The Inside Story on Real Estate Agents
Real estate in Costa Rica is completely unregulated. I know because I worked with one for about three months. Here are the requirements to be a real estate agent in Costa Rica:
- No education - Again, anyone and everyone is an agent. Nobody needs to pass a test of any sorts to be an agent.
- No prior experience - Anyone and everyone who “can fog a mirror” can call themselves an agent or broker.
- No ethics - Where do you think all of the people in Florida who used to sell swamp land now live? The system here in Costa Rica is stacked against you if you have a problem.
Many of the problems I talk about come from the first two issues and some agents do learn from their mistakes. If the problem arises from a lack of ethics it is doubtful that time (except in a jail) will change their practices.
By exposing what I learned from from my short experience and having seen how other agencies operate, I hope that you are better prepared for your journey. This is a summary of my experiences with the real estate and development industry in Costa Rica. I have broken the pages into these groups:
While I mention specific examples and situations, please remember that these abuses happen every day all over this country. Some people write and ask if so and so is the agent I am talking about. The best answer to that question is to treat every agent as if they are the agent I am writing about. By doing so, you will remain on your guard and be more likely to double check everything that you are told.
Remember, nobody, including me, cares more about your future than you do. Verify, verify and re-verify before you invest.
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