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Do you think Real Estate Rental Commisisons are too High?
| Do you think Real Estate Rental Commisisons are too High? Some people have been talking about the costs involved in renting an apartment in Montevideo. Some are outraged at having to pay 1 months of rent as a Real Estate Commission.At first glance, it does seem a bit high. But it leads to some other questions too. Can you find one on your own? Does your agent help with the deposit? Does your agent help when you move out? Does your agent help you get a good deal? Does your agent take you to see the properties? Is your agent on time and does your agent ensuring whoever is showing it is timely too? There are many ways you could lose lots of time and money not using an agent. I really didn't know what commission was normal for real estate agencies in the USA (because I never rented through one) or whether the owner or renter usually paid. I found this enlightening discussion... and it looks like in some places the renter pays 1 month or even 1-1/2 months commission. So maybe Uruguay isn't that far off. What do you think? |
| "Paying agency fees"
Linda I think you're right, if your agent works a lot for you - shows you apartments, keeps in contact, liaises with the landlords on your behalf, oversees leases etc then yes, of course they deserve to be paid. And like any other service, if they do it exceptionally well they deserve to be paid more. However in a country where US$500 a month is considered a pretty good salary, then how on earth can it be defended to a) charge that kind of rent and b) expect that kind of commission?! It would be ok if these were really the top of the range apartments, but they're quite common, as are these commission demands, and it just seems out of whack to me.Maybe its because in the UK you just organise it yourself, people don't really use agents for renting anymore (unless you're very rich and not bothered to look yourself and its a business and they need an agents assistance). Nowadays people just list their properties for free online and interested parties make contact. There is just a very different rental culture here and so it is all done in a way most foreigners find a little backward, and certainly expensive. |
Comment #201/13/10 10:23Rural east Colonia departmento | "Agency fees"
I've been a UK and Irish landlord for 40 years and yes, I do think that ROU agency fees are over the top... not so much in their amount but in asking the tenant to pay them. The coming of the internet has made long distance property management possible for absentee landlords so long as they have access to the necessary tradesmen in the local area and a non-expert friend/relative prepared to do any local administration (guided by the landlord) on an occasional hourly rate. I even managed to do a re-let and interview the applicants on-line from 7000 miles away :-) While both parties probably need escribano/as because of the ROU's tenant-friendly tenancy laws as well as a joint account for the deposit, its the landlord's choice as to whether to employ and agent and in my view, (s)he is the one who should pay. |
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