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🤔What Is Agency Fee? Why Should I Pay It?
The real estate commission (agency fee) in Korea is the fee paid to a real estate agent during a property transaction. It is compensation for the real estate agent's services, including providing expert knowledge, information, legal security, and contract negotiation. It enhances the safety and efficiency of transactions while saving the client time and effort.
Once the transaction is completed, the agent receives a certain amount of commission from both the tenant and the landlord. The commission varies depending on the type of transaction, such as for residential properties, commercial spaces, or land.
📜Real Estate Commission Application Standards
(According to the Enforcement Rules of the Licensed Real Estate Agents Act)
🧐FAQ
❓Why do I pay more than the maximum limit?
❗In the case of residential properties, depending on the transaction amount, the maximum commission rate can be up to 0.6% and the fee limit can be 300,000 won. However, since many houses in Seoul are often classified as neighborhood living facilities rather than residential properties (a chronic problem in the Seoul real estate market caused by the high land prices), the maximum commission rate can be up to 0.9%.
❓Can I negotiate to lower the real estate brokerage fee?
❗In general, that is almost impossible. The real estate agent has the authority to set the commission rate, which makes it hard to lower the commission. So, we kindly ask for your understanding that Checkmate has limited involvement in that matter.
Hello, this is Checkmate.
We are currently receiving a high volume of enquiries regarding Referral Program.
The Referral Program offers you a 10% discount coupon.
How Do I Get a Referral Discount Coupon?
It's easy to get the coupon; if you know someone who has already used a Checkmate service in the fall-winter of 2023, the person has a customized discount coupon code. If you are the one who already used a Checkmate service, contact a friend who is going to Korea soon! You will have already received a customized discount coupon via Kakaotalk which you can share with a friend of yours.
I Have a Coupon, How Can I Use It?
If you fill the Tally form for Check For You/Check With You service, you will find a blank space where you can write down the coupon code. After that, you can send a discounted money via WISE.
Best,
Team Checkmate
Hello, this is Checkmate.
You can purchase a Checkmate Service through [Get Started -> Click to Purchase]
Then you can choose a service type(CFY, CWY, Checkmate+ membership) that fits your need. Currently PayPal is the only available payment option on our website.
If you want to pay by Wise or other methods, you can transfer the money to our bank account, detailed on the purchase page.
The link is as follows:
Get Started : https://checkmatekorea.imweb.me/started_2
Should you have any further questions about the payment, feel free to ask.
Best regards
Team Checkmate
Hi, this is Checkmate.
We are getting a lot of questions about moving to Korea.
Although we are helping with step-by-step guide on finding a housing, we would like to tell you these tips before you actually move in.
1. PREPARE CASH
Let's say you found a house you'd like to move in, and you signed the provisional contract. Now, all you have to do is to pay the rest of the deposit AND the first-month rent when you visit the real estate agency in Korea. However, most exchange students face a problem as they do not have a Korean bank account, whereas the landlords (who need to get their deposit and the rent) do not have Wise or Paypal in most cases.
If you have an acquaintance with a Korean bank account, then you can ask that person for a favor, although it can be a bit complicated process. However, the safest way you can do to pay for the deposit/rent is to just pay the amount in cash.
You can try going to an ATM Machine, often found in many areas in Seoul, or just have the money changed at the Exchange Store in Incheon Airport. Yes, it might be a bit of a too much cash, but it's the safest way to make the contract possible!
2. THINGS THAT MONTHLY RENT INCLUDES/EXCLUDES
Before you sign the contract, double check if your rent includes OR excludes gas, electricity, or water fee! Usually, some of those fee are included in the 'MAINTENANCE FEE' which is DIFFERENT from the Monthly Rent. Thus, in most cases, people pay 1) monthly rent 2) maintenance fee 3) things that the previous two do not cover, which differ from house to house. We recommend that you check which fee is excluded before you sign the contract.
Tip: Checkmate Paper of course includes and tells you if a certain house's options include or excludes the fees mentioned above
3. FURNITURE OPTIONS
Be careful to double check if your house has furniture options, and if so, what furniture is included. The furniture option differs from house to house as well, so you should check if your house offers a free chair/desk/bed etc or if you should buy them when you arrive in Korea.
Tip: Checkmate Paper tells you which house has which furniture options!