Bacon evangelist. Freelance tv fan. Twitter geek. Coffee expert. Reader. Beer trailblazer.
Every time I chat with
someone about my business and career, it normally comes up that “they’ve thought
about getting into piermont grand” and / or know someone who has. With so many
people thinking about getting into real estate, plus getting into real estate -
why aren’t there more successful Realty in the world? Well, there’s only so much
business to go near, so there can only be so many Real Estate Agents on this
planet. I feel, however , that the inherent nature of the business, as well as
how different it is from traditional careers, makes it very difficult for the
average person to successfully make the transition towards the Real Estate
Business. As a Broker, I see many fresh agents make their way into my office -
for an interview, and sometimes to begin their careers. Brand new Real Estate
Agents bring a lot of great qualities to the table : lots of energy and ambition
- but they also have a lot of common mistakes. Here are the 7 top slips rookie
Real Estate Agents Make.
1) No Business Plan or perhaps Business
Strategy
So many new agents put all their emphasis on which Real Estate
Brokerage they will join when their vivid new license comes in the mail. Why?
Because a good number of new Real Estate Agents have never been in business for
themselves – they’ve only worked as employees. They, mistakenly, think getting
into the Real Estate business is “getting a new work. ” What they’re missing is
that they’re about to go deep into business for themselves. If you’ve ever
opened the gates to ANY business, you know that one of the key compounds is your
business plan. Your business plan helps you define whereby you’re going, how
you’re getting there, and exactly what it’s going to take for you to make your
real estate business a success. Right here are the essentials of any good
business plan:
A) Goals - What do you want? Make them clear, concise,
measurable, and plausible.
B) Services You Provide - you don’t want to be
the particular “jack of all trades & master of non-e ” - choose residential
or commercial, buyers/sellers/renters, and the things area(s) you want to
specialize in. New residential real estate agents tend to have one of the most
success with buyers/renters and then move on to listing properties after they’ve
completed a few transactions.
C) Market : who are you marketing yourself
to?
D) Budget - take into account yourself “new real estate agent, inc. ”
and write down EACH expense that you have - gas, groceries, cell phone, etc …
Therefore write down the new expenses you’re taking on - board payments,
increased gas, increased cell usage, marketing (very important), etc
…
E) Funding - how are you going to pay for your capacity to pay w/ no
income for the first (at least) 70 days? With the goals you’ve set for yourself,
when would you like to break even?
F) Marketing Plan - how will you get
the word out about your services? The MOST effective way to plug yourself is to
your own sphere of influence (people you will know). Make sure you do so
effectively and systematically.
2) Not likely Using the Best Possible
Closing Team
They say the greatest businesspeople surround themselves
with people that are smarter than ourselves. It takes a pretty big team to close
a contract - Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Heading
Officer, Inspector, Appraiser, and sometimes more! As a Realtor, you are in the
position to refer your client to make sure you whoever you choose, and you
should make sure that anyone you refer through will be an asset to the
transaction, not someone who’ll bring you more headache. And the closing team
you reference in, or “put your name to, ” are available to make you shine! When
they perform well, you get to take part of your credit because you referred them
into the transaction.
The deadliest duo out there is the New Real Estate
Agent & New Large financial company. They get together and decide that,
through their joined marketing efforts, they can take over the world! They’re
both taking care of the right part of their business - marketing - and yet
they’re doing each other no favors by choosing to present each other business.
If you refer in a bad insurance agent, perhaps it will cause a minor hiccup in
the transaction - you come up with a simple phone call and a new agent can bind
the house and property in less than an hour. However , because it typically
takes at least two weeks for you to close a loan, if you use an inexperienced
lender, the result are generally disastrous! You may find yourself in a position
of “begging for a commitment extension, ” or worse, being denied a written
agreement extension.
A good closing team will typically know more
compared with their role in the transaction. Due to this, you can turn to
individuals with questions, and they will step in (quietly) when they see a
opportunity mistake - because they want to help you, and in return experience
more of your business. Using good, experienced players for use on your closing
team will help you infinitely in conducting business worth MORE business… and
best of all, it’s free!
3) Not even Arming Themselves with the Necessary
Tools
Getting started as a Real estate professional is expensive. In
Texas, the license alone is usually an investment that will cost between $700
and $900 (not taking into account the amount of time you’ll invest. ) However ,
you can run into even more expenses when you go to arm yourself with the
important tools of the trade. And don’t fool yourself - there’re necessary -
because your competitors are definitely using every resource to help
THEM.
A) MLS Access is probably the most expensive demand you’re going to
run into. Joining your local (and state & countrywide, by default) Board of
Realtors will allow you to pay for LOCAL MLS access, and in Austin, Texas, will
run all-around $1000. However , don’t skimp in this area. Getting MLS
accessibility is one of the most important things you can do. It’s what
differentiates us within your average salesman - we don’t sell homes, we all
present any of the homes that we have available. With MLS Accessibility, you
will have 99% of the homes for sale in your area available to present to your
own clients.
B) Mobile Phone w/ a Beefy Plan – These days, everyone has
a cell phone. But not everyone has a prepare that will facilitate the level of
use that Real Estate Agents need. Thinking about getting at least 2000 minutes
per month. You want, and demand, to be available to your clients 24/7 - not just
hours and weekends.
C) Computer (Preferably a Laptop) - There’s no way
around it, you have to have a computer & possibly be savvy enough to use
email. You would be wise to invest in numerous business management software, as
well. If you’d like to save some money (and what person wouldn’t) then you can
get the client & email management software program Thunderbird from and you
can get a free office suite out of your only downside to these programs is that
they really don’t sync with your PDA or Smart Phone. A Laptop is actually a BIG
plus because you’ll be able to work from home or on the go. Fresh Real Estate
Agents are often surprised by just how much time they commit AWAY from the
office, and a laptop helps you stay on top of this work while on the
go.
D) Real Estate Friendly Car : You don’t have to have a Lexus, but
your Miata won’t do the trick. Be sure you have a 4 door car or SUV that is snug
and presentable. Keep it clean, and for The lord’s sake, don’t smoke in it!
You’re going to spend a LOT of time into your car, and put a lot of miles on it,
so if it’s fuel efficient, it’s a BIG plus. If you’re driving the sporty
convertible, or still have your KILLER Vehicle from college, it’s time to trade
it in.
4) Lack of Proper Funding
If you’ve taken the time to
create your organization plan, than you should definitely have your budget, but
Determine stress enough the importance of having and following your budget.
Nevertheless the budget alone doesn’t address the important aspect of finances.
90% of all small businesses fail due to lack of funding. Normally, new agents
will want to have 3 months of reserves on savings before taking the leap into
full time agent. However , money in the bank isn’t the only way to answer
typically the question of funding. Maybe your partner can support you for just a
certain period of time. You can keep a part-time job that won’t interfere with
your business as a Real Estate Agent. Many successful waiters produce the
transition to successful real estate agents with no money in the financial
institution. When you start your new business, don’t expect to earn any source
of income for, at the least, 60 days.
5) Refusing to Spend Dollars on
Marketing
Most new Real Estate Agents don’t realize that the undesirable
part of the business is finding the business. Furthermore, they’ve just simply
shelled out around $2000 for their license and panel dues, so the LAST thing
they want to do is to spend more dollars! Again, the problem lies in the lack of
understanding that you’ve just ran into the Real Estate Business, you haven’t
taken a new project. And any good businessperson will tell you that how much
business enterprise you GET is directly correlative to how much you SPEND
regarding marketing. If you choose the right brokerage, then you will get some
good inbound leads. However , don’t neglect a good, personal marketing campaign
right from the start to get your own name out as the Real Estate Agent to go
to.
6) Not Focusing Their Marketing Efforts in the Most Effective
Locations
One reason why many new Real Estate Agents who do start off
spending money on personal marketing stop is because they spend the software in
the wrong place. The easiest place, and where common Real Estate tells you to
spend your money, is in conventional print online marketing - the newspaper,
real estate magazines, etc … This is the almost all visible place to see real
estate advertising, it’s where substantial offices spend a good part of their
money, and so a large number of new agents mistakenly spend their money here.
The becomes very frustrating to new agents because of its minimal return. Large
brokerages can afford to spend their money listed here because they’re filling
two needs - they’re selling their own properties for sale while creating new
buyer visitors for their buyer’s agents. New Real Estate Agents should look to
the sphere of influence and referral marketing to see the most impressive return
on their investment. An agent can spend as little as $100/month marketing to
their family, friends, and colleagues and see an unbelievable return. There are
many great referral systems around that all concentration on the same premise -
that if you consistently market you to ultimately your sphere of influence as
the Real Estate Agent to go to – then you will get more business. The key is to
pick a technique and to follow that system. You will see results.
7)
Buying the Wrong Brokerage for the Wrong Reasons
New Real Estate Agents
decide their new broker for a variety of reasons - they’ve a good reputation,
they offer the most competitive split, the office will be close to their house,
etc … While these alone aren’t damaging reasons to choose a broker, they
aren’t going to do a whole lot to help you in your success. The #1 reason to
choose a financier, and the question to ask is, “What do you deliver your new
agents. ” If the answer is, “The most competitive split in town” you should
definitely keep looking. Take into account, 100% of $0 is still $0. If you’re
leaning in the largest broker in town, who has a great reputation, remember the:
You’re starting a BUSINESS not a JOB. While it might be brilliant to brag to
your friends about landing a job from a prestigious company, it’s no
accomplishment to hang your permit on the same wall in the same office as other
thriving agents.
Your #1 concern when interviewing new Providers is what
they offer you as a new agent. Achieve they have incoming leads? What does their
training program are made up of? What’s their retention level? What’s their
average revenues price? Do they encourage their agents to promote his or her
self? A Broker’s purpose is to help new agents start off successful careers and
to help established Agents progress the careers to the next level. As a new
agent, concern your body less with commission split or agency name and others
with specific programs and agency standards.
A new professional in Real
Estate is very exciting. Starting a Real Estate enterprise provides the new
Agent with opportunities for limitless future and freedom. New Agents have a
notoriously high breakdown rate, however , so a new Real Estate career can also
be a really scary prospect. However , if you avoid the 7 Top Slips Rookie Real
Estate Agents Make, then you’ll be far ahead of the contest!
Most likely, you have got word
of the recent real estate BOOM currently occurring in Panama. Perhaps, there are
several internet sites you have read or visited hunting for further information
on the topic. Or maybe you are one of those persons which have taken the
decision already of buying an apartment or a beach house hold, but you don’t
know where to start or wish to start your own property project in Panama, yet
still need more information. Well, I had prepared this article in a practical
and simple way to guide you in our real estate market. You will find this paper
helpful, if it’ll be for the direct buying of a property or to start off your
own real estate project in Panama or simply to have a further complete notion of
this rising real estate BOOM.
What is encountering in the Panamanian Real
Estate market?
What is going on in Panama is with very little sort of
precedent. The market is growing rapidly and such housing development has never
been experienced before in our country. Regular monthly, we are visited for
hundreds of foreigners interested in buying authentic estates in Panama, in the
City, the coasts and then the mountains. The constant rising of the value per
pillow meter is almost in a monthly rate. For example: in Jan, 2006 it was
possible to find apartments in Panama Place for around US$ 1, 000. 00 per square
meter, which is nearly impossible nowadays (US$ 1, 200 - US$1, 400 and rising).
This has generated the value per sq meter to triplicate in the city and even to
quadruplicate in the rest of the country. The main real estate broker
associations currently have foreseen that the general value of the land in
Compact country of panama could rise up to 30% to 40% in the next four years,
due to this price increasing flow.
Extreme luxury towers for over 100
stories, residential houses of over a zillion dollars, yachts and marine clubs,
huge luxury hotel rooms, golf camps designed by well-known international
specialists, as well as top grade malls, are currently under construction or in
process of presenting in the next couple of years; renovating the face of the
city into a major international and cosmopolitan metropolis. Promoters, private
investors and abroad real estate companies, from United States, South America
and even Europe, contain started the construction of real estate projects of
amazing impact. Also, a great number of international real estate broker
companies are setting up businesses in our country per month. Specifically we
could tell you that seven of the highest towers under construction for Latin
America are being built in Panama City, within the locations known as “Avenida
Balboa” (this area is projected because skyscraper in front of the sea in the
city). We could mention, a few: Aqualina, Aquamare, Vitri, Ocean Two and One,
Los Faros de Panama and Ice Tower, ready to be supplied for the year 2009;
besides the hundreds of apartment towers produce developed around the city.
Great beach lot projects, remote island resorts, as much as in the Caribbean Sea
(Bocas del Toro) as in the Pacific Ocean (Pearl Islands); as well as enjoyable
retirement mountains (Boquete, Altos del Maria) are part of the avalanche of
real estate projects that seems just to possibly be starting.
Which are
the real factors that caused this real estate property boost?
We all know
that after the hostilities occurred in Panama in 1989, the Panamanian real
estate market remained hesitant as well as small amount of inversions in this
sector were led in the nation’s majority into commercial projects. Eleven years
had to jog by after this event (year 2000) for the leaders in your tourist
sector of the Panamanian government (led by the well-known Panamanian singer
Ruben Blades) to take action initiating a serious marketing for the enhancement
of the country’s image. Panama was found as “the path less traveled”, stressing
not only from the advantages of being and international banking services and
ocean going center, but also in the social, tourist, ecological and geographic
elements that until then were unknown to the other countries in the world. This
successful campaign was promoted worldwide generally international television
chains, in Europe as well as in the United States. Included to this, something
that has to be acknowledged, for the year 2003 Compact country of panama comes
back to the international field with the announcement that a younger Panamanian
lady (Justin Pasek) won the Miss Whole world contest, situation that allowed by
extension the range in advantages of our country as a tourist and commercial
destiny. Between the years 2003 and 2005, little by little the number of
prospects increased as a consequence of these two important
catalysts.
Meanwhile, small categories of professionals (lawyers,
brokers, and independent professionals) were supplying seminars about the
Panama’s advantages or organized small properties tours to foreigners. Several
articles published in intercontinental retirement magazines (generation known as
“Baby Boomers”) and subsequently residences abroad, started to acknowledged
Panama as one of the best nations around the world in the world to live at high
standard levels, but through low costs; all of this caused due to excellent
projects resolved to this market, as “El Valle Escondido” in Boquete - Chiriqui
or “Altos del Maria” in Panama. One of the main triggering factors of this real
estate boost in Compact country of panama occurred last April 24th, 2006, when
Donald Trump announced in New York City the construction in “Punta Pacifica”
area in Panama City of a 65-story tower recognized as “Trump Ocean Club
International Hotel”, with a price tag of 220 million dollars. Further more, on
October from the same year, the national acceptance for the enlargement of your
Panama Canal was given, initiating construction works in the time 2009. Starting
from this point, there is no doubt that Panama would certainly become the centre
and role model of real estate investments in your community, situation that has
been increasing exponentially.
Which are then Panama’s added benefits as
a real estate destiny?
Well, let’s get into the subject. Let me study
those advantages that Panama offers and that will allow you, effectively, to
take the decision to buy a property in our country, plenty of foreigners have
done. From the real estate point of view, we could mention:
-*- Panama
offers the best banking center in the region, with the use of the actual
American dollar as legal currency and with top of the line banking institutions
(HSBC, CITIBANK, BBVA, etc . ) which will facilitate doing this of obtaining
mortgages for foreigners, offering a fast foreign bank transaction process for
deposits and reservation regarding properties.
-*- Panamanian immigration
law has one of the best golden age programs in the world, which will allow you
to become a “resident” in less than 8 weeks. This program offers several
incentives as the possibility to signific goods and personal values into your
new properties clear of import duties, as well as motor vehicles also free of
import chores.
-*- An outstanding service, utilities and infrastructure
system intended for properties, such as: high speed Internet (there are your
five of the main Internet interconnection Networks crossing through Panama),
Cable and Satellite TV, public potable water, wide range of telephony offer,
fixed and cellular.
-*- The opportunity to obtain extreme luxury
apartments with ample spaces to a rate amazingly low compare with apartments of
the same quality during USA and Europe.
-*- The opportunity to acquire
properties exempt to the 0% of property taxes for a period of 5, 10, 15 and even
20 years (depending on the date with construction’s commencement).
-*- A
vast variety of companies and bilingual professionals involved in the real
estate market.
-*- If you are a businessman, Panamanian law has fiscal
benefits to constructors and promoters that start real estate projects in the
country.
Additionally , there are other sorts of advantages to take into
consideration that even when you are not directly involved in the realty
business, they can become helpful at the moment of taking the choice of buying a
property:
-*- Panama has been acknowledge for providers as Pinkerton
Intelligence Agency as a high standard safety country in contrast with the
current situation in neighboring states.
-*- You can hire house keeping
services for a lower price (around US$ 150. 00 per month)
-*- Up-to-date
high standard technology available.
-*- The opportunity to acquire goods from
all over the world in the Colon Free Zone, due to the apparent position of the
Panama Canal and the transit of in excess of 14, 000 ships per year.
-*-
The conditions involving Panamanian taxation law allow the tax payer not to
spend taxes on bank interests or even income taxes when the services and/or
business are performed abroad.
-*- An exceptional geographic position to
perform international commercial transactions, with fast admittance to the
Pacific Ocean as well as to the Atlantic.
-*- Panama has a low-risk
profile in regards to natural disasters, such as earthquakes and
hurricanes.
These are some of the many advantages that Panama generally
offer if you decide to acquire a property in our country, whether it is to
invest or perhaps to relocate and enjoy life.
Which are the most
attractive websites to buy properties?
To better answer this question, we
have to break down our answer in four groups: Panama City, any mountains, the
Pacific shore and the Atlantic shore.
Compact country of panama
City
The main seaside view luxury condos are found throughout Panama
City, distributed as follows: Balboa Avenue, Punta Pacifica and Costa del Este.
The region known as “Avenida Balboa” has become the icon of real estate
development in Panama. The reason behind this is due to the current construction
of luxury residential studio towers with an outstanding architecture with a
height of through 100 stories, to be concluded in the year 2009. Balboa Avenue
offers quick access to the whole city, the banks and loans area, as well as to
the main avenues, given that it is the sea-coast boulevard. One hundred meters
away from this area you will find places to eat, bars, hotels and several
facilities. European promoters, American as well as South Americans have
foreseen the real estate potential in this region, equivalent to condos
phenomenon occurred in Miami during the eighties. “Punta Pacifica” area was
developed over the old City terminal (for the reason that it was next to the
pacific shoreline and inside the city). This region was designed exclusively to
provide an answer to the upcoming real estate demand. The area presents
beautiful projects and high standard apartment towers. Additionally, you will
find in “Punta Pacifica” malls (Multiplaza Pacific), Hospitals (John Hopkins
Hospital), corporate buildings and access to tracks (Corredor Sur) which will
grant you fast access to the particular international airport in 15 minutes. Is
also in this sector where the Trump Organization and K Group will raise their
touted real estate project. Another of the desired areas for visitors is Costa
del Este.
The “other city” because is referred to was also conceived and
designed for typically the development of apartment buildings and closed
residential residential areas. It is the perfect place for a foreigner to
completely relocate through Panama. This region has it all schools, malls, big
avenues; this sector offers several real estates along with a gorgeous view to
the sea or to the city, located all 5 minutes away from the city and only ten
from the international airport. What’s more , important to stress out that this
luxury tower’s development seriously isn’t circumscribed to these few areas.
There are also urban ventures in the region of Punta Paitilla, Coco del Mar and
Bay area (all of them in front of the sea), as well as beautiful developed
personal areas in the surroundings of the Panama Canal, such as Albrook, Clayton
and Quarry Heights.
The Mountains
Gorgeous high altitude projects
with cool, fresh weather from 18Cº for you to 20Cº (64ºF to 68ºF) have been
developed in the provinces of Panama, Cocle and Chiriqui. In the province
associated with Panama, the most representative mountain project is found in the
region from Sora, 75 minutes away from the City and known as “Altos del Maria”.
This project consists of a well-organized foreigner’s group with utilities and
spectacular landscapes. Another region about urban development can be found in
what is known as “Tierras Altas” (High Lands) located in the province of
Chiriqui (Volcan, Boquete and Cerro Punta). Among these places, Boquete is
actually one of the most relevant real estate centres in the whole country,
considering it counts with a wide supply of real estate projects, readily
available houses in the mountains with amazing landscapes. Boquete has long been
recognized by specialist in the subject as one of the best places for the
purpose of retirement in the world, fact that has generated in this region the
highest focus of retired foreigners in the country. Finally, in the province
connected with Cocle, you will find the region known as “El Valle”. Located in
the extinguished volcano, El Valle offers the perfect weather, waterways,
waterfalls and tourist attractions. El Valle is at present bringing measures to
become one of the most wanted regions in the field of mountain properties, owing
to its facilities and infrastructure, as well as to the proximity to Panama City
(1hr. 45 mins. )
The Pacific Shore
The supply of lots in front of
the beach starts in the pacific coast line of the Province for Panama, and it
goes all the way until the mid-country provinces. Almost all Panamanian
high-class families have their beach houses for this sector; due to its
proximity to the City (45 minutes). The coast line offers residential areas such
as Came, Coronado, Punta Barco, San Carlos, Gorgona, among others. Within all
these beach residential areas we have to remark the region known as “Coronado”,
region which counts with one of the best professional Golf camps in Latin
America, pools, beach clubs, equestrian golf equipment, several restaurants and
great supply of houses and flat buildings in front of the sea. Additionally ,
further on in the ocean coast line, we can find the region of Playa Blanca.
Since the development of the macro hotel project known as “Royal Decameron” in
the area, the infrastructure and general surroundings experience grow
significantly. In Playa Blanca, you will be able to find casinos, swimming
pools, restaurants, bars and discotheques, beach clubs along with a great
variety of real estate projects just right next to the beachfront. Finally, we
should also mention the recent development veteran in the seaside areas the
provinces of Los Santos (Pedasi) and Veraguas, such as Playa Arenal, Punta Mala
and Playa Venao, among others; which have become the new lives for many
foreigners (mostly Europeans) that are searching for great extension cords of
lands in front of the sea.
The Caribbean Shore
In this region, we
can find a similar supply of real estate properties to the one located in the
pacific coastline of the mid-country provinces. There are several real estate in
front of the sea, as well as vast extensions of hectares together with the
beach. This region is located two hours beyond Panama City and it offers the
option to buy in the well-known Colon Free Zone. On the west side of the place,
you will find in the Caribbean coastline, the spectacular region in Bocas del
Toro, where properties next of the underwater or in the middle of an island are
simply astounding. A great many types of international real estate companies
have started projects in the crystal clear waters of Bocas del Toro. Bocas is
one of the almost all known tourist destinies in Panama, located only 1hr and 45
minutes away by plane. It offers an excellent night life, restaurant, hotels and
tours around the unique islands of the area. Bocas del Toro coastline has become
the most wanted real estate choice for retired or pensioned foreigners in the
Caribbean. Among the best areas of Bocas del Toro you can find Isla Colon, Boca
del Drago, Red Frog Beach and Playa Larga. The residential project often called
Red Frog is of renowned reputation in the world-wide spheres, given that it
offers an incredible exclusively designed development pertaining to foreigners
in one of the most beautiful islands in Bocas delete Toro, Bastimento’s Island.
The project has marine night clubs, restaurants, houses and a dazzling
infrastructure.
Islands
The most infamous group of islands is
found in Bocas del Toro, given that, once we already mentioned it offers a wide
variety of real estate projects in the Caribbean, predicament of several TV
series broadcasted around the world. The most important of the islands of the
archipelago are: Isla Colon, Isla Bastimentos, Isla Solarte, Isla Cristobal,
Isla Popa and Isla Zapatilla. Likewise, we can found several small independent
islands just for private projects. Bocas’ islands counts with an astonishing
environment for scuba diving, marine activities and bird watching. A second
group of islands that is raising popularity is the real estate market seen in
the archipelago of Mosquito’s Gulf, in front of the pacific shore of the
province of Chiriqui. This Gulf has been allowed by the Panamanian government
the title of Ecological Wildlife reserve, as a consequence of the great
diversity of marine fauna found in the region. Most of the islands have
registered real estate titles, which help its prompt buying. The surroundings of
these islands will be famous for being one of the best places in the world for
Black Marlin fishing. The Pearl Islands are located within the Gulf regarding
Panama, three hours away from the city in the open sea, selling a group of more
than 35 beautiful islands with spectacular panoramas, surrounded by coral reefs
and vast vegetation. The beauty of this area attracted the production team of
the trendy reality show “Survivor”, who has filmed several times in this region.
Last but not least, you will find the island of “Coiba” in the Pacific Ocean,
formerly a prison already abolished and currently the National Park. The main
island and its small islands which includes Isla Iguana have become in top
destinies for diving scuba and water sports.
What should I and should not
achieve when buying a property in Panama?
As a final suggestion, we will
recommend you some practical advises when you decide to buy a property in
Panama:
Recommendation # 1: You can travel to the projects on your own,
but it is advisable to be made it easier for by a professional who could
properly introduce you to the causes, avoiding the pointless increase on the
price.
Recommendation # 2: If you are not fluent in Spanish, you should
consult the promoter to get you the contract both, on Spanish and in your native
language, for all legal ventures to be performed.
Recommendation # 3:
Once you reserve your house, immediately ask for a receipt and the signature of
the Promissory Purchase-Sale agreement.
Recommendation # 4: Once you have
signed the agreement, double-check the deadlines for the subsequent down
installments of your property. If you miss one of these, you are exposed to
reduce the money already paid to the promoter.
Recommendation # 5: Try to
take a quick decision on acquiring the property; seeing as once you reserve it,
the price is then frozen. A result of current demand in the market, prices on
apartments rise from a monthly rate.
Recommendation # 6: Once you reserve
your possessions, look for the professional advice of lawyers or real estate
agents, in order to verify all documentation and contracts are a result of
procedure of registration.
Recommendation # 7: Think about the chance of
acquiring your property through a Panamanian corporation. They are of swift
incorporation, considerably cheap and easy to manage. Using a enterprise to
acquire a property in Panama will ease a future transport of it, if that’s the
case.