- Guest column by Dan Polimino
- Polimino is a real estate broker at Keller Williams.
- Polimino contrasts how real estate is sold in Turkey vs U.S.
By Dan Polimino
Special to InsideRealEstateNews.com
I was at our annual Keller Williams Mega Camp conference in Austin this fall and and I had chance to speak with many of our colleagues from all over the country and the world.
Keller Williams is a worldwide company with offices in Asia, Mexico, Europe, and South America.
I was at an after-conference mixer one night when I ran into a guy from the Keller Williams office in Istanbul, Turkey.
It was a fascinating conversation and was very interesting to find out how they handle real estate in a foreign country like Turkey.
- In Turkey, you do not need a real estate license to practice.
- All you need is a driver’s license.
- There is no governing body or regulatory commission.
- There are no contracts.
- There are no inspections.
- There are no appraisals.
Here is how it works: Let’s call the seller Bill, the buyer Sally, and the Realtor Tom. Bill is selling his home and hires Tom to market it.
Sally saw the advertisement and meets Tom at Bill’s house. Sally walks through Bill’s house and likes it. Bill tells Sally how much he wants. She agrees.
Bill and Sally head down to the government office and sit before a clerk. The clerk asks Bill if he wants to sell the house to Sally, and the clerk asks Sally if she wants to buy it for the price Bill is asking
. If they both say “yes,” the clerk pulls out ONE sheet of paper and has them sign at the bottom.
The DEAL IS DONE! FINISHED! OVER! COMPLETE! There is nothing more to do than that.\ Bill tells Sally what day he is moving out and Sally moves in.
HOW GREAT IS THAT!
I asked my newfound friend from Turkey if they have any problems with that system like lawsuits, etc, etc. He said “no, no problems ever.”
You may be asking yourself, “Does the Realtor get a commission for that and what exactly does the Realtor do?”
Yes, the Realtor does get a commission.
In this system, the primary job of the real estate agent is only to market the property and introduce the seller to prospective buyers.
Now think about the painstaking, arduous, years off of your life real estate process we have here in the US.
Can we honestly say that we have a better system here with hundreds of pages of documents, attorneys, real estate commissions, rules on top of rules, lender requirements, title requirements, surveys, HOAs, inspections, contractors, and more.
I think we need to take a lesson from our friends overseas. As such, I have decided to move to Turkey and start the Istanbul Dream House Team.
Thanks everyone! It’s been a great ride.
Take care and look me up next time you are in Turkey!
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee Co. and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.