Understanding Turkish Real Estate Agent Commissions
Thanks to real estate agents in Turkey, buying your favourite property at your desired location is a breeze. The role of estate agents in making sure that you finally get your desired home cannot be understated.
In Turkey, real estate agents are the rock stars of the industry. They help buyers and sellers get the right deal, which is usually tailored to the requirements and needs. However, these real estate agents come at a price. You have to pay them a fee.
What is a real estate agent fee?
A real estate fee is usually referred to as a commission for their services in helping a seller or a buyer close a deal. This fee is usually a percentage of the sales or purchasing price of the property.
The commission of areal estate agents in Turkey usually varies widely in the industry. The commission or fee is how many real estate agents make their money.
When they get paid a single commission, it can be split among various agents and brokers that participated in the deal. This is because real estate agents work as a network.
Most property purchases or sales involve multiple real estate agents and brokers who worked somewhere along the pipeline to help close the transaction. This commission split usually depends on the agreement the agents have with each other.
Making money through real estate commission
A majority of Turkish real estate agents make their money from commissions, which are usually a percentage of the property price. In Turkey, it is common to find real estate agents who work with multiple property developers to help sell or buy properties.
In some cases, the commission may simply be flat fees, however, this is less common. Many real estate agents in the country work for agencies or brokers who receive their fees from the client.
What is the commission of a Turkish real estate agent?
In Turkey, a real estate agent will help you sell or buy a house for a fee which is called the agent commission. Turkish real estate industry commission you are allowed to pay can be as high as 4% of the total value of the property.
In addition to the commission, you will still get to pay a charge known as VAT. During the purchase of a property, the real estate agent works to let e client buy the property.
This is what also happens when you are selling a property. This 4% agent commission is usually shared among the seller and the buyer. The buyer pays 3% of the commission while another 1% comes from the property seller. An alternative arrangement is for the agent to get 2% each from the property buyer and the seller.
How real estate agent commissions are worked out
Real estate can receive their commission from the property seller or buyer. Depending on who approached them first. Before closing any transaction, the estate agent usually agrees with the client (the seller or buyer) what their fees are. This is usually a negotiable fee which the client can haggle with the agent.
Real estate agent fees: Do you need an agent?
The real estate agent fee is usually negligible in comparison to the role of the agent. Some of the responsibilities of the agents include:
The agents support their clients throughout the purchasing/sales process of the property.
Agents have a lot of knowledge about the Turkish real estate market. They know the prices of all types of real estate facilities in the country.
Agents have extensive knowledge of various locations and areas in Turkey. This means that searching for particular houses can be easy.
Real estate agents know the rules of the Turkish real estate industry. This means that they see through every deal to ensure that they comply with the laws of the country.
