Engaging a buyer agent or purchase broker may seem like a superfluous luxury. After all, you know what kind of luxury property you are looking for and you are smart enough to collect information yourself about the buying process and the pitfalls. You look and compare prices on the Internet and after a few weeks, you have a good idea of what is for sale. And with whom.
When you know what your budget is to spend, the next step comes; requesting information from selling real estate agencies. During your search, you will see the same houses with several brokers. That is the moment to consider whether you want to do all this yourself, or rather seek professional guidance.
Ten reasons to work with a buyer agent in luxury real estate
When buying a house in France, filling out a form on a website is the easiest way to get information. Because if you call, chances are you will get an answering machine. Or you suddenly speak to someone who asks in rapid French why you are calling. Who will you request information from?
Assistance in buying real estate in France
A buyer broker can advise and assist you with this. And if you play the game according to the French rules, you pay nothing for this work. Of course, you can go to any local real estate agent to visit and buy a house. Buying is not that difficult. But you have to judge for yourself whether it is wise.
The selling agent naturally wants to act quickly and asks you to sign a preliminary sales agreement. Once your signature has been made, you will have to wait for the French notary to invite you for the next documents, the compromise de vente and then the final sales deed.
Your additional questions can still be asked but have no longer have direct priority with the selling broker; after all, the sale has been made and the seller’s notary takes care of it further. An uncertain period then begins: have you understood the purchase process correctly and was the preliminary contract provided with resolutive conditions? All questions that your purchase broker or ‘buyer broker’ could answer. Reading tip! An article about For sale luxury real estate property Cannes Côte d’Azur.
Ten reasons to work with a buyer agent
- Speaks your language
- Local expertise of the region, French culture and range of services
- Trusted cooperation with all professional real estate agencies
- Expert assessment of diagnostics and property price level recorded in the land register
- Fast cooperation with our own English speaking notary
- Realistic negotiation about the price and any furniture
- Introduction to a local banking network for financing
- Familiar with international tax advisors for the best purchase construction
- Purchase broker is present at the French notary for signing, often also as a translator
- Delivers access to service network for insurance, renovation, swimming pool and wellness services
Cost of a buyer agent
The costs of a purchase broker differ per country and agreements made. If you are not yet registered with a real estate agency, the purchasing agent will do that for you. You can simply forward houses that you find on the Internet directly to your purchasing broker who requests information and registers your name. The selling broker is now obliged to pay a part of their commission to the buying broker. In this case, you’ll pay nothing for the service of a purchase broker. However, if you request information yourself via a form from a real estate agency website or a general portal, you are registered with the selling agent and your rights to free guidance from a buyer broker expire.
If you are already in contact with the selling broker, but you still want to engage a team with a buyer agent and your own notary, then you pay a small percentage of the final sale price directly to the buying broker. A buyer broker and a notary act on your behalf. You pay a success fee of 2% plus VAT to the buyer agent. Often, this percentage will be within the negotiations. In case you can’t find what you like after your visits, a buyer agent will ask for a dossier fee of 2,500 euros.
Outside the network
If you buy a house outside the brokerage network, i.e. directly from a private individual, you pay the purchasing broker a fee of 2% excl. VAT. For this amount, you are then assured of your own team, including the notary, that fully supervises the purchase.
For more information, please contact us to connect you with a senior buyer broker. You can also use our French Riviera Property Buying Guide, or for Paris, the Paris Ile de France Property Buying Guide.
Advantages for the selling real estate agent
Local real estate agencies like to work with a buyer agent because they represent a different type of client. The buyer’s agent has already spoken to the client, knows the housing requirements, the budget and the area where they are looking. In addition, the buyer’s agent guides the client through all the steps of the sales process. The buyer agent is also present with the signing date at the notary. Altogether, it saves the selling agent work to find the client and time to find out what the client really wants. And that’s a win-win for everyone.