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Real Estate fees
Re: Real Estate fees
by DTR » Thu May 31, 2018 12:16 pm
walnut wrote:I have read on a number of forums the various damning citations surrounding these fees. Most of which are either posted by people who know nothing about it or have had a bad experience and then decide to publicly tar every agent with the same brush.
When a vendor decides to market their property...Their net return is made crystal clear on a form,signed,by the vendor called a Mandato De Venta.This also includes details of the commission agreed with the agent.The property is then marketed with the commission added.
The buyer comes along,pays the price and the vendor is returned what has been agreed. How simple is that? Is there a rip off involved here?
Now to the level of commission an agent charges for selling houses.It's like selling anything eh. Do you sell through Tony who has a mobile phone,conducts business from his garage and has no after sales team? Or do you sell through Anthony who has an office you can visit,with a shop front where your property is displayed,Anthony...whose company advertises and markets your property at exhibitions and various portals on the web. There is a great difference between meeting Tony outside Don Carlos to view properties and meeting Anthony at his office to view.
Hence, the difference between 3% and 5% commission. As a seller,and,indeed a buyer, you get the service you have paid for.End of......
YOUR POST WILL BE WASTED
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Re: Real Estate fees
by DTR » Thu May 31, 2018 12:24 pm
dottyp53 wrote:There certainly are!
And also...will Purple Bricks staff be there to help you through any queries, even 2 or 3 years after your sale or purchase?
That's the 'treatment' we've received from Spanish estate agencies...nothing but helpful, and (in my opinion) what they earn is not my concern...if a seller isn't happy with the agency cut, then they can find a different agent, or try selling privately.
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Re: Real Estate fees
by Elliemayc » Thu May 31, 2018 2:48 pm
We were happy with the fees we were quoted and would have continued to be happy if we had received the service we were led to believe we would have. Instead we were misled (that's putting it very mildly) and given false information when we actually did get any contact and info from them and feel that the agents forgot that we were their clients, not the buyers. We would have renegotiated the fee -wonder how far we would have got with that! - but the buyers solicitor deducted it on the agents behalf from the proceeds!
We actually had 2 buyers wanting the property and went with the agent we chose because of what they promised which, of course, never happened - somehow we had 'misunderstood'
This was our 2nd experience with buying in Spain. The first time was with a small family run business and was a very easy experience. Maybe the answer is to use the smaller businesses.
Will not be naming the agents on this forum but they know who they are!!
We actually had 2 buyers wanting the property and went with the agent we chose because of what they promised which, of course, never happened - somehow we had 'misunderstood'
This was our 2nd experience with buying in Spain. The first time was with a small family run business and was a very easy experience. Maybe the answer is to use the smaller businesses.
Will not be naming the agents on this forum but they know who they are!!
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Re: Real Estate fees
by Paulr » Thu May 31, 2018 9:20 pm
walnut wrote:I have read on a number of forums the various damning citations surrounding these fees. Most of which are either posted by people who know nothing about it or have had a bad experience and then decide to publicly tar every agent with the same brush.
When a vendor decides to market their property...Their net return is made crystal clear on a form,signed,by the vendor called a Mandato De Venta.This also includes details of the commission agreed with the agent.The property is then marketed with the commission added.
The buyer comes along,pays the price and the vendor is returned what has been agreed. How simple is that? Is there a rip off involved here?
Now to the level of commission an agent charges for selling houses.It's like selling anything eh. Do you sell through Tony who has a mobile phone,conducts business from his garage and has no after sales team? Or do you sell through Anthony who has an office you can visit,with a shop front where your property is displayed,Anthony...whose company advertises and markets your property at exhibitions and various portals on the web. There is a great difference between meeting Tony outside Don Carlos to view properties and meeting Anthony at his office to view.
Hence, the difference between 3% and 5% commission. As a seller,and,indeed a buyer, you get the service you have paid for.End of......
I'm more than happy to name the agents I used to sell my father's property last year, "Newstart" in La Marina. They have offices you can visit with a shop front where they displayed my property, they also advertised it in the local press and on web portals. They sold it within 3 weeks of listing and I think they were excellent value for money - not least, because their fee was only 3%.
I have no idea what extra service I would have received, had their commission been 5% - a sale within a week of listing perhaps? I wonder if there are any vendors on here who've agreed to pay an agent a 5% commission fee and have had their property sold that quickly?
It's good to see new agencies coming into the market to drive competition - 3% commission is more than enough to cover legitimate agents' costs. Anything more than that is a rip-off.
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Re: Real Estate fees
by Justjan » Tue Jun 19, 2018 10:36 am
We all have choices, to sell using an agent or do it alone. As the op pointed out the seller is fully aware of the fees , and signs and agrees the terms. So i dont think there is a case to moan about it afterwords. I invited a few agents to come see my property , and found very differing attitudes, raging from , oh ill just poke my phone through the bedroom door and click,, to a very good agent who took remarkable proffesional photographs worthy of any glossy magazine. At the end of the day you choose who to use. Fabulous pictures will bring in the buyers, pics of a bathroom with the toilet seat up , is a turn off. The agent with the glossy proffesional pictures sold my villa in 2 weeks here in Quesada. Great result.
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Re: Real Estate fees
by Merry Maids » Thu Jun 21, 2018 7:12 pm
Merry Maids were asked by a client to market 2 very nice property’s she had for €75.000.each which including our commission of 2% which we were very happy about we put the asking price on to our for sale board. Our client also asked a very well know Real Estate Agent which we will not name here to also market them for her we had no abjection to this they were her property’s after all and she is perfectly with in her rights to ask any real estate agent to sell her property for her, what we did object to was they were marketing them for €89.000. They ask our client if when they came round with a client if they could cover up the price up on our for sale board which they did and they did sell them before we did, making them €16.000 per property I think that is over 20% commission if this is not ripping people off I don’t know what is
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Re: Real Estate fees
by Dave c » Thu Jun 21, 2018 8:45 pm
You obviously were selling them under priced.
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Re: Real Estate fees
by walnut » Fri Jun 22, 2018 6:53 am
You said they were "marketing" them at 89,000....were they sold at that price?
How do you know that the vendor didn't have a different agreement with the agent? When a professional company markets a property,a signed agreement is made between the vendor and the agent regarding the minimum return that the vendor will accept and what percentage the commission will be.This is called a Mandato De Venta.
I presume that as a cleaning company you have lesser overheads than a professional agent and that you maybe unhappy with losing your 2%.However, if the buyer and vendor are happy and a job has been done correctly by a professionally recognised organisation.It doesn't matter in the whole concept of things.
How do you know that the vendor didn't have a different agreement with the agent? When a professional company markets a property,a signed agreement is made between the vendor and the agent regarding the minimum return that the vendor will accept and what percentage the commission will be.This is called a Mandato De Venta.
I presume that as a cleaning company you have lesser overheads than a professional agent and that you maybe unhappy with losing your 2%.However, if the buyer and vendor are happy and a job has been done correctly by a professionally recognised organisation.It doesn't matter in the whole concept of things.
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Re: Real Estate fees
by DTR » Fri Jun 22, 2018 11:29 am
Dave c wrote:You obviously were selling them under priced.
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Re: Real Estate fees
by DTR » Fri Jun 22, 2018 11:29 am
walnut wrote:You said they were "marketing" them at 89,000....were they sold at that price?
How do you know that the vendor didn't have a different agreement with the agent? When a professional company markets a property,a signed agreement is made between the vendor and the agent regarding the minimum return that the vendor will accept and what percentage the commission will be.This is called a Mandato De Venta.
I presume that as a cleaning company you have lesser overheads than a professional agent and that you maybe unhappy with losing your 2%.However, if the buyer and vendor are happy and a job has been done correctly by a professionally recognised organisation.It doesn't matter in the whole concept of things.
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