Real Estate Agents – How do they work?
The process of using a local real estate agent in Libya is actually quite simple. There are agents with small little offices and some who have developed their businesses into larger offices. Which ever agent you choose, you need to understand how they work.
The first step in the process is to sit down with your agent and tell him what you are looking for. Make sure that you are very clear on how many rooms, what neighborhood (they normally only work their own area), how long of lease, and price range. You will then need to arrange a time to meet to see the proporties he has for you.
As you find a house that you like, you will want to speak directly with the owner of the house for pricing. Some times, agents add on a little to the price so they can make more money. Make sure you make it clear that you will pay the agent his fee, but want the price directly from the home owner.
The agents fee is normally equivalent to 1 month rent from the renter and 1 month rent from the landlord. For a rental term of 6 months or less, his fee is a half month rent.
Once you agree on the price and details, you can go to a lawyer or local contract office and have the contract written and signed. Both parties will sign the contract and stamp your thumb print to finalize the agreement.