For more than a year, Century 21 Casa Nova has been working with the majority of the recognized Real Estate companies in the Antigua area to formalize a governing body to oversee the activities of Real Estate marketing in Antigua.We a re proud to say that the task has finally been completed, and we are approved by the Municipality of Antigua, and recognized as the official entity that will work directly with the Municipality and the Consejo for the preservation of Antigua.
Our General Manager, Rolando Leon, has been invited to sit on the Municipalities advisory board to discuss matters pertaining to future developments, land use, and also to set a Municipal wide format as to how properties will be presented to the public in general.
The overall advantage to buyers and sellers is outlined below, and it explains how the Real Estate Chamber will operate among its members.
Real Estate Chamber Of Antigua, Guatemala
The Real Estate Chamber of Antigua was founded in May 2010, and approved by the Municipality of Antigua, to assure that a strict code of ethics is applied to all real estate transactions in Antigua.
Members of the Chamber have agreed to adhere to the Constitution, and to operate their individual businesses in accordance to the rules of business and ethics as described in the constitution.
All contractual documents will now be unified, and will contain identical information for both sellers and buyers.
A copy of the Constitution and ethics is available for review in every member's office in Antigua.
The Goals Of The Chamber
All members of the Chamber will work together as a unified force to assure that any property listed with a member of the Chamber will receive maximum exposure to potential purchasers.
The selection of the company best suited to represent a sellers property is strictly the decision of the seller or buyer. Properties that are for sale will be priced fairly to the existing market, and no member will inflate or deflate the value to the property that will adversely affect the seller.
No member of the Chamber will approach a property owner currently listed with a member of the Chamber to convince a seller to cancel a listing with a Chamber member, make disparaging remarks about another Chamber or non Chamber member, or to the disadvantage of another Chamber member.
All listings with member companies will have a defined time frame of 180 days that the listing will be active. On expiry of the agreed time frame, the seller is free to contact another Chamber member and relist the property under the same terms and conditions.
Listing With A Chamber Member Definitions Of Listings Types
Exclusive Listings
An exclusive listing is viewed as a listing that is controlled by a single company.
The company has the option to maintain the listing privately, and is not obligated to share the listing with any another company, even though, another company may have a client ready, willing and able to purchase the property, and the exclusive listing company does not, but is unwilling to cooperate with other Real Estate companies.
In the view of the Chamber, this type of listing offers no advantage to the seller, where in fact it may be detrimental to the seller if the listing company cannot provide a qualified purchaser within a reasonable period of time. Companies that insist on an exclusive listing without a multiple listing clause should be avoided, or at the least, a listing expiry date of no more than 30 days. Sellers should be aware that companies asking for an exclusive listing will generally not be part of the Real Estate Chamber, and not subject to the rules and regulations of member companies. These companies will try to entice sellers by suggesting they have 3 or 4 buyers who would willing to buy immediately, but actually they have no specific clients as they may indicate.
The other concern for the seller is that they will only receive offers from one company, and will have no ability to compare other offers from other companies that may be more advantageous for the seller.
Exclusive Listing With A Multiple Listing Clause
This type of listing allows one company to control the listing, but it also allows all other Chamber members access to the listing, but directly through the listing company.
One of the main advantages of this type of listing is that the seller only has to deal with one company, rather than several, and the communication is more structured.
Should another member company have a potential client for the seller's property, the other company will contact the listing company to arrange a showing of the home. The listing company will attend the showing, and if an offer is presented for a property, it will be done through the listing company.
The sellers contact will always be with the listing company.
By using this system, the seller is assured of maximum exposure, and rather than dealing with one company exclusively, all the Chamber members have an opportunity to present the property.
The chance of a successful transaction is greatly improved if the seller has 60 sales people presenting their property, rather than a company with 4 or 5 employees.
Commitments Of Chamber Members
All Chamber members who receive a multiple listing agree to provide certain standard obligations to the buyer. These services include, but are not limited to obtaining verification that the seller is the true owner of the property, or the registered representative with a power of attorney authorized to sell the property on behalf of the seller.
A copy of the sellers Cedula or passport will be required.
Each member will be required to obtain a copy of the seller's esritura, or the finca, folio, and libro numbers to allow the member to check the central registry to authenticate the ownership, and to identify any possible loans, or encumbrances against the property.
Should the seller representing him/her self as the legal owner and verification proves otherwise, the proper authorities will be advised immediately, and all Chamber members, plus the owner of record will be advised immediately.
Each Chamber member must advertise a seller's property in publications such as newspaper, local magazines, and professional web sites.
All inquiries, and viewings with potential purchasers will be reported to the seller immediately, and the information will include the name of the potential purchaser, the date and time of the showing, and any positive or negative comments received by the agent regarding the property.
When a listing has been received, a letter to all Chamber members will be sent with a full description of the property, the address, and the asking price with photos.
No Chamber member will copy and reproduce the information on their web site without permission of the listing member.
Buyer's Advantages
Buyers who choose to deal with a member of the Antigua Real Estate Chamber will realize the following advantages.
The buyer has a choice to deal with any member of the chamber that they feel the most comfortable with.
It guarantees that the buyer will have access to all properties listed with any other chamber member.
There will be more property options will be available to compare prices, more areas of possible interest can be introduced that may offer better alternatives, and the buyer will be assured that the member of choice will be adhering to the required ethics of the chamber.
A Word Of Caution
Regardless of whether you are a buyer or a seller, always ask if the agency you are dealing with is a member of the ANTIGUA REAL ESTATE CHAMBER. Please be specific, as some firms are members of the Guatemala Real Estate Chamber, and will try to insist that it is the same entity, but it is entirely different, and they do not offer the same services or are they required to maintain the ethics of the ANTIGUA REAL ESTATE CHAMBER.
Don't Fall Into This Trap!
When you interview a Real Estate company, you are relying on their expertise to help you market your home in the shortest time period possible, and at a price that is realistic in the market.
This is common sense, but in many cases, certain Real Estate Companies will exaggerate the value of the home to simply obtain the listing. As Guatemala has no real reference to the sale prices of comparable properties, what the Real Estate agent tells you is what you tend to believe.
When a home is listed with an inflated value to the current market, what do you think will happen?
Home buyers are intelligent people, and they compare value for dollar, and if your property is 20% and higher above other comparable properties, don't expect a miracle to happen!
After 1 or 2 months, the agent who listed the home, will generally suggest that you lower the price to meet the current market price. Now, you have lost a couple of months, and interested buyers who looked at the listing on the internet, or in a brochure are unlikely to be interested once it is reduced in price. If 5 out of 6 agents tell you the value is $200,000.00, and one says it's $250,000.00, something is certainly wrong. Don't make a mistake and ruin your chances of a sale because of misinformation, or manipulation by an unscrupulous Real Estate agency.
