Real estate agent in Panama: Check owner's price before buying

Selecting a real estate agent in Panama is not a task to be taken lightly. Some, according to one website, have been known to double the price the owner is asking, pocketing the extra amount plus their commission.

Ask to talk to the owner to make sure your real estate agent in Panama is on the level. Most are honest, hard-working business people, but there are bad apples in many barrels. An agent tried to bump up the price of a property I was looking at in Boquete by more than 25%, not knowing that I had already talked with the owner.

The owner has no reason to hide his or her asking price, but a few agents do.

No national system

The real estate agency business in Panama is really still in its infancy, thought the first agency was launched some 40 years ago. There is still no national system here, though many agencies work with other agencies when they don't have the listing their client wants.

Unfortunately, if you are shopping in several different areas, that means checking the honesty and reliability of each agent to whom you are passed along.

Just make sure that your real estate agent in Panama is on your side and does not have a hidden agenda.