Common real estate brokerage fees?

Also depends on what part of the country. The north coast % has always been higher for some reason.

If you would like to see it promoted on DR1, send Tay Oz an email at the DR1 Property Center.

Email: tay.realestate@dr1.com

Mark, I realize that you have not paid much of our advice any attention, or so it seems. However, those of us that knew and helped and assisted Lloyd in his efforts will continue to assist you in your efforts to settle things.

I am sure that much of what was there has been stolen but what you should do is contact the Banco Popular and request that they send their property assessor to inspect the property. From there you can continue to pursue the sale of the property.

You can negotiate about a 4-5% commission on the sale. that is the most you should pay.

Cordially,


HB

Century 21 is a great company... but there are many other options for listing your property...DR1 Property Center, Coldwell Banker, Re/Max, Northcoast Realty, AmericanRealtyDR, etc... Because there is no MLS here, if you want the most exposure, you may want to think about listing it with multiple companies...

MarkRobbins said:

Now, you say 4-5% is the highest commission rate I should pay, but Century 21 (which a lot of people recommend) seemed pretty attached to 10%, even with a house and working ranch on the property. Are there alternatives to Century 21 for Puerto Plata property if they continue to insist on 10%?

Thank you,

Mark

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Did you email Tay Oz at the DR1 Property Center?

I'm not saying the will offer you a better %, but they can offer you exposure all over DR1, which is one of the most visited sites in the Caribbean. No other broker in this country can offer you that type of exposure.

Swings and roundabouts.....

I've currently got my house on the market with Watson Homes in Sosua and Keith Watson has offered me 5% on a `sole agency' basis or 10% if I go with other agents. I'm seeing what happens initially and if nothing then I'll put it on with other agents. Keith runs his office with his wife and they attract lots of British buyers (because they themselves are British). I don't imagine for one moment that he'll be able to give my property the exposure that Century 21 or the Property Centre might, but am prepared to `give it a whirl' initially to see what happens. It's `swings and roundabouts' really, I would imagine the bigger realtors are more rigid about their 10% but can offer better exposure and a quicker sale.

I do know that my `father in law' put his land up for sale with West Indies Estates at one point and (he always drives a hard bargain!) told them what HE was prepared to pay THEM per square metre of land sold and they agreed a deal so I guess it's always worth your while trying...... depends how much of a rush you're in really..... property doesn't generally sell quickly here at the best of times.

As it's a specialist property....

However, as it's a `specialist property' (300 acre ranch with a mine!) if it was me I would put it on with the large realtors even if I couldn't get the commission down from 10% as they're probably going to have access to more people in the market for this type of property. My property's just your `bog standard' house or `holiday home' so I'm prepared to give things a go with a small local realtor initially. Just my opinion....

Good Luck!

(did try and edit my previous post to say this but it wouldn't save it for some reason....)

Here in East Coast area (for land sale) the commission is 5% plus anything on top of the seller-asked price.

Eq, you are selling for 50 dollars a sq mt. You pay 5% commision off this price ($2.50/sq mt) but if the broker sells the sq mt for $70, anything on top of $50 is his. So in such case, you would receive from the seller US$70 oer sq mt, but would pay a broker US$22.50 in commission.

This is especially done with land, where there is a lot of "gut feeling" in setting up a price, as well as various factors such affecting price. I guess if real estate such as houses, farms, etc. or other buildings are involved, there would be less possible difference between asking and actuall selling price, but the broker might still be able to sell at the higher-than-asking price (if there is demand, or if he finds a willing buyer) and in such case you should be prepared to pay over-the-price difference to the broker besides the applicable commission.

rubio_higuey said:

Here in East Coast area (for land sale) the commission is 5% plus anything on top of the seller-asked price.

Eq, you are selling for 50 dollars a sq mt. You pay 5% commision off this price ($2.50/sq mt) but if the broker sells the sq mt for $70, anything on top of $50 is his. So in such case, you would receive from the seller US$70 oer sq mt, but would pay a broker US$22.50 in commission.

This is especially done with land, where there is a lot of "gut feeling" in setting up a price, as well as various factors such affecting price. I guess if real estate such as houses, farms, etc. or other buildings are involved, there would be less possible difference between asking and actuall selling price, but the broker might still be able to sell at the higher-than-asking price (if there is demand, or if he finds a willing buyer) and in such case you should be prepared to pay over-the-price difference to the broker besides the applicable commission.

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And there are less scrupulous brokers who try to obtain an option from main broker and then 'flip' it to client at a higher price...........so main broker gets his agreed commission and secondary broker makes a bundle just for speculating on client ignorance.................

Hillbilly can be emailed for the Banco Popular number.

I know somebody who worked at one of the bigger real estate companies and there was one situation where a vendor had said `I want such and such out of the sale and anything you get over and above is yours....'. I assume they may have said that to give the realtor more incentive to push their particular property and close a sale. However, I didn't realise there were instances where it was considered standard for the realtor to automatically keep anything over and above the vendor's asking price.

Has anybody else experienced this when selling their property?