Real Estate Agents Fee Highway robbery

[soioldkentroad]

I just sold Property in the UK, The normal Agents fees are 1%. I would love to hear what great story's the agents have here to justify there ridiculously high selling fees, WOW Highway robbery

[HooHaa]

it would seem you are no longer in the uk toto.

perhaps it is time you get used to that

[PiPiFFS]

On Samui the going rate is 5%. For that they do nothing but wait till someone comes into their office and asks. One even wanted me to take out a half page ad in their quarterly magazine at a cost of 60,000 Baht.

[TheCruncher]

Reason for their high fees is Thailand economics 101.

Always increae the charges to make up for a lack of customers.

Reason why real estate agents in Thailand always say business is doing well.

Expect the fees to increase further in the near future to make up for a further decrease of buyers.

[soioldkentroad]

it would seem you are no longer in the uk toto.

perhaps it is time you get used to that

Yep i am used to living here, I would love to here from a farang real estate Dick Turpin. to hear what story they have to justify the ridiculous fees they charge

[soioldkentroad]

Sorry the cruncher that dont wash with me, If theres lack of clients why is there constructions going up on every bit of spare land in and around Pattaya, No excuse whatsoever to scam the potential buyers

[TheCruncher]

Sorry the cruncher that dont wash with me, If theres lack of clients why is there constructions going up on every bit of spare land in and around Pattaya, No excuse whatsoever to scam the potential buyers

If you can figure out why the same was going on in 1997, you will have the answer to your question.

[PiPiFFS]

We had our house and land with several agents. A few brought people to view. In the end the wife had some large tarpaulin signs made up and placed them by the road near the house. They generated more viewings and an eventual sale. We saved ourselves the 5% and the wife started to sell a few houses and land herself and just charging 2%.

Without an office she has managed to sell some land and houses.

[KittenKong]

The 5% asking price for agent's commission in Thailand is patently absurd, but it is only an asking price and is open to negotiation. Why is it so high? Simply because some people are stupid enough to pay it.

Generally agents in Thailand (especially the farang ones) are an untrained, unqualified, dishonest, incompetent bunch of layabouts who could never hold down a real job if their lives depended on it. I dare say that amongst the dross there are some decent ones, but I haven't met any of them.

[umbanda]

1%?..Really? In the US the normal selling fee is 6%...3% for the listing agent + 3% for the buyer's agent...that can be the same person......

[ThaiBob]

1%?..Really? In the US the normal selling fee is 6%...3% for the listing agent + 3% for the buyer's agent...that can be the same person......

Yes, but in US realtors are schooled, tested and licensed. That said I have found the broker's fee here negotiable.

[TheCruncher]

1%?..Really? In the US the normal selling fee is 6%...3% for the listing agent + 3% for the buyer's agent...that can be the same person......

Yes, but in US realtors are schooled, tested and licensed. That said I have found the broker's fee here negotiable.

You mean the only "qualification" a realtor in Thailand has is that he sold his own flat after he quit his job as a London taxi driver ?

[sfokevin]

I just sold a condo in Chicago... 5% is the standard there

[KarenBravo]

In Thailand, it used to be 3%. Then, about ten years ago, it went up to 5% for no discernible reason.

[LennyW]

In Thailand, it used to be 3%. Then, about ten years ago, it went up to 5% for no discernible reason.

American influence as per the above post perhaps?

[NormanW]

Greed!

[PiPiFFS]

The trouble I had with the Thai agents was When I reduced to price to get rid of it the Thai agents thought that the price was too cheap so wouldn't tell their customers the real price. They wanted to hang out for the 5% at the higher price. In the end I put a big sign on the front door with the price I wanted.

[Thai at Heart]

In fairness, 1% in the western world makes a lot more than 3% in Thailand.

[KarenBravo]

In Thailand, it used to be 3%. Then, about ten years ago, it went up to 5% for no discernible reason.

American influence as per the above post perhaps?

I think it has more to do with the mushrooming of real estate agents. When there were not so many of them, they made enough sales at 3% to stay happy.

As each agents share of sales shrank due to competition, a few of them raised their percentage to 5% to make up for the fall in income. As estate agents are by default greedy tossers, they then all put up their commission to 5%.

There's a bloke in Phuket who does good business charging the buyer only. Not sure what his percentage is. As the seller doesn't pay anything, he always has a good selection of properties that are exclusive to him.

[chris2004]

Why do you think all the real estate agents drive around in BMWs and Mercs.

[DD13]

Most of us know "roughly" what our properties are worth and the net figure we would like to achieve

So tell the agent to put their fees and taxes "on top".......whatever percentage they want......they can have 10% if they want to put the effort in.....

They may not like it.....but "hey" they are working for you.......not the other way round....

We all know that the majority of agents world-wide are frowned upon..."Chancers"... who couldn't get a real job even if they tried to.....and it's no different here ....worse if anything.....

I am inclined to agree that a panoramic sign on your wall probably works just as well........

probably only cost a couple of thousand Baht....

[KittenKong]

In fairness, 1% in the western world makes a lot more than 3% in Thailand.

Not really. Plenty of decent houses and flats (condos) in the UK are for sale for about what I paid for my Jomtien condo. Other parts of the EU also have many nice properties available in the same price range.

[KittenKong]

Why do you think all the real estate agents drive around in BMWs and Mercs.

I've seen plenty here on scooters or who use the Bahtbus.

[siam2007]

I hail from Western Europe too, and in my home country the common fees - at least until 10 years ago when I still worked in the real estate business - were 3-4 % from the buyer and 2-3 % from the seller.

the UK seems to be a bargain paradise indeed.....

[guzzi850m2]

Why do you think all the real estate agents drive around in BMWs and Mercs.

I've seen plenty here on scooters or who use the Bahtbus.

No wonder, every soi here have a real estate office somewhere so the competition must be bone hard.

I think many struggle to survive, more sellers than buyers and many refuse to go down in price to make a deal.

I don't think you can call the fee highway robbery since it's up to you if you use their service or not.

I can't really find anything about the average fee worldwide but it's seems to vary a lot from country to country.

[Jessi]

it would seem you are no longer in the uk toto.

perhaps it is time you get used to that

Yep i am used to living here, I would love to here from a farang real estate Dick Turpin. to hear what story they have to justify the ridiculous fees they charge

Im sure they will come up with some excuse.

[petercool]

A post with just quotes and no comment removed.

[i claudius]

We had our house and land with several agents. A few brought people to view. In the end the wife had some large tarpaulin signs made up and placed them by the road near the house. They generated more viewings and an eventual sale. We saved ourselves the 5% and the wife started to sell a few houses and land herself and just charging 2%.

Without an office she has managed to sell some land and houses.

And that is the answer to the ops question ,why do all sellers complain ,if you dont like the fees do it yourself stop f ----moaning. or open an office ,pay the rent ,aircon charges staff charges ,petrol charges ,rates ,income tax electricity bills water bills ,and sit there day after day instead of going out having a life.

and to answer Jessie ,thats the excuse.

[doggie888888]

Estate agents in pattaya should pay the sellers and not the other way round...just for putting up with their bullshit. Sorry, this lot (except for a few) are not particularly creative nor skillful at selling anything. For 5% they can't even organize a simple For Sale sign with their phone number on your front gate. They think listing you on their website is the extent of their job.

Don't agree to the 5%. Negotiate it down, you'll be surprised how many accept it.

[HooHaa]

In fairness, 1% in the western world makes a lot more than 3% in Thailand.

interesting, do you think that is because of the difference in time zones or perhaps the intensity of the sun?