19 September 2011
Posted in Property Info

If you want to buy a Golf del Sur property, an Amarilla Golf property, or in fact any property here in Tenerife, then it pays to ensure that the people you are dealing with are professionals with the accredited qualifications. In a great many English speaking countries a real estate agent who sells property must be a licensed professional who has attended a course and passed exams and in some countries is required to pay into a fund to protect buyers.

Many people believe that there is no requirement to be licensed in Spain and that the situation is different. The fact of the matter is that there is very little difference. Fully qualified and certified real estate agents do exist, but there is also a slightly lesser qualification that also entitles a person to act as a property agent for real estate. The two main organizations that regulate estate agents are the Colegio de Agentes de la Propiedad Inmobiliaria (COAPI) for real estate agents, and the Asociacion Profesional de Gestores Intermediarios en Promociones de Edificaciones (GIPE) for people who are intermediaries between the public and the government.

These two bodies are professional organizations, and although the COAPI members are considered to be the main licensed estate agents, both groups are legally allowed to act as agents for the sale and purchase of property. Here in Tenerife, API members are the estate agents and gestors are the administrative body. It must be stressed that if you are buying or selling a Tenerife property, the best advice you can be given is to only deal with an API registered estate agent for your own security and peace of mind.

Tenerife Real Estate Agents (Agentes de la Propiedad Inmobiliaria - API)

Nationally in Spain estate agents are expected to be “Agentes de la Propiedad Inmobiliaria”, and have the necessary license that allows them to practice and that the agent is a member of the colleges of real estate agents (COAPI).

The highest level of certification that can be applied for to become an estate agent is API and agents who have this certification are expected to have passed an examination after completing a course. They should also be members of their local college.

It always pays to check if your agent is an API or not because here in Tenerife there are some real estate agents who are not API and do not have the accredited certification.

API Fees

The College of estate agents has strict guidelines on fees that an estate can charge thus ensuring buyers and sellers know in advance what additional fees to the purchase price will be levied to pay the estate agents commission. An estate agents fee here in Tenerife is typically 5%.

College of Real Estate Agents - (Colegio de Agentes de la Propiedad Inmobiliaria - COAPI)

The College is a professional and hard working body of men and women who regulate agents and ensure that their agents carry out their business with the utmost integrity and professionalism. Any agent found guilty of misconduct can have their license revoked and also face civil or criminal penalties. Members of the college pay a monthly fee to the college which amongst other things gives agents access to lawyers who represent the college and who will protect the estate agents interests in disputes.

Professional Association of Property Agents (Asociacion Profesional de Gestores Intermediarios en promociones de Edificaciones - GIPE)

Although not classed as an estate agent, many gestors and gestorias here in Tenerife have undertaken specialist training by the association to give them knowledge to act as a property estate agent. This is yet another service offered and runs alongside all the other services a gestor (or gestoría) already undertakes.

Ascertaining which gestor has actually taken the time to undertake this specialist training to be a property agent isn’t easy, some will proudly show off a certificate on their office walls, many will not. Although the gestor may not have a certificate on show he may still have undertaken the training and be acting as an agent. A wise approach before asking them to act on your behalf would be to make sure that the gestor first and foremost is a member of the GIPE association and secondly, ask around town to make sure they are highly regarded.

Whilst it is unfair, the fact is that many ‘gestors’ are not actually members of the association; they may indeed simply be people with connections. Opening an office as a gestor without proper accreditation has happened in the past, and will no doubt happen again, so due diligence should be considered mandatory.

The majority of larger towns have their own chamber of commerce, and if you ask for a list of their members who are gestors that should provide you with some peace of mind.

Concluding - When You Buy or Sell Property in Golf del Sur

When buying or selling any properties here in Golf del Sur or Amarilla Golf always ensure that your estate agent has the proper accreditation and is a member of the college of estate agents, that way you will know that you are dealing with true professionals who have your best interests at heart.

This post was provided by the property experts from Homes and Away who have been working for over a decade with clients in the Golf del Sur property market.