Searching the housing market for your dream home can be quite a chore, but more importantly, very exciting. However, it only becomes a real chore when you actually want to buy the property. A buying agent can help and take the worry out of this. But how much commission does a buying agent charge for this and what exactly is it? We are happy to explain that to you in this article!
What is a buying agent’s commission and how high is it?
The brokerage fee is the fee the buying agent charges when he/she successfully purchases a home for you. This is usually on a no cure no pay basis (no home purchased = no cost to the buying agent). But not always. Increasingly, buying brokers charge start-up fees or withdrawal fees (we never do, by the way!).
Wondering how much a buying agent’s commission is approximately? You can read more about this in our article.
How high is a buying agent’s commission?
The amount of the courage often depends on the price range you are looking for and also how much service the real estate agent provides.
If you are looking in the €1 million price range, the commission will be higher than if you are looking for a €200,000 property. This is again because the buying agent is also legally liable if he makes a professional culpable mistake. For an expensive home, the amount for which a buying agent can be held liable is simply higher than for a cheap home, hence the higher brokerage fee.
In terms of service level, the question is whether you want the buying agent to accompany you to viewings anytime, anywhere, or to only accompany you every2nd viewing. If the broker always goes with you, then a lot more hours just go into a purchase file.
As a rough indication, you can expect approximately these brokerage rates for an average buying agent:
| Price Range >>> | |||
| Buying opportunities: | €200.000 – €300.000 | €350.000 – €500.000 | €550.000 – €750.000 |
| Quick (< watch 5 times) | € 2.500 | € 2.500 | € 4.500 |
| Reasonable (5 – 8 views) | € 3.000 | € 4.000 | € 5.500 |
| Difficult (> watch 8 times) | € 4.000 | € 5.000 | € 6.000 |
For example, another common option is to pay a flat fee, agreed upon prior to the buying agent’s services. This can be advantageous in some cases, but make sure you clearly agree together on exactly what services are covered by this flat fee. In short, a buying agent ‘s commission is the fee the buying agent charges when he/she successfully purchases a home for you. The amount of this brokerage fee usually depends on the price range you are looking for and how much service the broker has to provide.
So do you need a buying agent? If so, do not hesitate to contact us without obligation. We have experienced purchase brokers in Haarlem and surrounding areas and are sure we can help you too!