A real estate agent as an extension of Estonians abroad in their homeland
The doors of the world are wide open and more and more people want to operate remotely, including managing their real estate from thousands of kilometers away. ELUM real estate agent Eveli Lindell has long-term experience with expatriates in particular, describing the process before handing over the keys.
Although buying or renting out a property remotely can be intimidating at first glance, it is a very common practice. “There are many Estonians who move away from Estonia for a long time, but who do not want to sell their home. Renting is the perfect solution in such situations. Or if the idea is to move back to your home country instead, the realtor will help you settle comfortably here again,” said Lindell.
What benefits does cooperation with a realtor allow for a seller or landlord?
In the case of rental transactions, the realtor takes care of everything – finds the tenant, gets to know their background, signs the contract and hands over the apartment. It also informs the tenant about price increases and is otherwise helpful in case of concerns. “In exceptional cases, I have sometimes rarely attended, for example, a cooperative meeting, replaced the equipment in the apartment and organized the representativeness of the property by ordering, for example, window cleaning,” she described the versatility of the realtor’s work.
The realtor also organizes the entire sales process and is in constant communication with the seller to give feedback and put together a subsequent strategy. It is also their job to arrange showings and receive the keys from the previous tenant. In the case of foreigners, the realtor also helps to familiarize them with different regions and their prices. “In general, they have been connected to Estonia in some way and have a certain understanding of these issues,” Lindell said.
With the help of a realtor, the sales strategy and the market price from both the seller’s and the buyer’s point of view are established. “Realtors have a good overview of prices and the state of the market, which is why they are also very helpful in pricing. They have a good overview of Estonian laws, which is an advantage for convenient and carefree business management. Cooperation with other realtors, appraisers, banks, builders, officials and lawyers is also important, thanks to whom questions can be answered quickly”.
How does a realtor simplify the process?
The realtor checks that the necessary apartment documentation is in order before the transaction, in order to avoid unpleasant surprises. “It is worth making sure that the house has a permit for use, a legalized air source heat pump and that partitions have not been taken down, which would contradict the building’s design.”
Documentation should be done well in advance, for example, depending on the seller’s country of residence, an extract from the population register and an apostilled marriage certificate. “These requirements differ from country to country, but if a realtor has previous experience with foreign clients, they also have a little better insight into the legislation of other countries and the differences there. Some additional documents may slow down the process a bit, but the differences are still minimal,” the realtor acknowledged.
According to the need, the realtor can also help to carry out notarial transactions, representing the owner who is abroad. “However, this requires appropriate documents and authorizations. For foreign Estonians, the process is easy, as they have the opportunity to complete the transaction via remote verification as well.”
How is the communication between the realtor and the seller/landlord organized?
The speed and smoothness of communication is important in the real estate industry, which is why things are mostly done over the phone. More detailed information is generally also exchanged via e-mail. “Due to the time difference, I communicate with apartment owners in Australia and the US, for example, through Facebook, Messenger or Whatsapp, which is good for sending voice messages, for example. I give feedback as needed, if a specific time interval has not been agreed upon, that we do it every Friday, for example,” said Lindell.
Overcoming the language barrier and clarity are also extremely important. “If the owner does not speak English, for example, and rents their apartment to a foreigner, I have always agreed that I myself will be the so-called contact person. This means that if something happens, I can be informed about it and I will already communicate with the apartment owner. In such cases, the realtor’s contact is also stated in the rental agreement.”
What is valued in the Estonian market?
In the case of rental apartments, the realtor provides the yield. “Predominantly finished and furnished apartments are purchased, which can be rented out immediately. In the case of a home, larger two- or three-room apartments, new developments or Estonian-style houses are still on the horizon. The location is also a factor in the price, for example the city center and Põhja-Tallinn are preferred. For example, Finns have drawn a circle on the map of Tallinn, which area they prefer, pointing out the area around Rotermann and Viru Keskus,” the realtor demonstrated.
Trust is also indispensable in the real estate sector. There are often transactions where an apartment is purchased without first getting to know the apartment itself. There are also those whose apartment is going on the rental market, but who have not yet come to see the apartment themselves. “Investment apartments are usually searched online, setting criteria, from price and location to parking space and balcony. With the help of video calls, for example, a house tour can be conducted so that the future resident can get a good overview of the property without coming to the site themself. However, buying a home is a much bigger decision, in which case you usually come to see the apartment before the transaction.”
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