The past few years haven’t been the easiest for UK estate agencies, which have been struggling with the long-term impact of the uncertainty caused by Brexit, as well as the fact that real wages are still lower than they were in 2008. While the UK has now officially left the EU, the move is too late to help the 143 high street estate agency closures that PwC and the Local Data Company report took place during the first half of 2019.
Nor is it only property companies with physical premises that have been feeling the strain. Emoov went into administration at the end of 2018 and online lettings agency Upad threw the towel in in October 2019, reflecting the squeeze in the online property market as well as the offline one.
Those estate agencies and branches that remain need to do all they can to court new business. Now, a new service from expert Spanish property lawyers Fuster & Associates is opening up the Spanish property market to UK-based agencies seeking to grow their income.
The Fuster Standard is a quality assurance mark that guarantees that all the necessary legal work relating to a property has been completed in advance. It means that agencies can sell the property with confidence, knowing that their customers won’t face any undue delays or complications during the purchase process.
This reassurance is critical for UK agencies not used to selling properties overseas. Fuster & Associates appreciate that venturing into a new market can a big step to take, so the firm is there to provide comprehensive legal support and advice based on its two decades of experience. And, as David Fuster explains, the potential rewards make tapping into the Spanish market an exciting option for UK property agencies.
“Britons account for around 15% of foreigners buying property in Spain, out of a total of 63,100 buyers last year, so it makes a lot of sense for British estate agencies to be meeting their property purchase needs. The standard commission here in Spain is 10%. With an average property value of €235,000 in the southern province of Alicante in Q3 2019, that’s €23,500 per property that UK estate agents have the potential to earn. The Fuster Standard allows them to do so with confidence.”
David Fuster, Founding Partner, Fuster & Associates
Estate agencies selling Fuster Standard homes don’t have to invest anything or change their organisational structure in any way. The guarantee has been designed to minimise all risk to the property agent by ensuring that the property itself is legally ready for sale.
Agents use a dedicated Fuster Standard platform that facilitates their access to the Spanish market, allowing them to see and sell the main developments of the Costa Blanca and Costa Cálida. The free platform also provides access to a network of certified agents, without the UK agent in question having to invest in any additional infrastructure or run any risks.
For more information please contact Fuster & Associates on +34 965 271 505 or visit www.fuster-associates.com