Searching for a property for sale in Spain? You should know these 2 things
1. What is a property portal?
When you do a search on google for a property for sale in Spain the first listings to come up will be paid adverts so these will be the agents with big marketing budgets. Then the portals will appear either paid advertising or organic. The main ones include Idealista, Kyero, Think Spain, Rightmove, Fotocasa, Green-acres, Zoopla, Spain Houses and A place in the sun.
A property portal is an internet company with a website that sells advertising space for classified listings to real estate agents, owners and sometimes associated services. So real estate agents pay monthly or yearly fees to advertise a set amount of properties for sale on the portal website. Because of the volume, of subscribers the portals can afford big marketing budgets to get to the top of google searches. We all advertise our own listing properties on some or all of these portals. The benefit for us as agents is that they come up first in Google searches so we get our properties seen. The disadvantage for you searching for a property for sale in Spain on a property portal is that the property portals are not regulated by anyone and you may come across properties that are now sold, are at the wrong price or even worse do not exist.
2. What is an MLS (Multiple Listing Service)
A multiple listing service (MLS) is a service used by a group of real estate agents. In Malaga we have 800+ local real estate agents using the MLS systems. We band together to create an MLS that allows each of us to see one another’s listings of properties for sale all in one database. We collaborate to share one another’s property listings. We offer cooperation and compensation from listing agents to other real estate agents. Today, more than 800 MLSs, agents share information on properties they have listed and invite other agents to cooperate in their sale in exchange for compensation if they produce the buyer. Sellers benefit from increased exposure for their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one agent. In Malaga we use two main MLS services which are resales-online and Infocasa.
The advantage for you as a buyer to use a Real estate agent website using an MLS is that the databases of the MLS systems are constantly kept up to date by each agent, so the properties are generally available and at the correct price. There are no false or non-existent properties. Agents also know the legal status of their own listings and will have relevant information readily available to share.
It does mean however that all real estate agent websites using an MLS system will have the same properties available for sale. This is why you will see the same properties pop up on every real estate website that you visit. This is not an issue at all. You simply choose an agent to work with and that particular agent will organise, provide you with information, make appointments and take you to view the properties of your choice collaborating with all the other agents involved. We as agents are very happy to collaborate with each other and have very good relationships. Our overall goal is to help and support our clients in any way that we can by collaborating.
To use an MLS system simply type in a real estate company website such as www.propertyinspaingroup.com The search box that appears within the website is connected to the database that the other 800+ agents use. Here you will see all of the properties available from all of the agents. There are currently something like 28,000 properties available. You can organise viewings to any of the properties available through the company website that you are on.
I hope that you find this article useful and now understand more how the process of searching for a property for sale in Spain works.
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