Property Search
Searching for a property in France or Monaco is a very stressful experience. Dealing with the local agents even if you are lucky enough to find an English speaker is frankly, in most cases, a nightmare.
It is important to understand how the system works here in France and Monaco, and to know who is defending whose interest.
There are very few sole agency mandates issued on properties for sale – most, (95%) are of the non exclusive kind issued to six or more different agents on a first past the post basis.
The atmosphere amongst the agents is that of squabbling seagulls fighting over food on the beach.
This means that on each property it's a case of winner take all and the others do not share a scrap between them.
Also, there is no MLS (Multi Listing System) which means no one agent has direct access to everything on the market. Fortunately amongst the thousands of agents there are a few hundred Jonathan Livingston Seagulls that have a wider vision with a more intelligent approach who work in a cohesive manner. Unfortunately unless the buyer has lived here and worked in property he has no way of knowing who the Jonathans are.
What are the implications for the buyer? Well first of all he is unlikely to receive much information about properties as a) nobody wants to spend money producing quality documentation when there is a six to one chance against them selling a particular property, and b) Most of the agents are scared that if they give out too many details a rival agent will recognise the property and go round to see the owner directly to get it on his books. The result is the buyer could visit six different agents and be taken to the same property six times over! The fact that details given generally are so poor, with minimum photos often showing only the view and not the villa, the unfortunate buyer often doesn't realize he is off again to the same villa until he is almost there. Even the price is advertised differently from one agency to another as they do not all work on the same commission percentage and some even deliberately inflate the price in order to leave a margin of negotiation.
Further, the commission in the south of France is usually paid uniquely by the owner (Monaco excepted), which means the local agents are defending the interest of the SELLER not you the buyer.....
Do not expect to be informed of the negative aspects of the property from someone who has his and the owner's interests at heart.....
The local agent will tell you that nobody has a survey done in France, so do not bother it will delay the sale... He will also suggest you use the seller's Notary as it will be quicker and easier...
Both these pieces of advice are against the buyer's interest and should not be adhered to.
"Property search via a truly independent qualified advisor is the best way to go"
It is of paramount importance that you choose an agent who is working in YOUR interest, not the seller's interest.
He should be:
1 Perfectly bilingual and able to speak with the local agents, notaries, banks etc in their language.
2 A qualified person holding the French or Monagasque Realtor licence who is well known to the property fraternity and accepted as a fellow professional.
3 Someone with at least ten years experience of the area, with in depth knowledge concerning the geographical, political and social aspects of France.
4 Aware of the laws pertaining to property ownership and taxation.
5 An experienced negotiator who can ensure you obtain your dream property at the best price and accompany you through not only the acquisition process but the nitty gritty of settling in and with other projects such as renovation.
6 Perhaps most of all a competent « buffer » between you the buyer and the many agents and other professionals you need to deal with, to protect and defend your interest at every junction.