Is This True
May 24th 2012, 9:24 pm
#16
Ex Expat
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,140
Re: Is This True
I came across it in TF where dodgy small time agents would take advantage of naive folk back in the UK in a rush to sell, wiith similar or even greater profit margins.
One was an English guy who personally admitted to me that all he needed was a couple of sales a year to make a killing and a good living.
One was an English guy who personally admitted to me that all he needed was a couple of sales a year to make a killing and a good living.
May 24th 2012, 11:08 pm
#17
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,371
Re: Is This True
When we bought, the estate agents had a 24% mark up, but this was during the boom, and the agents have now gone bust, when we sold we did it ourselves, and were able, just before the recession hit, to get the price we actually paid for it. I think the amount we paid for the web entry was €150
May 24th 2012, 11:32 pm
#18
Ex Expat
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,140
Re: Is This True
When we bought, the estate agents had a 24% mark up, but this was during the boom, and the agents have now gone bust, when we sold we did it ourselves, and were able, just before the recession hit, to get the price we actually paid for it. I think the amount we paid for the web entry was €150
I have a feeling we have been very lucky!
May 25th 2012, 1:51 am
#19
Forum Regular
Joined: May 2012
Location: On a rock in the middle of the Atlantic
Posts: 60
Re: Is This True
This is awful, isn´t there anything that can be done by law to stop it happening.
May 25th 2012, 3:04 am
#20
Ex Expat
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,140
Re: Is This True
In some way I can see the logic.
Seller is happy to accept 100 grand.
Buyer is willing to pay 120 grand.
Why should not the estate agent have the 20 grand as their fee?
I think this is how Spaniards see it. It's not the 'British way' of doing things though.
MY friends (British) said they didn't mind the estate agent pocketing 20 grand as they still thought their house was worth the money they paid.
I don't know what the seller thought.
I do know that we were not prepared for some estate agent to get 20 grand for putting pictures on a website.
Seller is happy to accept 100 grand.
Buyer is willing to pay 120 grand.
Why should not the estate agent have the 20 grand as their fee?
I think this is how Spaniards see it. It's not the 'British way' of doing things though.
MY friends (British) said they didn't mind the estate agent pocketing 20 grand as they still thought their house was worth the money they paid.
I don't know what the seller thought.
I do know that we were not prepared for some estate agent to get 20 grand for putting pictures on a website.
Last edited by scampicat; May 25th 2012 at 3:09 am.
May 25th 2012, 4:06 am
#21
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Is This True
Hi i was told by a friend who sells houses ..that its a rip off job.. You go to sell your apartment for a quick sale say 50,000.. He says the estate agent puts in up for sale 90,000 .. and if it sells you get 50,000 and the agent keeps 40,000 as you only wanted 50,000..its not the same as in UK were you get the 90,000 less fees...
Here in Mallorca, it is 100% absolutely normal. A property which the owner would ask €250K for goes on the market for €500K or more as soon as an agent gets hold of it. They "negotiate" down from there.
It is not an uncommon agreement between the seller and the agent that any price the agent can achieve above the seller's asking price becomes the sole profit of the agent. The agents don't always point out this "fine print" to the seller, so it's been a recurring point of legal controversy here...
