Renting a home is a tedious task for those who try to do it on their own. Therefore, most decide to have a real estate agency to take care of the entire lease process in exchange for fees or commission.
The real estate commission refers to the amount of money that an agency charges for managing the rent or sale of a property. But how much should be paid to a real estate company for carrying out these procedures and guaranteeing a safe rent?
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Real estate usually charges 10% of the annual income
Although the Urban Lease Law (LAU) does not set limits to real estate fees, there is a rather settled consensus among traditional agencies. There is currently no specific law that regulates the price of fees, so each agency can establish the commission they decide to contemplate. Of course, the most common is that they charge 10% of the annual rental income, as stated Housfyan online real estate service.
In the event that a person rents their floor for 1,000 euros per month, the rent will be 12,000 euros a year, so the fees will amount to 1,200 euros (10%). In addition, this amount will have to be added 21% of the VAT if it is not included.
Therefore, the real estate will apply the rate that it deems appropriate. This will depend on several factors, such as the following:
- The difficulty that the property will have to be rented.
- The reference price you have in the market.
- If you work with that real estate exclusively or not.
- The law of supply and demand.
These commissions are part of housing rental management services
Real estate offers a series of services for which they charge a fixed price or a commission on the amount of income. This is because, in addition to looking for real estate to lease and tenants in search of homes and teaching the house, they take care of managing the necessary paperwork.
This is where they offer contracts of contracts, IMPROVE Insurance for rent to rent the house with guarantees, and in some cases, they are responsible for managing the rent throughout the duration of the same. All this is what is part of the amount called as a real estate commission.
In general, these services are usually charged once such service has been produced. If this moment does not arrive, the agency does not usually receive this commission. However, each case is different and will depend on the signed clauses between lessor and real estate agency.
It should be noted that in the event that an agency chooses to demand this payment to the tenant, a serious infraction can be considered, according to the Housing Law. The lessee can legally refuse to pay and have the right to file a complaint with the Municipal Office of Consumer Information (OMIC) or before the competent authorities. Agencies may face sanctions of up to 100,000 euros if they fail to comply with current regulations.