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The Italian economy has been facing tough times in recent years as a result of the global pandemic which had a huge impact on tourism, one of the country’s major industries. However, despite problems in other parts of the economy the real estate market has remained relatively buoyant with property prices maintaining a gradual upward trend.
The largest sector of the real estate market in Italy is residential, which compromises over 50% of sales each year. The majority of Italians, over 70%, are homeowners so the real estate market remains dynamic and secure.
Working as a real estate agent in Italy is a great career option that can be very lucrative for people with the right skill set and a drive to deliver above expectations. Remember, that you have to be able to legally able to work in Italy before you can be a practicing real estate agent.
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There are a few expats that I am aware of who are not real estate agents themselves, but funnel leads (through their websites and YouTube Channels) to Italian real estate agents.
What Qualifications Do You Need To Be A Real Estate Agent In Italy?
A real estate agent, also known as an ‘Agenti Immobiliari’ or a ‘Mediatore’, must have the correct qualifications and certifications to legally work in Italy. All real estate agents are required to be fully qualified and to be professionally registered with the Camera di Commercio (Chamber of Commerce) to be in compliance with Italian law.
The strict legislation is designed to uphold the professional standards of real estate agents in the country and to guarantee that they all hold compulsory indemnity insurance to protect their clients.
If estate agents are not properly registered they can be prosecuted in Italy and face hefty fines and other more severe penalties.
To work as a real estate agent in Italy you are required to have the following qualifications:
- A Diploma or Equivalent (US High School Graduation, International Baccalaureate or 3 A-Levels in the United Kingdom).
- Must have attended a mandatory Real Estate Agent Professional Course.
- Passed the necessary tests (oral and written) at the local Camera di Commercio (Chamber of Commerce).
- Have Registered with the Camera di Commercio (Chamber of Commerce).
- Have Full Indemnity Insurance.
These are the minimum requirements to work as a real estate agent in Italy however there are other qualifications that will help you succeed in this competitive industry. For example, a degree in a subject such as Business Studies, Management or Statistics could help you to navigate the markets and provide your clients with superior service.
That said, nothing beats on-the-ground experience so if you have the opportunity to intern with a realtor this could be invaluable for your future career as a real estate agent in Italy.
What Is The Professional Role Of An Estate Agent In Italy?
The professional role of an estate has increased over the last few decades and no longer simply involves matching potential buyers with sellers of properties. In the modern world, an estate agent in Italy must:
- Act as a central point of contact for communications between the buyer and seller of the property.
- Carry out detailed checks before the property is advertised for sale.
- To propose solutions and suggestions to the seller to improve their chances of selling the property; including renovations, additions and upgrades to the existing infrastructure and facilities.
- Assist all parties in the sale to come to an amicable agreement on the property’s price and conclude the sale.
- Ensure that the sale of the property complies with all national and regional legislation and environmental requirements (which can be quite onerous in Italy).
- To liaise with the necessary lawyers, notaries, banks and technicians that are involved in the sale of the property.
- To keep all parties informed about the progress of legal and technical aspects of the sale.
- To work alongside the buyers and sellers in an equitable way during the course of any negotiations.
It’s not a professional requirement for the estate agent to take responsibility for the legal due diligence of the sale however they are responsible for disclosing any relevant information to notaries, lawyers and other municipality officials during the course of negotiations.
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This means that the real estate agent must conduct thorough checks of the property to ensure that they do not overlook anything which may later impact the smooth conclusion of a sale. It’s vital that these checks are conducted before the property is put on the market for sale because otherwise, it could result in a breach of the professional due diligence required of a real estate agent in Italy.
A real estate agent in Italy must check:
- That the land registry titles (deeds) of the property are in compliance with the law.
- That the property complies fully with all local planning and building regulations.
- That any building plans have been authorized by the local municipality.
- The real estate agent should also research more generally to ensure that they discover any information that may pertain to the sale of the property. This may include issues such as multiple claims to ownership of a property within a family, for example, which could hold up the sale and cause legal problems after the property has been put on the market.
- Finally, the real estate agent must confirm that the owner of the property holds the Certificato di Abitabilita; a certificate that is issued by local authorities and states that the property is in compliance with all relevant health and safety codes. This certificate is absolutely mandatory in order to sell a property.
How Much Does A Real Estate Make In Italy?
The average monthly salary for a real estate agent in Italy can vary from 1100 Euros to 5500. The income depends on location, the number of clients and the success of the individual in the industry.
Depending on your contract, you may also receive additional benefits such as transport expenses and even housing costs. However, in general, you should expect to cover these costs yourself.
Real estate agents in Italy receive a commission, known as Provvigioni. Typically the commission is 3% (charged to the buyer and seller). So an agent will earn 6% when a deal is completed.
Can Non-EU Citizens Become Real Estate Agents In Italy?
Yes, foreigners from anywhere in the world can become real estate agents provide they meet the legal requirements of the Italian government. To work in Italy you will need to have a Work Visa which you can apply for at your local consulate or embassy.
You will need to arrange your Codice Fiscale and a Residency Permit in the province where you intend to work as a real estate agent. You will also need to have proof of all your documentation which you will have to show to the local Chamber of Commerce before you are legally able to work.
As well as official documentation, you cannot have a criminal record for certain crimes which are associated with the Mafia. These crimes include money laundering and other gang-related activities.
Should You Cater To Italian Or Foreign Buyers?
If you are an English speaking expat and if you decide to focus predominantly on overseas buyers, you have certain advantages. Not only do you have a linguistic advantage over your Italian colleagues, but you can also identify with the concerns of a foreign buyer from your own personal experience of relocating.
The market for foreign buyers in Italy has been expanding and is expected to continue to grow in the coming years. Italy is one of the most popular countries in the world for Expats to relocate to and this is a trend that is only going to continue.
If you decide to focus on foreign real estate clients, you have to consider a few things:
- You may have to work different hours than you do normally (a large number of foreign buyers of Italian property are from the United States). There is a time difference of 6 to 9 hours between the two countries.
- The foreign buyer might take more time to buy a property if they are not already in Italy. They may not be able to visit Italy frequently to see potential properties.
- There is more documentation needed when you deal with overseas buyers. This means more work for you.
- You also have to think about how you are going to generate the leads. The number of overseas buyers/sellers are very small in number compare to the domestic Italian market. You will have to come up with creative marketing and advertising strategies to attract the potential overseas buyer or seller.
Is Real Estate A Good Career In Italy?
Working as a real estate agent in Italy is a good career whether you are an Italian or an expat trying to keep yourself busy and trying to earn an income.
As a real estate agent, you have a relatively flexible schedule which gives you the freedom to work around any family commitments that you may have. This allows you to create a good work/life balance for yourself while enjoying the Dolce Vita in Italy!
If you work hard and and become successful, there is no limit to your potential earnings. The best real estate agents in Italy can earn millions of Euros per year, particularly if you are selling high-value properties to foreign buyers and investors.
Working As A Real Estate Agent In Italy Could Be A Rewarding Career.
Working as a real estate agent is a deeply satisfying career. Everyday you are helping people achieve their dreams. People buy houses to start a family, build a new life or simply to invest in their future. Being a part of this process is extremely rewarding and satisfying.