Finding an estate agent in Austria
Elizabeth Bagwell, Friday, 24 January 2014
This article is part of a series of 8 articles about buying property in Austria. The other articles in the series cover the following topics:
Since 2012, new regulations have increased the amount of training an estate agent must have before being let loose on the general population. The intention behind this legislation is to ensure that each real estate agent has a minimum acceptable standard of qualifications. All estate agents should have passed the appropriate national certificate, and many have it displayed in their office, saving you the trouble of enquiring about their qualifications.
Although there is no way to guarantee that you'll find the best real estate agent you could, you can improve your odds by:
What estate agents do
Estate agents in Austria are usually working to find the right buyer for a property, rather than the right property for a buyer. They will typically:
Search agents or buyer's agents
Online property portals make searching easy, and are replacing search agents. However, if you are looking for a special or niche property, you may wish to consider hiring a local real estate agent as a search agent. Most agencies are small, typically focussing on a particular local area or a niche property type, and can provide access to properties that are not yet on the market.
If you know what you want and are struggling to find it on the online property portals, then a buyer's agent, also known as a search agent, may get you out of a fix. these will typically work for and be paid by the buyer. It's advisable to arrange a fixed fee, even if this seems steep, as if you agree to pay them a percentage of the sale price, they will have a stronger motivation to encourage you to buy an expensive or overpriced property.
Buyer's agents will typically:
Estate agents in Austria typically work on commission, and this is usually a percentage of the slae price. As a result, they have a vested interest in ensuring that the sale price is high. However, it is common, in Austria, for an estate agent to act as a mediator in the negotiation between buyer and seller. However, as the buyer, it's important to remember that you are not the one paying the bills and that your best interests are not aligned with that of the estate agency.
Whether you're the buyer or seller it's advisable to be wary of your estate agent's motivations, as they are generally keen to sell a property without necessarily considering whether the choice is the right one for those involved. Estate agents have been known to pass on information to buyers, such as that the seller might take a lower price, to ensure a sale.
Estate agent's costs
In a typical sale, the estate agent's costs are paid by the seller and are approximately 2% of the sale price, plus VAT at 20%. This is not fixed by statute or custom, so it's important to understand the charges ahead of time. Estate agents working solely for the buyer will often charge a similar fee. Luxury or niche properties may incur higher charges. Some agents will charge separately for advertising costs.
Choosing an estate agent
Although qualifications are not a guarantee of competence or honesty, they are valuable. Estate agents may be a member of the Austrian estate agents' association, the OVI (Österreichischen Verband der Immobilienwirtschaft). This is a voluntary network with over 400 members that also offers training and development.
All real estate agents should be certified, that is to say they should have passed the national certificate in real estate brokerage or management (depending on their speciality). In addition, legislation in 2012 means that new estate agents are being given a more rigorous training, so you should not find yourself in the hands of an unqualified agent. If you do, you have the right to complain.
This article is part of a series of 8 articles about buying property in Austria. The other articles in the series cover the following topics:
Since 2012, new regulations have increased the amount of training an estate agent must have before being let loose on the general population. The intention behind this legislation is to ensure that each real estate agent has a minimum acceptable standard of qualifications. All estate agents should have passed the appropriate national certificate, and many have it displayed in their office, saving you the trouble of enquiring about their qualifications.
Although there is no way to guarantee that you'll find the best real estate agent you could, you can improve your odds by:
- Asking them questions about their qualifications
- Doing your own research
- Asking why certain things are the case, e.g. asking them to explain charges
- Being prepared to walk away if the situation does not seem right.
What estate agents do
Estate agents in Austria are usually working to find the right buyer for a property, rather than the right property for a buyer. They will typically:
- Advertise a property
- Find and vet prospective buyers
- Show the property
- Negotiate the sale price
- Act as a liaison between buyer and seller
Search agents or buyer's agents
Online property portals make searching easy, and are replacing search agents. However, if you are looking for a special or niche property, you may wish to consider hiring a local real estate agent as a search agent. Most agencies are small, typically focussing on a particular local area or a niche property type, and can provide access to properties that are not yet on the market.
If you know what you want and are struggling to find it on the online property portals, then a buyer's agent, also known as a search agent, may get you out of a fix. these will typically work for and be paid by the buyer. It's advisable to arrange a fixed fee, even if this seems steep, as if you agree to pay them a percentage of the sale price, they will have a stronger motivation to encourage you to buy an expensive or overpriced property.
Buyer's agents will typically:
- Find properties for you to view
- Provide local information
- Negotiate on your behalf
- May provide translation services
Estate agents in Austria typically work on commission, and this is usually a percentage of the slae price. As a result, they have a vested interest in ensuring that the sale price is high. However, it is common, in Austria, for an estate agent to act as a mediator in the negotiation between buyer and seller. However, as the buyer, it's important to remember that you are not the one paying the bills and that your best interests are not aligned with that of the estate agency.
Whether you're the buyer or seller it's advisable to be wary of your estate agent's motivations, as they are generally keen to sell a property without necessarily considering whether the choice is the right one for those involved. Estate agents have been known to pass on information to buyers, such as that the seller might take a lower price, to ensure a sale.
Estate agent's costs
In a typical sale, the estate agent's costs are paid by the seller and are approximately 2% of the sale price, plus VAT at 20%. This is not fixed by statute or custom, so it's important to understand the charges ahead of time. Estate agents working solely for the buyer will often charge a similar fee. Luxury or niche properties may incur higher charges. Some agents will charge separately for advertising costs.
Choosing an estate agent
Although qualifications are not a guarantee of competence or honesty, they are valuable. Estate agents may be a member of the Austrian estate agents' association, the OVI (Österreichischen Verband der Immobilienwirtschaft). This is a voluntary network with over 400 members that also offers training and development.
All real estate agents should be certified, that is to say they should have passed the national certificate in real estate brokerage or management (depending on their speciality). In addition, legislation in 2012 means that new estate agents are being given a more rigorous training, so you should not find yourself in the hands of an unqualified agent. If you do, you have the right to complain.
On our Dutch website Affidata.com you will find all types of property for sale in Austria by private sellers and estate agents. Find a property in the Austrian Alps, Tyrol, Innsbruck or Vienna.
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