Finding Certified Real Estate Broker in Costa Rica

The Costa Rica Chamber of Real Estate Brokers (CCCBR) is a self-regulating institution, founded in 1974, with a goal of providing consistency and integrity in those who conduct real estate brokerage services within Costa Rica.  The Costa Rica Chamber of Real Estate Brokers, while not under national regulation, adheres to a strong ethics code and actively advocated for the requirement for all brokers to obtain a real estate license.  Costa Rican law does not require that a real estate broker have any certification so it is important to incorporate your own good judgment when selecting the criteria that you find to be vital in deciding whether a potential broker is qualified to represent you in the buying process. Membership in this group does not guarantee the knowledge and expertise that you may deem requisite for an individual to represent you in a real estate transaction.

It is not mandatory to have broker representation when buying Costa Rican real estate.  If you are well versed in Costa Rican property law, assessing property value, and speak fluent Spanish, it is possible to go it on your own.  However, a good broker with experience, a track record of satisfied clients and knowledge of the area can always help.

Sales commissions of 5% to 11% are paid by the seller so it is important to recognize that their loyalty may not be with you.  How do you tell if someone is going to do a good job advocating for you?  Many North Americans find asking prices that are way too high and brokers that are not as professional as they should be.  Some of the larger real estate franchises have moved into Costa Rica and bring a big and familiar name.  Franchises charge up to $30,000 for membership, annual dues of up to $500, a brokerage service fee of 2% per successfully closed real estate transaction, corporate overhead and advertising fees and regional advertising fees.  All of these costs must be recouped and the burden is placed on their buyers.  There is no legitimate affiliation between owners of the franchises and you can easily find one who is unethical and under-handed in their dealings.

So if you cannot rely on certification or big named companies where do you go?  The answer is to use some of these perimeters like certification with the CCCBR, but most importantly incorporate your best judgment.

Judging experience, integrity and area knowledge?

·         Does your broker have formal real estate training?

·         How long have they been in the business?  In Costa Rica Real Estate?

·         Can they introduce you to satisfied clients from the past?

·         Are they Costa Rican or are they legal residents of the country?

·         Are they fluent in Spanish and in English?

Judging professionalism

·         Are their listings current?

·         Are they a full time broker?

·         Are they timely and accurate with appointments and contact with you?

·         Do they seem to constantly sell real estate?

·         Are they helping you understand the entire process? (prices, location, contracts, financing, terms, transfer fees and legal process)

·         A good broker should give you a free registered survey map of a property of interest with a unique registration number..

·         Are they asking the right questions to help you find what you are looking for and showing you Costa Rica properties that match your requests?

In summary it is important for you, a prospective real estate buyer, to not only look at certification from outside organizations, but also use your own judgment in the certification process.  A CostaRica real estate purchase is a very personal thing.  The most important criteria is your confidence that a broker will do their best for you!