US buyers know the value of Property Concierge

It may seem unfathomable to Europeans, but a portion of US citizens know very well that relative to the cost of living and buying real estate in places like New York and Miami, Mallorca represents extremely good value for money. Add a safe, stable environment, solid investment prospects and the heady possibility of obtaining a Golden Visa, and the largest Balearic Island is looking ever more appealing to US buyers.

But as an American citizen based on another continent, where do you begin? Enter the luxury – yet necessity – of the property concierge. “Americans understand and very much appreciate our business model,” says Dr. Helen Cummins about the exclusive property concierge service offered by hc/ Mallorca Living – the real estate arm of her eponymous brand.

In the US, it is standard procedure in a property transaction to have a professional representative protecting the interest of the buyer and a separate representative for the seller. One wonders how it is possible that the same real estate agent can represent the interest of both the seller and the buyer impartially – as is the norm in Europe – in such a complex and large transaction as a property purchase in a foreign land. Certainly, without a proper negotiator acting in their interest, buyers can wind up with a much poorer deal.

The senior property specialist at hc/ Mallorca Living is Lucy Adamson, who has a long track record working as a sales manager and negotiator for top agencies in London and the past number of years, in Palma. But acting as a Buyer’s Representative, even she has had to up her game for her US clients: “The main difference with American buyers is they have very high standards,” she says. “Being from the US, they’re used to exceptional levels of service.”

Due to location, Adamson has had to adjust her schedule to accommodate Transatlantic time zones. “The expectation is that you’re available 24/7 – it’s definitely a challenge, but an exciting one,” she smiles.

Understanding the client’s needs

The process involved in contracting the property concierge service is quite straightforward for home purchases. The client schedules an initial consultation to discuss their lifestyle and property vision for Mallorca. “This meeting is so important,” says Helen. “This is when we get a deep understanding of how the client imagines their life in Mallorca, what their criteria is for their new home, the time frame for buying, the budget and any other relevant information. Once we have all the necessary information we can create a shortlist of locations that best suit the needs of the client, depending on their lifestyle preferences.”

Property Selection Process

After pinning locations, then begins the property selection part of the process which is handled by a team of real estate experts. This is where property concierge clients can really benefit from HC’s 20 years plus of experience living and doing business in Mallorca. With collaboration agreements in place with more than 50 boutique real estate agents throughout the island, this means buyers have access to pretty much every property for sale in the marketplace though just one point of contact for all communications.

As Senior Property Advisor, Adamson’s role is to manage every step of the purchase process on behalf of the buyer, from start to finish, and beyond.

Remuneration only comes when a deal is closed, which is paid by the selling agent of the property. It’s a similar way of operating to the established US model, meaning prospective buyers are already open to the concierge concept and don’t incur any upfront fees.

The Property Purchase Process

Without exception, all buyers appreciate the multi-lingual expertise, guiding them through the following 9-step process to property ownership success:

• Conversation – an in-depth consultation to find out the needs of the buyer.

• The Shortlist – of suitable properties fitting the client’s criteria.

• Viewing Trip – coordination of the schedule and accompanying the client to view the selected properties.

• Negotiations – as the buyer’s representative the hc/ team negotiates the best possible price to secure the chosen property.

• Secure the Property – coordinating drafting the sales contract and payment of the deposit.

• Attorney Liaison – thorough due diligence is carried out on the legalities of the property and any issues resolved.

• Currency Exchange – Timing is everything.

• Home Service Providers – New-build, reforms, redecoration projects – access to a tried and tested network of reputable service providers that can help with any construction or reform requirements.

• A vital support network – buyers using the hc/ property concierge can rely on getting long-term support.

Impartial Buyer’s representation

There is no doubt that the smarter US buyers are availing of the Property Concierge Service to take the stress out of navigating a complex property purchase in a foreign country where they don’t speak the local language or understand the legal, taxation and/or financial rules and regulations.

When it comes to negotiating the property purchase price, buyers who are represented independently from the selling agent get a better deal by way of a lower purchase price, stronger negotiating power, better contract conditions and access to impartial expert guidance throughout the whole buying process.

A similar way of operating to the established US brokerage model, one huge advantage is that prospective buyers incur zero upfront fees yet all the benefits of professional buyer representation.

Text by Anna Mason / Photos by Sara Savage