The real estate broker and real estate brokerage activities in Turkey

What is real estate brokerage?

Real estate brokerage: It is the profession in which those involved seek to help clients looking to invest in properties in Turkey, regardless of their investment method, whether buying or renting, and regardless of their purpose: whether for residence, for investment by renting out the property, or for trading by waiting for its price to increase and then selling it.

In other words, we can answer the question What is real estate brokerage? as the link between the owner and the buyer.

Real estate brokerage in Turkey is an important part of the real estate sector, as it covers various types and fields of real estate. The work of real estate brokerage is not limited to residential properties only, but includes all properties used for different purposes: commercial, health, educational, and services....

Definition of a real estate broker

Real estate broker: A person or office licensed to facilitate the sale and purchase process between the parties involved in the real estate transaction, whether individuals, property owners, or real estate development companies, in exchange for a certain agreed commission taken by the real estate broker from the party that authorized them.

Among the tasks of the real estate broker is to negotiate the sale agreement, manage documents, and handle the required transactions.

Duties of a real estate broker

The real estate broker seeks to complete sales and rental transactions between clients (seller and buyer, or landlord and tenant). The broker also helps the property owner sell their property at the best possible price, while assisting the buyer in obtaining the lowest available price. The broker also contributes to the rental of commercial and residential properties, providing a range of options to suit the tenant's aspirations and needs.

The real estate broker is responsible for tasks such as contract documentation, legal procedures, and property management, including following up on financial matters such as paying rents, electricity and water bills, and others.

Among the most important duties of the real estate broker is taking responsibility for real estate marketing, whether through online marketing platforms, social media, or other marketing methods.

Real estate broker license

For the real estate broker to perform their job in the best and most complete manner, they must have a real estate broker license from the Real Estate Finance Authority.

It should be noted that the real estate activity license has two levels: Level 4 is granted only to those practicing as real estate consultants, and Level 5 is for those who actually own properties and work as real estate consultants acting as agents for buying or selling.

Regarding the procedures for obtaining a real estate marketing practice certificate, the exam is organized by the Licensing Department, which has delegated private companies to conduct the exam and help candidates prepare through a few training hours.

The exam is in Turkish, but if the applicant is a foreigner, they can have a translator. The exam consists of two parts: written and oral (interview).

Those with experience in the real estate field can easily pass the exam.

Real estate brokerage law in Turkey

Regarding the real estate brokerage law in Turkey, the Turkish government announced in 2019 new procedures regarding the real estate brokerage system that require anyone practicing real estate brokerage to have a certificate and license from the Turkish Licensing Department; the real estate broker must also have at least a high school diploma, and real estate brokerage work must be conducted in an office environment. The office must have a minimum area of 40 square meters, and even those who use the internet to publish ads must obtain the same certificate and licenses.

Broker commission in Turkish law

Regarding the real estate broker commission in Turkey, there was a common practice that the broker would receive a commission ranging from 1% to 2% of the property price, paid separately by the seller and the buyer. However, currently and according to real estate experts, clients do not pay commissions to brokers; instead, brokerage commissions are paid by the real estate company at a rate of 4%.

Best real estate brokerage companies in Turkey

Among the leading real estate brokerage companies in the field of real estate investment in Turkey is Imtilak Real Estate, headquartered in Istanbul, with offices in other Turkish cities such as Antalya, Ankara, Bursa, Sakarya, and Trabzon.

Imtilak is known for its good reputation and expertise in the real estate field, providing sales and property purchase services in Turkey, in addition to services related to obtaining Turkish citizenship through property ownership, and real estate residence permit in Turkey. The company also offers special deals on luxury properties within modern complexes in the cities where it operates.

Edited by: Imtilak Real Estate©

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