please tell me what is generally acceptable as agency fees in naija. for properties in benin. Lagos and abuja?

thanks all

Generally Agency Fees for tenancy agreements is 10% of the tenancy rates X how many years they collect from you e.g if the property is going for N100,000 per annum, the agency fee is 10% of N100,000 which amounts to N10,000 for one year and if the agent is collecting 2 years rent, that's N10,000 x 2 Years which is N20,000. So you calculate it by the years and 10%

For property sales, it is usually 5% of the total price paid for the property (Negotiable in some instances if you have a skilled lawyer in pointing out the reasons it should be less than 5%)

All agency fees are usually borne by the buyer or tenant and not the landlord or seller? Strange system in my opinion

lawyer:

Generally Agency Fees for tenancy agreements is 10% of the tenancy rates X how many years they collect from you e.g if the property is going for N100,000 per annum, the agency fee is 10% of N100,000 which amounts to N10,000 for one year and if the agent is collecting 2 years rent, that's N10,000 x 2 Years which is N20,000. So you calculate it by the years and 10%

For property sales, it is usually 5% of the total price paid for the property (Negotiable in some instances if you have a skilled lawyer in pointing out the reasons it should be less than 5%)

All agency fees are usually borne by the buyer or tenant and not the landlord or seller? Strange system in my opinion

i thank you

lawyer: Generally Agency Fees for tenancy agreements is 10% of the tenancy rates X how many years they collect from you e.g if the property is going for N100,000 per annum, the agency fee is 10% of N100,000 which amounts to N10,000 for one year and if the agent is collecting 2 years rent, that's N10,000 x 2 Years which is N20,000. So you calculate it by the years and 10%

For property sales, it is usually 5% of the total price paid for the property (Negotiable in some instances if you have a skilled lawyer in pointing out the reasons it should be less than 5%)

All agency fees are usually borne by the buyer or tenant and not the landlord or seller? Strange system in my opinion

Oga lawyer,
If the agency fee is borne by the tenant, then from your example above the tenant will pay N110,000. Or does he pay N100,000 and the landlord gets N90,000 while the agent takes N10,000?
Please clarify.

Let's draw the line between legality n reality. Legally agency fee į̸̸̨§ 10% but in reality, not so for all these agents in lagos. They charge agency fee that's almost as high as the rent itself. The so-called legal 10% comes into operation when dealing with property sales or rents that are high.

lawyer:
Generally Agency Fees for tenancy agreements is 10% of the tenancy rates X how many years they collect from you e.g if the property is going for N100,000 per annum, the agency fee is 10% of N100,000 which amounts to N10,000 for one year and if the agent is collecting 2 years rent, that's N10,000 x 2 Years which is N20,000. So you calculate it by the years and 10%

For property sales, it is usually 5% of the total price paid for the property (Negotiable in some instances if you have a skilled lawyer in pointing out the reasons it should be less than 5%)

All agency fees are usually borne by the buyer or tenant and not the landlord or seller? Strange system in my opinion

how do I ensure as an agent that my buyer pays me the 5% that is due to me for a property i connected him to buy?