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  • Answers - Why Would You Use An Estate Agent Buying A Property In Spain - Part 4

    Last article we looked at estate commissions and the role they play in the buying process. This article we look at what an agent does for both buyer and seller in greater detail. This will lead nicely onto the next issue where we look at how you can do the job yourself.

    Do I need to use an agent?

    Or would it be better to do the job myself. Well let’s look at the
    According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
    two aspects – buying a property and selling a property.

    Buying a property A good agent is worth their weight in gold and can be invaluable in helping you narrow down your search to a specific area and properties. They should sit down with you to discuss your requirements - this is more than how many bedrooms a house has. The sad fact is some agents aren’t real
    ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

    Examples of combination products may in
    y concerned about your needs, only that you buy a property from them, so you may end up being shown many houses that really don’t fit the bill. You will feel frustrated, dejected and probably begin to think that your dream home doesn’t exist and just end up buying anything.

    They may have nothing better to do with their days (and in today’s slow market it is proba
    lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

    bly a welcome relief to be showing houses than sitting in their office drinking coffee). But do YOU really want to be trailing around houses that don’t meet your basic needs?

    A good agent on the other hand, will help you through the minefield and ensure you get the best property to suit your needs. At the very least they will try and understand you as a person/fa
    here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
    ily and try to ensure that they match you with an ideal property in a great location at a great price. However be prepared to compromise.

    It shouldn’t stop there though. A good agent will also help you long after the ink has dried – easing you into your new life, helping you locate schools, buying cars finding tradesmen and much more.

    So if you are in the market
    d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

    Combination pro
    to buy – what should an agent be doing for you?

    1. Inform you of what will happen, the process, the costs involved etc.
    2. Establish your budget – how much cash and how much mortgage. How much you will pay per month and what the bank will lend on your income. If you have no source of income and need to work you will need at least a year’s supply of money <
    ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
    r> 3. Identify your requirements – what you want, what you would like, what you don’t like
    4. Identify the area - if you don’t already know. This is probably the most important aspect.
    5. Shortlist property that fit your criteria – you will most likely have to compromise.
    6. Visit the property with you – stands to reason but they should be askin
    easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
    g you questions before and after – such as what did you think about the property what aspects did you like, what didn’t you like. This is to try and gauge what appeals to you so they aren’t showing you houses that are not suitable
    7. Assist in the negotiation of the sales price. It is an art form in itself – you don’t want to be paying too much nor do you wa
    nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
    t to offer to little so the seller doesn’t think you’re serious and just reject future offers out of hand. A decent agent will work to find a suitable price that both parties will be happy with. However negotiation is a skill and shouldn’t be left to someone who has been in Spain for 2 weeks and is helping his mum out. (if there are mums out there running estate a
    and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
    gents with their sons this is not a personal attack)
    8. Draw up private contracts. Usually this is where your lawyer comes in
    9. Take you to the notary and help with translation services –
    10. Change all bills into your name (or arrange someone to do this.) Sometimes this is done by the solicitor
    11. Help you out in future when you need help.
    ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

    One thing to note - you are entitled – by law now as it happens – to ask an agent for the breakdown of the cost of sale – including their charges. This must be provided in writing – it is your right so use it.

    So there you go – how easy was that?

    What about if you are selling? What should the agent be doing for you?

    1. Explain what they will do for you – how
    ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

    Following aspects would a
    hey will market the property, what their charges are,
    2. If they are asking for an exclusive contract – ask them for guarantees – what extra will they do for you as an exclusive client? Have a get out clause if they don’t show any clients round in a set period of time and make sure there is nothing which says if YOU find the buyer you have to pay their commi
    dd to the challenges in developing combination products:

    Which markets to tap where the combination products can do fairly well?
    Which combination prod
    ssion.
    3. Take photos and details of the house.
    4. Check the escritura – and at least take the basic details. The things they should be looking for are –
    a. Are you the legal owner?
    b. If not do you have a power of attorney signed by the legal owner
    c. Is the property as stated (ie a 3 bedroom house not a 1 bed casita) a house not a plot
    cts are meaningful and rational?
    Which therapeutic categories to select?
    Which Combinations can address unmet needs of the patients?
    Do combin
    of land etc
    d. If it is a plot or house on a plot, whether the plot is rustic, urbanisable or urbano
    e. Check with the town hall for future plans but invariably don’t because it means additional work
    5. Market your property how they said they would. Just check that the price they are advertising.
    6. Offer advice on how you can help them sell yo
    tions increase the patient compliance?
    What would be the developing cost?
    How to tackle the risks encountered during combination product developmen
    ur property
    7. Bring clients to view - they should do the talking – do not try and sell your house to the buyers. Ideally leave the house when the agent comes round – don’t worry he wont pinch your family jewels.
    8. Provide feedback within 24 hours. Most don’t because they don’t like to tell you bad news – but you should insist on it because it is import
    t?

    As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
    nt
    9. Negotiate a suitable price and conditions – be prepared to accept an offer – most buyers these days expect it and it can be a deal breaker. But also have in mind the bare minimum you will accept
    10. Arrange closing any mortgage with the bank
    11. Assist with the notary.

    How do you find a good agent?

    Finding bad agents is easy. Finding medioc
    ping new procedures for reviewing their safety, efficacy and quality.

    Professional from academic institutions, pharmaceutical industries, health care indust
    re ones equally so. So how do you pick out the good from the bad? The easiest way is to ask questions. Many people advocate only using agents who have API membership – this is the Spanish Estate Agents association (or one of them). However whilst current membership extends certain safeguards on the client, not all API registered agents are still registered. Equall
    y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
    not all non registered agents are bad. Wow what a battle – how do you judge?

    Prepare a list of questions to ask them - the following is a sample, but not exhaustive, list
    • Do they have an office?
    • How long have they been in business?
    • How many clients have they dealt with?
    • What services do they offer their clients both during and after
    .

    As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
    the sale?
    • What commissions do they charge? Ask for a written breakdown of the charges including costs involved
    • Do they speak Spanish (if not how can they operate in Spain)
    • Do they translate all documents in English
    • Can you speak to some previous clients

    and anything else you deem important. Also ask in local bars (specifically Spanis
    elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

    Companies that provide selfless information through particip
    ones) who they would recommend – the Spanish don’t like estate agents and so will only give you recommendations that they believe are good.

    Wow after all that you realise how easy it is to buy/sell a property in Spain so lets go it alone.

    Next article we will take a look at how you can do it for yourself – the DIY estate agent – just add water and watch it grow


    tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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