The word, REALTOR® has international trade mark protection through the National Association of Realtors®. (NAR) It is used by 1.2 million practitioners in the United States and by international REALTORS® in more than 56 countries who are affiliated with NAR. Members of the Mexican Association of Real Estate Professionals (AMPI) are able to become INTERNATIONAL REALTORS®
In recent months I have heard Mexican government officials at both state and national levels refer to “coyataje.” The closest I can come to an English translations would be “coyote.” A federal government official used the word with reference to the real estate industry being plagued by “too much corruption and fraud.” A coyote is someone selling real estate without an office and without having the proper training in the business and/or dealing outside any code of ethics. The person can be anything from a bar tender to a taxi driver and (even part of a company having a license to do business in Mexico.) Having a business license does NOT make one a REALTOR® again a word with trade mark protection.
Several years ago as a result of a scandal where a person fled the country with buyer’s funds, the AMPI Section in Los Cabos, Baja .California .Sur. came up with a set of Rules. The rules were created as a guide as to how to purchase real estate SAFELY in Mexico. Rule # 1 is “Be sure the agent is a member of AMPI.”
We often see signs “Trato Directo.” This is where a Seller decides to sell without the aid of a professional. Earlier this year a federal government official referred to this as “peligros.” (Dangerous.) ” It is a minefield for those without proper training and knowledge of Mexican law.
So bottom line, when buying or selling property in Mexico it is essential to work with a REALTOR®. Otherwise it is Caveat Emptor (Buyer beware.)
About the author: JOHN K. GLAAB, CIPS, DIRECTOR of INTERNATIONAL MARKETING: Born in Canada, John was educated at the School of Communication and Business administration, Michigan State University. He is a specialist in international marketing, advertising, media relations, fund raising, government and public relations, background in both public and private sectors and not for profit organizations. He is a patron of Lester B. Pearson College of the Pacific (United World College) Memberships: Founding member of Los Cabos Mexican Association of Real Estate Professionals(AMPI), National Association of Realtors – He is active in the Global Business Alliances Group. Designated by NAR® as a certified International Property Specialist, (CIPS), John is responsible for creating and maintaining positive relationships with the real estate industry on the local, national and international levels. He is an active participant in NAR® meetings and conferences. John’s articles on real estate have been widely published. Languages: English (some Spanish and French). Please contact John at: www.settlement-co.com/