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View Full Version : What are the current Estate Agents commission rates in Tenerife?



TIS
09-07-2011, 17:40
What is the current norm for commission being charged on the purchase/sale of a property and when they say its "x% all inclusive" - what should be included?

CIM
09-07-2011, 18:04
It should be included in the price but is usually added. So the seller says they want 100,000€ and the agent lists it at 105,000€ But, they need to ensure that the seller is aware that they have to take into account 3% tax retention if non-resident, plus valia tax and all outstanding bills (community fees, IBI, water, electricity, basura etc.)
In this case they would maybe list it closer to 110,000€ to ensure everything is covered.

TIS
09-07-2011, 18:05
Administartors - why have you edited the title. this is a "TENERIFE" forum, so surely only threads that people post about UK on a foreign forum to their country needs to clarify that it pertains to the UK. All other threads like this one are naturally talking about Tenerife.

doreen
09-07-2011, 18:09
I just do not understand where the idea of "I want x euros" ever came from, and never will say that to an agent. Now that it is a buyer's market, 5% is taken as the given rate - little chance to negotiate, even on more expensive properties :(



Administartors - why have you edited the title. this is a "TENERIFE" forum, so surely only threads that people post about UK on a foreign forum to their country need to clarify that it pertains to the UK. All other threads like this one are naturally talking about Tenerife.

SEO and all that

CIM
09-07-2011, 18:15
I usually ask for a listing price, tell them itīs too high... then explain all deductions and commission so they know whats going on, then send them a form to sign saying the agree for us to market at so and so a price.
Some agents will still negotiate down, most wonīt - I wonīt, bad business to make less than my competitors for the same amount of work.

slodgedad
09-07-2011, 19:34
Administartors - why have you edited the title. this is a "TENERIFE" forum, so surely only threads that people post about UK on a foreign forum to their country needs to clarify that it pertains to the UK. All other threads like this one are naturally talking about Tenerife.

The simple answer to that is, 'Do you only want Forum members to read your question, or do you want it viewed world wide? ie Google.

A lot of titles are changed to make them more accessible to Search Engines.

In that way, not only has your question got a wider audience but it can attract new members to the Forum.

We all benefit. the more information there is on the Forum, the better for all

dokgolf
09-07-2011, 20:05
It should be included in the price but is usually added. So the seller says they want 100,000€ and the agent lists it at 105,000€ But, they need to ensure that the seller is aware that they have to take into account 3% tax retention if non-resident, plus valia tax and all outstanding bills (community fees, IBI, water, electricity, basura etc.)
In this case they would maybe list it closer to 110,000€ to ensure everything is covered.

CIM, If I was to purchase a property, as a non-reesident, I should generally add about 10% to sale price to get a ball park figure of the total cost?

CIM
09-07-2011, 20:09
Yes, I quote 11%-ish for additional costs, its more with a mortgage, less without and I usually do a full illustration to calculate what they will be.
What we are talking about here though is the costs for the seller - taxes they have to pay and commission etc.

dokgolf
09-07-2011, 20:20
Many thanks CIM, sorry for going off topic.