What You Should Know Before Looking for a Real Estate Broker in Panama

When looking for your ideal property, be it commercial or residential, apartments or houses in Panama, it is important and highly beneficial to rely on a good real estate broker.

In addition to expanding the property search options, a good real estate broker in Panama guides you through the entire purchase process, the general rules, laws and available benefits, not to mention all the knowledge of the local market, amenities, zoning and other information that is important to make the best purchase decision.

However, there are some crucial points that must be followed before choosing a real estate broker, in this article we detail these points, mentioning the most important factor first and below:

1. Make sure the broker is licensed

This point would be the most important point when choosing a real estate broker.

Real estate brokers in Panama must obtain a license which is issued by the Real Estate Technical Board at the Ministry of Commerce and Industries (MICI in Panama).

Of course, in order to obtain the license, a series of requirements must be met, such as taking courses, passing a certification exam that evaluates their knowledge of the industry, in addition to having no criminal record and opting for a security bond of $10,000 dollars.

A duly licensed broker complies with the legal requirements in Panama, which also include acting in good faith with potential clients and supporting them with all the necessary information for the purchase or sale of the property and with total transparency.

There are risks for the client who works with an unlicensed broker, since many of them carry out illegal practices and unethical actions, which can affect the client in a monetary or legal way.

Some examples of complaints from customers who have registered in the country include breach of contract, unfair terms, lack of commercial information, improper fees, and failure to comply with warranties.

Making sure that your real estate broker is duly licensed is the first step before seeking support in the search for the ideal property, as we mentioned before, a good broker will always have the good faith to comply with their obligations, to provide all the information possible market, area, rules and laws to be able to make the best decision when buying real estate.

2. Review the agent’s portfolio of properties

To get the ideal property, it is recommended that you have a clear idea of what features are important and crucial in the desired property, and also to see if the broker offers the same type of real estate that you are currently looking for is very helpful.

The real estate market in Panama is very dynamic, due to the types of properties that exist. There are several segments by which properties are divided, for example, between new and used properties, luxury or regular, with or without amenities, houses within projects or with unique design.

Because of this, it is good to check the portfolio of properties that the real estate broker offers in Panama, usually on their website, social networks or other channels (such as youtube). If their portfolio of properties shows the type of properties that are of interest to you, then you have a good candidate as a broker.

3. Years of experience

Clients relocating or looking for investment property will need a real estate agent with a broad understanding of the nuances of the market, the country and its requirements, the benefits and drawbacks of residential or commercial areas, as well as what is generally offered together with the property.

Due to this, it is important that the broker has several years of experience within the industry, because of 2 good reasons: first, to be able to share all the necessary information with the client to support him in the best possible purchase and second, with more experience the broker can generally offer a wider range of properties.

Whether you plan to buy a new property or sell your property, a broker with years of experience will be more helpful, provide greater transparency, and be able to adapt to the client’s particular needs.