dawnomike:
Nope... Wait till you meet those in benin and Lagos

For that Benin own. Those guys are going to hell. Once you paid they could even kill you b4 moving in so they can rent it to another.

Op:
The standard agency and legal fee is 10% for payments less than 1million, and 7-5 % for payments above 1m.
Those punks are capitalizing on your impatience or desperation to fleece you.
If there’s no rush, find the house yourself and bypass the agents, and deal only with the legal fee which you can’t avoid if a lawyer is managing the property.
Alternatively, you can calmly explain to the agent and lawyer that 10% is the legal commission fee, and that you won’t pay more than that.

The funniest thing is that a majority of them don't live in a good place with all the money they are collecting on daily basis from prospective client.

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

in delta state no such thing as estate agent, na your collegeus at workplace go give you house, if they don't have they will have a relative that just built one.. I'm not from there but life is so simple there

ActuaRise696969:
Except you really wanna live in that state, I will say find alternative productive places to live in this hologram.

I prefer a simple mansion in a country side wired up with satellite internet and solar arrays. I wanna see the trees waving at me and the dogs protecting me.

Humans are overrated.

Nwamaikpe reincarnate

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

Don't be surprised the rent itself is not more than 300k na dem wan chop 400k

emmabest2000:
Kuku buy land instead

I agree

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

Nope! Lagos.

2019: Paid 993k total package for a flat of 700k rent.

One of the most important basic needs of man is housing.There is over 19 million housing deficit in the country with more than 2/3 of the in lagos.
However,Agents will continue to charge and make such sum because DEMAND for housing is always HIGHER than SUPPLY.
Information they say is Power,in other to bridge this differences there are alots of companies who provide long time housing lease.The benefit outway paying yearly rent.sometimes you might just need to add like 2 million to 4 million rent for 2yrs of 2 bedroom to get 20 yrs lease of a flat.A lots of such companies are around.Meanwhile do you due deligent orvchecks on them.
Anyway you can check out for Al Adni homes and properties limited in Surulere .09094126559

Okearo before matogun or wch one sir

They never carry you go uncompleted building to pay .. That is will be ready in 2weeks.. The 2k inspection fee is the worst part.

Well I later get 270k..2bed at apete inside .. Make 1 agent no come send me back to my village

dont u av a choice? why are u complaining?

fkj950ax:


What do you mean over charge?
Did you agree on a fee before starting?
We all assume the agent rate should be 10%. There is no law restricting them to 10%.
When you go to KFC, you don't complain coke is 100 in traffic. You gladly pay 150. Do you harass KFC for overcharges because you are not charity?
As long as you didn't confirm ToE at start, you are going to experience such fees everywhere.

And you say they are lazy for 2 months... if people don't need houses, should they go to random people and ask them to take a house every month with a gun?

By law it should be 5% and nothing more than 10%

You think real estate and property leases is buying gala 150.

https://www.nairaland.com/5513980/fees-take-note-when-renting

Or apete .. Alubata/olomo area.. E cheap die

Kay25:

keep calling them greedy u Don get house finish ..u beta negotiate

I can never give my house to an agent. How many blocks or cement did any agent give me when building my house? They always form bosses on another's man property.

Munzy14:

Extortion at it's peak.

The rent is 2years advance right?

Agent suppose get 10% of actual house rent...35k which can be bargained at 20k..If he no gree we do it street way.

Caution fee and agreement fee is usually 50k each.

Nawa o. ordinary Ibadan
I thought they said it is the cheapest place to live in Nigeria

Cheapest place to live? That's before. House rent in Ibadan turning to something else.

lereinter:


Is that how house is expensive at oluyole,is it pertinent you live there

Abeg move to apata area

How can 2 bedroom cost 700k for a year in Ibadan

there is 2 Bed for 1m in ikolaba, akobo, ringroad, jericho, alalubosa

adubam:


They are learning where Lagos and Abuja dey.

We just paid
Close to 4m for 2 bedroom a year at Wuse 2 Abuja.

700k Service Charge
450 agent.
Agent put 4 different versions of Holy Bible on table with God bless you and it's well

There are places in ibadan u pay similar fee u just mentioned.

Shellsploit:
Okearo is cheaper...



Besides, that N980,000 don buy and build correct house near canal for okearo. Just dont forget to tie the house to the closest tree

Lol

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

I stayed in IB from 2019 to January this year. I was so disgusted by the idiots. Person go won collect 90k on top 150k house. Spit**

Depressed101:
in delta state no such thing as estate agent, na your collegeus at workplace go give you house, if they don't have they will have a relative that just built one.. I'm not from there but life is so simple there

Yoruba people are hungry thieves na

Coldie:
Why would anybody want to live in ibadan

What happened to ibadan that made you suggested that boss??

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

Ibadan agent are dubious n greedy than that of Lagos, the way house rent went up in Ibadan Almost 5yrs now is unbelievable..

I lived in Ikorodu, I paid 220k for 2bed in Lagos, I also live in Ibadan, running a program in UI.. I paid 185 for a room self at Ajibode.. ask Ajibode people..


Its too outrageous

I have 2 questions to ask please.
1.What is the use of legal fees?
2. Why is the agency fees and legal fees separate from the rent?

grandstar:
They're basing their agency fees on 2 years rather than one. 10% of 700k which is one year's rent is 70K. But though you're paying for a year's rent, they assume you're paying for 2 years, which is 1.4m, and charge you 10% of that.

This was also done in some parts of mainland Lagos. I know it used to be done in Ikeja. However, the last letting I did in Lagos (I am an estate agent) was in 2015 so I am a bit out of touch. I don't think it's done on the island.

The greedy system started when the then governor, Fashola limited residential rents to 1 year in advance rather than the then customary 2 years. Estate agents in order to prevent a cut in their fees, now charged commission based on 2 years rent rather than 1 year.

Is there his real estate agent a professional, Asin those work for the agency in charge of the house or is he just someone the owner of the house hired to be collecting rent?

Also is the house in an estate area?

Ijawboy:
Lately I have been scouting for a 2 bedroom apartment in Ibadan for residential use.
See what a greedy Real Estate Agent charged me for a 2 bedroom apartment in Oluyole estate, here in Ibadan:

Rent - N700,000
Agency fee @ 20% = N140,000
Legal fee @ 10% = N70,000
Caution deposit =N70,000

Just imagine being asked to pay N980,000 due to sheer greed of this Estate agents in collusion with greedy landlords☹️

Unfortunately, this is the norm out here as other agents I spoke to were not any different.

Kindly share your experience with Ibadan Real Estate agents or even their greedy colleagues in other states and how you handled them.

ActuaRise696969:


I am from South Central. We love each other here. Everyone is too busy to pay attention to politics or crime.

Most of these bandits, herdsmen ain't really Nigerians..they just cross d border & camouflage. Afterall all u need is 3k for birth certificate & indigene which automatically qualifies you for NIN

Inspection fee? Is that even legal?

skasto:
They never carry you go uncompleted building to pay .. That is will be ready in 2weeks.. The 2k inspection fee is the worst part.

Well I later get 270k..2bed at apete inside .. Make 1 agent no come send me back to my village

Actually, it all depends bro.

There's a 3 bedroom flat around my place of residence(family's), fenced, portable water(or whatever u guys call water channeled into ur toilets, bathroom and kitchen), and the rent is not even up to 200k(not up to), unsure how much the agent fee is, but u shouldn't be spending a total of 250k to get the place.

it's a growing estate though.

edo people wen de vex anyhow,

Thinktwicemybro:

I have been to Benin before, bros you clearly have not been to or live in Benin, stop talking trash. In Benin these agent trash does not exist. Edo people are not greedy.

angelfallz:
I have 2 questions to ask please.
1.What is the use of legal fees?
2. Why is the agency fees and legal fees separate from the rent?

The legal fee is what is used to prepare the legal agreement. This should be given to a lawyer to prepare. Though the prospective tenant is charged 10% by the landlord, he might just pay the lawyer 5%. Many a time, the landlord simply uses a draft from the previous lettings so no payment to any lawyer. So, the landlord pockets everything.

If it is a big estate agency handling the property, the estate firm may handle the legal themselves and collect the fees. They may either use an in-house lawyer or employ the services of a lawyer. Large estate firms would most likely engage a lawyer each time so that if any problem springs up, the solicitor that prepared the agreement can be engaged. If they bypassed the lawyer and did an agreement without his input or authority, he is not liable to defend them and that may put them in trouble.

For the agency fee, that goes to the estate agent. We no go chop? My friend, what are you saying? No make I declare mental here?

The rent is strictly for the landlord while the agency fee and legal are supposed to be for the respective professions

brokenHalo:
Actually, it all depends bro.

There's a 3 bedroom flat around my place of residence(family's), fenced, portable water(or whatever u guys call water channeled into ur toilets, bathroom and kitchen), and the rent is not even up to 200k(not up to), unsure how much the agent fee is, but u shouldn't be spending a total of 250k to get the place.

it's a growing estate though.

which area is that

grandstar:


The legal fee is what is used to prepare the legal agreement. This should be given to a lawyer to prepare. Though the prospective tenant is charged 10% by the landlord, he might just pay the lawyer 5%. Many a time, the landlord simply uses a draft from the previous lettings so no payment to any lawyer. So, the landlord pockets everything.

If it is a big estate agency handling the property, the estate firm may handle the legal themselves and collect the fees. They may either use an in-house lawyer or employ the services of a lawyer. Large estate firms would most likely engage a lawyer each time so that if any problem springs up, the solicitor that prepared the agreement can be engaged. If they bypassed the lawyer and did an agreement without his input or authority, he is not liable to defend them and that may put them in trouble.

For the agency fee, that goes to the estate agent. We no go chop? My friend, what are you saying? No make I declare mental here?

The rent is strictly for the landlord while the agency fee and legal are supposed to be for the respective professions

Then which one is now caution and service charge?

Especially when it’s not a serviced apartment, why service charge