Real Estate Agency Fees in Nairobi
Understanding Fees And Commissions
In Kenya, real estate agency fees, or commissions, are governed by industry norms rather than specific regulations. Most reputable agencies adhere to standard fee structures to promote transparency and fairness in the market. At Vibe Real Estate, we align with these industry-standard fees to offer our clients consistent and dependable services. Continue reading to understand the typical fees and commissions associated with our services.
Our fees for Rental Transactions:
The Agency Fee for owners and landlords depends on the rental period and is structured as follows:
Short-term
10% of the total rent price if the tenant rents for less than six (6) months.
Long-term (more than 6 months)
Half (50%) of one month’s rent if the tenant pays less than 6 months’ rent upfront.
One (100%) month’s rent if the tenant pays 6 months’ rent or more upfront.
All fees stated are exclusive of VAT.
The Agency fee for tenants is half (50%) of one month’s rent. The fee is exclusive of VAT.
Our fees for Sales transactions
We charge an Agency Fee of 5% (excl. VAT) of the final gross selling price of the property.
We charge an Agency Fee of 2.5% (exclusive of VAT) of the final gross purchase price of the property
Real Estate Agency Fees And Commissions In Kenya
Navigating the intricacies of real estate transactions can be challenging, particularly when it comes to understanding agency fees and commissions. In Kenya, while there are no specific figures stipulated by laws or regulations, professional real estate agencies generally operate within standard commission rates. To provide clarity and assist you in making informed choices, we’ve outlined the typical fees for both sales and rentals in the Kenyan market.
Sales Commissions – What You Should Know
When engaging in property transactions in Kenya, it’s essential to understand the customary commission rates. For sales, our typical commission rate ranges between 2,5 to 5% for the seller and 2.5% for the buyer.
Rental Commissions – Insights Into Charges
Renting a property in Kenya also involves agency fees. For rentals, the standard commission typically ranges between half of one month’s rent and one month’s rent. This commission is shared between the tenant and the landlord and encompasses various services provided by the real estate agency, such as property viewing, lease negotiation, and rental agreement preparation.
The Importance of Real Estate Agency Fees
Understanding real estate agency fees and commissions in Kenya is vital for making well-informed decisions when engaging in property transactions. By familiarizing yourself with the standard rates, you can anticipate the associated costs and facilitate smoother transactions with your chosen real estate agency.
In summary, while there are no specific laws or regulations governing real estate agency fees in Kenya, professional agencies generally adhere to standard commission rates. Sellers typically pay a 5% commission, while buyers pay 2.5% for sales transactions. For rentals, expect to pay a commission ranging from half of one month’s rent to one month’s rent. Armed with this knowledge, you can confidently navigate the Kenyan real estate market and make informed decisions.