Unlike in USA, up till now it’s Southern neighbor Mexico had almost no regulations when it came to becoming a real estate agent.
To become a real estate agent in USA, one has to undergo training and exams to get a license. But in Mexico this wasn’t the case till now.
This used to pose a problem for foreign real estate investors who had a hard time to find out genuine, knowledgeable and trustworthy real estate agents to safeguard their investments.
For a long time, AMPI has been pursuing the agenda of regulating the real estate industry in Mexico.
What is AMPI
AMPI is short form of the Mexican Association of Real Estate Professionals. It is dedicated to raising professional standards and protecting private property rights in Mexico.
It was established 50 years ago and more than 1000 companies and 10,000 agents are its members.
AMPI follows the same ethics that govern the National Association of Realtors in the United States and the Canadian Real Estate Association and International Real Estate Association.
Situation Till Now
There are no licensing requirements on a national level in order to regulate Mexico real estate brokerage and sales.
But there are number of requirements that a person should fulfill as mandated by AMPI.
- 1 year experience working in real estate in the area
- Have a diploma from a certified AMPI course (100 hour minimum)
- Show 2 commercial and one bank reference
- Proof of legal registration with the city and tax authority
- 2 letters of recommendation by current members
- Pass an AMPI test and orientation and be voted in by peers.
AMPI is changing things
The AMPI board has been working hard towards making real estate license requirements in all states a reality.
There is a possibility that in 2016, at least half the Mexican states will start complying.
Real estate licensing on the line of other countries will make Mexico real estate as well as Playa del Carmen real estate more lucrative for investors who seek safety and compliance in their investments.
This also means that property buying will become smoother and easier.
Quintana Roo is one of the states that has recently laid down a new law for real estate agents and companies. now, licensing and regulation accreditation is mandatory for anyone who wants to sells property as an agent in Quintana Roo who encompasses regions such as Cancun, Playa del Carmen and Tulum. in order for them to legally sell property in the Riviera Maya and throughout the state of Quintana Roo.