Cyprus-Forum.com

[Clive]

peterc - no good luck to anybody who makes money - i'm merely pointing out (or was trying to) that an awful lot of commission is being put on top of all properties on the market and not just new builds. In this case, the woman and the agent both got what they wanted, good luck. if the mainly British buyers keep paying the prices then good luck to all.

[Clive]

peterc, sorry I didn't read your comment properly - NO, the agent got the extra in commission, the woman got what they had originally agreed together!!

[Aphrodite18]

Yes Peter C I agree but this is surely bordering on the offensive - as Clive has pointed out.. the 5% is just the tip of the iceberg. I wouldn't mind if they could justify it as being a reward earned... in fact I would say it is bloody annoying when these so called agents espouse what you should do to achieve a sale or tell you it will fly out the door etc etc. Perhaps it would if htey weren't fouling up the pavements so to speak... clearly honesty just puts one at the back of the queue as you're then seen as a plonker! Sorry I do get angry about all this as we are honest people trying to do things properly and fairly and it just doesn't seem to work for us here.. gets very wearing at times and you start to question the value of integrity in such times which is NOT good although some would have us all believe otherwise..

[Peterc]

just to clarify, licensed estate agents by law can charge upto 5%, no more. even if the agent has a signed contract for more this is not legally binding.

if however a uk or spanish based unlicensed agent can get away with charging up to 15- 20% then why shouldnt the local agents charge the same.

if buyers abroad think that large organisations that offer cheap or free inspection trips, free food and free accomodation do it out of the goodness of their heart then these people deserve to pay more, im sorry to say.

[Peterc]

Inspection Trips with Cash Back

Perils and Alternatives

A number of British and Local Estate agents, as an incentive to lure the clients for an inspection from abroad, offer Inspection Trips which are heavily subsidised. For example you can come to Cyprus with an inspection trip of this kind with as little as CP40, which includes hotel accommodation meals etc. for 3 days.

Unaware potential clients who apply to join such a “lucrative” invitation must know that:

• All applicants are screened in the U.K. by specialised people, before these agents/sales people give the O.K. to come. As we were told by one British Agent, 70% of the inspection trips are “sold” before even arriving in Cyprus and of course without even seeing the property!!

The inspection trips are for a fixed period of up to 2 – 3 days and clients are picked up from the airport in Cyprus, housed in “controlled” hotels and are constantly occupied by the Agents’ pressure sales staff, so that the clients cannot look at other property, nor visit an independent solicitor and area even given the opportunity to compare with other properties in the market. In addition, the inspection trips / visits refer to specific projects only.

• These agents charge a 15% commission [totally illegal by Cyprus law which sets a limit at maximum 5%] which is added of course on the sales price. Thus, at the end of the day, the inspection trip is paid handsomely by the client, who is paying at least 10% more than the other comparable properties for sale, causing problems relating to taxation [higher Stamp duties] resale problems [too expensive to sell] and are usually sold in non marketable projects, for which the developers are desperate to sell [hence the high commission].

[Clive]

peterc
if a "licensed" agent offers an unlicensed agent between 5-10% for a referral that leads to a sale - what do you think the licensed agent is taking or are you saying they will take nothing and do it out of the goodness of their hearts - and I know a company in the UK who approached a licensed BIG agent and were offered these figures in writing. Also commission amounts are not capped by law - there is nowhere in the actual law that denotes commission charges, this I am told by a very competent legal authority in cyprus. I think this whole licensed and unlicensed issue is about to come to heads, and what's more I think the licensed parties know about it and are worried hence so many "british mafia" etc pieces so suddenly appearing. Incidentally I do agree with you about inspection trips and big commissions charged etc I'm just trying to get across that the licensed agents are really not angels- this I know personally from experience and from others too.

[Aphrodite18]

[quote="Clive"]petercI'm just trying to get across that the licensed agents are really not angels... so we are all agreed that the client (note the small c) comes last... is my advice still valid ie use your own eyes and ears and avoid agents or is there a better way - apart from not doing anyfink!!

[sweetie pie]

The following site, it is supposedly the official site for the so
called "North Cyprus" :

http://www.cypnet.co.uk/ncyprus/root.html

Notice the URL on the site? It says UK, in other words it is supported
by the Brits.

Also, notice in their link where it says "History", how conveniently
they do NOT mention the first and most lasting settlers of the island,
the Mycenaean Greeks, during the Bronze Age.

Also, the following tourist agency, for N. Cyprus, is also based in
London:

http://www.cyprusparadise.com/cyprusparadise.shtml

Aaaah, those Brits....working so hard against us, and we haven't woke up yet...

Why does this have to be Brits? There are many Turkish and Turkish Cypriot people living in the UK.

[Peterc]

clive, if a licensed agent is offering over 2.5% to an overseas agent, then the properties are either the agents own builds or the agent has done a deal with a developer that has loaded the prices. unfortunately as we both know it is generally british companies that kickstart high commissions, look what happened in spain

[Clive]

So that means that the "law abiding" local agents will do a deal with the developer to top up prices in order to give the foreign agent his big share too, and who pays the cost? - so what it boils down to is the fact that licensed local companies do not have the best interests of their clients at heart then which they all claim to have and why they keep ranting on about foreign agents. Yes it's the client who suffers and so of course is better off without either!!!