GIANTPLUSHUB:
Not normal sir. Shops agreement and commission are mostly cheaper. They are within 15 thousand to 20 thousand each making 30 thousand together or 40 thousand together. So, leave that shop. You never see shop. The agent might have seen that you desperately needed a shop hence capitalize on that probably magga go pay!

Thank you sir

AnonyUser:
Guys pls.. This is urgent.
If u know about this, kindly leave a comment

Omo no pay that thief agent fee is %10
I am an agent too,

What's the area of the place, that's the only way to figure out the price.

Most agent do that because they have other people waiting to take the shop, secondly the landlord is also in connivance.
The best thing you can do is to find out other people go own shops around the area what the pricing is like.

You meet the shop because no reasonable human being can pay that price, so if you pay for the shop at that price, I think EFCC needs to visit you. Awon ole agent

SUPERPACK:
Why should the agent fee be more than twice the cost of the shop, is Cubana the agent or what exactly. Better go around shops in the area and ask them how much they paid to secure their shops. At that rate the landlord is building free shops for the jobless agents.
.
@mynd44 help op get more opinions before she enter one-and-half chance

Fact is that agents connive with landlords to commit this evil

Walk away

.

AnonyUser:


Thank you sir

Agents and Landlords usually perform this mess with Igbo or Yahoo boyz prosective tenants...!

Run o.

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

Agent fee is usually 10% of the rent. Though the agency fee varies from place to place, I think yours was blow out of proportion.
The main issue here should be you able to make sales and recover what ever you spent at the end of your business year.

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

That's what you get when you patronize quacks. Get advise from an estate surveyor and Valuer. Visit any office of an estate surveyor and Valuer and be rest assured to get professional services

AnonyUser:


How am I supposed to know when I have no idea how it works. This is my first time renting. I have no idea how they charge

Oga you must know o. Part of the process of setting up a business is to look for even excess information and you need to be very diplomatic about getting the information. This will invariably help your business not only in the area of rent but in other aspects too.
Make inquiry most especially around the immediate surrounding. If they have established that as a standard their is very little you can do. Besides, you also need to build your negotiating skills, you will need a lot of that in business. Incase you don't know other forms of levies may still come o. So be prepared and welcome to the business world

Agency and legal is 15% of the total rent so don't allow any agent cheat you

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

It's too much. They want to extort you. Given that this is a shop, agency and agreement together shouldn't be more than 50% of your rent. Sadly if you don't have access to the owner, there's nothing you can do about their price. You either go with it or look for better options and agents.

AnonyUser:


How am I supposed to know when I have no idea how it works. This is my first time renting. I have no idea how they charge

do u live under a bridge or you have your own house?

If d shop is 5k per mnth then 18months is 90k in total. This is the normal thing 10% of total rent rent is what u @ require to pay multiply by 2 . Dis is legal and wat law require except on d Island wia people pay higher rent dose aggrrement and commission @ fixed ova dere due to higher rent so u just pay 10%.

Now let solve yours and the exact amount you are to pay 10% of 90k is 9k ×2 = 18k . So 18k agreement and 18k commision = 36k . That is all you have to pay . May be they might add damages and for shop it should nt be above 20k . If they don't agree wit dis just move on .

AnonyUser:
Guys pls.. This is urgent.
If u know about this, kindly leave a comment

Agent and agreement should not be more than 30k each ... And beside stress him for asking for the agreement, make sure u collect it from him , see what is inside , go through it if you are okay with what the landlord listed there then tell him you can't pay that amount for agent and agreement. We have six shops in front of pman house in Lagos and his agent and agreement is 30k each... If u beg sef he fit give u for 25k each. Then we give tenants agreement form to go through it which is what u pay for and it is what will bind u and the landlord together agreeing to what are listed in it. If any default in future by anyone then the other person have a stand owing to the agreement both of u signed to .

Agency is 10% that I know ooo, in almost 6 states that I have lived and rented apartments.
Not until I came to IBADAN Oyo State
In Ibadan you will be hearing something they call "total package" only God knows how they calculate it. You will hear things like rent is N250k total package N370k ask them for the brake down if you want to hear unexplainable nonsense

Also note that even the so-called "professionals" are involved in this.

So, dear poster if the shop you are renting is in Ibadan, na so them dey do ooo, the agent is not targeting you in particular.

byteem:


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

the lawyer and the agent share the 10%. It's 50-50. Ask and you shall know

ccollins:
Stop going to agents, they are crooks and criminals. U must be enlightened that its better and appropriate to consult a lawyer when in need of properties to buy or rent. A lawyer is in best pole to help you in getting properties without hassles.

Lawyers are not different from the agents, I have gone through lawyers for rent twice and landlord collected agreement fees while lawyers collected their own fees which is also what the agents would have collected.

chino4:
Agency fee in some parts of Nigeria is meant to be 5% of the rent while legal fee is 5% but some scrupulous agent would insist on 10% and even do the work of a lawyer ..Insist on paying agency fee in either 5 or 10% .Try also and impress it on the landlord that the agent wants to collect more money on his shop.

That is when dealing with a certified Estate surveyor and valuer.
No be these hustlers,

Agent is 20% of over all you are paying for the rent. You have to give him 20% of the total money you are paying for the one year or two years

They call it loading. Ur agent is in charge of the property, the agent in charge of the property will add his own charges, the agent that took u there will add his own charges.

They call it loading. Ur agent is not in charge of the property, the agent in charge of the property will add his own charges, the agent that took u there will add his own charges. Atimes more dn 3agents will charge tenant on property.

ccollins:
Stop going to agents, they are crooks and criminals. U must be enlightened that its better and appropriate to consult a lawyer when in need of properties to buy or rent. A lawyer is in best pole to help you in getting properties without hassles.

A lawyer that is even looking for who will show him his own property to pay, lawyer that is begging agent to find property for him , anyways, I run an Estate Agency in Surulere. Fee is depending on the location, like Surulere is very expensive, it is not even agents that makes the fee high, it is the landlords that would refuse to give agents the agency fee which will now make the agent to double it so landlord can have half while he will take half. So, alot of land Lords are the problem, they are now agents too. Na the wahala we are facing on mainland, mostly Surulere, Yaba Axis

My advice is,if u like the place and the money is available to pay? Then pay it, except you don't have it or the shop can't fetch u what u want u can walk away, stop arguing before they will give it out and u will start allover again spending money for transportations looking for shop and getting the frustration allover again.

The demand for that property is high, thats reasom for high fees, they know someone would pay, it should be illegal

My advice for you is to pay the money and secure the shop if you like it and feel it will serve its purpose.

I am a qualified Estate Valuer.

Estate management has three branches namely..
1. Property management
2. Property Valuation
3. Estate Agency.

In recent times Quacks (unqualified people) have invaded ESTATE AGENCY that is why you see lots of illiterates and quacks roaming the streets all in the name of Estate agents. They charge exorbitant amounts for agreement which is supposed to be 10% without any care in the world because of the society we find ourselves that lack proper regulation.

Even the agreement fee is not supppose to be collected by the landlord but a lawyer which is 10 percent of the rent and because it is just a contract paper printed out and signed by both parties.

In summary the cankerworms of corruption has eaten deep into the very fabric of our nation and it currently a common phenomenon making it a vicious circle and every body is involved waiting to devour each other at the slightest opportunity.

In my candid advice, if you can afford the payment and feel you can make enough profits or progress in that location. Kindly go ahead please. May God prosper and bless the work of your hands .

Isinku estate agent Na oni sunreeee

It is getting more n more hilarous day by day. The agent fees is getting higher than the rent because land land are also collecting from it. i once stand as a gaurantor for someone who pay 140k for a room of 5k per month. The house rent is 60k per year while the agent fees is 80k. The land collect collected 30k each for Agreement n commisiom totaling 60k while the agent collected 20k making it 80k as agreement n comissom. The room am currently staying i payed 140k as well 60k for rent n 80k for agent fees. it is getting out hand. In Lag the despiration for accomodation is high so agents n landlord capitalized it.

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

That is standard Money they charge, even if it was for a rent of 1Million per year.

Borrow extra Leg and RUN