Korean Job Discussion Forums

[Xaiko]

I've been Looking for an officetel in gangnam and a real state agent showed me a place that I'm interested in. Everything is good but he told me the commision fee for the real estate is 500,000 won which sounds ridiculous to me. Is this fee all going to him or is this fee mandatory everywhere?

[moosehead]

depends - does he run a business out of his home? or work in an office?

may also depend on what you're paying monthly and for a year's lease; some agents also get paid from both the renter and the landlord, depends on the place.

I paid 150,000 for a 2 bdrm, 1 mil key money and I think the landlord paid 100,000; I signed a 1 year lease; my agent worked on her own.

I know a school I worked for paid a 250,000 fee for a place once because I recommended a K friend who is an agent.

so - if you think that's too high (sounds like it but donno for sure), have a Korean help negotiate for you would be my first recommendation. second, just offer 150,000 and start haggling from there.

[seoulsucker]

Most real estate guys will try to charge 1/3 of your monthly rent as a one-time fee for showing you the place, introducing you to the landlord, and facilitating the deal. If you're paying 1.5 a month then that's about average.

Don't pay more than 1/3, and never pay it more than once. I had some asshat try to charge me for resigning a lease for another year. He literally changed one date, hit the print button, and then asked me for 330,000 won. I laughed and told him there was no way. When he dropped it to 150,000 I told my landlord about it and we completely cut his greedy ass out.

[Xaiko]

[BoholDiver]

There is some calculation they do. I am not sure how much, nor am I sure if it is a written rule or unwritten rule.

We were offered a place for 20 mill and 500,000 a month and the fee was W280,000.

[moosehead]

yeah, I thought so - my rent was 440,000 a month so you're definitely being overcharged

[BoholDiver]

My wife said 4% is standard.

[Hyeon Een]

Here's an excerpt from korea4expats.com which explains the real estate agent fees:

[rkc76sf]

[Milwaukiedave]

[teacherinseoul]

I just had a realtor attempt to charge me 400,000 in fees for an officetel that rented at 600,000. Everything else was fine, but I got so disgusted with the realtor fee that I turned it down. Perhaps I'll regret it, but that really ticked me off.