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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.