Real Estate Agent responsibilities and % commission?

Hi,

I have a property for sale in Spain and a realtor I know has an interested buyer.

If it sells, what should I expect my realtor to do for the commission he will charge me?

Also, what % commission would be realistic in this market?  I think he normally charges 3.5% but over the past few months I have dropped the asking price by 50,000 euros.  Should I expect him to reduce his amount too?

THANKS

Mshipley:

I would have hoped that you had a written agreement with the agent, stating teh commission and other conditions, as in, what the agent should do on your behalf in the transaction. It is still not too late to get your agreement with him in writing.

If the commission is 3,5% then it would be, IMO, 3,5% of the price at which you sell.

Patricia

Hi Patricia,

I have my apt for sale privately on a number of websites as well as with a few local real estate agents who were happy to put it on their systems too, therefore I haven't got an exclusive contract with anyone.

The agent has just contacted me to say that he has an interested client and to ask me to organise a viewing of the apt, hence I am starting to think about agent responsibilities/fair % commission, etc, just in case I am lucky!

Advice from anyone out there would be greatly appreciated.

Thanks

Well, MS, my advice would be to still have some kind of letter of agreement (even a short one) with the agents.  No matter if you have several agents.  It just helps to avoid dificulties when the time comes.  If there is nothing in writing the agents can say or do as they wish.

IMO it would be helpful if the initial pre.contract deposit paid by the purchaser could be placed, if not with you, then with the solicitor.

Erring on the side of caution is never a bad idea!

All the best

Patricia

Thanks for your time and comments Patricia.