Following up on the discussion initiated by the newspaper Amlak regarding real estate agencies, Adel bin Ali Al-Ghamdi, a real estate expert and enthusiast from Jeddah, expressed his surprise at the low rate of real estate brokerage in the Kingdom, describing it as the lowest in the world. He pointed out that real estate brokerage in the United States are highly advanced, where real estate brokers generally receive a commission in exchange for successfully completing a sale. (Real Estate Agencies)
Al-Ghamdi explained that the amount of this commission ranges between 5% and 6% of the agreed-upon property price in the case of full brokerage services, and this percentage may vary from state to state and from region to region. Typically, the real estate agents involved split the commission among themselves. Some brokers and agents also charge a flat fee regardless of the value of the property sold, which may allow for significant savings depending on the service offered.
Related Topics: Real Estate – International Trade – Real Estate Sector – Residential Villas – Licenses – Loans – Housing Developments – Real Estate Agencies – Construction
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