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What is a finders fee?

Posted: Mon Sep 14, 2020 12:16am
37 replies1623 views8 members subscribed
Mai

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Hi 

I have found a lovely rental property in Santiago de la Ribera. The agent asks for:

A months PCM: 600 euros + bills.

1 month holding deposit.Finding agency fees: 600 euros.
I did not instruct the estate agent to find me a property. So why do I need to pay the agent a fee? I answered a advertisement on the estate agents site. Should I pay?
Mai

Posted: Mon Sep 14, 2020 8:51am

Mai

Original Poster

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Posted: Mon Sep 14, 2020 8:51am

This post that was quoted has been deleted.

Thank you Nicola for your reply. 600 euros, equivalent to one months rent is a lot of money to give an agent . I thought they were paid by the landlord. I will write to her now. She has not given me the address and I have not viewed it. I have however found it on google maps with the phone number of the owner. If she insists on the payment could I contact the owner directly? 

Mai

Posted: Mon Sep 14, 2020 9:15am

Mai

Original Poster

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Posted: Mon Sep 14, 2020 9:15am

I have written to the agent and given her the choice as to whether I go through her or directly to the owner. I have not viewed the property and she has not given me the address.
Let’s see what she decides to do.

Movingon

Posted: Mon Sep 14, 2020 9:54am

Movingon

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Posts: 1857

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Location: Albatera

Joined: 7 Feb 2018

Posted: Mon Sep 14, 2020 9:54am

"I answered a advertisement on the estate agents site. Should I pay?"

By looking on their site you were for all intents and purposes asking them to find you a property and the fact that they happened to have a suitable one already on the books can't be used as a excuse to not pay their fees.

Personally I've never either rented or rented out a property in Spain - or anywhere - but I have to say that I would have expected agents fees to be down to a landlord and not a prospective tenant but maybe that's the norm here I don't know.

One thing is for certain though, agents can't work for free so one party is going to have to pay. 

You could look at another way, if a tenant is not paying the fees then a landlord might well put the rent up to cover them which in this case would make it €650/mth instead of €600 and you'd be paying them anyway. 

Eurotraveller

Posted: Mon Sep 14, 2020 10:14am

Eurotraveller

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Location: Santa Pola

Joined: 25 May 2019

Posted: Mon Sep 14, 2020 10:14am

NO!!

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Mai

Posted: Mon Sep 14, 2020 10:23am

Mai

Original Poster

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Posted: Mon Sep 14, 2020 10:23am

Movingon wrote on Mon Sep 14, 2020 9:54am:

"I answered a advertisement on the estate agents site. Should I pay?"

By looking on their site you were for all intents and purposes asking them to find you a property and the fact that they happened to have a suitable one already on the books can't be used as a excuse to not pay their fees.

Personally I've never either rented or rented out a property in Spain - or anywhere - but I have to say that I would have expected agents fees to be down to a landlord and not a prospective tenant but maybe that's the norm here I don't know.

One thing is for certain though, agents can't work for free so one party is going to have to pay. 

You could look at another way, if a tenant is not paying the fees then a landlord might well put the rent up to cover them which in this case would make it €650/mth instead of €600 and you'd be paying them anyway. 

It seems I have upset the estate agent by questioning her finders fee and will not be renting the property after all. As her reply is she does not trust me.

Eurotraveller

Posted: Mon Sep 14, 2020 10:31am

Eurotraveller

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Posts: 147

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Location: Santa Pola

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Posted: Mon Sep 14, 2020 10:31am

You have freedom of choice, from many other estate agents, and many other properties, or direct,’just he careful whichever route you take!

Good luck

Ray

Mai

Posted: Mon Sep 14, 2020 10:45am

Mai

Original Poster

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Posted: Mon Sep 14, 2020 10:45am

Thank you for your replies. My concerns were raised when I was asked to bring the money in cash and to sign the contract before being given the address or having the opportunity to view.

tebo53

Posted: Mon Sep 14, 2020 10:49am

tebo53

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Posts: 4752

4939 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Mon Sep 14, 2020 10:49am

When I first came to Benidorm and signed up for my rental contract I was given the same terms as you...a months rent plus a months rent in advance plus a finders fee. The estate agent has to earn a living but I think the owners should pay the agency fees and not the renter.

Steve 

Mai

Posted: Mon Sep 14, 2020 11:03am

Mai

Original Poster

Posts: 18

13 helpful points

Location: Torrevieja

Joined: 25 Feb 2020

Posted: Mon Sep 14, 2020 11:03am

http://www.webexpressguide.com/costadelsol/article.php?id=2631

I found this article during my property search 

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