Real Estate Agent, Is This Normal Practise?

[Hooters]

I have a condo for sale and the agent said I need to sign a contract with them that says they have exclusivity and they get 3% even if I sell it myself or if another agent does.

Is this standard?

[trd]

That's nonsense. List it with as many agents as you want on a non-exclusive basis which is normal practice. The agent only gets their commission if they sell it.

[Hooters]

That's nonsense. List it with as many agents as you want on a non-exclusive basis which is normal practice. The agent only gets their commission if they sell it.

Cheers for that its what I will do

[Theo007]

I agree, nonsense!

[Darrel]

"....the agent said I need to sign a contract with them that says they have exclusivity and they get 3% even if I sell it myself or if another agent does."

Tossers.

A wise man once said that some of the world's biggest layabouts and con-artists are masquerading as real estate agents in Thailand.

Now that I come to think of it, it may have been me.

[Artas]

"....the agent said I need to sign a contract with them that says they have exclusivity and they get 3% even if I sell it myself or if another agent does."

Tossers.

A wise man once said that some of the world's biggest layabouts and con-artists are masquerading as real estate agents in Thailand.

Now that I come to think of it, it may have been me.

Allot of del boys about.

[wpcoe]

Interesting. I thought the new standard was a 5% commission? Or, is that just in the Pattaya area?

[udonguy]

NO I have dealt with agents for years and if they put that in front of me it would end up as toilet paper

[Darrel]

Interesting. I thought the new standard was a 5% commission? Or, is that just in the Pattaya area?

It's not a "standard"; they are just trying it on.

Commission is 100% negotiable and more fool he who doesn't negotiate.

My personal opinion is that few agents are worth even 1%.

[PattayaPhom]

No exclusivity in Thailand for resales.......go somewhere else, norm is 3-5% depending on the value of your property

[sotsira]

That's nonsense. List it with as many agents as you want on a non-exclusive basis which is normal practice. The agent only gets their commission if they sell it.

Cheers for that its what I will do

I wouldn't even bother using any agents in Thailand save yourself the 3% or 5% and market it yourself,

plenty of free internet sites including Thaivisa, also depending your location look for free notice boards

in your area. and stick a big sign in your window or balcony.

That's what i did and i sold within 4 months.

I've yet to find a professional estate agent in Thailand, and i live in Pattaya where there's hundreds of them.

[Darrel]

I've yet to find a professional estate agent in Thailand, and i live in Pattaya where there's hundreds of them.

There are one or two, but only one or two.

Of course the fact that there are hundreds of them is precisely why they think they need to charge 5% commission: not enough sales to go round.

[sirineou]

I cant tell you if it is normal practice,because I never used an agent in Thailand to sell property,or to sign an exclusive or not to sign, because I dont know the particular agent and his office,but I can tell you this,based in my long experience as real estate broker in the US.

A bilateral contract is where both parties perform, you pay a commission,the agent advertises your property, and makes sure certain contingencies are meet, if the agent fails to meet these contingencies, then the contract is a non performing contract and is null and void.

So, First , is he/she an agent you are comfortable working with, and what will he/she do to sell your property,for what parentage of the asking price?

Second how fast can he/she sell your property? What is the length of the contact?

If satisfied with the above questions, and the company you enter in to an exclusive with is a professional company,There are certain advantages to an exclusive. The broker involved will feel more comfortable investing in marketing your property, and thus having a better chance of selling it faster, and for more money.

Otherwise what you are entering in is a "finders fee" , you go out and you tell agents , "you sell my property and I will give you a commission", and they say "sure, no skin of of my nose" they place your property in their inventory,and if a buyer comes,great. In the mean time two things occur,one is for every month your property seats unsold you pay what maintenance costs you have, maybe a mortgage. you don't have the opportunity to move on with your life,and there is the "opportunity cost" of your money locked idle in your property and not out there making you money.

These are some things to consider, when considering an exclusive. I hope I was helpful.

Chock Dee

[jennyt008]

I signed a contract with ERA Property Network Co., Ltd. while I was tring to sell my townhouse,

in that whole year, they brought only one client to see my place and that was after 10 months they didn't do anything so I called and complained.

For my opnion, sign contract with agents in Thailand is just wasting time.

Hope my stupid story will help you to make your decision.