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Estate Agents fees
Estate Agents fees
by Half-full » Wed Apr 18, 2018 6:59 pm
I always thought Estate Agents worked on a commission basis but now I know in this area they have a basic guaranteed fee of anything from €4000 to €6000 or a percentage of the sale price whichever is the greater of the two.
In the UK and Ireland any Estate Agents I know of works on a percentage basis, is it only in Spain or only in this area they require a guaranteed fee??
In the UK and Ireland any Estate Agents I know of works on a percentage basis, is it only in Spain or only in this area they require a guaranteed fee??
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Re: Estate Agents fees
by Ian2009 » Wed Apr 18, 2018 7:49 pm
We recently sold through Petra Honig and negotiated a fee below your parameters.
I told them how much we wanted - which was a reasonable price - and they sold it within 4 days - so I suppose its a combination of:
Negotiation
A commercially sensible selling price
The demand they have in your area.
We were very pleased with their price and service.
I told them how much we wanted - which was a reasonable price - and they sold it within 4 days - so I suppose its a combination of:
Negotiation
A commercially sensible selling price
The demand they have in your area.
We were very pleased with their price and service.
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Re: Estate Agents fees
by Uncle » Wed Apr 18, 2018 7:49 pm
Half-full wrote:I always thought Estate Agents worked on a commission basis but now I know in this area they have a basic guaranteed fee of anything from €4000 to €6000 or a percentage of the sale price whichever is the greater of the two.
In the UK and Ireland any Estate Agents I know of works on a percentage basis, is it only in Spain or only in this area they require a guaranteed fee??
Just like every where ealse they get money for old rope.
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Re: Estate Agents fees
by daz » Thu Apr 19, 2018 9:59 am
be careful of the agent you select too, if you can, find out what others have experienced. the one we used charged the buyer more for the property, and told me less, by the time i found out it was too late. several thousands creamed of illegally to their pockets, ripping off the buyer and me too. this was only last year too. its only when I started asking around, ive heard other stories from other customers too, but sadly it all goes under the category of hear-say. good luck.
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Re: Estate Agents fees
by dottyp53 » Thu Apr 19, 2018 1:49 pm
Negotiating with the agent is the key.
Also...check prices of the properties with other agents.
It's very common for agents to show you 'lesser' properties in some areas, and then take you to your 'perfect property' at a bargain price.
Quite often, those 'bargain price' properties can be found thousands of Euros cheaper with other agents.
Be aware - that's all. There is at leadt one agent who charges €3000 maximum sales fee, so not all of them are sharks!!!
Also...check prices of the properties with other agents.
It's very common for agents to show you 'lesser' properties in some areas, and then take you to your 'perfect property' at a bargain price.
Quite often, those 'bargain price' properties can be found thousands of Euros cheaper with other agents.
Be aware - that's all. There is at leadt one agent who charges €3000 maximum sales fee, so not all of them are sharks!!!
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Re: Estate Agents fees
by Janjan » Thu Apr 19, 2018 2:32 pm
We didn't find out until we went to the Notary together that the Buyers had paid 10000 Euros more than we got for the Property. This was in 2004 so it's been going on a long time. Also when we bought our next place we had to pay some in cash which didn't go down too well as my Husband had been in Banking since he was 17. It's very easy to be nieve when buying in Spain because it's all so different to the UK.
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Re: Estate Agents fees
by Yan » Thu Apr 19, 2018 3:17 pm
The most interesting point when visiting the Notary, was the solicitor asking us to bring 1000 euros cash in a white envelope to the signing. After we had completed I mentioned to the solicitor that I still had the cash in an envelope and was I to hand it over to someone. The solicitor took the envelope, smiled encouragingly and disappeared into a room, returning empty handed. We all shook hands and left the building, I'm still unsure as to where the 1000 euros ended up, but as Janjan says it's all so different to the UK and being naïve sometimes seems to be the most appropriate option.
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Re: Estate Agents fees
by Black » Thu Apr 19, 2018 6:46 pm
Janjan wrote:We didn't find out until we went to the Notary together that the Buyers had paid 10000 Euros more than we got for the Property. This was in 2004 so it's been going on a long time. Also when we bought our next place we had to pay some in cash which didn't go down too well as my Husband had been in Banking since he was 17. It's very easy to be nieve when buying in Spain because it's all so different to the UK.
That read like a clear case of fraud- the agent robbed you of 10k. I think I would have sought legal advice or approached the Police on that one.
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Re: Estate Agents fees
by Red Rock » Thu Apr 19, 2018 9:01 pm
I recently avoided a bit of a dodgy deal with (probably) the same agent
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Re: Estate Agents fees
by Half-full » Thu Apr 19, 2018 11:16 pm
There could be a downside if you are selling a property for €125,000 or less when the agent is on a €5,000 guarantee of 4% whichever is the higher deal.
If your property is in a price bracket of €125,000 or less, the agent would have more of an incentive to sell it for less.
For example, if your property is realistically worth €124,000 then you will pay the higher fee of €5000. Remember €5000 or 4% - whichever the greater. (4%only being €4,960).
To a fly by night agent, it is in their interest to sell for less than the true value as they will sell the property quicker, therefore getting paid €5,000 quickly as the 4% will never apply anyway.
If they market and sell it for €90,000 (€34,000 less that it's value) they get paid their guaranteed €5000 anyway.
Your property would have to be worth more than €125,000 for the 4% to apply rather than the guaranteed fee of €5000.
With this guaranteed fee or percentage (whichever the greater) deal, the agent wins on 'cheaper' properties with the guaranteed fee and also wins on the more expensive properties on the percentage deal. It is a win, win for the agent.
I am not saying any agent would undersell properties in the 'cheaper' bracket, just stating the facts as I see it for a fly by night agent.
It is important to check out the agent you use to sell and to be fair the more established ones have to be doing it right or they wouldn't last.
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