With more people seeking to invest in Real Estate in Punta Cana, and more real estate agents getting into the property market, investors need to be sure that they are getting sound advice from qualified professionals. Because the property sector in the Dominican Republic is not regulated, the risk of running into an unqualified, unfit real estate agent is quite high.
So what should you look for in an agent?
Well, one sign of a professional, other than being a qualified REALTOR® of course, is their ethical standards.
All members of the National Association of REALTORS® are bound by a Code of Ethics that dictates not only how they should best serve clients, but also their dealings with other agents.
The NAR’s Duties to Other Realtors states clearly that although realtors are in competition for your business, there is an understanding between professionals to act fairly with each other, and an expectation of cooperation. It’s a big no-no, for instance, to try to poach another agent’s clients.
It is also against the NAR code to badmouth the competition.
“REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.”
In Punta Cana, however, there are quite a few unprofessional agents who will defame their competitors in a desperate effort to get your business.
Our community magazine, Island Insider, for example, is repeatedly targeted by one of our competitors. Island Insider, as long-time readers know, is dedicated to showcasing the best of Punta Cana, and is more than simply a real estate magazine. Our competition feels threatened by this, frankly, because at Punta Cana Life we take our professional duties highly seriously, and we want to highlight the community and give back to the area.
So what should investors watch out for?
An ethical real estate agent is one who respects their clients and their time.
We don’t waste your time whining about our competition. Instead, we value your time and feel that educating and informing our clients about the market the process of real estate transactions is the best way for us to serve our clients and adhere to our Code of Ethics.