Dominican Republic real estate ~ Welcome to the Wild West ~

2020 said:

I find it pretty amusing the use of "net" real estate listings in the Dominican Republic. Yesterday, we saw one home listed in the greater Cabarete area for $630,000 and then another "agent" advertising the exact same property for $1,100,000! -hehehe

BTW, does anyone know if the government will be regulating (specifically licensing) the real estate profession in the DR in the near future?

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These pricing tactics are not all that uncommon. Same as in other places I've searched, Panama, Costa Rica, etc. etc. The reason is that there is no multiple listing service, and sellers will list their property with various agents, all acting independently. It is a bit unsettling at first glance to those who might be used to a more formal system, but turn those "lemons" into lemonaid... view it as an opportunity to bargain hard for a low price... maybe play both ends against the middle and deal separately with the various agents. When in Rome... do as the Dominicans do. LOL

The Dominicans do not see it as broken and no fix is planned.

Not anytime soon

Many realtor have been seeking to get regulated, but the government is not showing any support. There are movements towards self regulating relators, but the reality is that the majority of realtors are informal and want no regulation so they can operate as you illustrate in the quoted message.

2020 said:

I find it pretty amusing the use of "net" real estate listings in the Dominican Republic. Yesterday, we saw one home listed in the greater Cabarete area for $630,000 and then another "agent" advertising the exact same property for $1,100,000! -hehehe

BTW, does anyone know if the government will be regulating (specifically licensing) the real estate profession in the DR in the near future?

Click to expand...

If there were licensing and regulation of the real estate industry in the Dominican Republic, the very first who would "suffer" or who would need to become licensed would be the politicians.

The lack of an MLS and exclusive listings set the stage for irregularities in the listings. Owners change prices and terms with some agents and not others. Properties are sold and no one knows except those involved hence the property stays listed on the rest of the sites. Very frustrating for buyers. We found an agent that served as a buyer's agent. We told them what we wanted and our budget. Then they presented properties that were available at the price and in the condition advertised for our review. It was a successful approach for us.