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bskerr1
Lurker
Joined: Aug 23, 2004
Posts: 33
Status: Offline
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 Posted:
Aug 26, 2004 - 09:02 AM |
 
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| Post subject: DONT PAY REALESTAT COMMISSION |
I did not know this until I got to know some local people but it seems that most times in China it's the landlords that should pay the rental agencies the one month commission. When you look at a place you just say you will not pay any commission. There are so many places that you have the upper hand on this. Also, you don't have to pay 3 months advance rent, this is bullfeces. Most locals only pay one month at a time and one month for bond. Also, be careful of many real estate agencies, many of them are robbing foreigners blind of money with some real rubbish looking places. Those old 6 story building for example, you should not be paying anything more than about 1500 max per month. Also, check these things when you move in, All electrical devices, and make sure in your contract you have a clause that will say that if any device fails or does not work to the manafactures spec's then it has to be fixed, otherwise rent payment will stop. Many locals will not repair things if they break down. Make sure the shower hotwater works well and it stays hot. PS, does anyone know the road rules here, I see the local police turning there sirens on cutting though traffic to get though the red lights so the can get back to the station on time, must be to watch the olympics. |
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knockknock_ca
PopStar
Joined: Nov 27, 2003
Posts: 1068
Status: Offline
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Aug 26, 2004 - 10:26 AM |
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The landlord has to pay one month commission only if the rent is 4000rmb (or 3000?)or above, otherwise, the commission is split between the landlord and the tenant. |
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ryanrake
Talker
Joined: Mar 08, 2004
Posts: 92
Location: 上海
Status: Offline
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Aug 26, 2004 - 10:48 AM |
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Re: agent fees: yeah locals told me the same thing as #1, but I think the rules changed: now you never have to pay 1 month rent to an agent - any licensed agent can only accept 35% of one month's rent from you, and the same from the landlord (if they are the agent who listed the place)...I saw this sign posted inside several agent offices that I went to in Feb and I think it maybe in the city generic rental contract if you don't use the agent's company contract...in any case, you should never pay one month's rent as a commission...and regardless how it is counted, bargain it when you think you have found a place you like...
my local friend that is looking for a place now said she is finding the same rules...
so when an agent takes you somewhere and a second agent meets him there (the listing agent who your agent has called asking about places that fit your specs), they intend for one of them to take the landlord's money, the other will take yours...each gets 35% of one month's rent... |
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Adam7
Rocker
Joined: May 11, 2004
Posts: 759
Status: Offline
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Aug 26, 2004 - 11:09 AM |
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ryan, you are correct. The laws changed recently to reduce the amounts agents can ask for. Seems to be a concerted effort to drive smaller agents out of business and I can't say I'd miss them. |
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Why? Just tell me why? |
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izanami
PopStar
Joined: Jan 27, 2004
Posts: 1037
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Aug 26, 2004 - 09:56 PM |
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rental contracts have actually been standardized legally by the Shanghai government. It's part of the whole package of introducing order in the real estate market. i forgot how much commission i paid...maybe it was 35%. whatever it is...it's probably a cap (since legally they can't ask for more). so you could probably get away with paying no commission if the agent is desperate enough to conclude the deal....which might be the case. It's a bad market for real estate agents now. |
_________________
Tell me what you eat, and I will tell you what you are.-- Brillat-Savarin |
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knockknock_ca
PopStar
Joined: Nov 27, 2003
Posts: 1068
Status: Offline
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Sep 14, 2004 - 07:58 AM |
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How about the landlord? Does it mean that the maximum commission that the landlord pay is 70% of the monthly rental, provided that the rent is at the higher end? |
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