Estate agent in Mallorca – a dream job swimming with the sharks
Interview with Porta Mallorquina CEO Joachim Semrau, published in Bellevue, Europe’s largest real estate magazine, issue 4/2016.
Bellevue: Mr. Semrau, estate agent in Mallorca is for many the dream job par excellence. But how does it look in reality?
Joachim Semrau: “Actually, some people have totally false ideas about our profession here. Anyone who thinks it is enough to show luxury, high-priced villas by the sea a few times and make a few sales to secure their annual income is way out of place here. The property market in Mallorca is a shark tank, many brokers compete for the same customers and the successful ones are those who score points through competence, diligence and above average service orientation. Newcomers, particularly, need to be able to hold their breathe here for a long time, so that the financial pressure is initially not too high. “
What are the requirements to be able to work as an estate agent in Mallorca?
“Good Spanish skills are a must, and you should ideally have mastered one or two other languages, depending on the region in which you work. In the north and northwest there are a lot of English speaking customers and in the south and east more German, and Palma and the south-west are international. Spanish customers are not so present in the holiday real estate market, but many of the owners are Mallorcan and usually speak only Spanish.
Besides the language skills you should be very well acquainted with the region in which you want to work, but above all love it too. Passion is a very important success factor in our industry – what you do must come from the heart. You have to know what you are talking about and be familiar with the building rules and laws that affect the real estate market. Our sales consultants are, therefore, equipped with comprehensive guidelines that make their entry into the job easier and we also organize regular educational and training events. “
How is the earning potential?
“As a rule, real estate brokers working in Majorca are freelancers, Autónomos, self-employed, and if successful are paid a share of the broker’s commission, which in Mallorca is up to 6% and is borne by the owner of the property. The performance commission in sales at Porta Mallorquina is up to 27.5% of the net commission, and if you have sold a property you also acquired, you get an additional 10% acquisition commission.
So at a retail value of 1 million euros, the commission including acquisition would be, in the maximum case 22,500 euros for the sales person. Compared with other sectors, successful brokers are amongst the top earners on the island as the average wage level is below that of Germany. We have some sales people who earn really well, but admittedly also some who do not sell something every month.
How do I become autonomo in Mallorca?
“It’s pretty simple, you have to register your business activities with the Chamber of Commerce, have a bank account and be registered as a resident. As in Germany, self-employment brings with it many advantages, your car, phone, laptop and other costs are tax deductible, and you are able to arrange your working time to suit yourself”.
What distinguishes estate agents in Mallorca from those in Germany?
“I think it is the sun that makes the difference. You have nice weather, the blue sea sparkles on your way to work, and your customers are in a good mood as they are not buying out of necessity but because they want to. That makes you really happy, every day. “
Mr. Semrau, we thank you for this interview.
You are interested in act as a real estate agent in Majorca? This is the link to our current vacancies.