In Panama if you hear there is a MLS, or a realtor say they are part of a MLS say “show me the roster of all agencies”. Many sites one will see on line claiming to be part of the MLS are saying “see our listings”.
We sent one of our staff to a development that we could not email and saw it had stopped construction some 3 months prior. There was a sun faded listing sign for a Real Estate company who was handling the sales, thus we called. The broker was in Panama City and the site was five hours away.
The broker said things were going along nicely, and they had been showing it a lot. We commented you don’t know that the site has been abandoned, the gate is chain locked and the weeds are about four feet high… on their end they hung up!
It is not our practice to be negative, just to paint a visual. The Panamanian law doesn’t have requirements for a real estate advisor to obtain a license. Anyone has the right to show, list and sell property. Panamanian law however, requires a licensed agent or agency to close the sale.
The larger brokers in Panama are agencies that have built strong relationships with a number of top developers, brokers, and specialized agents.
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