I prefer not to use an Estate Agent, is it absolutely necessary to use one in Tenerife?
Ouch! Well let’s get the facts out of the way first; no, there is no obligation whatsoever to use an agent, a small proportion of sales here are made between private individuals, often friends (who often cease to be friends after the transaction). However the vast bulk of property is transacted by Estate Agents, most of whom are knowledgeable, friendly, and willing to run you around showing you numerous properties at no cost to you. So what’s the benefit to you? Well a good agent will first ask you to complete a qualifying questionnaire, to ensure that you are serious. Good Estate Agents are busy professional people who neither want their time nor that of their selling clients wasted by people that are either unwilling or unable to make a purchase if they find an appropriate property for you. They will also try to ascertain if you need a mortgage, and if so would you qualify for the loan you need? (Banca Español lays down very strict rules to the banks to avoid people being given loans they may not be able to repay). Having done this, they will look through their own portfolio of properties and often that of other agents they are friendly with to try to find appropriate properties for you to view. This should avoid you having to visit dozens of inappropriate properties, and refine your search process. They will give you advice, help, local knowledge, usually speak Spanish and other languages and if you do decide to purchase, advise you of the procedures, and perhaps recommend a solicitor. So the answer is no, you don’t have to use an Estate Agent, but you will be looking a gift horse in the mouth if you don’t!