The real estate profession is not yet regulated in the state of Quintana Roo, although the law for it has already been promulgated. Specially in the Mayan Riviera, it is a common practice to promote real estate as an additional task to the principal activity, that is: a lot of taxi drivers, constructors, employees of any job or profession promote indiscriminately, with the only purpose of earning a commission, without the knowledge of the fundamental aspects that are necessary in order to acquire a property nor the characteristics and status of it.
There is nothing wrong with trying to get a little extra money. The problem comes when the property does not have the necessary elements for the purpose of the prospect or new owner, causing a serious problem when investing a patrimony in something that does not have the elemental requirements for a project.
In many countries, the real estate management profession is extremely regulated in order to avoid wrong investments and fraudulent operations. Mexico is just starting to legislate in this matter and in certain states, like in Quintana Roo, laws have already been promulgated in this aspect.
Furthermore, some expats, who in many cases are running from the law in their countries, find in this activity an opportunity and they don’t hesitate to promise big returns of investments (ROI), promote land use permissions and maleable ground densities, because in Mexico “anything is permitted”. It is also common to overprice, in other words: they establish a price with the seller and then increase the price at their discretion convincing the buyer to pay much more than what the seller accepted an keeping the difference, besides their commission. This occurred a lot in the Mayan Coast, promoted by a group of pseudo real estate agents that inflated prices and generated a bubble with the only purpose of making more money, and nothing else mattering. Today, the Mayan Coast is trapped with over real prices and many investors have been affected by this disloyal practice. This same “promoters” today sell like experts in Playa del Carmen, Akumal and Tulum, promising big ROI and “On time On budget” constructions with false notes of the international media supporting their “credibility”. Companies with a high professional ethic profile, like Stewart Title and serious public Notaries, do not allow them to close their operations under their name, so the use notaries and lawyers with the same lack of ethics as them.
Be careful and protect your patrimony or investment, do not let them dazzle you with big promises. This type of real estate agents do not have the national certification. Pick an agent that has the national certification.