What is Select Real Estate?
Select Real Estate is a technology driven, full service, transactional
real estate agency. The company was founded on four ideas:
4. Best of Class Marketing
Our model is designed to sell your home at the best price in less
time. Buyers will also save time with features like virtual home
tours of both new construction and re-sales, specially trained Home
Consultants, and the convenience of one-stop shopping for the entire
How does Select Real Estate differ from online real estate services?
Simply put since 2003 Select has continually been a market innovator and has changed the way real estate is bought and sold in San Miguel. Many copycat companies have followed but none have consistently risen to the level of Select in innovation and marketing.
Select is the only agency to offer true 360 Virtual Tours, Select Trolley Tour, extended Centro office hours, and offer service through full time trained agents. Select has been, and continues to be, the largest advertiser in the local paper for over 6 years. Select spends tens of thousands of marketing dollars a year to attract Buyers and sell homes.
At the same time Select has been a consistent contributor to local charities including Casa Hogar Orphanage, Rotary Club, Casita Linda, and the Biblioteca Scholarship Fund. We live here, we give here!
What Select is not?
Select is not just a marketing company. While we pride ourselves on the marketing exposure we provide for your home, we are much more. We are a full service Real Estate agency staffed by full time trained professionals that assist you through every step of the process. We challenge you to find an agency that provides more service and assistance throughout the whole transaction.
Top 10 San Miguel Real Estate Tips
1. You can take title directly to property in San Miguel.
Foreigners can buy property directly in Mexico's interior. The Mexican Constitution of 1917 designated the area within 100 kilometers (62 miles) of Mexico's borders and within 50 kilometers (31 miles) of the coastline as off limits to direct real estate ownership by foreigners. For many years this area was known as the Prohibited Zone. Because of recent beneficial legislation the area is now referred to as the Restricted Zone.
2. There is no MLS (multiple listing service) in San Miguel.
Despite what some agencies might lead you to believe there is no MLS in San Miguel. If an agency tells you they are a member of MLS you are starting your business relationship based on a myth and you may want to keep looking. Listed properties are either exclusive to one agency or listed with multiple agencies, known here as an Open Listing. Select Real Estate pioneered the exclusive listing in SMA and our combination of exclusive and open listings means we can show you more homes than any agency in town. Many agencies will just show you their listings Select can show you everything you want to see.
3. Most prices for real estate you will see are in US dollars.
Advertised prices are normally in USD and most transactions are closed using US dollars.
4. Mexico has no formal licensing of real estate agents.
Though foreigners need permission from the Mexican government to work in real estate, no licensing exists. For this reason, caution is advised in selecting an agent. Make sure you are comfortable with the ethics and the business experience of any agent before selecting one. San Miguel has an abundance of street realtors i.e. taxi drivers, waiters, etc. that are not affiliated with any real estate office, have no actual experience, but are more than happy to try to sell you property. All Select agents have a minimum of a college degree and years of business experience. In fact, most Select agents have an MBA or PHD.
5. Mortgages in Mexico are rare.
While mortgages in Mexico do exist, they are rare. The upfront costs and interest rates are much higher than the US and for the most part American and Canadians will find the costs objectionable. In four years, Select has sold as many or more houses that anyone in San Miguel and have had only one Buyer obtain a traditional mortgage. Occasionally Seller financing with a substantial down payment is an option, but most deals here are done all cash.
6. Property measurements are most often in meters.
As a guide, 1 acre equals 4046.86 square meters. One square meter equals 10.7639 square feet.
7. A Notario (notary) is needed to close any sale.
A Notary is needed to close any sale. In Mexico, a Notary Public is a quasi-governmental official who reviews all documents of importance with respect to the sale of real estate. A Notary Public in the United States typically has minimal training and responsibility. In the U.S.A, a notary typically attests to the fact that a person has signed a document.
The training, function and responsibility of Notary Public in Mexico is completely different. In Mexico, a Notary Public is appointed by the governor of a Mexican state for life. In order to seek appointment, the person must be a Mexico licensed attorney. This involves attending law school in Mexico, obtaining a law degree, passing an exam and being admitted to the bar in Mexico. To hope for appointment, the prospective Notary Public must then work as an apprentice for several additional years with a Notary Public.
8. Expect to pay approximately 2% of the sales price in closing costs.
Traditionally in Mexico, the Seller pays the real estate commission and the Buyer pays the closing costs. While Notarios charge varying rates, you should plan on approximately 2% of the purchase price to cover the expenses related to closing.
9. Building is an option under certain circumstances.
Many clients are interested in having a custom home built in San Miguel. Select can assist you in that process and put you in touch with reputable builders. However, we strongly recommend that clients wishing to build plan on being in San Miguel during the building process to monitor progress, quality and specifications. The ability to speak Spanish is also very helpful in building your home. There are also new companies that will act as your intermediary while building if you will not be in San Miguel. We can assist you in identifying those companies as well.
10. Use the internet wisely.
Most real estate companies in SMA have websites that can be very valuable in your home search. However, many of these sites are not updated regularly and may feature homes and home prices from many moons ago, some several years. Also, many of the sites feature homes that have already been sold. These deals are meant to lure you in to a call. Upon arriving for your appointment will you be informed that home is no longer available, but that they have many more options (more expensive and less desirable) to show you. Select updates our website daily and our site is the only in SMA featuring 360 virtual tours to give you a real flavor of the homes you might like and eliminate those you do not.