In late 2015 I became the recipient of a new licensing accreditation in Quintana Roo, as the result of a new law that came into being. The purpose of this law is to impose mandatory regulation in the state for real estate professionals. As tourism continues to boom and the demand for more vacation rentals drive sales of houses and condos, there is an equal demand for safety and security in the purchase process. In short, foreign buyers want to feel safe and secure when they choose an agent to represent their interests.
The fear of many is that Mexico is an unregulated real estate environment with “Wild West” attitudes employed by greedy salesmen looking to make a buck with no regard for their customers’ needs. The truth is that anyone who wishes can work as a real estate agent in Mexico. And while bad practices certainly go on and many are sales agents guilty of doing this, mandatory regulation will serve to regulate the market.
One organization that has been after licensing requirements is the AMPI (Mexican Association of Real Estate Professionals), the largest real estate association in Mexico. AMPI works together with Federal, State and Municipal authorities and they propose new laws and amendments to existing laws and regulations directly related to the Real Estate activity. They have over 1,500 broker members, 60 regional boards, and represent approximately 10,000 practitioners in Mexico.
Earning university degrees in professional Mexico real estate is one way to create knowledgeable real estate professionals. As a licensed agent I want to instill confidence in buyers of real estate, who can be assured of professional standards that can be outlined and followed by agents. What will ultimately set agents apart from the rest will be their adherence to this new set of professional criteria to establish a standard that will work for you. Until this becomes the practice for the rest of the country, the state of Quintana Roo will be the one place where you can buy with the assurance that the licensed agent that is looking after your interests is backed by the law.
2016 could well be seen as landmark year for real estate in Mexico as it pertains to building confidence in buyers. As the market continues to expand and more people choose the Riviera Maya as their permanent home, regulation will be key to have safe and trustworthy real estate transactions.
If you’d like more information about real estate in the Riviera Maya or are interested in purchasing property here, we invite you to visit our main website where you can search further. Please get in touch with one of our agents who will gladly assist you in any questions you might have.
And remember, at Top Mexico Real Estate…
we make it happen!
