What happens to the commission when I use more than 1 agent?

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This topic contains 17 replies, has 10 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 7 years, 5 months ago.

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  • #55097
    Profile photo of Anonymous
    Anonymous
    Participant

    We have our property on the market in Spain with two agents. I instructed the first agent a few weeks ago and the second one this weekend.

    Neither agent has asked us to sign a contract.

    The second agent didn’t even come to view the property – said he could use my photos etc. etc.

    In these times it is necessary to have a property spread around in order to find a buyer (or needle in a haystack). So what happens to the commission if I ask more agents to advertise it for us?

  • #93235
    Profile photo of Inez
    Inez
    Participant

    You only pay the agent that sold it. Dont sign a sole agency agreement otherwise you are then stuck with that agent.

    Many agents are working together and then either split the commission or ask you if you will accept a higher percentage – thats up to you.

  • #93237
    Profile photo of Anonymous
    Anonymous
    Participant

    Agents are now required by law to keep a full information pack appataining to the properties on there books, Inez has written about this somewhere on here, apprently some agents have been fined for non complience.
    The pack must include copies of all major documents regarding the property,its title, debts and the vendor.
    Arabrab
    Maybe your two agents are not asking you to sign contracts to avoid this legal requirement, you can be sure however that if they sell it, the will follow you to the notary for there cheque.
    Steve

  • #93238
    Profile photo of Anonymous
    Anonymous
    Participant

    Arabrab

    Your property if listed with one agent will appear on all the MLS search engines(multi listing service)and will avialable to view through any agent receiving the enquiry (from the internet or other media).
    This is why the commission charged will be at least 5%,the commission is nearly always shared. You will be charged by the listing agent,they in turn will have to pay the selling agent.

    Steve

  • #93244
    Profile photo of katy
    katy
    Spectator

    There seems to be an informal agreement now, the MLM went with VIVA. Some try to justify higher commissions by saying you are in some sort of network. If an agent is so unprofessional not to sign you up, forget them, they are breaking the law. We sold a place a couple of years ago, one agent came and said her fees were 5% unless she shared with another agent and it would be 7.5%…you can guess what I said 🙄

  • #93245
    Profile photo of Anonymous
    Anonymous
    Participant

    Well they both asked for a nota simple and IBI bill which I have emailed to them.

    Only one viewing, so far, and that was a drive past, the property is too big evidently!!

    When we left the UK in 2002 we had 8 viewings in one night and at least 4 offers of the full selling price. For this the agent charged 1% commission. He found the buyers and I showed them round. All done and dusted in one night.

    How things change!

  • #93246
    Profile photo of Anonymous
    Anonymous
    Participant

    Katy

    Would have to disagree with that, the MLS system(infocasa etc) is very much still in operation.
    For example, what hope would a small well established agency on the CDS have of selling a property by there own resources to a world wide audience, all the agencies use the MLS search engines embedded within there own websites but dressed up to look different from each other.

    For example again, going back to Michael Moons bargain page, all there own listings started with the ref MMM, however there were properties on that list with a ref starting MME, these properties are listed by
    http://www.marbelladreamestates.com/index.html

    So on and so forth

    SV

  • #93247
    Profile photo of katy
    katy
    Spectator

    But who are they? seems as though many who advertise are operating out of a garage or something. I admit I am out of the loop but I can state with certainty these outfits were not around a few years ago.

  • #93248
    Profile photo of katy
    katy
    Spectator

    @arabrab wrote:

    Well they both asked for a nota simple and IBI bill which I have emailed to them.

    Only one viewing, so far, and that was a drive past, the property is too big evidently!!

    When we left the UK in 2002 we had 8 viewings in one night and at least 4 offers of the full selling price. For this the agent charged 1% commission. He found the buyers and I showed them round. All done and dusted in one night.

    How things change!

    It is different in the UK. we have been looking for a bolthole for a while, many are sold within a few weeks. We went to view one last week, (only on the market 3 days) four other couples were viewing in turn. We have put an offer in for slightly less than the selling price…we shall see ➡

  • #93256
    Profile photo of Anonymous
    Anonymous
    Participant

    The new rules re the HIPs package in the UK has caused a shortage of property coming on to the market. This in turn, certainly in our area has meant any nice house placed on tbhe market sells quickly and for the asking price. I believe Agents are not permitted to market any property until HIPs is in place.

  • #93259
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes, the agents are not allowed to advertise without the HIPS.

    If the property is not sold & you take your property off the market. A fresh HIPS has to be prepared when you re market it. This has all got to with VAT for the treasury. The buyers place the HIPSreport on one side.

    In the present climate, people are not willing to spend £500, odd to obtain a HIPS.

  • #93263
    Profile photo of Anonymous
    Anonymous
    Participant

    I have been dealing with several agents in France in recent weeks.

    The standard fee seems to be around 7%, though quite a few charge the vendors 10%.

    They are all, without exception, quite useless and shoddy, it’s as though they have never sold a property before.

    The vendors seem very exasperated and desperate to sell. Much more so than my own vendors here in Spain!

    There are some very strange examples of “Fully Renovated Properties” whether they are French or British owned.

    On the whole, illegal new-builds excepted, the Spanish resale property market appears more professional and certainly more bouyant.

  • #93264
    Profile photo of Anonymous
    Anonymous
    Participant

    Why not just sell your property on line with sites like fotocasa. I sold mine this way in under a month earlier this year.

    Most young, educated people’s first port of call will be on-line sites.

  • #93268
    Profile photo of Paul
    Paul
    Participant

    I couldn’t agree more with Peter’s experience of French agents, I’m not sure what they do to actually try and sell property, and their commission rates are pretty high too, whereas in Spain whilst commission rates are also too high, I think the agents are more pro-active or aggressive with trying to sell, a difference in the markets perhaps? 😕 ❓

  • #93271
    Profile photo of Inez
    Inez
    Participant

    More because its open competition here, in France state agents have to pass exams and be regulated, so you have to go to them. Here every second person is an ‘agent’ hence the differences in fees, professionalism and knowledge.

    In the old days the agents used to be the same here 8)

    Its too hot to work any more today!!!! 😀

  • #93284
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @arabrab wrote:

    We have our property on the market in Spain with two agents. I instructed the first agent a few weeks ago and the second one this weekend.

    Neither agent has asked us to sign a contract.

    The second agent didn’t even come to view the property – said he could use my photos etc. etc.

    In these times it is necessary to have a property spread around in order to find a buyer (or needle in a haystack). So what happens to the commission if I ask more agents to advertise it for us?

    ??? How do they gain access to the property? Are you currently living in the property or do they have keys?

  • #93286
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes, we are living there. Its our home, until we manage to sell it to someone.

    I would expect the agents to do something to earn their commission, i.e. bring the people round, but I suppose they don’t even do that these days.

  • #93289
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    well yes they have to sell the property to earn the commission.

    But let be realistic.

    If these agencies do not have a signed document from yourselves, they are (legally) unable to advertise your property. Of course they still will, when another agency/buyer criteria matches. But then, for simply sitting on their arses and waiting for someone to walk through the door are they earning the commission?

    and even with a nota simple and IBI bill, this is still not enough information to legally advertise the property.

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