When you are looking for a broker, it is a good idea to ask a few questions. The right broker will want to make sure that your needs are taken care of. Ideally, that would benefit him as well.
A colleague forwarded me a request from a broker in another state who wanted to find someone who knew about real estate in Costa Rica. When I called, I was told that this broker had just listed a hotel in Costa Rica on the Pacific Coast.
As we talked further, I discovered that this broker had never been to Costa Rica. He did not speak Spanish or any other language other than English. He had no experience with the hospitality industry. He was not aware that there was a rainy season or that because of the rainy season, maximum occupancy was limited to about 60%. He did not know that Germans were big investors in Costa Rica. He did not know that you had to be careful who you worked with in Costa Rica because there were no licensure laws for real estate brokers. He did not know how to do an international transaction or arrange for international financing. He had no idea about Costa Rican immigration laws.
Yet he was confident that he could handle this and had it under control....
I'm not sure how this broker got this listing but it is hard to beleive that this broker is acting in the best interests of his client. Certainly, you want to take care of your client's needs but if you are not the appropriate one to do that, the best practice is to refer the listing to someone who can.
I doubt I will hear from this broker again but I left the door open for him to call, in case things start to blow up on him. I have contacts in Costa Rica who are fluent in Spanish, German and English and who work on the Pacific Coast. They routinely work with the hospitality industry, understand immigration laws and handle international transactions and financing. And they are members of NAR, which means that they voluntarily follow the NAR Code of Ethics and take Continuing Education.
For his client's sake, I hope that he managed to find someone in Costa Rica with similar qualifications.
The lesson here is that it is a good idea to ask a lot of questions, especially when you know that you are asking someone to work on a property that is not a run of the mill project.
If you have any questions about finding a broker or about real estate in general, give me a shout. I would love to help if I can.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed Real Estate Broker in Kentucky and Indiana. I specialize in Commercial and International Properties. I handle Office, Industrial, Investment, Commercial Land and Retail properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. Heck, I can even set you up with someone to help you with Residential property. Let me know if I can help.
