When will real estate commissions be reformed
Is the “ordering principle” coming?
The government wants to reform the entire housing law by the end of the legislative period. In the four pages of the government program on the subject of housing there is also the point "Broker commissions after Ordering principle ".
Not much is known about the planned design of the ordering principle in Austria. It should only apply to rental apartments, that much is certain.
In Germany, the ordering principle was introduced in 2015 (also only for rentals, but the old model was retained for purchases). As a result, many landlords were no longer willing to pay a (higher) commission and took over the marketing themselves. The gap in the market was filled by start-ups with hybrid business models that rely on a combination of conventional brokerage, digital process control and online platforms. If the Austrian ordering principle follows the German model, this would still allow various commission models. For example, it is possible that when real estate brokerage occurs, both tenants and landlords are subject to commission. In the event that a broker receives a search order for a rental apartment and then finds a suitable property with another broker. If a rental agreement is then signed, both brokers can demand commission from their client - it is a "joint transaction".
In any case, we will continue to report.
Image: © asbe | istockphoto.com
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