Bangalore Rentals: Broker markup
Anyone looking for a place to buy or rent in Bangalore is familiar with the “steep” broker (agent) commissions, typically 1 month rent for a 11-month rental deal and 1-2% commission on the sale price if you are bold enough to buy a property here.
I continue to find interesting posts in Bangalore Craigslist, here’s one for a rental, posted by the broker:
Note the expected rent in the title (Rs 25000 per month) versus that in the body of the ad (Rs 35000 per month). It could be a typo, but by now I have seen enough cases where brokers mark up the rent by 20% or more, compared to what’s expected by the owner. Since they charge one month’s rent, their incentives are aligned only with the owner, never with the renter!
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