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 one representative protecting the interest of the buyer, and a different representative for the seller. In fact one wonders how it is possible that the same 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 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 more recently, in Palma. But acting as a concierge, 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. The process involved in contracting the property concierge service is quite straightforward for home purchases over one million euros. The client schedules an initial consultation to discuss their lifestyle and property requirements. “This meeting is so important,” says Helen. “This is when we really get a deep understanding of how the client imagines their life in Mallorca, what their criteria is for their new home, timeframe, budget and any other relevant information. Once we have all the necessary details we can create a shortlist of locations that best suit the needs of the client, depending on their lifestyle preferences.”
After pinning locations, then begins the property selection part of the process which is handled by a team of real estate experts. As senior property advisor, Adamson’s role is to manage every step of the purchase process, from start to finish, and beyond. Remuneration only comes when a deal is closed, and hc/ Mallorca Living take a share of the commission along with the selling agent. 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. Without exception, all buyers appreciate the multi-lingual expertise, guiding them through the following 9-step process to property ownership success:
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Step 1: Conversation – an in-depth consultation to find out the needs of the buyer.
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Step 2: The Shortlist – of suitable properties fitting the client’s criteria.
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Step 3: Viewing Trip – coordination of the schedule and accompany the client to view the selected properties.
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Step 4: Negotiations – as the buyer’s representative the hc/ agent negotiates the best possible price to secure the chosen property.
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Step 5: Secure the Property – coordinating drafting the sales contract and payment of the deposit.
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Step 6: Attorney Liaison – thorough due-diligence is carried out on the legalities of the property and any issues resolved.
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Step 7: Currency Exchange – get the best advice! Timing is everything.
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Step 8: New-build, reforms, redecoration projects – our tried and tested network of service providers can help with any reform requirements.
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Step 9: A vital support network – buyers using the hc/ property concierge can rely on getting long term support.
No upfront fees
Remuneration only comes when a sale is completed, and the fee for the services provided by hc/ Mallorca Living is paid by the selling agent for introducing a successful buying client to their property seller.
A similar way of operating to the established US brokerage model, one huge advantage is that prospective buyers incur zero upfront fees.
Text by Anna Mason / Photos by Sara Savage
Property Mallorca
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