The typical rate of a Philippines Real Estate Broker is from 3-5% of the selling price of the real estate property (commission). This means No Sale, No Commission. So be nice to your real estate broker =)
In addition to the information above, here’s short excerpt from lawyers.com
A “real estate broker” is someone who, for a commission or fee, is employed by home owner to negotiate the sale, purchase, lease or exchange of real property to a third party. The legal relationship between the real estate broker and the home owner is that of an agent and principal; an agent is someone who acts on behalf of someone else, the principal.
Most states require people who provide services to buy or sell real estate (other than their own) for a commission to be licensed as real estate brokers. Real estate agents and salespersons must have a sponsoring broker, with whom they are associated, and who supervises their activities. Commissions on sales must be paid to the agent’s broker. In lay terms, “real estate broker” and “real estate agent” are often used interchangeably. However, these people may have different authority and licensing requirements under state law. Often the advice of a real estate broker is very valuable. Some things that you can expect from a real estate broker are as follows:
- Information on the home sale process beginning with preparation of the home for listing through settlement
- Advice on how best to prepare the home for sale
- assistance in setting the sale price for the home
- advertising
- facilitating showings
- presentation of offers and advice on evaluating the strength of each offer
- assistance in negotiations
- representation at closing
Hope that piece of information helped to be more aware of what brokers are and what they can do for you. What other Philippines Real Estate Questions do you have? We’ll try to find an answer for you!