Making sure you are protected
Perhaps it is the warm sun that fries the brains of us northern Europeans, but it seems that many of us seem to throw caution and common sense to the wind when we come to property buying in Tenerife. We happily slap down thousands of Euros in deposits for properties, without a care for the security of our hard won cash. We blithely accept a salesman’s patter… after all, he’s a nice chap and we met him by the pool… he’s bound to be telling the truth. Back home, on familiar ground, we are different people. But as the temperature rises, so does our gullibility. Many people have learnt the hard way, that suntan lotion does not provide adequate cover for all eventualities.
Estate agency in Tenerife is a deregulated industry, and as such it means that almost anyone can set up their own agency and start selling properties to the unsuspecting public. Even using a company that has traded here for years is no guarantee of security. All it takes is a bad year or maybe a change in personal circumstances and that seemingly solid agent can do a moonlight flit. Even more common than the disappearing deposit is misrepresentation or omissions by the salesman.
At the end of the day, there is only one failsafe way to be protected from all these problems, and that is insurance. The type of policy that an estate agency should carry is called ‘Professional Indemnity Insurance’, common in other countries but a rarity here. It’s rare because insurance companies like to minimise their risks, so they won’t ensure an agent without a proven track record and effective systems and practices in place. It’s also rare because it is expensive for an agent to take out. But from a client’s perspective, it is the only way to guarantee the safety of their deposits and the information that an agent gives them.
The best advice you can be given for your own peace of mind and security is to ensure that the estate agent you’re dealing with is covered by a Professional Indemnity Insurance. At TENERIFE PROPERTY SHOP, our motto is “Safety and Security”, and so we naturally protect your interests with this insurance, but very few others (if any), do as well. Don’t let the relaxed atmosphere and shining sun distract you… and make sure you’re covered by more than suntan lotion!