Questions & Answers
Category:Housing
The realtor collects a commission from both the renter and the owner (about 0.3% to a maximum of 0.8% of the rent rate or 1% of the purchase price).
There is a formula you can use to calculate the realtor's fee (the calculation is based on the total of the downpayment + montly rent x 100):
Below W50million - the fee is 0.5% (maximum W200,000)
From W50million to W100million - the fee is 0.4% (maximum W300,000)
From W100million to W300million- the fee is 0.3% (no maximum specified)
Over W300million - the fee is usually negotiated, cannot be more than 0.8%
Example: Deposit is W5million and rent is 2.3million/month. Calculation is based on W5,000,000 + W2,300,000 x 100 = W235million. Agent's fee is W235,000,000 x 0.3% = W705,000.
With the property owner and the tenant each paying W705,000, the realtor will earn W1,410,000.
K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com.
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