Real Estate - My Journey

william webster

Platinum
Jan 16, 2009
30,247
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Real Estate - My Journey

As a preface, I have bought here - twice - but selling..... my first time is now.

I know from past experiences that any 'agent' ( a euphemistic word) will be reluctant to offer up a property that is not 'exclusively' his/hers.

For the uninitiated, there is is no central bank of properties or listings in Republica Dominicana (RD).
Any charlatan will take your hand and guide you down the proverbial path.... his path.
All other properties are off limits.... a new meaning for 'personal service'.

Aware of all this, we are cautious about how to enter the selling market.
We want full exposure.

We found a fellow in Sto Domingo who was lamenting the fact that he paid to belong to various international groups of real estate companies but never seemed to gain an international benefit.
He expressed an interest in listing the property in Canada and the USA..... on the MLS (Multiple Listing Service).
I know the MLS system , I was once licensed to sell real estate in Ontario.

A curious fact about MLS in the US, that many Canadians are unaware of , is that in several states(20 perhaps), it is illegal for an agent to both offer a property for sale and to sell that same property.
In those states, there are listing agencies and selling agencies.
There is never any confusion as to who your agent is representing:
as a seller , you have an agent/agency
as a buyer, you have the same but it is different, independent representation.

The 'double ending' of a sale that all RD agents seek and many No Americans do too, is outlawed.

So, we are about to try a different route to selling.
Initially, we'll start in Canada.
Our property will be listed in RD and offered in Canada on MLS in Ontario and Quebec.

We have identified two agencies who are interested in this approach one in Toronto and another in Montreal.
We have a third in Calgary, Alberta.

I know from our initial buying experience how difficult it was to find an agent in RD and then to find a property.
Hopefully, getting a head start from your home country will make the journey easier.
A Canadian agent will help you, the RD agent will help also.
We'll see.

All of this will start in August sometime.

I'm not offering the house for sale here, just asking for an opinion on the process and comments on anybody's buying or selling experiences.

I'm sure someone will let me know if I have ventured out of bounds here!:disappoin
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
WW, you might also want to put up an ad here on DR1, I believe it gets shared on Dominican real estate sites. We've successfully sold a property in Ocoa, and just yesterday got a phone call from a New Yorker interested in another property we're selling. Both through DR1 - we do have a sign on the property that's now for sale, but it only has a DR phone # on it, so when we get a call in NJ we know it comes from DR1.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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Thanks, we're just starting this so I'll add the idea to the mix.

We have a large sign.... not much activity yet.
 

KyleMackey

Bronze
Apr 20, 2015
3,126
848
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Good luck William. Seems like you have a good plan.
In the USA an exclusive listing is 99.999999 or 100% is between the seller/owner and the Brokerage Company, not the agent.
An agent can have a sales license or a brokers license. Even is you use an agent that only does buyer representation, if they
work for a good sized brokerage company, one will bump into listings that the brokerage company has. It varies from state to
state but often there is the potential for conflicted representation.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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Yes, I understand... the agency has the listing not the agent.
My point was the obviating of the conflict of interest, as you point out.... mandated in certain states.

In Ontario, I had the full broker's license.... but I insisted on being 'dual'.
I had a buyer's agreement and the standard selling one... just to be safe.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
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Dual agency is not illegal in NY, as long as it is transparent.
By law, NYS disclosure form is supposed to be filled out on initial contact.

The conflict is avoided with each side having their own legal representation.
Generally both sides have their own broker anyway.
Good luck on your journey!
 

mainegal

New member
May 22, 2012
150
0
0
In Maine being a "dual" agent is legal but not everyone will do it and not every agency will allow it. It's a very fine line to walk
representing both sides of a transaction.
Have you given any thought to placing an ad in Craigslist? It might not do a thing but doesn't cost a penny either.
 

donP

Newbie
Dec 14, 2008
6,942
178
0
Useless Agents

Once talked to a RE agent.
Said the young gringo: "Bring me your photos, plans, title, deslinde, a description in Spanish, German and English..."
Said I: "When do you want me to bring my property to your office...?"

donP
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
I think that RD real estate has a serious credibility problem.... perhaps other islands too

They suffer from a perception problem:
and remember - PERCEPTION IS REALITY !!

1/
They are perceived as the classic island/Caribbean/RD business model.
Unprofessional, unreliable, hard to contact, untrustworthy - quite a list

2/
The RD R/E industry is totally unregulated:
no licensing , no central source, no oversight , no accountability...
an easy way to lose money fast..... not so good

Even the esteemed Sotheby's and Christie's give RD short shrift from their peers from what I've seen.... and why not?

This is why I have chosen to seek a more reputable base to operate from.

My initial contact with one of Toronto's top agents (who has sold Panamanian properties from Toronto) was seeing him be trepidatious, untrusting - until we rolled out our Canadian/Ontario credentials.
His demeanor changed visibly.

Our listing broker is aware of this.... all of this was his idea... changing the face - literally

He is the son of an RD diplomat - raised in Switzerland and Spain
His French is better than his Spanish.
He has seen the RD perception abroad and therefore has appointed my wife as the Cdn/USA liaison for sales relations
So far - so good.

To his credit, he sees the country's shortcomings.

We shall see, what we shall see

might be an interesting thread........... buckle up !!!
 

kampinge

Member
Jan 18, 2012
392
0
16
I have sold 10 of our properties in the last 6 month trough different Dominican agents. When I received my money, I paid them 5% commission. Everybody who brings me a client can "list" my properties.There where buyers from the states who paid cash and Dominican who bought with credit from different dominican banks. Its not that complicated. Title against money. Thats is.
 

chic

Silver
Nov 20, 2013
4,305
1
0
In Maine being a "dual" agent is legal but not everyone will do it and not every agency will allow it. It's a very fine line to walk
representing both sides of a transaction.
Have you given any thought to placing an ad in Craigslist? It might not do a thing but doesn't cost a penny either.

yeh the craigs killer sure post on craigs
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Real Estate - My Journey

As a preface, I have bought here - twice - but selling..... my first time is now.

I know from past experiences that any 'agent' ( a euphemistic word) will be reluctant to offer up a property that is not 'exclusively' his/hers.

For the uninitiated, there is is no central bank of properties or listings in Republica Dominicana (RD).
Any charlatan will take your hand and guide you down the proverbial path.... his path.
All other properties are off limits.... a new meaning for 'personal service'.

Aware of all this, we are cautious about how to enter the selling market.
We want full exposure.

We found a fellow in Sto Domingo who was lamenting the fact that he paid to belong to various international groups of real estate companies but never seemed to gain an international benefit.
He expressed an interest in listing the property in Canada and the USA..... on the MLS (Multiple Listing Service).
I know the MLS system , I was once licensed to sell real estate in Ontario.

A curious fact about MLS in the US, that many Canadians are unaware of , is that in several states(20 perhaps), it is illegal for an agent to both offer a property for sale and to sell that same property.
In those states, there are listing agencies and selling agencies.
There is never any confusion as to who your agent is representing:
as a seller , you have an agent/agency
as a buyer, you have the same but it is different, independent representation.

The 'double ending' of a sale that all RD agents seek and many No Americans do too, is outlawed.

So, we are about to try a different route to selling.
Initially, we'll start in Canada.
Our property will be listed in RD and offered in Canada on MLS in Ontario and Quebec.

We have identified two agencies who are interested in this approach one in Toronto and another in Montreal.
We have a third in Calgary, Alberta.

I know from our initial buying experience how difficult it was to find an agent in RD and then to find a property.
Hopefully, getting a head start from your home country will make the journey easier.
A Canadian agent will help you, the RD agent will help also.
We'll see.

All of this will start in August sometime.

I'm not offering the house for sale here, just asking for an opinion on the process and comments on anybody's buying or selling experiences.

I'm sure someone will let me know if I have ventured out of bounds here!:disappoin

Hi:

Sold my condo in Las Terrenas about 1.5 years ago. I sold it through a local independent sales agency in the DR. It did take a couple of years to sell and I had it listed on a number of local real estate websites. Going through real estate agents in Canada is PART of a good strategy. To maximize you chances, you really need to find one or two agents on the ground in the DR. It is fine to generate some interest in Canada but there is nothing like a local agent showing the property to people when they are there in the DR and excited about the total experience. I think you are making a big mistake if you rely upon real estate people 1500 miles away. Good luck with your sale.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Thanks LT,
yes I have it listed here (Sto Dom , actually) so I am using your suggested 'double barrel' approach.

all the local R/E people are aware too..... so We are going forward on several fronts.

The Cdn idea is a new wrinkle in the formula - hopefully.

The Aman resort at Playa Grande has sold 5 of 7 golf villas..... around $6MM each.
Hoping that's a good sign !!
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Hi:

Sold my condo in Las Terrenas about 1.5 years ago. I sold it through a local independent sales agency in the DR. It did take a couple of years to sell and I had it listed on a number of local real estate websites. Going through real estate agents in Canada is PART of a good strategy. To maximize you chances, you really need to find one or two agents on the ground in the DR. It is fine to generate some interest in Canada but there is nothing like a local agent showing the property to people when they are there in the DR and excited about the total experience. I think you are making a big mistake if you rely upon real estate people 1500 miles away. Good luck with your sale.

actually LT, I think my target is more a person/couple planning retirement... leaving their homeland for several months ata time, if not permanently.

Its a 3 bdrm house, not an apartment...
Not the sort thing a vacationing family might be attracted to.

That's how I got here - a planned retirement... and that's what I'm looking to appeal to in Canada or Europe.
Americans don't get much benefit from retiring out of country.... other citizens do.
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
actually LT, I think my target is more a person/couple planning retirement... leaving their homeland for several months ata time, if not permanently.

Its a 3 bdrm house, not an apartment...
Not the sort thing a vacationing family might be attracted to.

That's how I got here - a planned retirement... and that's what I'm looking to appeal to in Canada or Europe.
Americans don't get much benefit from retiring out of country.... other citizens do.

What type of property do you own and where is it located? Retirement people are a great market but a lot of people are also looking for something that will have rental potential
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
9,000M (2Acres), regular house, pool etc.

I disagree on the rental.
Those of us who move here for retirement / relocation live in the houses we have and rarely rent.

Do we move out for the rental period - No!

We're looking at different ideas - you & I
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
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South Coast
9,000M (2Acres), regular house, pool etc.

I disagree on the rental.
Those of us who move here for retirement / relocation live in the houses we have and rarely rent.

Do we move out for the rental period - No!

We're looking at different ideas - you & I

You call that a "regular house"??? Hmmmmm.... Note to self to never invite you to our DR house, you'd think it was the maid's quarters :)

Seriously WW, you have a beautiful place.