LETTING : 3 BEDROOM DUPLEX IN LEKKI 1... N 3m p/a


3 BEDROOM
ALL ROOM EN-SUITE
GOOD ROAD NETWORK
SERENE ENVIRONMENT
FITTED KITCHEN
BEAUTIFUL FINISHING
AMPLE SPACE
1 ROOM BQ
NEWLY BUILT



RENT .. N 3.5m p/a. 1 yr

.. N 3m p/a X 2 yrs



AGENCY FEE .. 10% of Rent
LEGAL FEE ... 10% or Rent


Interested client should contact

INJ REAL ESTATE COMPANY

john@realestatecompany.com.ng
08077305975
08105142125

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So there are people that would pay 6 million for rent and extra 1.2 million for legal and estate fees? This is just a rip off.

blink182: So there are people that would pay 6 million for rent and extra 1.2 million for legal and estate fees? This is just a rip off.

Hahahahahahahahaha....bros, abeg make nobody hear this one ooo. There's nothing like a rip-off in real estate. Rents are purely a function of demand and supply, period!. In old Ikoyi rents for luxury 3-bedroom flat start off at the $60,000.00 mark. Abeg no dey ooo.

azpekuliar:

Hahahahahahahahaha....bros, abeg make nobody hear this one ooo. There's nothing like a rip-off in real estate. Rents are purely a function of demand and supply, period!. In old Ikoyi rents for luxury 3-bedroom flat start off at the $60,000.00 mark. Abeg no dey ooo.

It has nothing to do with demand and supply. It's pure GREED on the part of the agents. Not the owners. That house is nothing but a block of cement. A big guy can barely pass through that alley to the back.

blink182: So there are people that would pay 6 million for rent and extra 1.2 million for legal and estate fees? This is just a rip off.

Not many people. Not even armed robbers. These agents are throwing a line with the hope of hooking a big fish. They're only interested in that 10%.

Chinom:

It has nothing to do with demand and supply. It's pure GREED on the part of the agents. Not the owners. That house is nothing but a block of cement. A big guy can barely pass through that alley to the back.

Let me get something straight. Is it the rent that is at stake here or the professional fees? If it's the rent, that's determined purely by the market. But If you feel an aprtment is not worth the rent being requested for, fine, you look for something else. Simples! If the apartment is over-priced, believe me, over time the market will always correct itself. It's happened over and over again. And if you press me,I will give you examples.

As for the professional fees, here's what I'd say. He who briefs you pays you. If you as a prospective tenant commision a real estate agent/estate surveyor to get you an apartment if he does, you pay him an 'agency' fee. A fee of 5% is reasonable and should suffice. If you're a landlord and you commision an estate surveyor to let your apartment, if he sucessful does, you would pay him a fee which could be an agency fee or if its a management instruction a management fee. Here again, nothing is cast in stone. There's always room for negotiation, and if you think you're not getting a fair deal, walk away.

As for the legal fees. Prior to the Lagos State Tenancy Law for instance tenants were saddled with the cost of drafting a legel agreement before tenency could commence. The law has since said that's the responsibilty of the Landlord. Its been over a year since the law came into effect, I can hardly see a change.

The laws guiding agency are very loose and riddled with quacks and charlatans. Hence there are a lots of malpractices. But what I have explained above is how its supposed to work.

There are other things too that bother me as they afffect real estate transactions, like Withholding Tax and VAT ,but those are issues for another day...

Finally I always advice that the services of professional/chartered estate surveyors and valuers should be sought for all real estate transactions. These are professionals stautorily empowered by relevant laws to practice real estate in Nigeria.

By by ooo.