Immo – Real estate magazine – October 2010

 

leparticulierimmoProperty scouts, the buyer’s agent working exclusively for the buyer.
A new profession

Given much exposure on the TV channel M6’s show “Looking for an Apartment “ Buying agents are now in the spotlight. They first started appearing in the 90’s. Traditionally real estate agents are more inclined to help their clients sell their apartments, neglecting their clients looking to acquire property.

This activity of buying agents are frequent in Anglo Saxon countries.

Kim Styger states – Generally in the United States a buying  transition takes place with the collaboration of two real estate agents, one representing the the buyer, the other the seller.
In France real estate agents often work for both clients, the seller and buyer. For each deal the agent is supposed to preserve the interests of each respective party…where conflict of interests are never far away….

Original review

Capital – Investment, business magazine – September 2010

capitalBuyer’s agent- A professional to find a property of your dreams-this new type of expert searches in place of buyers that don’t have the time, nor the interest. A practical service reserved for the affluent, urban clientele.
If you lack time and courage know that today it’s possible to hire a buyers agent. As opposed to other professionals real estate agents, and notaries that all represent the seller, these buyer’s agents dedicate 100% of their time and energy to the buyer. Their mission is to find a property that corresponds to their clients criteria.

More than half of the buying agent companies are based in Paris catering to;

  • Busy executives
  • Expat-Parisians looking for a “pied a terre”

We looked at four;

Cote Acheteur;

  • based in Paris Annecy, Bayonne, La Rochelle, Lyon, Nantes  Nice and Rennes

Homelike Home

  • based primarily in Paris and close suburbs
  • offers complete service in renovation and decoration

Les Chasseurs de Pierre

  • Provence , Cote d’Azur Languedoc-Roussillon, Hautes Savoie-Nord pas de Calais

Flat Hunter

  • Paris based and close suberbs
  • 1196 euros up front fees

Original review

La Tribune – Economic, financial daily – April 2010

latribuneDesperately Looking for an Apartment.

The buying agent proposes to find a home for individuals that don’t have the time, an expensive service and one in full expansion.
It’s always complicated when one decides to jump into the hous hunting process.

There are roughly 80 specialized companies all members of La Federation National des Chasseurs Immobiliers, FNCI.
Their mission to find the dream apartment for people who don’t have the time. They also offer finding financing, and overseeing renovation and decoration. Christine Pelosse president of the FNCI and director of her company Homelike Home explains “We have three types of clients;

-people living outside of France who want to own  a “pied a terre” in Paris;

-Foreigners that will be transferred to Paris,

-Parisians that are overbooked, and don’t have the time.

We are the eyes for our clients. We establish an outline as to the  size, location, price etc.
Wedo not compete with real estate agents, and don’t sell properties, which insures confidence is our clients.  90% of our clients buy properties that we have found.

Original review

Le Monde – Daily newspaper – January 2008

lemondeProfession- Buying Agents
These newcomers to the market try and establish rules on how they work.

Real Estate agencies are found on the corner of every street, and increase in 50% since 2000.There is a newcomer to this crowded marketplace, the buying agent. The TV channel M6 has aired the show “Looking for an apartment or house” since 2006.This show has given life to the buying agent, a kind patient, good listener who helps find the dream apartment.

 

This profession comes from the United States, in France it appeared in early 2000, today there are 147 buying agents.

The requirements; No inscription fees, The agents need to provide a professional card number, their geographic location, and their annual commissions. Most of them are not members of a professional association

  • FNCI Federation National des Chasseurs immoblieres
  • FFCI Federation Francaise des chasseurs immoblieres

These two organizations try to define this activity, the real estate agents work in the sellers best interest, and the buying agents work for the buyer.
Their commissions vary between 2 and 10%, and are paid after the transaction is final.

FNCI created in 2007 states that the buying agent should not take upfront fees, yet some members of the FNCI do.
Christine Pelosse says that some members of the FFCI sell property as well, for her this is a conflict of interest, the buying agent should not tread on the real estate agents territory.

It’s a difficult job, a lot of buying agents appear and then disappear very quickly.

Original Review

La Tribune – Economic, financial daily – March 2009

latribuneA Guardian Angel to find the rare Pearl

A clientele largely composed of French living outside of Paris, expats, and overbooked Parisians.

Time is money, and the Anglo-Saxons understand this. Within the past 15 years they call on buying agents to find the apartment of their dreams, this new activity is booming.
Pioneers began appearing in 2000 the majority of these 150 agents within this market are less than two years old.

FNCI Federation Francaise des Chasseurs Immoblieres and the FNCI Federation National Chasseurs Immobliere, both adhere to their golden rule,Not to mix the roles between real estate agents and buying agents. The members cannot sell properties, or be directors of real estate agencies.

The objective, avoid conflict of interests.For the young professionals- “the real estate agencies did not take my son seriously, since he was working long hours, and could not always visit the apartments. Living in Montpellier it was not easy for us to assure the back and forth trips.
She decided to call a buyers agent. She found an apartment after 15 days thanks to the services proposed by Christine Pelosse head of Homelike Home. She fills the needs of a clientele largely composed of French living outside of Paris, Expats looking for a “Pied a terre” and overbooked Parisians. “ We determine a detailed outline of specific criteria then we visit properties, and provide neutral feedback.

Selection of Services
Summary reports are automatically sent to clients, and we call if the property corresponds 95% . We ask that they are very reactive. It is also common for our clients to make an offer at distance. We then propose on going services such as enrolling children in schools, organizing painting, renovation and interior decoration.

The commissions are paid once the transaction in final. These vary between 2% and 7% based on the price of the property, and depending on whether there Is an intermediary or not.
Real estate agents like working with buying agents that bring a perfectly matched client for their properties.

Buying agents assure saving time, not necessarily acquiring a bargain.

Original review

Le Figaro – largest daily newspaper in France – April 2007

lefigaromagazineFor two years I looked for apartments in Paris, met with a lot of real estate agents all full of promises. recalls Jean-Pierre LAUNAY an executive based in Singapore.
For this expat looking for a “pied a terre” became a battle until he commissioned Christine Pelosse, buyer’s agent and cofounder of Homelike Home, whom each years doubles their revenues. Thanks to the internet site and photo put online Jean Pierre could follow the evolution of the search process.One month after their initial meeting Christine Pelosse, who left her advertisingCareer four years earlier, found an apartment that fit his budget. She signed the promise of the sale in his absence, given the power of attorney.A profession born in the United States now quickly spreading in France.
The target market;

  • People who don’t have the time
  • Clients discouraged with real estate agents
  • Foreign investors or Expats

Original review