For many people, buying a Punta Cana property is a once or twice in a lifetime experience. Clients must rely upon local agents, and never realize how much they are losing, as they do not know what goes on ‘behind the scenes’.
Real Estate is a big money business. While ‘cleaning up’ the industry would be of enormous benefit to buyers and sellers, it would not be in the best interests of many agents and other businesses tied to the real estate industry. There should be a major independent inquiry into the millions of dollars being lost by real estate consumers.
The Real Estate Industry is ‘controlled’ by real estate agents. When governments want to know how to improve the real estate industry they ask people who represent real estate agents, such as Associations. This is absurd because the institutes are made up of real estate agents. Just as the tobacco institutes were not the ones to warn consumers about the dangers of smoking; the real estate associations will never be the ones to warn consumers about real estate.
Some clients have been charged additional ‘fees’ such as the 18% ITIBIS (sales Tax) which is actually not paid on property sales. Some pay additional services on sales
Kickbacks for related services
The payment of kickbacks from law firms and insurance companies is the norm in this market. I find the lawyer kickbacks of most concern, as this is a conflict of interest.
Betrayal of Confidence
Many agents are quick to betray the confidence of home sellers. If the home seller is ill or going through a divorce or has financial problems, this highly sensitive information is often given to buyers. The personal details of home sellers should never be revealed.
The practice of dummy offers continues to cause thousands of buyers to distrust agents. Despite denials by many agents, dummy offers are done to deceive both sellers and buyers.
The statements made to buyers about the investment potential of real estate are often misleading. Some agents tell blatant lies about the potential of real estate. For many Punta Cana agents, it is always the “right time to buy”.
At Punta Cana Lifestyles Real Estate, we promote ethics in real estate because it feels very good to be involved in something as important as protecting the greatest asset of our clients.