t cost you too much to set up, and there are high commissions to be had. That means you don’t need a vast number of sales in order to stay afloat. It goes without saying that those with integrity are the most successful, as should be the case. If you can demonstrate your integrity with genuine customer care, you’ll have a head start already.
Another helpful thing about Spanish real estate is that there is a lot of collaboration between agencies here. For instance, if you have a property and no buyer, and another agency has a buyer but not the right property, you can become allies. Cutting deals this way can be lucrative too.
Optima-CRM software for real estate has all of your potential challenges in mind. In fact, it’s a real estate CRM software with a difference; it helps you to collaborate with ally agencies, manage your sales, teams, finances and diaries… and so much more. If you’re setting up as a realtor in Spain, trust us – you can’t do without it. Contact us for a demonstration now.