It is time to say goodbye to the practice of how real estate is sold in Bali. Typically, a real estate agent is acting on behalf of a vendor and is paid by that vendor. But at the same time, the very same real estate agent is also representing the buyer who is about to buy the property off that vendor he represents! The outcome is the typical mess we all know so well (see my previous article “Can I trust real estate agents in Bali’).
I propose to introduce exclusive buyers’ and exclusive vendors’ agency services to make it clear for whom the agent is acting. Either for the vendor and the vendor only, or for the buyer and the buyer only. Never for both!
“I am a “Lonely Woman” looking to buy a villa in Bali. I select my real estate agent based on her experience (yes, I prefer female agents), track record, reputation and whether she speaks my language or not. I’ll enter into an agreement with her to exclusively represent me and to source and select suitable properties from all available sources. She works with her network of real estate agencies in Bali and finds the best that is on the market, and doesn’t just propose those properties she has listed herself!
Eventually, it doesn’t matter from whom the property comes that I will buy. I am paying my agent an agreed amount, irrespective of who provides the property. This makes my life so much easier. I don’t have to communicate with a dozen property agents to find what I am looking for. And it doesn’t cost me more because any commission due from the agent that represents the vendor. It credits me through my agent. Total transparency! And what is most important? Say thanks to this structure that I have a super motivated agent, because she knows that she will make the deal and earn her fee eventually. “Peace!”
“I am a property owner and I “Focus on Sanity”. When it comes to real estate transactions, which is why I am only working with an exclusive agent rather than with a dozen agents all over Bali. My agent will be in charge to find me a buyer at the best possible price. I am paying him a fee in case of a sale, wherever the buyer may come from. He will work with his network of friendly agencies to find the right buyer at the right price. He shares the commission with other agents if necessary. And what is most important, my agent is super motivated because he knows that he will get the deal at the end and he is not working for nothing. That’s my “Chronology” for real estate in Bali.”
And if you just thought this was the most visionary article written about real estate in Bali this year, think twice because here is the quiz the article is truly all about:
“What’s the name of the saxophonist that inspired this article? And why did I choose him?”