300k villa, 30k agent fee?

Discussion in 'Cyprus Property' started by cypriotseller, Nov 25, 2010.

  1. cypriotseller

    cypriotseller New Member

    I am selling my south Cyprus property for 300k and the agent wants 30k in fees. Does anyone know about how much an agent should be asking for for? I know its between 3-10% but this agent is hitting at the top end of the scale. Any feedback welcomed on how I should handle this situation. Thanks
     
  2. Veronica

    Veronica Administrator

    10% is ridculous for a resale property.
    Most agents charge 5% and some (including us) charge 3%.
    If this agent is asking 10% I would recommend you walk away from them.

    Kind r egards
    Veronica
     
  3. cypriotseller

    cypriotseller New Member

    Thank-you Veronica for your candid response.

    It has helped verify my suspicions, and I do feel it is a ridculous fee for a resale. In the UK agents take generally 1-1.5% so you can appreciate how 10% feels for me...

    I do though still have concerns, with the property market being as it is in Cyprus, that I may lose the sale if I walk away from the Agent I'm with who has brought the sale to me.

    Thank-you again.
     
  4. Veronica

    Veronica Administrator

    Did you have a contract with the agent before they brought you the client?
    If you signed contract at 10% you may have no choice but if not you can refuse to pay this amount.
    Talk to them and tell them you will not pay more than 5%.
    Beleive me if they have client who is keen on your property they will not want to lose the sale and their commission.

    Veronica
     
  5. mfo

    mfo New Member

    5% tops. Normally agents must have lisence to be able to claim that amount, most of them are just advestising agents which again are not allowed to charge a penny, only a fee for advertising which this whould be agreed before the advertisement.
     
  6. FSB

    FSB New Member

    On a resale it is 5%+vat (if he is VAT registered)

    Any more than that and he is screwing you over.
     
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