Weekly Real Estate News
South Korean homebuyers are complaining about the growing trend of viewing fees charged by real estate brokers to tour properties that are being marketed for sale and lease.
Seoul Economic Daily reports that South Korean brokers believe they should be compensated for the time and effort that go into arranging property tours, even if it such efforts do not result in a transaction.
But consumers feel very differently. Complaints about this system proliferate across Korean-language online forums, with consumers claiming brokerage commissions are already excessive and that it is unfair to charge extra to tour a property.
The nation’s Licensed Real Estate Agents Act only covers brokerage commissions that are claimed when a transaction is completed – there is no legal basis for demanding a separate viewing fee. The Korea Association of Realtors is seeking the creation of a viewing fee system that would set amount for showing homes and conducting site visits. This fee would be deducted from the final brokerage commission if a contract is signed.
