Hi everyone, this is Andrew here, and I have recently bought a commercial property. The estate agency I bought the property from charged me a 5% commission. Later one of my friends told me that it’s usually less than 3%, and the agent charged me more. Please guide me on how much commission real estate agencies take.
UK real estate agencies typically pay a commission on selling or renting a property. The commission rate can vary depending on several factors, such as the property’s location, the agency’s size, and the level of services provided. In general, commission rates can range from 1% to 3% of the sale price of a property. Some agencies may charge a higher commission rate for more expensive properties or for properties that are more difficult to sell. Other fees may be associated with selling or renting a property, such as marketing and advertising costs. It’s important to carefully review the terms and conditions of any agreement with a real estate agency before proceeding with a sale or rental transaction.