Real estate agent – valuation, information obligation
Everyone knows them, the estate agents, but are these also a good choice or just rip-offs? We’ll take a closer look at this in this post. Who now thinks I am here something rhyming with me, he is wrong. I myself have completed a certificate course to the real estate agent and passed well. (On German legal bases and laws) Why I’m laying it open is that I hate such a thing!
First of all a few general and important facts
By the percentage commissions of the real estate agent, only the one who buys a property, such as a house or an apartment, pays. This means that all costs incurred by a broker’s expenses fall on one. Another nasty point, as far as all brokers and agents are concerned, is that the cost of commissions on the properties is included. As a result, the prices for living space will become considerably more expensive. For example, student housing in large cities is quickly closing many changing contracts. As you know, well-known real estate agents are demanding a good 20 percent commission from companies. However, this only works for sales.
The advice and information obligation of the estate agent
It is true that a real estate agent can be very useful for foreign investment, even if he is well versed in the laws and infrastructures. Precisely because the information obligation is one of the most important broker tasks. The exposé is therefore the most important document to fulfill its obligation to inform. However, the duration of the contract must be specified, which is almost never the case. Theoretically, you could bypass the commission after expiration of the contract and visit of the object.
For legal advice, however, may not be legally competent without being able to prove a legal degree. Unfortunately, most brokers do not have detailed information on apartment tours. It is often the case that many interested parties visit the property at the same time and one still has to sign a statement. With this statement, you give the broker access rights to inspect your finances and are usually not given a copy.
The right value of the property through real estate agents
Who believes you would need a broker for valuation, which is wrong. How is the value of a property actually determined? To determine the exact value of a property, it requires a complex summary of all objects, the age and condition as well as many other factors. Because this is far too costly, the comparison is made by comparison data, online the price by comparing his property with other listings. You can do that yourself, or know what all cost, right? Even if the broker sells your property for 50,000 less to get his commission, you would be entitled to compensation, but a lot of work ahead of you.
Is the brokerage commission really justified?
Assumption, for a house are 500,000 € due and the brokerage commission is 7%, then that’s a good 35,000 € commission. As a rule, a home sale lasts between 2 months to a year, depending on the location and condition of the property. For the preparation of the Exposé (2-5h), the advertisements and all other expenses (20h) and sightseeing (25h about 20 visits), usually pass 50 hours. Sometimes, however, a beautiful house sells already with the first 10 visitors.
So makes an hourly wage of 700 €. You can even look at a real estate agent’s sales on his website of a month and calculate the commission (sales). Because most real estate agents are independent, it is also impossible to see a balance sheet (GmbH, AG). What do you all mean? Write it in the comments.
My conclusion about the real estate business with brokers:
If you would like to invest in a foreign country and would like to get a nice property there for vacation or emigration, you should contact a lawyer for advice. You need a notary / attorney anyway to be aware of the legal situation …
To find a suitable property, you should therefore look for real estate portals. These portals are usually commission-free.
You do not need to hire a real estate agent or an expert to value your property, you can do that yourself.