When buying/selling or renting/leasing real estate in Austria, it is important to bear in mind that this is a complex process involving many legalities. One of the key professionals who can ensure a successful and safe transaction is a real estate agent. In this article, we will explain why a real estate agent is so important in the Austrian real estate market and what benefits they can bring to all parties to a transaction.
- Expertise and market knowledge
Real estate agents in Austria have in-depth knowledge of the local property market and regularly study price trends, regulatory requirements and local specifics. In the VigoImmobilien blog, you can find an analysis of the prices of apartments and houses both in Austria and in Vienna.
Real estate agents are focused on the local market and have access to information that may not be available to the public. This allows them to provide valuable advice and guidance on property values and the best possible deal.
- Property search and selection
Real estate agents in Austria play an important role in the search and selection of properties according to the needs and requirements of their clients. VigoImmobilien’s real estate agents search for properties not only according to general parameters (size, price, location), but also to the individual needs of each client (distance to important facilities such as hospitals, schools, kindergartens, transport links). They have access to databases that provide access to exclusive offers and maintain contacts with other agents and sellers. This helps save time and effort for clients.
- Legal support
Real estate transactions in Austria involve a significant number of legal aspects. A real estate agent can provide legal support to their clients, including the initial inspection of the property documents, drafting contracts and negotiating terms with other parties. They can recommend independent lawyers specializing in real estate to clients to ensure even greater security and certainty during the deal.
- Negotiation and representation
A real estate agent acts as an intermediary between buyers/tenants and sellers/landlords. They act as professional mediators, helping to find compromises and reach favourable terms for their clients. This greatly facilitates the rather complicated process of concluding real estate transactions.
- Support even after the deal is done
VigoImmobilien’s real estate agents continue to be in contact with clients even after the property deal is concluded. They help with relocation arrangements, recommendations for property repairs and maintenance, and any issues that may arise after the lease/purchase.
- Payment for the services of a real estate agent
The broker’s services are paid for only after the lease/purchase agreement comes into force. Advance payments are completely excluded. The amount of commission is always specified in the brokerage agreement.
The amount of the broker’s commission depends on the term and type of agreement. However, the maximum fee is limited by federal law.
For example, the Immobilienmakler-Verordnung states that the broker’s commission for buying and selling real estate depends on its value:
- up to EUR 36,336.42 – a maximum of 4% + 20% VAT;
- over EUR 36,336.42 – a maximum of 3% + 20% VAT.
However, when renting/leasing real estate, the principle of the “customer” (Erstauftraggeberprinzip) came into force on 01.07.2023, according to which the person who first engaged the broker will be the one to conclude an agreement with the broker and pay for his services. You can read more about this principle in one of our previous articles.
The “first customer of services” will have to pay:
- in the case of a lease agreement for up to 3 years – one month’s rent + 20% VAT;
- in case of a lease agreement for more than 3 years – two monthly rents + 20% VAT.
Concluding, we would like to point out that a real estate agent in Austria plays an important role by providing expert support, representation and assistance in legal aspects. Their knowledge, contacts and experience help to make the process safer and more efficient for all parties. Therefore, if you are planning to rent or lease/buy or sell a property in Austria, we recommend that you consider working with an experienced real estate agent to achieve the best possible results. For further advice on this matter, please do not hesitate to contact the VigoImmobilien team. Our real estate agents will be happy to assist you!
