Korean Job Discussion Forums

[jammo]

a question for those of you that found your own accomodation through an estate agent.

how much did you pay as a finders fee?

my estate agent is asking for 900,000 which i find completely ridiculous.
am i right or is this the going rate?


thanks

[goesslry]

what is the rent/key money?

900,000 is quite ridiculous, unless you have a luxury place.

A standard place 2 bedroom, 5 mil key, 600,000 per month is about 300,000 won


You are getting scammed. take a korean with you.

[jammo]

3 room, 10 mil key, 900 per month

i took a korean with me but just found out about this....

thanks for the help

[goesslry]

yea, you're being scammed a little.

The way real estate agents work. There is a certain percentage (not sure what) that they legally can get. You pay half, and the owner of the place pays half.

Our place is 30 million key money and 700,000 per month (or 5 million/1 million). We paid 250,000 for Real Estate fee.

[blackjack]

[blackjack]

I paid 300,000 on 5 million down 600,000 a month, they started with close to 700,000

[Englishee]

im in an officetel and i approached them, but they still managed to squeeze 450,000 outta me.

there is an actual calculation for it, they should be able to provide it to you.

officetels are considered commercial space, so i paid more than i would have if it was just a regular residential building...

[chuckster]

There is a complex formula that is calculated based on your deposit and monthly rent. I haven't checked for a couple years, but 2 years ago, the maximum legal rate was 300,000won (unless you're paying only a deposit - 전세). They NEVER ask for less than the legal rate and often start of by asking 2-3x (if not more) the rate you should pay. Somehow they think they are "negotiating" with this method.

Ask a Korean friend to do a search online to find out how it's calculated. Once you figure that max rate out based on your deposit/rent, tell them what it is and there is no legal obligation to go higher than that. That will piss them right off because even a lot of Koreans don't know about this. Most of these real estate agents try get as much as they can and are one of my least favorite groups of people in Korea.

If you are happy with the service, maybe pay 300,000 but don't pay more or you're getting ripped off.

Good luck!

[Englishee]

@chuckster, the formula isnt really complex, u just have to know what it is.

it also depends on the classification of your building/area. like i said earlier, mine is considered commercial even tho people live in it. so i paid the maximum of 450,000.

[broken76]

There is a calculation on how much they can charge based on the jeonse of the apartment for rent. If you're paying wolse you can calculate the jeonse. It comes out to for every 100,000 won per month you tack on another 10,000,000 to the deposit.
The broker fee is then a percentage of the jeonse. I can't remember the exact figure but 900,000 for what the rent is is on the high side but doesn't seem to be pushing anything illegal.
Since you have a Korean friend with you try to negotiate the fee.

[chuckster]

@broken...

They try to tell you that you should pay the rate based on jeonse, but this isn't the case. They do that because the fee is higher for Jeonse. You're paying wolse, so you pay the rate for wolse.

[Englishee]

really its not rocket science, there is a table with a finite conclusion. its not arbitrary. walk in and ask them to show u the table. any legit agency will have it posted on the wall.