SALES COMMISSIONS, BUYERS FEES AND MORE
You have probably heard of the term sales commission or brokerage fee. If not, you can read more about the meaning here. Once you know the definition, the next question arises: what is the average sales commission? We provide the answer in this article and inform you about the most common brokerage fees and rates.
What is the average sales commission charged by agents in Gambia?
The average sales commission for a Gambia based real estate agent will be around 5% of the purchase / sales price of a home on average. But percentages can differ from agent to agent, because some parties charge almost double rates compared to others. For you as a (seller) buyer, it is therefore important to find the party with the best price-quality ratio.
Now you may think: a percent more or less doesn’t make much difference. But the opposite is true. Certainly in the housing market, where percentages are calculated on amounts of millions of dalasis. For example, the difference in commission costs between the aforementioned 5% or for example 7% when selling your house for GMD 5,000,000 is no less than GMD 100,000.
Who pays the sales or buyers commission?
The answer to the above question is simple: you. Whether you buy or sell a house; if you are assisted by a sales agent or buying agent, you must pay for his services.
Sales commission higher than average: what now?
The question is to what extent it is bad that you have to pay real estate agency fees when buying or selling a house. The average sales commission for an agent is lower than the amount you earn thanks to his services.
For example, is your buyer agent able to agree GMD 500,000 off the asking price? Then you laugh at his commission. And does your sales agent even manage to bring your house for GMD 500,000 or more above the asking price? Then he has more than earned his commission of, for example.
GamRealty Sales commissions.
Starting as low as 3%!
The following rates are our basic rates. In some specific cases these rates can vary.
When Selling a House or Apartment
Sales Commission 3% of final sales price
– 12 months exclusivity of sale (also when seller sells through another agent, direct to a buyer or any other entity 3% has to be paid to GamRealty)
– All direct inquiries at seller have to be redirected to GamRealty
– Not apply for sale of land.
Sales Commission 4% of final sales price
– 6 months exclusivity of sale (also when seller sells through another agent, direct to a buyer or any other entity 3% has to be paid to GamRealty)
– All direct inquiries at seller have to be redirected to GamRealty
– Not apply for sale of land.
Sales Commission 5% of final sales price
– Non-exclusive sale of house or land
– Seller can use multiple real estate agent/agencies to market their property.
When Your Buying No Commission
When Selling a Plot of Land
Sales Commission 7% of final sales price
– land value less than 5,000,000 GMD
Sales Commission 6% of final sales price
– land value between 5,000,000 and 1,000,000 GMD
Sales Commission 5% of final sales price
– land value higher than 1,000,000 GMD
