Daydreaming about living and working abroad is a popular activity for many people, especially when it comes to Europe. The image of closing up shop in the afternoon, enjoying a leisurely lunch, and taking a stroll around the piazza in the evening with friends or family is a common fantasy.
Realtor Valerie Dooley of Forest Hill Real Estate in Toronto, who lived in Italy for several years, describes the lifestyle there as idyllic and laid-back, reminiscent of another era.
‘A relaxed lifestyle, with multigenerational families often cohabiting’
European culture emphasizes a relaxed lifestyle, with multigenerational families living together and prioritizing personal and leisure time over work. Quality of life is highly valued.
The saying goes that Europeans work to live, not live to work.
While Europe is diverse and each region has its own characteristics, there is a tendency in North America to romanticize it. The experience of living and working in Europe can be seen as heavenly, hellish, or somewhere in between, depending on one’s perspective.
The comparison between working in North America and Europe can evoke different reactions, with some feeling that Europe operates at a slower pace.
Agents in Canada ‘have no idea how easy they have it’
Cultural biases shape our perceptions, with what one person finds charming, another may find frustrating. Realtor Irene Kaushansky from Ontario believes that real estate in Europe can be less organized and predictable compared to Canada, although this is gradually changing.
The real estate industry varies by country, with differences in practices and regulations. Kaushansky shares an anecdote about a realtor friend in England who now charges buyer clients a retainer due to the lack of buyer representation and contracts.
A dynamic arena with enormous opportunities for the Canadian industry but buyer agency is complex
Michael Polzler, CEO of Re/Max Europe, recalls initial doubts about launching Re/Max in Europe due to the perceived challenges. However, the European real estate market proved to be dynamic with significant potential.
Despite the appeal of the European lifestyle, Polzler highlights the lack of formal rules, MLS systems, information sharing, and buyer agency in the market. Cooperation between agents is not formalized, making the lack of buyer agency a complex issue.
‘It’s double-ending paradise’: Key differences between North American and European industries
The real estate industry in Europe is fragmented and deregulated, with varying practices, languages, and norms. Superstar agents like those in North America are less common, and licensing and payment structures differ.
Real estate offices in Europe may have limited hours and closures, with delays in communication. Polzler emphasizes the need for better customer experience to improve the industry.
Professionalism and cooperation on the rise
Despite the challenges, there is a gradual increase in professionalism and cooperation among agents in Europe. Polzler acknowledges progress in understanding and cooperation, thanks to educational efforts from companies like Re/Max.
Dario Castiglia, president and CEO of Re/Max Italy…
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