To sell an apartment or to buy one, using a real estate agency is synonymous with facilitating and accelerating the transaction.But behind this service, there are fees or commissions of agency to pay for the remuneration of the real estate agent. So simple, many controversies are nevertheless maintained around these fees and lead to question their usefulness.
What about real estate agency fees?
The real estate agency is a structure to which an individual calls for the coordination and supervision of a real estate sale, purchase and rental operation. In return for the services offered, the client pays the agency a commission. Usually, this amount is within the range of 3 to 10% of the sale price of the property. This is the real estate agent’s instant pay for the work performed. Indeed, in Benin, real estate agency fees are regulated by law. In the case where it is a rental, it is the tenant who bears the agency fees. But when it comes to selling, commission fees are paid by either the buyer or the seller.
The usefulness of real estate agency fees
Several questions often arise about the usefulness of service fees. real estate agency. Indeed, as in any business, they are used to cover the many expenses that the latter faces on a daily basis. Thus, they ensure the operating costs of the real estate agency.
Managing relationships with potential buyers and advice to apply
The primary goal of any real estate agency is the satisfaction of its potential customers. This requires a minimum of information to be provided to customers on the characteristics of the property, its price and, if possible, legal advice in order to successfully complete the sale or purchase transaction with peace of mind. The adage “customer is king” obliges.
Also, be sure to explain to your clients from the outset, the need to pay the agency fees. Be very specific and reassure them that this is what your commitment to ensuring the notoriety of your agency depends on. It is also necessary to specify that any changes made to the sale price would affect your commission.
Who receives the commissions if several agencies are mandated?
In real estate transactions, several agencies are sometimes used to quickly conclude the transaction. And in such circumstances, there is the problem of who should normally collect the agency fees. Thus, if you have entrusted the sale of your property to several agencies via several simple mandates, in principle, only the agent who finalized the transaction can claim the commission.
However, it may happen that a professional claims from the buyer (or the seller) the payment of the commission for having visited the premises. This is particularly the case when, in the end, the seller deals directly with a buyer who was initially presented to him by the real estate agency. The transaction is then considered concluded through the intermediary of the real estate agent, who will receive his commission.
Real estate agency commissions are like oxygen in the operation of real estate agencies. They correspond to the fees paid to the real estate agent for the work done in a real estate transaction. From now on, paying agency fees should no longer be the subject of controversy for anyone using the services of real estate agencies.
