AmbergrisCaye.com Home Forums The Cayes Ambergris Caye Most Honest Real Estate Agents On Ambergris Caye ?

Wow. I don't give that much to God. I hear real estate is so slow, you can negotiate the commission.

God does not work in Belize.

I think my approach has to be: Mr./Mrs. Agent, how much of my money is being paid for the property? A reasonable fee is expected, but I don't want one of every ten dollars going straight into your pocket.

It depends on what they do for the money. If they are the ones who brings the buyer to the table then they deserve whatever commission they agree too. The 12.5 % is the General Sales Tax which goes to the government. The GST is paid on everything, from the beer you drink to the contractor you pay to build your house so that isn't something the real estate agents have much control over. In addition I believe the GOB also gets 5% of the price of the land or house. Not sure what the GOB does for their money but it was reduced a few years ago from 15%. When I bought my property my lawyer told me exactly what all the fees were, I'd think you'd find that in advance of hiring an agent. I also, when I made my offer told the realtor that this was my offer it included all the money that would be spent on the property, excluding the legal fees. I didn't care what kind of deal the seller had with the agent. The other thing to remember, you get what you pay for. By the way, my agent is no longer in Belize so their name would not be germane to the discussion.

I see that Martin is confusing the commission rate with the General Sales tax. I have been referring to the taxes - which are governed by law and are unavoidable and non-negotiable. He seems to be talking about real estate commission rates.

The gst rate in Belize is 12.5% of the service fee (commission.) This (THE GST) is not negotiable.

Yes there is form that is filled in and handed into government that outlines the cost of commission, general sales tax, business tax, cobrokerage commission rates etc.

There are some standardized commission rates amongst the real estate agencies -much the same as the accountancy and attorney associations agree on "acceptable and competitive rates."

Certainly you can get bargain basement rates with some real estate companies - and more power to you if that is the route you choose to follow.

I have always tried to live with "gentlemens' agreements" but find that is often a fools game when played in Belize. Therefore I live and work in the world of contracts, agreements and yes, I pick and choose who I play with most of the time. Yes I get burned from time to time but hey, I guess that is what makes life exciting.

I am loyal to my customers and they are loyal to me. I provide a service in my office and when I perform I receive the royalties that were agreed upon. Thankfully we have plenty of happy and repeat clients.

My good friend and colleague Mr Wilfred Rhaburn (CPA) has pointed out that the $54K threshhold that I had mentioned earlier has been raised to $75K per annum for registering for business tax and gst. Thanks Wilfred.

I am not at all confused by the difference between GST and the agents commission. I think on real estate transactions in Belize the GST is payable on the real estate agents commission, is it not? I could not agree with you more that written agreements and a bargained for contract with some consideration (commission or in some cases the right to sell) are exactly the way it is done. What I am talking about is that you are perfectly free to set the commission at a rate that will cover the GST on the commission. This is not rocket science folks. Amanda since you have said I am confused I have to point out to you that royalties and commissions are not technically the same thing but I take your point. My grandfather used to tell me to never wrestle with pigs. The pig likes it and you always get dirty. Therefor I won't do business with anyone that I believe is dishonest.

I have never owned propery in Belize but folks OUTSIDE THIS MESSAGE BOARD, have used, and have been extremely happy with, Amanda at Sunrise.... and obviously she is quite knowledgeable of the Belize real estate laws.

Good luck to you!

Thanks TQ.

Martin you have some beautiful property on the island and I am sure you know that your agent and my company work together because we prize honesty and integrity and are selective about who we fraternize with! So we are on the same team even though it doesn't translate well when written on a message board. Perhaps we share a grandfather....

Amanda, of course you are correct and I very much like working with all that I work with on the island and have enjoyed my associations so far. I am looking forward to the market picking up a bit of course but frankly I see no sign of it from what is happening here in Florida and the rest of the US.