Time for property agents to earn their commissions.

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13 Jul 2011 12:00 AM by El alamillo Star rating in Nottingham & El Alam.... 221 posts Send private message

 

Property Estate Agents not helping with the sale of properties in Spain.
Would somebody explain why property agents charge so much in commission for doing almost nothing in promoting sales?
I returned yesterday after a short break to my home in Spain. (Yes I am happy still with my last 10 years as a non resident property owner) no intention in selling.
I was talking with one of my neighbours who has had his property on the market for the last Two and a half years with no takers. Dropping his asking price more than once.
The 3 Agents who have the property on there books, all would require a payment of €25.000 in commission if they found a prospective purchaser.
I asked my neighbour what they had done for him. He said nothing really apart for a picture in the window of their agency or in the odd property magazine.
Unlike UK your property is valued in Spain you set the asking price and the agent adds his bit thus sometimes the asking price becomes unrealistic.
My neighbour is only now asking €20.000 over what he paid 8 years ago.
Properties have sold albeit 5 years ago for €150.000 over the purchase price.

Me thinks that it is time for agents to do their bit and earn their commissions.

JB



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JB



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14 Jul 2011 8:13 PM by sandybeach Star rating. 9 posts Send private message

The answer lies in your question - 3 agents selling the property. None of them think they have much chance of selling so won't spend on marketing. In the uk an agent usually has an exclusive and knows they will likely sell it at some stage and can devote a percentage of the commission up front



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14 Jul 2011 8:24 PM by Roberto Star rating in Torremolinos. 4545 posts Send private message

Roberto´s avatar

"in Spain you set the asking price and the agent adds his bit thus sometimes the asking price becomes unrealistic". Well, that's up to the seller really. If you feel the asking price is unrealistic, then you can tell the agent what asking price you want it to be offered at, and tell him to take his commission out of that. Of course, if you want the buyer to effectively pay the commission, then you have to accept that the asking price may very well be unrealistic.

I can't comment on your neighbour's specific case without knowing exact the details of course, but based on the figures you mention, I'm thinking that if someone bought a property in 2003 for €480,000 and are now hoping to attract buyers at €500,000........I'm not really surprised the agents don't want to waste time & money marketing it.



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