Estate agents commission

matula


Joined: 07/07/2008
Posts: 647

Message Posted:
02/12/2009 17:39

Can anyone tell me what the estate agents commission is for selling a property? Also is this regulated by the "government"?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
02/12/2009 18:02

Between 3 and 5%.

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
02/12/2009 18:40

We have come across this in the last 2 months. It seems that whilst we thought there was a regulation set down by the government, estate agencies still appear to do their own 'thing'. They find ways of getting around the system, what a surprise!



We have been told by a few agents that they charge a set fee of 5% and that is the minimum they work on, which is within the guidelines however we were also quoted 10% by one agent and I believe others have also been charged this!

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
02/12/2009 19:21

Surely as in the UK you negotiate your own arrangement especially as the world economy dictates that they are not that busy also when there are so many of them crammed into a small space ! it clearly is the dustbin of jobs here as it seems anyone can do it ! i recently saw an advert in Living Magazine by North Cove Estate agents ( the winners of new commer of the year ! at the property awards ceremony ) how many were there ???? it had a picture of the L&C Cyprus Hills Mountain Village showhome and on the picture the words "all sold by North Cove" just not true ! and when I approached Living Magazine they said that it meant that the type of property was available through North Cove !! Living on this development I know that they have not sold "all these properties" far from it infact maybe 1 or none but pointed out to Living Magazine that Sold is past tence and "available" through North Cove would be more accurate and not as misleading ! They clearly are not telling the truth as asual !!

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
02/12/2009 20:04

Recently I spoke with two people who were thinking of selling their homes, and both had been to various agents, and the charge now appears to be 6% with many, and 5% with others! Disgusting, methinks, as it is out of all proportion to the value of properties, and when one considers inU.K one can follow avenues that cost just a few hundred pounds.

But I guess the Estate Agents do not wish to diminish their life styles or reduce staff, so fewer sales means higher commission.

One day when Ihave a chance, or any of you could do it - ask Hasan Sungur of the Estate Agents Association!

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
02/12/2009 20:32

Msg 1

Start at 100% and try very hard to work your way down. This way you'll not be disappointed!



Richard

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
02/12/2009 22:37

Estate Agents' Fees are not regulated.



In the UK for example you generally get EAs asking for 2% but the more people who refuse to pay thia and go with someone you will do it for 1 or 1,5% the better. Here in Cyprus it seems that they all try it on. I would recommend that you negotiate very strongly and also place ads on websites which don't charge anything.



In my opinion 1-2% is high enough!

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
02/12/2009 22:42

Would Walkerscott care to come with us folks to bargain for us. My friends have found Estate Agents to be more imovable than the Rock of Gibraltar. You know that here is NOT U.K and people do what they like. But if you really think you could get an agent down to 1-2% here, you could make a fortune as a go between! Paying you £100 a go would be worth it, cos it would save folk THOUSANDS.

Are you on?

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
02/12/2009 22:51

Hello Marion,



Yes, i would gladly help. I have though just returned to Germany for two weeks before travelling onto England for Christmas and New Year.



I will do some talking to contacts. If this is really how these guys you contact operate then i will personally start an agency off.



You have my email from my profile.

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
02/12/2009 22:57

MB



I don't think these leaches will muck with me or if they do they'll be very sorry. No money required, well, maybe a few beers!



Richard

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
02/12/2009 22:57

I think it would be fair if the fees started at 5% and reduced by 1% for every month that the property remains unsold. Hence - property on the market for longer than 5 months results in a no fee sale.

joanie1


Joined: 25/07/2008
Posts: 164

Message Posted:
02/12/2009 23:06

Are there any regulations in place (I mean by the government) that would prevent people selling their properties privately to people they know or advertising themselves on the internet or private adverts by sellers in newspapers or on line e.g England Ireland Germany Israel Norway etc. Years ago I worked in Estate Agency in England and basically market forces and negotiation dictated the percentage fee. I totally agree with message 7. We were all told to try it on to get the highest fee but at the end of the day half of one per cent of something is a lot better than five per cent of nothing!! I know estate agents say it costs a fortune to sell a house but actually it does not nowadays. Digital photos on internet, do your own viewings or if you are not here get a friend to do it - for a gift agreed between you. It's not rocket science - main trouble is you have to convince someone they want/need a home in TRNC.



Joan

marcosthechef



Joined: 30/11/2009
Posts: 646

Message Posted:
02/12/2009 23:18

you dont actually need an estate agent if the property is under £200,000 you can use a notor and lawyer, but what they would charge god only know !!

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
03/12/2009 00:49

Thanks Walker Scott, my friends will be waiting for you. Seriously, both of my friends decided they would wait to sell as such an exhorbitant fee was just de trop. They did try negotiating with one in particular, and they merely shrugged and said 'Our fee is 5%. Go elsewhere - they are charging 6%.' n Actually I personally know some Russians who will handle sales for a very reasonable cost. They charged £1000 for selling a flat for £42,000 a couple of years back and are still available.



But I promise I will try to get info from 'the horses mouth' when I can get hold of someone.