Realtors Lagos Nigeria - Free Real Estate Realtor Tips
Real estate realtors Lagos Nigeria - The average realtor in Lagos Nigeria work in conjunction with other real estate brokers to form a network of real estate agents focused on apartment search and customer satisfaction.
| The network of
real estate agents
in Lagos pass on information about property availability from one agent to the other mostly through word of mouth. Lagos real estate brokers are greatly disadvantaged because Nigeria as a whole does not have a central online property portal or online MLS database of properties as most developed countries do. |
Consequently, potential buyers and tenants have to depend solely on the networking ability of real estate realtors to locate their dream property.
One thing you will find as you work with real estate brokers in Lagos is this . . . most Lagos Nigeria real estate agents do not have properties of their own they manage.
When you request for a property in a certain location and they say it is available, it does not mean they have control of the property, have access to the property or that they are appointed by the owner to let or sell the property.
In most cases, the agent telling you of the availability of a certain property may not have even had direct contact with the principal agent.
Let me explain how the housing market work in relation to real estate realtors and their ability to get you your dream home when you need it.
There is what is called the principal agent or direct agent.
| The principal agent is the realtor given the authority to let or sell the property by the property landlord or property owner. He has direct access to the landlord and the photocopies of the property documents in the case of
homes for sale.
Other agents market the property aggressively even though they are not the principal agent. Why would they do that? |
Well, most principal agents share the real estate commission with agents responsible for getting the client that rented or bought the property in question.
For example, suppose a residential real estate apartment has a rental price of 350,000 Naira per annum. (Naira is Nigeria currency ). The potential tenant will pay two years rent in advance. That is, 700,000 Naira. The real estate commission is ten percent of the total rent paid. That is 70,000 Naira.
What is the sharing formula?
Generally, the principal agent splits the real estate commission 50-50 with other real estate realtors involved in the transaction. If only one agent was involved, the principal agent takes 50 percent of the commission and the agent that brought the client takes the other 50 percent.
In cases where more than one agent is involved -that is, the agent with the client found out about the property from another agent who is not the principal agent - the principal agent may decide to split the commission equally among the three of them. In most cases, the principal agent takes 50 percent of the commission and the others share the balance 50 percent.
Why do real estate realtors in Lagos Nigeria work like this?
Well, one real estate agent cannot own the entire property in Lagos Nigeria. That is, one real estate agent cannot have direct access to all the landlords in Lagos no matter how big the company is. And there may be clients that need juicy properties with potential high commission. Real estate agents don't like to miss a chance to make a good commission by letting the client go.
So, they search for the desired property among their network of friends and agents.
Is this a good thing or a bad thing?
It is actually a great strategy.
Every system has its flaws . . . advantages and disadvantages. This system of real estate marketing obviously has its own flaws.
However, you get to find your desired property faster as agents contact one another in search of properties that meets your requirements. Imagine if you were to do this alone!
These real estate brokers add great value to your property search experience. So, make the most of them.
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