Words: Ashley Rigg
Published: 8th October 2009
Spain: Banks discriminate against overseas agents
OPP report today that overseas agents are struggling to access repossessed properties as banks are favouring local agents and investors.
Spanish banks have acquired more than €20 billion of properties since the crisis began and in many instances are competing for business with agents and developers by offering cheaper alternatives to buyers.
Overseas agents are finding it difficult to get a piece of the action according to Steve Dawkins, managing director of UK-based agent Own Property Worldwide. “When I tried to approach the banks it was really difficult to find the right people to talk to…I had to find a local broker who had a real relationship with the bank already and be recommended by them. Only a very few companies have the actual keys to repossessed properties.”
With their large stockpiles of property, Spanish banks have considerable power and leverage and no doubt are approached frequently by agents of varying quality looking to sell repossessions. It is not surprising banks are focusing on the agents they know have a demonstrable track record in delivering large volumes of sales. Partnering with local agents maybe a more effective strategy for many overseas agents keen to offer repossessions as part of their portfolio.
Full story on
OPP
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