How to Search for a Real Estate Agent in Puerto Rico

Posted by Amos Fred on January 21st, 2020

In 2019, the Puerto Rican real estate market saw a huge uprising. The house price index, seasonal- and inflation-adjusted, moved up 13.24% year-over-year in Q2 2019. The sector took a nosedive, recording price drops of up to 9% in a year—even before Hurricane Maria.

Exciting 2018/2019 Puerto Rico property reports showed in some places such as Ponce, Mayaguez, and Isabela, house prices blast past their 2016 high.

Overall, a good number of Puerto Rico towns and cities saw up to a 20+% rise. So it could be a great time to get involved and do business.

But you’ve heard buying a home or condo in Puerto Rico can be a hassle.

• The “standard” MLS model that works well in the mainland is pretty much non-existent in the island
• Finding a reliable buyer’s agent can be tricky
• Great seller agents are even rarer
• There’s plenty of paperwork and back-and-forth before closing
• You need a bilingual agent, lawyer, and negotiator with locals and to understand local real estate law and tax incentives
• It is tough to find accurate, updated, and organized Puerto Rico real estate data, and especially so in one place

So, it is only smart to want to find the best real estate agent in Puerto Rico for the job.

There are many. But not as many are the kind of agents you’ll have peace of mind working with. So, how to search for a real estate agent in Puerto Rico then?

Here are quick tips to help find and keep the best for a hassle-free, working relationship.

1.      Spread the word

Ask around.

The current resurgence in Puerto Rican house prices is being driven by foreigners interested in lower house prices, tax incentives, and the paradise-like status of the big island.

Have someone you know or within your larger circles that recently bought or is actively buying a home or condo in Puerto Rico?

They may have practiced insights into what to expect, where to buy, and when to buy property in Puerto Rico.

Start with immediate family members, friends, investment groups, and colleagues. They may know someone that’ll be resourceful to your process.       

2.      Shop around

Do get down to business and talk to local agents.

In-person meetings are much better than just talking over the phone.

That’s because, in-person interactions with several agents can help you tell if the Puerto Rican real estate agent you are talking to has the interpersonal qualities, professional qualifications, and indispensable local knowledge to get you what you want.

Check local “real estate agents in Puerto Rico” listings.

Check “Puerto Rican real estate agents near me” online if you are in the U.S. and want to start your sale or purchase from the mainland.

3.      Ask about specifics

In Puerto Rico, most agents have their own catalog of Puerto Rico homes for sale.

Many times, if you can’t find a house listing you like among houses in their catalog, you have to go on and look for and have to deal with another agent.

That cumbersome process can continue like that until you find a house you like—and one that actually exists. 

So do ask if they are collaborating with you for the long haul.

4.      Check the differentiating details

The best agents will introduce you to a dependable, knowledgeable, and practiced local attorney to go through your legal paperwork.

For buyers, a great agent will also help you inspect a house well in advance and before a sale to ensure you are getting what you set out to buy. 

They’ll also tap into their network to ensure you get professional bilingual services to help in negotiations with mortgage brokers, lenders, and other real estate professionals—if you want.

Check a local agent’s website and general online presence to make out if they have any experience doing business of your property’s caliber before contacting them.

5.      Credentials and experience matters

Only work with licensed real estate agents in Puerto Rico for seamless experiences.

When selling or buying property in Puerto Rico, check with the national real estate industry regulator to know if your desired agent is licensed and registered to offer the service.

Taking the extra step will help you safeguard your hard-earned property investment.