Panama’s first multiple listing service

This post is also available in: Spanish

By: Staff at Panama Offshore Legal Services
E-Mail: info@pols.com.pa || Phone: (507) 227 – 6645

For many years, foreigners looking to rent or purchase real estate in Panama complained about the lack of a Multiple Listing Service (MLS) where real estate agents share their listings with other agents and offices. This has recently changed with Panama’s first MLS created by ACOBIR.

The Panama Association of Brokers and Real Estate Promoters (ACOBIR) is a nonprofit organization started in 1973 with more than 250 members, including brokers, law firms, promoters and developers.

Their MLS offers these benefits for property owners: (1) Greater market exposure where listing with one real estate agent goes into a database shared by hundreds of other agents in offices across Panama. (2) One ACOBIR real estate broker whom the property owner chooses represents the property owner. That broker deals directly with MLS members who bring prospective buyers and renters. (3) Access to reports and statistics, which facilitate fair pricing by showing market trends including a database of sales prices of similar properties and characteristics.

Their MLS also benefits buyers: (1) It consolidates information of real property offers into one source where buyers can do their own online search of properties for sale and rent. (2) It facilitates contact with an ACOBIR real estate agent to submit offers and act on the buyer’s behalf. (3) Market research becomes easier by allowing searches by sales / rent price, province, city, neighborhood, property type, and number of bedrooms. (4) It allows for agent specialization as agents must only work with either sellers or buyers/renters based on their skills.

Since brokers and agents are not always attorneys it is advised that buyers, renters, and sellers consult with a Panama real estate attorney before signing listing agreements and sales or rental contracts.

To view MLSAcobir properties, visit www.mlsacobir.com

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