Estate agent fees in North Cyprus

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
02/04/2011 22:06

Has anyone got a good idea what a competitive rate is at the moment for selling a non estate village property?

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
02/04/2011 22:09

Most agents charge between 3.5 and 5 percent for sole agency. The russian ones charge 6.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
02/04/2011 22:28

colly (mess 1)



The Estate Agent that advertises above your post says they are a member of the European Estate Agents Union, I will endeavour to find out if they really are! I do know that the EEAU have a code of practice! you have to be aware that many advertise they are members of certain ethical organizations in the TRNC when they are not! for some reason they are allowed to!



You have to tread this minefield very carefully!



Good Luck with your Sale

EsentepeGal


Joined: 12/09/2010
Posts: 144

Message Posted:
02/04/2011 22:31

Colly



Many agents are scrabbling for business at the moment, try to agree a fixed fee

Marion


Joined: 06/03/2011
Posts: 1816

Message Posted:
02/04/2011 22:35

Tried looking up EEAU and it says the site is up for sale. There was an article elsewhere about the new code of practice and how it will protect others. It also says the '200 members' which is not a lot for the whole of Europe is it? so, i would suggest that you go to Estate Agents that people can personally recommend for a fair deal.



I will start the ball rolling with North Cove at karaoglanoglu. any one else got ideals. as was said in message 3, this can be a minefield! Tread carefully. And please trust only those personally recommended. Safest way to go. I have used Ian Smith a couple of times as well.



But it would also bde interesting to know just WHAT the advantage of the EEAU is to people here, and as I can't access a web page one has to wonder if they still exist.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
02/04/2011 23:00

Marion (mess 5)



This is what I pulled up from the web http://openpr.com/news/13443/European-Estate-Agents-Union-EEAU-releases-new-Code-of-Practice.html



also

http://www.news.cyprus-property-buyers.com/2010/03/04/cyprus-changes-estate-agents-law-following-eu-inquiry/id=004396



but sadly this doesn't apply to the north so how can they advertise they are a member?

EsentepeGal


Joined: 12/09/2010
Posts: 144

Message Posted:
02/04/2011 23:06

Moderators



Can this thread be closed, original question has been answered, thread now Hijacked(more suitable for a seperate thread)



Thank you

Marion


Joined: 06/03/2011
Posts: 1816

Message Posted:
02/04/2011 23:53

As long as C olly is happy. I think they got their answer - around 5%

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
02/04/2011 23:58

the going rate is approx 2.5% if you have kochan ?

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
03/04/2011 00:04

rowlo,



How sure are about that?



If you know this to be true I will owe you several pints and an Ulster Fry !!!!!! With pleasure XXX

hawkeye


Joined: 12/09/2010
Posts: 334

Message Posted:
03/04/2011 00:06

most charge 4% sole agency, 5% + for multi agency and then you have to pay the tax on this charge at a rate of 16%............

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
03/04/2011 00:07

you selling ?

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
03/04/2011 00:12

my mate sold , thru an estate agent , he was charged 2.5%, they only took pictures of his place ,

stilluvithere



Joined: 03/12/2008
Posts: 765

Message Posted:
03/04/2011 00:23

which agency Rowlo, please

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
03/04/2011 00:31

Last time we sold it was through Ian Smith. It would certainly be through one of the better known ones but want to check we are getting a good deal. We would not put reliability and trust up against a better price. Not sure quite how much is selling anyway.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
03/04/2011 00:37

north cove , msg14 .

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
03/04/2011 02:03

Standard commission in Turkey is 3% and same here, stay out of the international real estate companies as they paint nice pictures of high prices and high commission as well. So this means if you don't get the high price the real estate agent still get his high commission in % of a lower sales price.



If you can get a fixed rate package below 3% its even better, but make sure the real estate agent pays his tax himself as well.



Play it straight and hard as there is really not to big difference between the real estate agents, as you have the house you want to sell then you also hold the gold.

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
03/04/2011 08:26

We just sold ours recently and all the agents we got in touch with were all quoting 5% however we made sure that included the kdv and also we negotiated that if we took a drop in price would they also be willing to take a drop in commission, in all cases the answer was yes.



I though there was a law stating what estate agents charge but none of the ones we talked to seem to follow it as they all said 5%!

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
03/04/2011 09:07

scoobydoo there is no law telling about the real estate agents commission, I assume the real estate agent was happy as he GOT 2% more then he deserved.



I assume it was one of the smart English real estate companies?

vicky84


Joined: 16/01/2011
Posts: 140

Message Posted:
29/04/2011 21:23

well, by the law it is 3%, but as it is fee that you pay for work of agent it can become easily 5%,but let them tell you what they will do for 3% or 5%? will they do the same work for less money?that is what we all ask ))

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
29/04/2011 23:29

message 20, Vicky there is some sort of misunderstanding from the real estate agents, the 3% is what they get for their WORK and nothing more. They of course invent expenses but really its their own problem as the 3% is their commission (means cover salary and expenses)



If you go to Tempo or Lemar they don't ask you separately to cover salary or phone expenses for the people that order the products you buy in the shop as well as the gasoline and labor to transport the goods to the shop. This is already included in the price.



Second there is really not too much tradition any of them use news papers to promote sale of your house. So bottom line is 3% and nothing more as every time someone offers them extra they think this is what they should get from all.