Broker good, everything good? A qualified and dedicated real estate agent can be worth money. (Photo: Freepik)
Anyone who sells a house or apartment is faced with the question: with or without an agent? Many people think that you can save money. But what a broker does apart from placing advertisements is often impressive. A dedicated real estate agent can be worth their weight in gold. Real estate buyers can also benefit from a brokerage contract. From exposé to brokerage contract, from commission to qualification: the ftd.de editorial team has put together everything you need to know about real estate agents for you.
Duties and role of a real estate agent
A broker brings supply and demand together. This is a challenge when the item being sold is individual and high-priced – as is the case with real estate. Because both sellers and buyers have ideal ideas, for example when it comes to price, which rarely match. As a rule, a broker accompanies and supervises the entire process of a property sale, from the valuation to the handover. He advises and mediates, markets, presents and carries out a wide range of tasks.
Source and further information: www.immobilienscout24.de
Brokerage services for property sellers
The broker’s services are varied: At the beginning he determines the value of a property and obtains documents such as the energy certificate. He also markets the property with an exposé and with advertisements on real estate portals. In the next step, the broker informs the interested parties and conducts viewings with them. In addition to general advice throughout the entire process, mediating in contract negotiations is one of the most important tasks. Finally, the broker accompanies the notary appointment and organizes the handover of the property.
Source and further information: www.hokamp-thiele-immobilien.de
Broker services for property buyers
The help of a broker can also be valuable for buyers: for example, they have access to exclusive offers that cannot be found publicly. With in-depth local market knowledge, he can initiate the optimal purchase decision. An agent who researches suitable properties saves buyers a lot of time when searching. The real estate agent can also provide support with financing the purchase and negotiating the contract. The legal expertise and the ongoing support and advice throughout the entire process up to the handover of the keys creates security for the buyer.
Source and further information: www.wohnglueck.de
Laws regulate brokerage contracts and brokerage costs
The legal regulations are slim: only four paragraphs of the Civil Code (652 to 655) revolve around the “brokerage contract”. In addition, the “Law on the distribution of brokerage costs when arranging purchase contracts for apartments and single-family homes” has existed since 2020 – it is primarily intended to reduce costs for private buyers and thus promote home ownership. A large part of brokerage law is “judge law”, shaped by many individual case decisions over decades.
Source and further information: www.ihk.de
Brokerage contract – different types of contracts
A broker works on the basis of an order – the broker contract. A rough distinction can be made between three types, each with different marketing rights: With a simple brokerage contract, the buyer or seller can commission several brokers in parallel and also search for interested parties themselves. The exclusive order entitles the broker to exclusively search for a buyer or seller. The qualified exclusive order is even stricter; the following applies here: everything goes through the broker, the client is not allowed to search himself and has to forward interested parties to the broker.
Source and further information: www.homeday.de
Tips for searching and choosing a broker
What makes some people doubt the brokerage contract: A lot depends on whether the agent commissioned puts in the effort and knows his trade. Important criteria for selection are: qualifications (training or crash course), reviews on Google and in real estate portals (read comments), presentation on the Internet (how does it represent real estate), plausible calculation of the real estate price – and the personal factor, the famous chemistry and a feeling of trust.
Source and further information: www.immonuernberg.de
Qualifications and certificates
If you want to work as a real estate agent, you need one Permission according to trade regulations. This is usually granted if there are no previous convictions, bankruptcies or entries in the debtor register. Proof of 20 hours of further training every 3 years is mandatory. Comprehensive qualifications include real estate agent (IHK) or real estate specialist (IHK) – while real estate agent (IHK) involves a short intensive course. Certification according to the broker standard DIN EN 15733, the IVD real estate training seal or evidence from the German Real Estate Academy also represent solid qualifications. Also pay attention to memberships in professional associations such as the IVD.
Source and further information: www.sprenker-roeder.de
Costs and broker commission
The broker receives a fee or brokerage fee for his services. It is agreed upon in the broker’s order and is usually due as soon as a purchase or rental agreement is concluded. The height is not fixed. It is usually based on local values. In Germany, the brokerage fee is on average between 5.95 and 7.14 percent of the purchase price. A broker usually works on the basis of a sole order from the buyer or seller. In this case, the client must pay at least half of the brokerage fee. He can pass on a maximum of 50 percent to the other party.
Source and further information: www.drklein.de
Real estate valuation and market analysis
What is the right price? The answer can be crucial for a successful real estate sale. Size, location, furnishings and condition – the agent uses these criteria when evaluating the property. The goal: to find a realistic price that is neither intimidating by its high nor makes potential buyers suspicious by falling below the market level. A careful price determination takes into account energy issues and local supplies as well as the construction quality and architectural features.
Source and further information: www.immolution.ch, www.quininvestment.com
Documents for the sale of real estate
Documents, documents, documents – selling real estate is impossible without them. Current and complete documents help to complete the sale quickly and smoothly. A good broker takes care of the documents and keeps an overview. The following are important: energy certificate, consumption certificate, land register extract, building file with floor plans, land map, list of building encumbrances, operating cost statement, maintenance and modernization as well as rental and lease agreements.
Source and further information: www.immoteufel.de
Exposé and viewing appointments
An exposé is the business card of a property that is for sale. The attractive presentation can encourage interested parties to view the property. In addition to complete information, the broker pays attention to attractive photos. A professional exposé includes information about the type of property, the area, the furnishings, the age, the condition, the occupancy or handover date, the energy supply and of course the purchase or rental price. If potential buyers signal interest, the broker organizes Viewing appointmentspresents the property on site and has all documents ready.
Source and further information: www.ksk-immobilien.de
Negotiation and pricing
Property buyers point out a property’s deficiencies and want to negotiate the price down. Inexperienced salespeople quickly become unsure and give in. An experienced broker can bring objectivity and a sense of proportion to the price negotiation. He has a network of experts who can provide arguments. He is also trained in negotiation techniques and knows how to bring the two parties together. The broker can also open doors when it comes to financing.
Source and further information: www.neho.ch
Support with financing questions
The building interest is increased significantly since 2022. Finding cheap building financing – this often determines whether buying a property is even feasible. Brokers oversee the real estate loan market and can help prospective buyers compare offers. The buyer is also well advised to have the broker check the documents before concluding the loan agreement to ensure that everything is correct and not against the borrower’s interests.
Source and further information: www.sorglosmakler.de
Contract review and advice on the purchase contract
Buyer and seller basically agree? Then you can go to the notary! The broker also supports the purchase contract, mediates and helps ensure a fair balance of interests. The contract, which was negotiated with the help of the broker, is then put into shape by the notary. The notary is essential for certifying and thus making the purchase contract valid. In contrast to the broker, he is completely neutral and only ensures that the transaction is carried out in accordance with the law.
Source and further information: www.reppe.de
Terminate or change real estate agent
Things aren’t going as planned with the broker? With a simple brokerage order, you can commission another agent at the same time. Even if you do a solo job, you will get rid of your partner again. You can cancel a permanent contract at any time. Fixed-term contracts usually only expire at the expiry date so that it is not automatically extended. If you have a fixed-term contract, you will be released from the contract early if further cooperation is unreasonable.
Source and further information: www.maklaro.de
Advantages and disadvantages of a real estate agent
Despite the wide range of services, some people shy away from using a broker. The main reason: you want to save the brokerage fee. Even if you fail, fees may apply. The costs are offset by the advantages of an agent, such as his precise knowledge of the market and his qualified price assessment, his network, his marketing efforts and his service as well as his advice on documents, financing and processing a property purchase.
Source and further information: www.hausverkauf.de