In order to understand some of the major concerns brought up by Banderas Bay home buyers, we contacted several local brokers to discover the most frequently asked questions they get from clients, along with the challenge of inspiring trust when addressing them. Being aware this is not a definitive list, we present our findings.
Is Mexico a Safe Place to Live?
According to Wayne Franklin, president of Tropicasa Realty, this is one of the most common concerns raised by the international market. While it is true that insecurity rates at the national level have increased in recent years, the truth is most of these incidents remain among these organizations members and are not directed towards the general population.
“What happens in cities such as Chicago, Florida, Milwaukee and other areas in the United States are being carried out by the general population against one another. There is no comparison between this fact and what it is occurring here in Mexico. Providing perspective to the client creates awareness and generates trust,” Franklin commented.
As Foreigners, How Can We Own a Property in Mexico?
As expected, foreign buyers ask questions about the property title. Sarah Elengorn, director of Elengorn Realtors and Taniel Chemsian, real estate agent of Timothy Real Estate Group, highlighted the importance of providing a detailed explanation about how a bank trust works under Mexican legislation.
Foreign clients may have concerns about the sale process once they learn that Mexican banks act as a trustee, so it is highly advisable to emphasize that the rights and privileges of the property (such as the ability to rent, remodel, sell and inherit it) belong to the buyer and will not be part of the bank’s assets.
What Are the Most Sought-After Neighborhoods?
Franklin commented that the challenge with this question is that different areas seem to have popularity cycles. Conchas Chinas, Amapas and Gringo Gulch are examples of areas that have been coveted neighborhoods. Franklin also pointed out that utilizing researching tools such as the MLS services can provide very useful information to a prospective purchaser.
Whether location is a primary priority for the client or just an additional benefit, taking interested in this matter by the agent shows that he is listening to his client and concerned about offering him the best options.
What Happens If…?
What happens if I have to remodel my property? What happens if the neighbor’s house is encroaching on my land? What happens if there is a hurricane and it damages my property? Franklin commented that home buyers frequently ask hypothetical questions such as these, and realtors probably do not have an answer for all of them. The ability to either consult with other professionals in the industry or referring clients to them is always a wise decision.
Along those lines, Chemsian stressed the importance of organizing and participating in real estate events throughout the year, which brings together a variety of professionals in fields like interior design, immigration, health, insurance, property management, rentals and mortgages, all of which can provide attendees useful information.
Which Property Should I Buy?
Even though the final decision lies on the buyer, they usually want to know the agent’s point of view. Addressing this has more to do with asking as many questions as possible, rather than providing answers.
“The more an agent asks their client about lifestyle choices, financial goals, projected use, and other important questions, the more they will be able to look at their big picture and provide them with a reasonable answer,” Franklin concludes.
If you are interested in learning about other frequently asked questions from property buyers in the region, follow our Facebook page where we have posted more of our interviewees’ contributions. Find us as Vallarta Real Estate Guide.