Expat Community > Ecuador

HGQ2112
Joined 2009
Posts: 1640

Reality Check: Timeframe to look and Buy.

13 years ago

Folks...a whirl-wind tour of a week, let alone giving yourself just 2-3 days, is no way to buy profitable real estate. Even if you argue that profits don't matter, it is no way to select a quality home. There is no "one solution" for everyone, so I will offer some random and general observations:
1) Given a choice between trying to cram in as many geographic areas as possible, or focusing on 1-2 locales...go with the latter.
2) If finances or time, do not allow for #1 above, then make the visit across the scattered areas about familiarizing yourself with the locale and the people - forget the real estate site visits (Ouch, that will hurt my business, but cest la vie).
3) If you are forced to do #2 above, return at a later date...lease... then explore real estate purchase options. The only victors, in a quick real estate sale, 95%+ of the time, are the Seller and the Agent...not the Buyer. Exceptions exist. The rare "1% bargain", or that well-priced "perfect dream home". Don't pass those up...but everything else, especially when it comes to new construction/off-plan projects, stop...think... gather data...rethink. The deal will likely still be there.
4) If realistic, save up vacation time and come down for a whole month, or at least 2-weeks. A quick overview of regional real estate in under that time is possible. An in-depth review...not so much. There are variables at play. Some of them are not commonly known or discussed:

1) Without an MLS, setting quality real estate appointments is much more time consuming than the USA;
2) The lack of a "lock box" entry system, also hinders and slows the pace of real estate appointments;
3) Sellers often entrust keys only to local friends or relatives, not the real estate community (past experiences have not always been pleasant for Sellers), which further hinders the process.
4) Some Sellers even consider #3 above "too risky" and will often drive in for hours to personally open the door, thereby forcing the real estate community to work around "owner schedules".
5) The concept of "punctuality" has not really caught on, yet (if ever) in Ecuador, so packing a tight schedule can often have disastrous consequences, when half your appointments are 30 minutes late or more.
6) Many good properties are not even formally listed or advertised. A good agent just knows how to identify and find them. However, most of these require additional time to set up, as the Sellers often don't even truly comprehend the whole "real estate showing" process.

Point isn't "woes me", but an honest understanding of how the Ecuadorian market differs from the USA and other so-called "1st World" markets. These vagaries have to be respected and giving yourself too little time on the ground really minimizes the scope of what you might preview. Don't short-change yourselves. Allow as much time as realistically possible to preview real estate. If it means doing more intensive homework prior to arriving in Ecuador, spend that time at home first. It will pay dividends when you finally land on the ground in Ecuador.

HGQ
As scarce as truth is, the supply has always been in excess of the demand. ---Josh Billings

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