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Maybe this scenario sounds familiar. You’re thinking about buying real estate overseas and you’ve spent hours on-line doing your research about the best places to retire. Panama keeps popping up on every, “Here are the Top 10 Places to Retire” lists. You’re interested. You like the “pensionado” program and the idea that the dollar is the accepted currency. You’re ready to learn more about buying real estate in Panama.

Your next step is probably to investigate a few real estate broker websites, where you can search actual listings. It all seems familiar. So you book a flight and reserve a suite at the iconic Trump Ocean Club International Hotel because you want to experience what all the hype is about.

Now you are ready to look at some real estate. This is a key point in the process and it’s the time when people often dive in without doing proper due diligence. Many questions should be considered, including where you want to buy; whether you’re buying the property as a second-home or for investment; and what are your long-term financial goals.

But one key quirk of Panama real estate is often overlooked and it can cost you time, aggravation and money. Before you contact a real estate agent in Panama, you need to consider one essential element of the Panama market.

Unlike the United States, where real estate agents have access to a Multiple Listings System with detailed information on available homes, Panama doesn’t have a central database for listings. Agents don’t always know what is on the market. They may display a few listings, but they may have limited knowledge of the depth of homes for sales, and their actual prices.

The best real estate agents have access to inventory by word of mouth or their individual broker connections. It’s one of the key differences about buying in Panama. Working with a real estate company that has access to a lot of inventory will increase your chances of finding a good deal on something you like.

Without the central organized MLS, finding a well-connected, professional agent can change the entire buying experience. For example, I remember the story of one of our clients who was looking for a place to buy. Her agent arranged to look at five units, but he didn’t have the keys or access to the units, so they ended up wasting time sitting around waiting for the other agents.

So you might pause before you call that broker and ask to see units. Remember, there is no Multiple Listings System. Take a minute and investigate the agent and ask tough questions. Are they professional and reputable? And will give you the access to the wide variety of property available, so you can make a smart decision?

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.