Searching for a new home can be a tiresome process, especially if you have incomplete information about the property market where you desire to rent or invest. In this blog, we shall give you an update on the ongoing rate of commission of real estate agents on property deals that takes place in the country.
Property agents, also known as brokers, usually charge a commission for facilitating a property deal by connecting buyers with sellers and tenants with landowners. After all, they help you find a property that fits your budget and suits your needs, which can be a daunting task for many first-time clients, who could be a seller, a buyer, a landowner, or a tenant. If a real estate agent deals with two parties to broker a deal, both are liable to pay commission to the agent; however, this can vary if the concerned parties have agreed upon a different set of conditions before the deal takes place.
Let’s take a look at the percentage of commission of real estate agents for providing their services in Pakistan in the light of different scenarios.
COMMISSION ON SALE/PURCHASE DEAL @ Rawalpindi Islamabad
The rate of commission that an agent gets in property sale/purchase deals for residential properties in Islamabad usually hovers around 1 percent of the final property price. Similarly, in some situations, based on a mutual understanding of the concerned parties, the rate of property agent’s commission is set anywhere between 1-2 percent of the property price. However, in most cases where realty deals involve commercial properties, the amount of commission can go up to 2 percent of the total property value.
COMMISSION ON RENTAL DEAL @ Rawalpindi Islamabad
The percentage of commission that an agent gets on closing a rental deal in Islamabad is half of one month’s rent. However, some also rake in a full month’s rent; it mostly depends on the type of property and mutual agreement between the client and agent.
Meanwhile, if you are also planning to go for a property hunt, then take a look at these tips to find the best real estate agent that will assist you in closing a perfect deal and also beware of these six most common property frauds in Pakistan.
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