Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,095 members, 7,807,271 topics. Date: Wednesday, 24 April 2024 at 11:48 AM

Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement - Properties (2) - Nairaland

Nairaland Forum / Nairaland / General / Properties / Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement (16687 Views)

How To Properly Increase The Rent Of A Property In Nigeria / To Let Mini Flat,rent 650k Agent /agreement 130/130 Service Charge Yearly 47k(i / My Landlord Wants Me To Pay A Debt I Didn't Accrue (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Bekermann(m): 5:19am On Sep 28, 2021
AnonyUser:
Guys pls.. This is urgent.
If u know about this, kindly leave a comment

Those people are rogues. They're part of the people making accommodation in Lagos very expensive. You're not meant to pay more than 10% agency and 10% legal fee and probably a service charge. You can even ask on what basis is the property manager charging you that fee as service charge, because there are formulas in which we derive all these.

If I was in Lagos, I would have helped you address this need of yours.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Bekermann(m): 5:20am On Sep 28, 2021
TimiOS:
The agency fee is 10% of the rent
The legal fee is is also 10% of the rent totaling 20% of your rent .

That's the professional benchmark.
Anything other than that is criminality.

I advise you deal with registered estate surveyor and Valuers and stop dealing with all these quack roadside agents.

Yes oh. I agree but will they hear?
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by eedimo(m): 5:23am On Sep 28, 2021
4get desperation it kills.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Abalado(f): 5:30am On Sep 28, 2021
That's too much,,the agent is nothing but a thief...try and meet the Landlord on ur own if only the agent would gree ,bcs they are so selfish and greedy
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by grandstar(m): 5:35am On Sep 28, 2021
AnonyUser:
Hey guys..
I've been looking for a shop/office for the past 3 months now. I've paid 5k, 3k (x2) 2k (x3) respectively to different agents for form/registration.

After months of searching, just yesterday, one of the agents took me to one available shop, which I really liked. The shop is at 5k/month and I'm to pay 1yr & 6months, which I'm okay with. The problem, however, is that the agents wants me to pay 120k for agents and agreement. Total of N210k for both shop rent, agent and agreement fee.

Is this normal or am I being cheated?
Really need advice and contribution of experts in the house.
Thank you

They are greedy guys.

The highest you should pay is 30k agency, 30k legal. That is 60k in total. I am an estate surveyor.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by aikyg(m): 5:41am On Sep 28, 2021
Why have the government not done something about the agents? They are mostly dishonest and looking for ways of swindling house hunters.

1 Like

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Timmybr: 5:51am On Sep 28, 2021
TimiOS:
The agency fee is 10% of the rent
The legal fee is is also 10% of the rent totaling 20% of your rent .

That's the professional benchmark.
Anything other than that is criminality.

I advise you deal with registered estate surveyor and Valuers and stop dealing with all these quack roadside agents.
Some registered Estate Surveyors are the ones making things harder. I wanted to get 3bed flat, and the rent was 600k. The agent in charge wants to collect 120k for Agency Fee, 120k for Agreement, and 50k for Caution Fee. I was furious, and I asked why this unnecessary payment, it should be 10% for agreement and agency fee, then caution fee negotiable. I was told a reputable law firm in charge of the building is the one collecting such. Asking for a breakdown, I was told is 10% which is 60k, but they are collecting in 2years, that's why it's 120k.

I left that angrily, getting another apartment, same 3bed, the agent demanded 100k agreement, 100k agency and 100k caution for 850k yearly rent.

All these house agents and lawyers in charge of buildings are really making things difficult, and they don't care.

5 Likes 1 Share

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by eskimoeze: 6:02am On Sep 28, 2021
nativedoctor:

Agency fee is 10% of rent.
Since rent is 5k monthly and you are paying for 18 months. Your agency fee is N9K.
Legal fee is 5% (N4. 5k)
Total agency and legal N13, 500.
Even if they insist on 10% legal fees. You are not supposed to pay more than N18,000
you are absolutely right. All these overzealous agents are milking people dry. That's how one of them wanted to cheat me and I went behind him to pay for the house.

2 Likes

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Jeffy1206(m): 6:18am On Sep 28, 2021
Agency fee is 10% of the rent. That is the rate everywhere. Get a lawyer to help you and negotiate. You mustn't do everything ursef. Getting a lawyer will help you in so many ways undecided
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Gaddafih001(m): 6:22am On Sep 28, 2021
If they won’t collect 20k for the fee,leave the shop for them.
Don’t dare go close to the shop cuz you will be ruined.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by byteem: 6:22am On Sep 28, 2021
The sad part is if you don't pay someone else will. So what do u do.. negotiate.. if it's a high end location with competition.. then negotiate . Pay the rent to tie the place to the landlords account. Then negotiate agency ..rent is 60 k u should negotiate max 20k.. the thing is these agents rely on each other to get a location so most time they are more then two or even four sharing one agency fee.. not holding brief .. but if location is not competitive then insist on paying max 12k.. the question how.much do u want the place..

2 Likes

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by byteem: 6:24am On Sep 28, 2021
Jeffy1206:
Agency fee is 10% of the rent. That is the rate everywhere. Get a lawyer to help you and negotiate. You mustn't do everything ursef. Getting a lawyer will help you in so many ways undecided

U can do this yourself . If u get a lawyer homuch will u pay .. even of lawyer charge 10 or 20k that's still a lot judging by current stats as u indicate
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Olakunleyakub(m): 6:24am On Sep 28, 2021
I don't really know how you guys operate in Lagos but here in Abuja it is 10% and the agreement has to pay for the owner or his lawyer
AnonyUser:
Hey guys..
I've been looking for a shop/office for the past 3 months now. I've paid 5k, 3k (x2) 2k (x3) respectively to different agents for form/registration.

After months of searching, just yesterday, one of the agents took me to one available shop, which I really liked. The shop is at 5k/month and I'm to pay 1yr & 6months, which I'm okay with. The problem, however, is that the agents wants me to pay 120k for agents and agreement. Total of N210k for both shop rent, agent and agreement fee.

Is this normal or am I being cheated?
Really need advice and contribution of experts in the house.
Thank you
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by dyomo(m): 6:25am On Sep 28, 2021
In most parts of Lagos, that's the norm. Even going to the landlord directly might not work cause they also demand for agreement and commission these days.

1 Like

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by 9gerian: 6:38am On Sep 28, 2021
Normal levels. That sector needs to be regulated.

Those guys are just leeches, not agents!


AnonyUser:
Hey guys..
I've been looking for a shop/office for the past 3 months now. I've paid 5k, 3k (x2) 2k (x3) respectively to different agents for form/registration.

After months of searching, just yesterday, one of the agents took me to one available shop, which I really liked. The shop is at 5k/month and I'm to pay 1yr & 6months, which I'm okay with. The problem, however, is that the agents wants me to pay 120k for agents and agreement. Total of N210k for both shop rent, agent and agreement fee.

Is this normal or am I being cheated?
Really need advice and contribution of experts in the house.
Thank you
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by 9gerian: 6:41am On Sep 28, 2021
The landlord will never charge you more than the rent for agreement and commission.

dyomo:
In most parts of Lagos, that's the norm. Even going to the landlord directly might not work cause they also demand for agreement and commission these days.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Euegene100001: 6:47am On Sep 28, 2021
Without reading this is the east right ?
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Dogonbura(m): 6:48am On Sep 28, 2021
Nnwanne na die we dey for Enugu like dis o.
Landlords,Agents and Lawyers de kill us here.Never seen a place as exprnsive as Enugu when it comes to accomodation.
Tufiakwa!

1 Like 1 Share

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by danny6ix(m): 6:50am On Sep 28, 2021
Make sure you ask questions. The agent might just be preying on the fact that you need the shop urgently.


Ps: I have a 2 month old bench grinder (filing machine) for sale. It’s still in perfect condition
WhatsApp: 08 170 8833 73
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Euegene100001: 6:53am On Sep 28, 2021
Add imo too. This people are funny and stupid. Na so when i was serving in owerri na wetin dem tell me be this say store na 200k for a year and agent commission na 250k lol at first i tot he was joking so for showing my a space to rent a store i would give u 250k ? Lol worst case the landlords will tell u that how they do it there. Nobody tell me to carry my load and leave when i am done in the east
adolfHitler1934:
This must be in ENUGU...na their way be that.
I have never seen a place like that where thieves go about in the name of Agents robbing people.
Agent and Legal fee are always higher than the rent.
The Landlords are also accomplice to this crime against fellow citizens. Enugu is the most expensive place to find a decent accommodation or shop.

Tufiakwa!

1 Like

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Euegene100001: 6:54am On Sep 28, 2021
Euegene100001:
Add imo too. This people are funny and stupid. Na so , when i was serving in owerri na wetin dem tell me be this say store na 200k for a year and agent commission na 250k lol at first i tot he was joking so for showing me a space to rent a store i would give u 250k ? Lol worst case the landlords will tell u that how they do it there. Nobody tell me to carry my load and leave when i was done in the east
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Euegene100001: 6:56am On Sep 28, 2021
Worst part is this nonsense don't happen in abuja . Only the east and lagos
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by opwa4us(m): 7:01am On Sep 28, 2021
A standard agency will charge as follows.. Agency is 20% of the rent. Agreement is 10% of your rent and the last one is Caution which is also 10%. Caution is meant to be refundable but most times when u damage something in the apartment. They let u go because the caution u paid is still valid.. So it makes the total money stand at 40% of ur rent

1 Like

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by AnonyUser(m): 7:17am On Sep 28, 2021
byteem:
The sad part is if you don't pay someone else will. So what do u do.. negotiate.. if it's a high end location with competition.. then negotiate . Pay the rent to tie the place to the landlords account. Then negotiate agency ..rent is 60 k u should negotiate max 20k.. the thing is these agents rely on each other to get a location so most time they are more then two or even four sharing one agency fee.. not holding brief .. but if location is not competitive then insist on paying max 12k.. the question how.much do u want the place..

@ the bolded..
You are very right. That's exactly what happened here. The first agent I met, met another agent and both took me to the shop. Guess this explains the reason for the ridiculously high charge.

Thanks for your comment

1 Like

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Freemasonry: 7:19am On Sep 28, 2021
Hi Op
I have a bit of experience in the real estate market and I can tell you for a fact that because of the lack of regulation, agency fees are purely at the discretion of the agents, demand, bargaining power and maybe based on if they found you what is considered a relatively good deal.
I understand you’re feeling like you’re about to be ripped off, but if you consider that you like the place, not likely to find something as good soon...considering how long you’ve been searching, and everything else; you might just beg for a reduction.
But ultimately, it’s your decision to make.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by CertyAgroAllied: 7:21am On Sep 28, 2021
That's outrageous angry

Lagos I guess

Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Nobody: 7:22am On Sep 28, 2021
Timmybr:

Some registered Estate Surveyors are the ones making things harder. I wanted to get 3bed flat, and the rent was 600k. The agent in charge wants to collect 120k for Agency Fee, 120k for Agreement, and 50k for Caution Fee. I was furious, and I asked why this unnecessary payment, it should be 10% for agreement and agency fee, then caution fee negotiable. I was told a reputable law firm in charge of the building is the one collecting such. Asking for a breakdown, I was told is 10% which is 60k, but they are collecting in 2years, that's why it's 120k.

I left that angrily, getting another apartment, same 3bed, the agent demanded 100k agreement, 100k agency and 100k caution for 850k yearly rent.

All these house agents and lawyers in charge of buildings are really making things difficult, and they don't care.

Lagos I guess.
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Celense(m): 7:22am On Sep 28, 2021
You can only pay 10% of agency or agreement fee. Its normal and negotiable too.
AnonyUser:
Hey guys..
I've been looking for a shop/office for the past 3 months now. I've paid 5k, 3k (x2) 2k (x3) respectively to different agents for form/registration.

After months of searching, just yesterday, one of the agents took me to one available shop, which I really liked. The shop is at 5k/month and I'm to pay 1yr & 6months, which I'm okay with. The problem, however, is that the agents wants me to pay 120k for agents and agreement. Total of N210k for both shop rent, agent and agreement fee.

Is this normal or am I being cheated?
Really need advice and contribution of experts in the house.
Thank you
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by AnonyUser(m): 7:23am On Sep 28, 2021
grandstar:


They are greedy guys.

The highest you should pay is 30k agency, 30k legal. That is 60k in total. I am an estate surveyor.

Thank u sir
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by AnonyUser(m): 7:24am On Sep 28, 2021
Bekermann:


Those people are rogues. They're part of the people making accommodation in Lagos very expensive. You're not meant to pay more than 10% agency and 10% legal fee and probably a service charge. You can even ask on what basis is the property manager charging you that fee as service charge, because there are formulas in which we derive all these.

If I was in Lagos, I would have helped you address this need of yours.

Thank u sir
Re: Estate Agent Wants Me To Pay 130% Of The Rent As Agent/Agreement by Angy55(f): 7:24am On Sep 28, 2021
Lagos Agents are thieves. Apartment of 160k, Lagos agent would collect 100k. Very greedy set of people. And some landlords would tell you they only want their tribes person. And you think Nigeria would be better? Never.

1 Like

(1) (2) (3) (4) (Reply)

Whole House Audio System The Jos Project / Construction Of A 25 Room And Parlor Self Contain In Idafa Maya Ikorodu Lagos / Deep Gully Erosion In Idah LGA, Kogi State (Photos)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 54
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.