₦airaland Forum

Andray007:
I know this content would be of so much help to you when buying your next property in an estate.

Must I pay agency fee on every property I buy?

What is agency fee?

Agency/ broker's fee is 10% of a property's worth that must be payed to the sales facilitator that is the broker. And it usually comes from both parties 5% from the seller & 5% from the buyer.

However, the agency fee can be negotiated if the property value is very high.

I remember sometime in 2019 when I got a property for my client in Gwarinpa Abuja worth N43,000,000 instead of him paying me 5% of N43,000,000 which was N2,150,000, he pleaded with me to take just N500,000, of which I agreed because he loved the property but it was above his budget, so he had to stretch in order to get it.

And I didn't want my interest to deny him of the property so I accepted the N500,000

Now in some cases not all brokers would understand with you at that point. So don't use my scenario as a template to deal with other brokers because it might not work well for you. I did what I did because I wanted to maintain quality relationship with my client and today we still do better businesses together.

The bottom line is that, agency fee or broker's fee on property is compulsory but can be negotiated

So when buying your next property take note that you would pay brokers fee of 5%.

Watch more valuable videos contents on my YouTube channel @Andrewonoja