As you already know, using a local real estate agent is one of the most effective ways of finding a property in Libya. Local agents have connections into the community that you will never be able to find. Local agents are fairly easy to locate, but you will want to make sure that you remember a couple key things when using them.
3 Things to Remember
Discuss the service fees upfront
Before you even head out looking at the first property, you will want to discuss the fee structure for the services being provided. by talking ahead of time, you will save yourself any surprises when you decide to complete the deal. Make sure that you ask about:
- Commission – How much, who will pay it, and when will it be paid
- Lawyer Fees – How much does it cost to sign a contract and who pays
- Taxes / Hidden Fees – Ask if there are any taxes or other hidden fees.
Clearly communicate what you want
One thing that often causes frustrations to expats looking for houses is that they are shown places that do not fit their needs or budget. Make sure that you spend time on the front end describing exactly what you are looking for in your perfect property. Using a company with online listings can be helpful! See this helpful listing site. Although the properties may not be available, it will give you a starting point.
A tip to remember: If they start showing you useless properties that do not match your expectations, it is alright to reschedule your appointment with them for a time when they CAN show you the right types of places.
Be prepared to make the deal
One thing about the real estate market in Libya is that rental properties do not stay on the market very long. If you are serious about finding the right place to stay, then come prepared to make the deal. Whether you come with a small downpayment or a year upfront, you need to be willing to move on the perfect rental property. I have witnessed a number of times where clients want a week to think about it and when they return, the property is gone.